OppenheimerFunds of New York has registered two new value funds with the Securities and Exchange Commission.

The two new funds, the Oppenheimer MidCap Value Fund and the Oppenheimer MultiCap Value Fund will seek long-term capital appreciation through investments in securities of companies the funds' managers believe to be undervalued, according to the prospectuses.

Susan Switzer and Christopher Leavy will co-manage both funds, according to SEC filings. Each fund will offer A, B, C and institutional shares.

The funds will augment Oppenheimer's existing offering of six value funds, according to Greg Stitt, a spokesperson for the firm.

While value investing has been out of favor in recent years, recent market volatility has revived their popularity, he said.

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