|Shareholder Letter||July 2018|
News & Views
|Mutual Fund Observer: Elevator Talk with Jim Callinan|
In this detailed profile of the Emerging Opportunity Fund, portfolio manager Jim Callinan explains why investors should consider adding his small cap growth fund to their portfolios.
|Market Watch: These Small Cap Stocks May Speed Ahead as the Economy Slows|
Read about several of the stocks that Jim Callinan, Portfolio Manager for the Osterweis Emerging Opportunity Fund, is invested in, and why he chose them.
|Advisor Perspectives OSTGX|
Read an interview with Fund manager James L. Callinan in which he discussed his thoughts on emerging growth stocks and the investment philosophy behind our Emerging Opportunity Fund.
|Investing in Market Disruptors|
Read about how we think investors could benefit from the rapid growth of market innovators while trying to manage the risks of investing in somewhat unproven companies.
|Statement of Additional Information|
|Semi-Annual Report - Osterweis Funds|
|Annual Report - Osterweis Funds|
Open an Account
After reading the prospectus, please click on the links below to download an application.
Applications & Forms
|Application - Regular Account|
Regular/Taxable accounts for Individuals, Joint or Gifts to Minors.
|Entity Application - Regular Account|
Regular/Taxable accounts for entities such as C Corporations, Partnerships, Limited Liability Companies, etc.
|Application - IRA Account|
Regular, Roth, SEP, SIMPLE, Transfer or Rollover IRA account. Please read the IRA Disclosure Statement & Custodial Agreement.
|IRA or CESA Transfer Form|
Transfer an existing IRA to the Osterweis Funds.
|Beneficiary Change Form|
Change your beneficiaries for Traditional, Roth, SEP and SIMPLE IRA’s.
James L. Callinan
Vice President & Portfolio ManagerView Bio
James L. Callinan
Vice President & Portfolio Manager
Jim Callinan graduated from Harvard College (B.A. Economics), New York University (M.S. Accounting) and Harvard Business School (M.B.A.). Mr. Callinan holds the Chartered Financial Analyst designation.
Prior to joining Osterweis Capital Management in 2016, Mr. Callinan was the CEO of Callinan Asset Management and Portfolio Manager of the Emerging Growth Partners, LP. Before that, he was Co-Founder & Chief Investment Officer at RS Investments and founded the RS Concentrated Small Cap Growth investment strategy. He also co-founded the RS Growth Group LLC at Robertson Stephens Investment Management in 1996 and managed the RS Emerging Growth Fund from 1996 until 2010.
He began his career at Putnam Investments as an equity research analyst in 1987 and served as portfolio manager for the Putnam OTC Emerging Growth Fund from 1994 to 1996.
Mr. Callinan is a member of the Bay Area Make-A-Wish Foundation Board of Trustees and the Jumpstart Northern California Advisory Board, the Weatherbie Capital Advisory Board, the President’s Committee on Communication for Harvard University and the Friends of Harvard Football Board.
Mr. Callinan is a principal of the firm and a Portfolio Manager for the emerging growth strategy.
Matthew C. Unger
Matthew C. Unger
Matt Unger graduated from Trinity University (B.S. Finance, cum laude) and Southern Methodist University, Cox School of Business (M.B.A.). Mr. Unger holds the Chartered Financial Analyst designation.
Prior to joining Osterweis Capital Management in 2016, Mr. Unger worked at Callinan Asset Management as a Research Analyst covering the health care service, medical technology and industrial sectors. Prior to that, he spent three years at RS Investments as a Research Associate covering small cap growth companies in the medical technology and industrial sectors. Before graduate school, Matt worked at Platte River Capital covering the medical device sector from 2008-2010.
Mr. Unger is an Analyst for the emerging growth strategy.
Senior AnalystView Bio
Dave Sherry graduated from Princeton University (A.B. in Economics) and from the Anderson School at UCLA (M.B.A). Mr. Sherry holds the Chartered Financial Analyst designation.
Prior to joining Osterweis Capital Management in 2017, Mr. Sherry was a Managing Director at Inflection Partners LLC, where he founded a long/short strategy that focused on the technology sector. Before that, Mr. Sherry held portfolio manager positions at EGM Capital, Partech International and LGT Asset Management. He began his investment career at Franklin Templeton Investments.
Mr. Sherry is a Senior Analyst for the core equity and emerging growth strategies.
Bryan Wong graduated from Yale University (B.A. in Political Science and International Studies with distinction) and the University of California Berkeley, Haas School of Business (M.B.A., Investment Management Fellow). Mr. Wong holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco.
Prior to joining Osterweis Capital Management in 2014, Mr. Wong was a member of the investment team managing the endowment of the David and Lucile Packard Foundation. Before that, Mr. Wong was an Analyst from 2005 to 2009 at two long/short hedge funds.
Mr. Wong is an Analyst for the emerging growth strategy.
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.
The Osterweis Emerging Opportunity Fund may invest in unseasoned companies, which involve additional risks such as abrupt or erratic price movements. The Fund may invest in small and mid-sized companies, which may involve greater volatility than large-sized companies. The Fund may invest in IPOs and unseasoned companies that are in the early stages of their development and may pose more risk compared to more established companies. The Fund may invest in ETFs, which involve risks that do not apply to conventional funds. Higher turnover rates may result in increased transaction costs, which could impact performance. From time to time, the Fund may have concentrated positions in one or more sectors subjecting the Fund to sector emphasis risk including the health care sector, which may be affected by government regulation, restrictions, pricing and other market developments and the technology sector, which tends to be more volatile than the overall market. The Fund may invest in foreign and emerging market securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks may increase for emerging markets.
While the fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for more information.
Osterweis Capital Management is the adviser to the Osterweis Funds, which are distributed by Quasar Distributors, LLC.