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Emerging Opportunity Fund (OSTGX)

NAV as of 10/19/18

Price Change
$12.35 $-0.40
Standardized Performance

Investment Objective

The Fund seeks long-term capital appreciation.

Fund Literature

News

Portfolio Overview as of 9/30/2018

Asset Allocation (% of Total Portfolio)

 Equities 86.3%
Cash 13.7

Sector Exposure (% of Equities)

 Information Technology 37.8%
Health Care 23.2
Consumer Discretionary 16.1
Financials 8.3
Communication Services 5.5
Energy 3.5
Industrials 2.8
Consumer Staples 2.8

Market Cap Exposure (% of Equities)

 Less than $500 million 0.0%
$500 million to $2 billion 47.0
$2 - 5 billion 28.1
$5 - 15 billion 22.8
$15 - 50 billion 2.1
Greater than $50 billion 0.0

Market Cap Characteristics (Equities Only)

Weighted Average Market Cap $3.5 billion
Median Market Cap $2.2 billion

Number of Holdings

Equities 38

Top 10 Holdings (% of Total Portfolio)

Everbridge Inc. 3.8
Planet Fitness Inc. - Class A 3.4
Rapid7 Inc. 3.4
Teladoc Health Inc. 3.4
Boingo Wireless Inc. 3.4
Insulet Corp. 3.3
Enova International Inc. 3.3
Sendgrid Inc. 3.2
Etsy Inc. 3.2
Solaris Oilfield Infrast - Class A 3.0
Total 33.4

Complete holdings are generally available ten business days following quarter end.

The Osterweis Emerging Opportunity Fund’s holdings and sector allocations may change at any time due to ongoing portfolio management. References to specific investments should not be construed as a recommendation to buy or sell the securities by the Fund or Osterweis Capital Management.

Fiscal Year Turnover

Year Ended
March 31		 Turnover
2018 219%
2017* 61
2016 71
2015 106
2014 75
2013 85
*

Not a full year, only covers 11/30/16-3/31/17. Source: Conifer Financial Services & Osterweis Capital Management.

Investment Team

  • James L. Callinan

    Vice President & Portfolio Manager

    View 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

    Analyst

    View Bio

    Matthew C. Unger

    Analyst

    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.

  • Dave Sherry

    Senior Analyst

    View Bio

    Dave Sherry

    Senior Analyst

    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

    Analyst

    View Bio

    Bryan Wong

    Analyst

    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.

Our Funds

Account Access

Email Update

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.

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