Skip to Main
buildings of institutional investment boutiques

Oppenheimer Investment Management

Oppenheimer Investment Management LLC is a focused institutional investment boutique that provides customized solutions to institutional investors

Our firm is defined by our people. We strive to sustain and strengthen a culture of integritytrust, and loyalty that breeds a singular commitment to the pursuit of our clients’ best interests. Capturing alpha is our mantra. Our investment teams engage a constant focus on consistent, alpha-generating investment ideas for the institutional portfolios they manage.

We are active investors. We believe the investment markets are exposed to inefficiencies over time, and we seek to capitalize on these inefficiencies through a rigorous, consistent security selection process. Our customized solutions to institutional investors include:

  • Taft-Hartley Funds
  • Corporate Pension Plans
  • Public Pension Funds
  • Foundations and Endowments
  • Insurance Companies

Our History

With proud roots dating back to 1881, the name Oppenheimer is a recognized, respected name in the investment management industry. As with many investment companies, the Oppenheimer name has undergone a number of organizational changes over the last half-century.

Founded in December, 2004, Oppenheimer Investment Management (OIM) is an institutional asset management firm. OIM is an indirect subsidiary of Oppenheimer Holdings Inc. and an affiliate of Oppenheimer & Co. Inc. (New York, NY). OIM is built on a foundation of the traditional investment firm culture with employee ownership, performance-based compensation and a horizontal management structure.

Investment Strategies

Philosophy

The OIM Intermediate Fixed Income strategy is rooted in the idea that individual security selection produces the best opportunity for risk-adjusted excess returns over time. Through an extensive, bottom-up research process, our portfolio management team focuses on optimal bond selection of investment grade corporate bonds, mortgage-backed securities, US Government Treasuries and taxable municipal bonds. The team employs a tightly controlled duration discipline and closely manages all portfolio risk factors. The portfolio management team’s objective is to produce predictable, consistent excess returns net of fees over the Barclays Capital Government/Credit-Intermediate Bond Index.

Process

Screening and Analysis

We screen the investment grade universe for corporate bonds, taxable municipal bonds, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities that meet our standards. We also conduct labor-friendly screening and socially responsible screening of securities as well. In our security analysis, corporate bonds are subjected to a fundamental analysis of financial statements and an in-depth proprietary analysis. We also conduct a valuation of the entire capital structure for corporate bonds, as well as a credit review in our weekly research meetings. Structured securities are subjected to model cash flows and stress-test prepayment assumptions under multiple scenarios.

Security Selection

Our Intermediate Fixed Income strategy security selection includes:

50% Core Holdings
• Higher current yield than benchmark
• Shorter maturities
• Stable fundamentals
• Long holding period

10-30% Expected Rating Upgrades   
• Rapidly improving fundamentals
• Identifiable catalysts
• Intermediate holding period

10-30% Undervalued Bonds               
• Special situations
• Industry consolidations
• Intermediate holding period

5-10% Opportunistic                          
• Mispriced security
• Liquidity imbalance
• Short holding period

Acquisition and DispositionThe relative value analysis for the Intermediate Fixed Income strategy is based on our proprietary spread data, and a robust fixed income analytic infrastructure. Our investment committee oversees the portfolio strategy, and reviews portfolio structure. The portfolio manager makes the final decision for security acquisition.The portfolio’s strict sell discipline includes if the risk/return on a security becomes unfavorable; if an attractive swap candidate emerges; if an analyst uncovers deteriorating credit fundamentals; if portfolio rebalancing is required; or based on client specific needs.Investment Guidelines
  • Minimum quality: Baa3 or BBB- for individual securities
  • Minimum weighted average quality: BBB
  • Maximum single issuer exposure: 5%
  • Maximum industry limit: 15%
  • Maximum high yield exposure: 20%

Click here for access to our complete profile Fixed Income Intermediate Profile

Philosophy

The OIM Core Fixed Income strategy is rooted in the idea that individual security selection produces the best opportunity for risk-adjusted excess returns over time. Through an extensive, bottom-up research process, our portfolio management team focuses on optimal bond selection of investment grade corporate bonds, mortgage-backed securities, US Government Treasuries and taxable municipal bonds. The team employs a tightly controlled duration discipline and closely manages all portfolio risk factors. The portfolio management team’s objective is to produce predictable, consistent excess returns net of fees over the Barclays Capital Aggregate Bond Index.

