OPPENHEIMER
INTERNATIONAL GROWTH FUND
Q4 2015 COMMENTARY | AS OF 12/31/15
Morningstar Rating™
Ticker Symbol
Morningstar Category
Class Y shares rated 5 stars overall by
Morningstar among 323 Foreign Large Growth
funds for the 3-, 5-and 10-year periods ended
12/31/15, based on risk-adjusted performance.¹
OIGAX (Class A shares)
OIGYX (Class Y shares)
OIGIX (Class I shares)
Foreign Large Growth
Morningstar Analyst Rating:
2
Oppenheimer International Growth Fund Class A, Y and I Shares
Average Annual Total Returns as of 12/31/15
4Q15
Portfolio Managers
George R. Evans, CFA
(Since 3/96)
Robert B. Dunphy, CFA
(Since 3/12)
Average Industry
Experience
21 years
Client Portfolio Manager
Alice Fricke, CFA
Not FDIC Insured May Lose Value Not Bank Guaranteed
Oppenheimer International Grow th Fund
(Class A shares w ithout sales charge)
Oppenheimer International Grow th Fund
(Class A shares w ith sales charge)
1-Year
3-Year
5-Year
10-Year
or Since
Inception
5.31%
3.16%
6.19%
6.09%
6.11%
-0.75
-2.77
4.11
4.84
5.48
Oppenheimer International Grow th Fund
(Class Y shares)*
5.39
3.44
6.47
6.44
6.54
Oppenheimer International Grow th Fund
(Class I shares)**
5.43
3.63
6.68
—
7.65
MSCI AC World ex-U.S. Index 3
3.24
-5.66
1.50
1.06
2.92
3.80
3.95
12th
#35/288
2nd
#3/189
Morningstar Foreign Large Grow th
4.66
0.95
4.94
Funds Category Average4
Morningstar Percentile Rank and Ranking:
25th
27th
Foreign Large Grow th Funds Category 5
—
#90/361 #87/323
(Class A shares based on total return)
Returns for periods less than one year are cumulative and not annualized.
Annual Expense Ratios:
Class A shares: Gross: 1.14%
Class Y shares: Gross: 0.89%
Class I shares: Gross: 0.70%
*Class Y shares inception date is 9/7/05.
**Class I shares inception date is 3/29/12.
The performance data quoted represents past performance, which does not guarantee
future results. The investment return and principal value of an investment in the Fund
will fluctuate so that an investor’s shares, when redeemed, may be worth more or less
than the original cost. Current performance and expense ratios may be lower or higher
than the data quoted. For performance data current to the most recent month-end, visit
oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include
changes in net asset value with dividends and capital gains reinvested. Class A shares
include the 5.75% maximum sales charge where indicated. Class Y and Class I shares
are not subject to a sales charge. Returns do not consider capital gains or income
taxes on an individual’s investment. Generally, I shares are only available to
institutional investors and can only be purchased with a $5 million initial investment.
Effective January 25, 2016, the Class I minimum initial investment is reduced to $1
million per account.
OPPENHEIMER
INTERNATIONAL GROWTH FUND
Q4 2015 COMMENTARY | AS OF 12/31/15
Information Technology sector on the back of our overweight
position within it, and in the Materials sector due to stock
selection. There were only two sectors in which the Fund
underperformed the benchmark. We underperformed in the
Consumer Discretionary sector because of our luxury stocks,
which declined on renewed concerns over China. We remain
very positive on our luxury holdings; we believe the concerns
over Chinese consumption are overblown in the longer term and
we believe that the Chinese are not the only consumers of
luxury goods. We also underperformed slightly in the Industrials
sector due to stock selection.
MARKET REVIEW
The world’s equity markets opened the fourth quarter with a
rebound from the significant correction they experienced over
the summer. But it was short lived. Investors continued to worry
about China, specifically the effect it might have on the rest of
the world as it grows more slowly and rebalances that growth
away from infrastructure and toward consumption. The Mideast
refugee crisis produced headlines, both good and bad, and
caused some investors concern about the outlook for Europe.
Finally, in December, the U.S. Federal Reserve enacted their
long-awaited rate rise, to mixed reviews. While equity markets
ended the quarter higher than they opened it, they produced
negative returns for the full year. Within this negative sentiment
environment, our Fund continued to outperform, supported by
our emphasis on secular growth trends and the overall quality of
our companies. Our car automation and data deluge themes
were particularly supportive and many of our medical product
companies performed well. Our structural underweight to
commodities helped as well. Our luxury theme was a detractor
this quarter.
