We believe our clients’ financial goals are best achieved by the avoidance of major losses in falling markets and the compounding of reasonable gains in rising markets.

Key Tenets of our Investment Philosophy

Play both defense and offense.

We search for investments with acceptable downside risk and underappreciated growth potential. This asymmetric risk/reward profile is central to every aspect of our approach to investment management.

Focus on absolute returns.

We are more concerned with meeting our clients’ goals than with tracking a benchmark. Our clients do not like to lose money and neither do we.

Measure performance over full market cycles.

We employ an investment discipline focused on achieving solid returns over the long haul. An over-concern with the short term can dilute focus, increase costs, and detract from performance. Our fundamental goal is to create long-term financial security for our clients.

The Osterweis Funds are available by prospectus only. The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectuses contain this and other important information about the Funds. You may obtain a summary or statutory prospectus by calling toll free at (866) 236-0050, or by visiting www.osterweis.com/statpro. Please read the prospectus carefully before investing to ensure the Fund is appropriate for your goals and risk tolerance.

Mutual fund investing involves risk. Principal loss is possible.

Osterweis Capital Management is the adviser to the Osterweis Funds, which are distributed by Quasar Distributors, LLC.