Names of Mutual Funds Are Meaningless: Exhibit A

In an article on the problems in the fixed income group at Oppenheimer funds. The WSJ mentions the following

The OppenheimerFunds Inc. executive who oversaw big leveraged bets that backfired has left the company.
Senior Vice President Angelo Manioudakis, who headed the firm's Core Plus team, resigned Friday. The team managed more than $16 billion in individual-investor-oriented fund assets. Under Mr. Manioudakis, investments in the likes of mortgage-backed securities and credit-default swaps went awry.

Those woes fueled an 82% drop at its flagship junk-bond mutual fund, Oppenheimer Champion Income, one of the worst showings among the roughly 150 U.S. junk funds that invest in high yield, or below-investment-grade, bonds. The average junk-bond fund is down 32% in 2008.
…..The bet "backfired in unprecedented ways" as "what had been the most liquid part of the market turned out to be the most illiquid," Mr. Webman says.
…..The fund spread pain beyond its own immediate investors. More than 10% of the fund also was recently held by other OppenheimerFunds offerings. This includes several funds of funds that bundle various products from the firm and at least one target-date retirement offering.
One of the hardest hit has been the $290 million Oppenheimer Conservative Investor Fund, which had 4% in the Champion Income fund through November. It is down almost 40% this year, making it one of the worst-performing conservative allocation funds followed by fund tracker Morningstar Inc.

(maybe that's because the fund didn't have a conservative allocation)

on the oppenheimer funds website, the fund is described as follows

This fund might be right for investors who plan to start withdrawing money in the short term and need an investment with relatively low risk.

oops