With regard to countries, we remind investors that we are
bottom-up investors in companies and our geographic exposure
is purely the result of our stock selection. The Fund
outperformed the benchmark most in Switzerland, Germany and
France as our stocks outperformed others there. We
underperformed in Japan, where we are underweight, in
Thailand, due to the retailer that we own there, and very slightly
in Australia, where we are underweight.
INDIVIDUAL HOLDINGS DRIVING RESULTS
As we look ahead, we expect that the adjustments necessitated
by China’s rebalancing will continue to cause market volatility.
However we are fairly sanguine on the outlook for overall world
growth, albeit slow. In our opinion, this economic cycle is likely
to be very long, with slightly higher—but still relatively low—
interest rates and subdued inflation. In this environment,
properly managed growth companies can perform well and
support higher than average valuations. The U.S. has largely
recovered. The outlook for European companies is relatively
positive—despite the muted macroeconomy—due to their
earnings momentum, improved operating leverage, and the
liquidity the European Central Bank continues to inject into the
system. That said, we simply do not try to right-size the Fund for
any particular macroeconomic environment. Our discipline is
long-term investment in companies that can monetize secular
growth trends to create wealth for their shareholders.
The top three positive performance contributors were Infineon
Technologies AG, Temenos Group AG and Syngenta AG.
 Infineon Technologies AG is a German semiconductor
manufacturer whose chips are widely used in three main
areas: power management and control, automobiles, and
chip cards and security. In our opinion, these areas will drive
secular demand for chips for some time, and Infineon is one
of the best placed companies to benefit from this growth in
demand and pricing power. During the quarter, the stock
price rose when the company announced earnings that were
ahead of analyst expectations.
 Temenos Group AG is a Swiss company that is the only
provider of software dedicated to banking. The banking
industry is one of the largest spenders on technology. This is
not surprising given the complex regulatory environment in
which they operate and the constant demand from their
clients for new, technologically advanced products. (Think of
depositing bank checks through your mobile phone as just
one example.) In the past, most banks have developed
proprietary technology in house. However, this is becoming
prohibitively expensive. This year Nordea, one of the largest
Scandinavian banks, selected Temenos to replace its core
banking system software. In our opinion, if Temenos
executes this contract successfully, it will significantly
increase its addressable market.
As we have often said before, volatility is our friend. We
understand that it is uncomfortable for investors so we dampen
it in the Fund by investing in a large number of companies in
relatively equal amounts. But down markets give us the
opportunity to buy stocks at prices that we could not get when
sentiment is optimistic. As the market has pulled back, we have
bought more shares in companies we already own and taken
the opportunity to acquire some new ones that we have coveted
for some time.
PERFORMANCE REVIEW
 Syngenta AG is a Swiss producer of crop protection
chemicals and seeds. The share price has been relatively
volatile this year because the company is seen as a potential
target in a sector that is beginning to consolidate. In our
opinion, Syngenta’s crop protection business is very
attractive due to the demographic trends that we expect to
support demand over the long term and in terms of its
pipeline and the geographical areas in which it is dominant.
Furthermore, there is room for better management and
restructuring within the company that could raise its value.
Oppenheimer International Growth Fund (Class A shares
without sales charge) outperformed its benchmark MSCI AC
World ex-U.S. Index significantly in the fourth quarter, rising
5.31% versus the 3.24% rise in the benchmark. For the full year,
the Fund (Class A shares without sales charge) returned 3.16%,
outperforming the benchmark, which declined 5.66%, by over
800 basis points.
SECTOR AND COUNTRY ANALYSIS
During the quarter, the Fund outperformed the benchmark most
in the Health Care sector due to stock selection, in the
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OPPENHEIMER
INTERNATIONAL GROWTH FUND
Q4 2015 COMMENTARY | AS OF 12/31/15
INDIVIDUAL HOLDINGS DRIVING RESULTS (CONT.)
The bottom three performance contributors were Dollarama,
Inc., Hudson’s Bay Co. and CP All Public Co. Ltd.
 Dollarama, Inc. is a Canadian discount retailer that is much
like Dollar Tree and Dollar General in the U.S. The economy
in Canada is suffering with the fall in oil prices and Dollarama
is benefitting as shoppers migrate down the affordability
scale. (We saw the same effect in the U.S. during the
financial crisis, when companies like Walmart and
McDonald’s gained share.) After reaching record highs, the
stock suffered a pullback in the quarter when the company
announced expansion plans that were below analysts’
heightened expectations. We remain positive on the outlook
for the company’s growth.
