{"id":5540,"date":"2013-10-15T00:00:00","date_gmt":"2013-10-15T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/10\/puerto_rican_bond_crisis_place"},"modified":"2022-03-10T16:38:55","modified_gmt":"2022-03-10T22:38:55","slug":"puerto-rican-bond-crisis-place","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-rican-bond-crisis-place\/","title":{"rendered":"Puerto Rican Bond Crisis Places Oppenheimer Funds at Risk"},"content":{"rendered":"

\t\t\t\tAccording to Investment News<\/em>, along with the much publicized-UBS Puerto Rican Bond Funds<\/a>, the municipal bond funds of OppenheimerFunds <\/a>appear to have also been hit by Puerto Rico\u2019s financial problems. The Oppenheimer Rochester Virginia Municipal Bond Fund (ORVAX), valued at $125 million, is down by over 15%, which places it last in the lineup of single-state municipal bond funds.<\/p>\n

Such losses could prove an unpleasant surprise for investors in Virginia. The media publication blames the fund\u2019s poor performance on the huge bet is placed on the Puerto Rican bond funds, which have not done very well in the wider municipal bond market because of the territory’s financial issues and the bonds\u2019 low rating.<\/p>\n

Investment research firm Morningstar Inc. says that the single-state municipal bond funds with over 25% of assets in the beleaguered bonds are The Oppenheimer Rochester North Carolina, Massachusetts, Arizona, and Maryland funds, with each fund down through last week by over 11%. A median single-state municipal bond fund usually holds no more than 2.38% of assets in the bonds from Puerto Rico.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to Investment News, along with the much publicized-UBS Puerto Rican Bond Funds, the municipal bond funds of OppenheimerFunds appear to have also been hit by Puerto Rico\u2019s financial problems. The Oppenheimer Rochester Virginia Municipal Bond Fund (ORVAX), valued at $125 million, is down by over 15%, which places it last in the lineup of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3922,3786,4039],"tags":[],"class_list":["post-5540","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-municipal-bonds","category-oppenheimer","category-puerto-rico-bond-funds"],"yoast_head":"\nPuerto Rican Bond Crisis Places Oppenheimer Funds at Risk — Investor Lawyers Blog — October 15, 2013<\/title>\n<meta name=\"description\" content=\"Along with the much publicized-UBS Puerto Rican Bond Funds, the municipal bond funds of OppenheimerFunds appear to have also been hit by the crisis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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