Process

Screening and Analysis

We screen the investment grade universe for corporate bonds, taxable municipal bonds, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities that meet our standards. We also conduct labor-friendly screening and socially responsible screening of securities as well. In our security analysis, corporate bonds are subjected to a fundamental analysis of financial statements and an in-depth proprietary analysis. We also conduct a valuation of the entire capital structure for corporate bonds, as well as a credit review in our weekly research meetings. Structured securities are subjected to model cash flows and stress-test prepayment assumptions under multiple scenarios.

Security Selection

Our Core Fixed Income strategy security selection includes:

50% Core Holdings
• Higher current yield than benchmark
• Shorter maturities
• Stable fundamentals
• Long holding period

10-30% Expected Ratings Upgrades 
• Rapidly improving fundamentals
• Identifiable catalysts
• Intermediate holding period

10-30% Undervalued Bonds              
• Special situations
• Industry consolidations
• Intermediate holding period

5-10% Opportunistic                          
• Mispriced security
• Liquidity imbalance
• Short holding period

Acquisition and Disposition

The relative value analysis for the Core Plus Fixed Income strategy is based on our proprietary spread data, and a robust fixed income analytic infrastructure. Our investment committee oversees the portfolio strategy, and reviews portfolio structure. The portfolio manager makes the final decision for security acquisition.

The portfolio’s strict sell discipline includes if the risk/return on a security becomes unfavorable; if an attractive swap candidate emerges; if an analyst uncovers deteriorating credit fundamentals; if portfolio rebalancing is required; or based on client specific needs.

Investment Guidelines
  • Minimum quality: Baa3 or BBB- for individual securities
  • Minimum weighted average quality: BBB
  • Maximum single issuer exposure: 5%
  • Maximum industry limit: 15%
  • Maximum high yield exposure: 20%

Click here for access to our complete profile Fixed income Core Profile

Philosophy

The OIM Core Plus Fixed Income strategy is rooted in the idea that individual security selection produces the best opportunity for risk-adjusted excess returns over time. Through an extensive, bottom-up research process, our portfolio management team focuses on optimal bond selection of investment grade corporate bonds, mortgage-backed securities, US Government Treasuries and taxable municipal bonds. The team employs a tightly controlled duration discipline and closely manages all portfolio risk factors. The portfolio management team’s objective is to produce predictable, consistent excess returns net of fees over the Barclays Capital Aggregate Bond Index.

Process

Screening and Analysis

We screen the investment grade universe for corporate bonds, taxable municipal bonds, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities that meet our standards. We also conduct labor-friendly screening and socially responsible screening of securities as well. In our security analysis, corporate bonds are subjected to a fundamental analysis of financial statements and an in-depth proprietary analysis. We also conduct a valuation of the entire capital structure for corporate bonds, as well as a credit review in our weekly research meetings. Structured securities are subjected to model cash flows and stress-test prepayment assumptions under multiple scenarios.

Security Selection

Our Core Plus Fixed Income strategy security selection includes:

50% Core Holdings
• Higher current yield than benchmark
• Shorter maturities
• Stable fundamentals
• Long holding period

10-30% Expected Ratings Upgrades 
• Rapidly improving fundamentals
• Identifiable catalysts
• Intermediate holding period

10-30% Undervalued Bonds              
• Special situations
• Industry consolidations
• Intermediate holding period

5-10% Opportunistic                          
• Mispriced security
• Liquidity imbalance
• Short holding period