 Hudson’s Bay Co. is a Canadian retailer whose portfolio
includes its namesake chain in Canada, Saks Fifth Avenue
and Lord & Taylor in the U.S., and Galeria Kaufhof, a highend German retailer that it recently acquired. In most cases,
Hudson’s Bay also owns the buildings in which its stores
operate, and the land upon which they stand. The company
is monetizing these real estate assets to cover the cost of
upgrading and expanding its operations. Its goal is to widen
margins by increasing sales per square foot, and by taking
better advantage of scale. To accomplish this, the company
is renovating its 10 largest stores by sales volume for each
retail chain and investing in digital infrastructure across its
entire fleet of stores. After reaching record highs, the stock
pulled back significantly when the company announced
disappointing earnings for the third quarter when it, and many
other retailers, such as Nordstrom’s suffered from weak
demand.
 CP All Public Co. Ltd. is the exclusive operator of more than
8,500 7-Eleven stores in Thailand. It has more than a 50%
share of the convenience store format there and is expanding
into what is still a relatively fragmented informal retail market
by adding roughly 700 more outlets annually. The company
also owns the Costco-style Siam Makro chain, which has 92
outlets, averaging 30,000 square feet each, and produces an
exceptionally high 30% return on capital employed. After
reaching record highs, the stock pulled back during the
quarter. In our opinion, over the longer term CP All’s modern
retail formats will continue to draw customers away from
more informal competitors.
SPECIAL RISKS
Foreign investments may be volatile and involve additional
expenses and special risks, including currency fluctuations,
foreign taxes, regulatory and geopolitical risks. Emerging and
developing market investments may be especially volatile.
Eurozone investments may be subject to volatility and liquidity
issues. Investments in securities of growth companies may be
volatile. Mid-sized company stock is typically more volatile than
that of larger company stock. It may take a substantial period of
time to realize a gain on an investment in a mid-sized company,
if any gain is realized at all. Diversification does not guarantee
profit or protect against loss.
3
OPPENHEIMER
INTERNATIONAL GROWTH FUND
Q4 2015 COMMENTARY | AS OF 12/31/15
Top Ten Holdings by Issuer6
Top & Bottom Contributors to Return 6
4th Quarter 2015 (as of 12/31/15)
4th Quarter 2015 (as of 12/31/15)
Top Five
Continental AG
1.78%
Infineon Technologies AG
1.73
Infineon Technologies AG
0.41%
Dollarama, Inc.
1.59
Temenos Group AG
0.25
Novo Nordisk AS
1.59
Syngenta AG
0.25
Nippon Telegraph & Telephone
1.59
Continental AG
0.24
Carnival Corp.
1.51
HOYA CORPORATION
0.23
Valeo SA
1.49
Aalberts Industries NV
1.38
Dollarama, Inc.
-0.26%
Vodafone Group plc
1.37
Hudson's Bay Co.
-0.23
Heineken NV
1.35
CP All Public Co. Ltd.
-0.17
Total
15.38
Burberry Group plc
-0.16
Rolls-Royce Holdings plc
-0.15
Bottom Five
Sector Attribution Analysis6
4th Quarter 2015 (as of 12/31/15)
International Grow th Fund
Health Care
Information Technology
Materials
Telecommunication Services
Energy
Financials
Utilities
Consumer Staples
Industrials
Consumer Discretionary
Other
Cash
Total
Average
Weight
11.81%
15.68
5.06
6.03
1.25
4.07
0.00
10.88
20.41
23.21
0.00
1.60
100.00
Return
11.67%
9.65
11.59
10.94
6.79
3.49
0.00
3.64
2.80
1.53
0.00
0.03
5.67
MSCI AC World ex-U.S. Index
Contribution Average
to Return
Weight
1.27%
9.29%
1.42
7.78
0.56
6.64
0.63
5.19
0.09
6.37
0.16
27.18
0.00
3.49
0.45
10.77
0.60
11.21
0.49
12.07
0.00
0.01
0.00
0.00
5.67
100.00
Return
3.14%
8.19
0.34
2.30
-0.50
2.46
1.37
3.66
4.50
4.45
-0.08
0.00
3.17
Contribution
to Return
0.30%
0.55
0.05
0.12
0.03
0.69
0.05
0.38
0.49
0.51
0.00
0.00
3.17
Attribution Analysis
Sector
Allocation
0.06%
0.38
0.05
0.00
0.16
0.16
0.07
0.01
0.12
0.15
0.01
-0.02
1.15
Stock
Selection
0.91%
0.22
0.54
0.50
0.08
0.04
0.00
0.03
-0.33
-0.65
0.00
0.00
1.35
Total
Effect
0.98%
0.60
0.59
0.50
0.25
0.21
0.07
0.04
-0.21
-0.51
0.01
-0.02
2.50
The mention of specific sectors is subject to change and does not constitute a recommendation on behalf of the Fund or OppenheimerFunds, Inc.
