Oppenheimer Capital Appreciation (OPTFX), Oppenheimer Discovery (OPOCX) and Oppenheimer International Growth (OIGAX) are three mutual funds that Morningstar classifies in their growth category. Oppenheimer's Developing Markets fund (ODMAX) and Emerging Markets Innovator's Fund (EMIAX) should also be added to this category.
Prospective investors should pay particular attention to Morningstar's style index which rates mutual funds lineally by growth objective. A low growth objective is on the value end of the scale; an aggressive growth objective is on the opposite end of the scale. Morningstar also assesses target company sizes for each fund. By examining a fund's placement on the style index grid, an investor can gain a quick sense of the fund's investment style. However, there is no standardized definition of "aggressive growth" and Oppenheimer does not use that term in its descriptions of these funds.
Typically, aggressive growth funds invest in smaller companies with a shorter history but which show potential for rapid growth. IPO's, for example, fall into this category. Investors expect capital gains rather than dividends to drive their profits. Oppenheimer's Discovery Markets fund targets small-cap companies. Its Emerging Growth fund, a new fund launched in 2014, targets mid-cap companies. By contrast the Capital Appreciation, the International Growth, and the Developing Markets funds target large-cap companies.
Investment strategies can shift with changes in the management team and are disclosed in updates to the fund's prospectus. Benchmarks for comparison of an aggressive growth fund vary. The Morgan Stanley Capitalization International index, the Russell 500 and the Standard and Poor 500 are some of the common benchmarks. None of these measure "aggressiveness."