Acquisition and DispositionThe relative value analysis for the Core Plus Fixed Income strategy is based on our proprietary spread data, and a robust fixed income analytic infrastructure. Our investment committee oversees the portfolio strategy, and reviews portfolio structure. The portfolio manager makes the final decision for security acquisition.The portfolio’s strict sell discipline includes if the risk/return on a security becomes unfavorable; if an attractive swap candidate emerges; if an analyst uncovers deteriorating credit fundamentals; if portfolio rebalancing is required; or based on client specific needs.Investment Guidelines
  • Minimum quality: Baa3 or BBB- for individual securities
  • Minimum weighted average quality: BBB
  • Maximum single issuer exposure: 5%
  • Maximum industry limit: 15%
  • Maximum high yield exposure: 20%

Click here for access to our complete profile Fixed Income Core Plus Profile

Philosophy

The OIM Corp Core Plus Fixed Income Strategy is rooted in the idea that individual security selection produces the best opportunity for risk-adjusted excess returns over time. Through an extensive, bottom-up research process, our portfolio management team focuses on optimal bond selection of approximately 60% Double B high yield corporate bonds and 40% Triple B corporate bonds. The team employs a tightly controlled duration discipline and closely manages all portfolio risk factors. The portfolio management team’s objective is to produce predictable, consistent excess returns net of fees over the Bloomberg Barclays U.S. Credit Index.

Process

Screening and Analysis

We screen the non-investment grade universe for corporate bonds that meet our standards. In our security analysis, corporate bonds are subjected to a fundamental analysis of financial statements and an in-depth proprietary analysis. We also conduct a valuation of the entire capital structure for corporate bonds, as well as a credit review in our weekly research meetings.

Acquisition and Disposition

The relative value analysis for the Corp Core Plus Fixed Income strategy is based on our proprietary spread data, and a robust fixed income analytic infrastructure. Our investment committee oversees the portfolio strategy, and reviews portfolio structure. The portfolio manager makes the final decision for security acquisition.

The portfolio’s strict sell discipline includes if the risk/return on a security becomes unfavorable; if an attractive swap candidate emerges; if an analyst uncovers deteriorating credit fundamentals; if portfolio rebalancing is required; or based on client specific needs.

Investment Guidelines
  • Minimum quality: Caa or CCC for individual securities
  • Minimum weighted average quality: Baa2
  • Maximum single issuer exposure: 5%
  • Maximum industry limit: 15%
  • Maximum high yield exposure: 20%

 

Click here for access to our complete profile Corporate Core Plus Fixed Income Profile

Philosophy

The OIM High Yield Fixed Income strategy is rooted in the idea that individual security selection produces the best opportunity for risk-adjusted excess returns over time. Through an extensive, bottom-up research process, our portfolio management team focuses on optimal bond selection of corporate bonds, preferred securities, bank loans, convertible securities and taxable municipal bonds. The team's emphasis is on relative value, and they closely manage all portfolio risk factors. The portfolio management team's objective is to produce predictable, consistent excess returns net of fees over the BofA/ML High Yield Master II Index.

Process

Screening and Analysis

We screen the high yield universe for corporate bonds, preferred securities, bank loans, distressed securities, convertible securities and taxable municipal bonds that meet our standards. In our security analysis, corporate bonds are subjected to a fundamental analysis of financial statements and an in-depth proprietary analysis. We also conduct a valuation of the entire capital structure for corporate bonds, as well as a credit review in our weekly research meetings.

Security Selection

Our High Yield Fixed Income strategy security selection includes:


70% Core Holdings
• Higher current yield than benchmark
• Shorter maturities
• Stable fundamentals
• Long holding period

10-15% Expected Rating Upgrades  
• Rapidly improving fundamentals
• Identifiable catalysts
• Intermediate holding period

5-10% Undervalued Bonds                
• Special situations
• Industry consolidations
• Intermediate holding period

5-10% Opportunistic                          
• Mispriced security
• Liquidity imbalance
• Short holding period

Acquisition and DispositionThe relative value analysis for the High Yield Fixed Income strategy is based on our proprietary spread data, and a robust fixed income analytic infrastructure. Our investment committee oversees the portfolio strategy, and reviews portfolio structure. The portfolio manager makes the final decision for security acquisition.The portfolio’s strict sell discipline includes if the risk/return on a security becomes unfavorable; if an attractive swap candidate emerges; if an analyst uncovers deteriorating credit fundamentals; if portfolio rebalancing is required; or based on client specific needs.Investment Guidelines
  • Minimum quality: Baa3 or BBB- for individual securities
  • Minimum weighted average quality: B
  • Maximum single issuer exposure: 10%
  • Maximum industry limit: 15%