Attribution m ethodology notes: The attribution provides analysis of the effects of several portfolio management decisions, including allocation
and security selection. Securities classified as "Other" may include non-equity securities, derivatives and securities for w hich a sector classification
may not be appropriate. The Fund is actively managed and portfolio holdings are subject to change in accordance w ith the prospectus. The
percentage w eights represented for the Fund are dollar w eighted based on market value. Performance numbers include all share classes and may
not tie to actual Fund returns. Contribution to Return measures the performance impact from portfolio holdings over a defined time period. It takes into
account both w eight and performance of the portfolio holdings. Contribution to Return is calculated at security level and reported at sector/strategy
level. Past perform ance does not guarantee future results.
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OPPENHEIMER
INTERNATIONAL GROWTH FUND
Q4 2015 COMMENTARY | AS OF 12/31/15
DISCLOSURES
Past performance does not guarantee future results.
1. For each fund with at least a three-year history, Morningstar calculates ratings based on a proprietary risk-adjusted return score that
accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more
emphasis on downward variations and rewarding consistency. The top 10% of funds in each category receive 5 stars, the next 22.5% 4
stars, the next 35% 3 stars, the next 22.5% 2 stars and the bottom 10% 1 star with some adjustments for multiple share class portfolios.
The Overall Morningstar Rating is derived from a weighted average of the 3- , 5- and 10-year ratings (where applicable). For the
3-, 5- and 10-year periods, respectively, the Fund was rated 4, 5 and 5 stars among 323, 288 and 189 funds in the Foreign Large Growth
category for the time period ended 12/31/15. Morningstar rating is for Class Y shares and rating may include more than one share class
of funds in the category, including other share classes of this Fund. Different share classes may have different expenses, eligibility
requirements, performance characteristics and Morningstar ratings.
2. The Morningstar Analyst Rating is not a credit or risk rating but a subjective evaluation performed by the analysts of Morningstar, Inc.
(Mstar). Mstar evaluates funds based on five key pillars (process, performance, people, parent and price). Mstar's analysts use this
evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider
quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is
overseen by Morningstar's Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver,
Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Mstar
Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Mstar’s current
expectations about future events. Mstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks
and uncertainties which may cause Mstar’s expectations not to occur or to differ significantly.
3. The MSCI AC World ex-U.S. Index is designed to measure the equity market performance of developed and emerging markets and
excludes the U.S. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative
purposes only and does not predict or depict the performance of the Fund.
4. Source: Morningstar, Inc., 12/31/15. The Morningstar Foreign Large Growth Funds Category Average is the average return of all funds
within the investment category as defined by Morningstar. Returns are adjusted for the reinvestment of capital gains distributions and
income dividends, without considering sales charges. Performance is shown for illustrative purposes only and does not predict or depict
the performance of the fund.
5. Source: ©2015 Morningstar, Inc., 12/31/15. Morningstar ranking is for Class A shares and ranking may include more than one share
class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of 12/31/15, without
considering sales charges. Different share classes may have different expenses and performance characteristics. Fund rankings are
subject to change monthly. The fund’s total-return percentile rank is relative to all funds that are in the Foreign Large Growth Funds
Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top
performing fund in a category will always receive a rank of 1.
6. Holdings, sector and country allocations are subject to change, do not constitute recommendations by OppenheimerFunds, and are
dollar-weighted based on assets. Top holdings excludes cash and cash equivalents. Attribution analysis is a process used to analyze the
absolute return (often called contribution) and the excess return (often called relative return) between a portfolio and its benchmark. The
total effect measures both the allocation effect to a sector as well as stock selection within a sector. Holdings are subject to change, and
are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of
various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher
volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.
Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the
FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.
These views represent the opinions of OppenheimerFunds, Inc. and are not intended as investment advice or to predict or depict the
performance of any investment. These views are as of the close of business on December 31, 2015, and are subject to change based on
subsequent developments. The Fund’s portfolio and strategies are subject to change.
Total returns do not show the effects of income taxes on an individual’s investment. Taxes may reduce an investor’s actual investment
returns on income or gains paid by the Fund or any gains realized if the investor sells his/her shares.
Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks,
charges, and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds,
and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677).
Read prospectuses and summary prospectuses carefully before investing.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
225 Liberty Street, New York, NY 10281-1008
© 2016 OppenheimerFunds Distributor, Inc. All rights reserved.
CO0825.001.1215 January 15, 2016
5