Portfolio Overview as of 12/31/2023

Asset Allocation (% of Total Portfolio)

Category Value
Equities 92.7%
Cash & Equivalents 7.3

Sector Exposure (% of Equities)

Category Value
Information Technology 30.05%
Health Care 27.16
Industrials 19.36
Consumer Discretionary 6.02
Consumer Staples 5.32
Real Estate 4.10
Materials 3.75
Financials 2.13
Energy 2.09

Market Cap Exposure (% of Equities)

Category Value
Less than $400 million 0.0%
$400 million - 750 million 0.0
$750 million - 1.5 billion 4.5
$1.5 - 7.5 billion 65.3
$7.5 - 15 billion 23.0
$15 billion - 50 billion 7.2
Greater than $50 billion 0.0

Market Cap Characteristics (Equities Only)

Characteristic Value
Weighted Average Market Cap $6.7 billion
Median Market Cap $6.3 billion

Number of Holdings

Holding Value
Equities 40

Top 10 Holdings (% of Total Portfolio)

Holding Value
MACOM Technology Solutions Holdings Inc 4.5
Axon Enterprise Inc 3.9
FirstService Corp 3.8
Clearwater Analytics Holdings Inc-Class A 3.8
SPS Commerce Inc 3.5
Innospec Inc 3.5
KBR Inc 3.4
Onto Innovation Inc 3.1
e.l.f. Beauty Inc 3.0
Cavco Industries Inc 3.0
Total 35.5

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
2023 124%
2022 133
2021 111
2020 213
2019 215
2018 208
2017 217
2016 189
2015 162
2014 85
2013** 38

Figures for 2013-2018 have been updated.


10/1/2012 to 3/31/2013

Sources: US Bank, Osterweis Capital Management, Conifer Financial Services

Investment Team

James Callinan

Chief Investment Officer – Emerging Growth

James Callinan

Chief Investment Officer – Emerging Growth

Jim Callinan was the Co-Founder & Chief Investment Officer at RS Investments. He also co-founded the RS Growth Group LLC in 1996 and managed the RS Emerging Growth Fund from 1996 until 2010. In 1999 Mr. Callinan was named Morningstar’s Domestic Stock Manager of the Year.*

He served as portfolio manager for the Putnam OTC Emerging Growth Fund from 1994 to 1996 and began his career at Putnam Investments as an equity research analyst in 1987. He joined Osterweis Capital Management in 2016 and brought with him the Emerging Growth Partners, LP, a concentrated small cap growth strategy he founded at RS in 2006.

Mr. Callinan is a member of the Weatherbie Capital Advisory Board.

He is an equity owner in the firm and the Lead Portfolio Manager for the emerging growth strategy.

Mr. Callinan graduated from Harvard College (B.A. in Economics), New York University (M.S. in Accounting) and Harvard Business School (M.B.A.). Mr. Callinan holds the CFA designation.

*Morningstar Managers of the Year are determined by a combination of qualitative research by Morningstar’s manager research analysts; risk-adjusted medium- to long-term performance track records; and performance in the calendar year.

Matthew Unger

Vice President & Portfolio Manager

Matthew Unger

Vice President & Portfolio Manager

Prior to joining Osterweis Capital Management in 2016, Matt Unger 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.

He is an equity owner in and principal of the firm and a Portfolio Manager for the emerging growth strategy.

Mr. Unger graduated from Trinity University (B.S. in Finance, cum laude) and Southern Methodist University, Cox School of Business (M.B.A.). Mr. Unger holds the CFA designation.

Bryan Wong

Vice President & Portfolio Manager

Bryan Wong

Vice President & Portfolio Manager

Prior to joining Osterweis Capital Management in 2014, Bryan 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 at Wohl Capital Management, a long/short hedge fund.

He is an equity owner in and a principal of the firm and a Portfolio Manager for the emerging growth strategy.

Mr. Wong serves on the investment committee of the Asian Pacific Fund.

Mr. 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 CFA designation and is a member of the CFA Society of San Francisco.

Jamie Wolf

Research Analyst

Jamie Wolf

Research Analyst

Prior to joining Osterweis Capital Management in 2023, Jamie Wolf was an Equity Analyst at Invesco LTD covering small, mid, and large cap companies in the consumer sector. Before that, Jamie worked at Haverford Trust Company as a Senior Research Analyst.

He is a Research Analyst for the emerging growth strategy.

Jamie is a member of the Value Investor Club, LA CFA Society, and American Chemical Society.

Mr. Wolf graduated from Franklin and Marshall College (B.A. in Chemistry and Economics) and UCLA Anderson School of Management (M.B.A.). He holds the CFA designation.

Certain portfolio data may be available as of month-end. To make a request, please email us.

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. 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.