Click here for access to our complete profile Fixed Income High Yield Profile

Current and archived commentary

Click here for access to commentary Commentary

Our Team

Leo J. Dierckman
Name:

Leo J. Dierckman

Title:

Managing Director, Portfolio Manager

Leo is primarily responsible for management duties for the Insurance accounts and non-investment grade assets. His research responsibilities are for the Healthcare, Homebuilding, and Municipal bond sectors. Prior to joining OIM, he was Vice President, Portfolio Manager for 40|86 Advisors, Inc. He was a member of the insurance management team for the Conseco insurance portfolios and non-affiliated insurance clients. He also served as the lead portfolio manager for the 40|86 Strategic Income Fund (NYSE:CFD), a publicly traded closed-end mutual fund and the Manager’s Convertible Securities Mutual Fund (NASDAQ:MCXYX). He holds a B.S. in Finance from Indiana University.

Hide Bio
Michael Richman
Name:

Michael Richman, CFA

Title:

Managing Director, Portfolio Manager

Michael has primary portfolio management duties for the investment grade assets in addition to his research responsibilities for the Bank/Finance and Insurance sectors. Prior to joining OIM, Mike was Vice President, Portfolio Manager and Head of Corporate Trading at 40|86 Advisors, Inc. He holds a B.S. in Finance from Indiana University and is a CFA charterholder.

Hide Bio
Matthew Burrell
Name:

Matthew Burrell

Title:

Director and Research Analyst

Matthew is responsible for fixed income credit analysis in the Aerospace, Auto/Auto Parts, Energy, Technology, Telecom, and Utilities industries. Prior to joining OIM, Matt was a Senior Securities Analyst with 40|86 Advisors, Inc. He holds a Master’s Degree in Business Administration from Indiana University and a Bachelor’s degree in Mechanical Engineering from Oregon State University. He is also a registered Professional Engineer in Oregon and California.

Hide Bio
Mitch DePoy
Name:

Mitch DePoy, CFA

Title:

Director and Research Analyst

Mitch is responsible for fixed income credit analysis in the Building Products, Business Services, Capital Goods, Consumer Products, Death Care, Environmental Services, Food/Beverage, Supermarkets, Tobacco, Restaurants, Retail and Transportation industries. Prior to joining OIM, Mitch was a Senior Professional at Ernst & Young, LLP. He holds a M.S. in Accounting, Magna Cum Laude, from Mendoza College of Business, University of Notre Dame, a B.S. in Finance & International Business from the Kelley School of Business, Indiana University, a Certified Public Accountant license and is a CFA charterholder.

Hide Bio
Peter Vars
Name:

Peter Vars, CFA

Title:

Director and Research Analyst

Peter is responsible for fixed income credit analysis in the Cable/Media, Chemicals, Gaming, Lodging, Metals/Mining/Steel, Packaging, Paper/Forest Products and REIT industries. Prior to joining OIM, Peter worked as a Research Analyst for 40|86 Advisors, Inc. He holds a BA in International Affairs from the University of Colorado, Boulder, a Master’s Degree in Business Administration from the University of Chicago Booth School of Business and is a CFA charterholder.

Hide Bio
Mike Konrad
Name:

Mike Konrad

Title:

Research and Portfolio Analyst

Mike is responsible for fixed income credit analysis in the Structured Securities, ABS/CMBS/MBS industries. Prior to joining OIM, Mike was a Structured Securities Trader and Analyst for 40|86 Advisors, Inc. He holds a B.S. from Indiana University.

Hide Bio
Cyndi Collins
Name:

Cyndi Collins

Title:

Associate Director

Cyndi is responsible for office administration and Client Services. She has been in the financial services industry since 1998 and has held various administrative positions throughout her career. Prior to joining OIM, Cyndi provided administrative support for the Chief Investment Officer and Portfolio Management Group at 40|86 Advisors, Inc.

Hide Bio