Barron’s recently published a profile on the Emerging Opportunity Fund and how Lead Portfolio Manager Jim Callinan navigates the small cap universe. The article highlights why, in the current market environment, he remains “steadfast in his focus on quality companies.”
Portfolio Overview as of 3/31/2022
Asset Allocation (% of Total Portfolio)
|Cash & Equivalents||11.6|
Sector Exposure (% of Equities)
Market Cap Exposure (% of Equities)
|Less than $500 million||0.0%|
|$500 million to $2 billion||8.0|
|$2 - 5 billion||34.1|
|$5 - 15 billion||56.6|
|$15 - 50 billion||1.4|
|Greater than $50 billion||0.0|
Market Cap Characteristics (Equities Only)
|Weighted Average Market Cap||$5.6 billion|
|Median Market Cap||$4.5 billion|
Number of Holdings
Top 10 Holdings (% of Total Portfolio)
|Planet Fitness Inc. - CL A||4.7|
|Marriott Vacations World||4.5|
|Onto Innovation Inc||4.3|
|Globus Medical Inc - A||4.0|
|Floor & Decor Holdings Inc-A||3.9|
|MaxLinear Inc-Class A||3.7|
|Tandem Diabetes Care Inc||3.6|
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
Figures for 2013-2018 have been updated.
10/1/2012 to 3/31/2013
Sources: US Bank, Osterweis Capital Management, Conifer Financial Services
The Fund was rated 5 Stars against 580 funds Overall, 4 Stars against 580 funds over 3 Years, 5 Stars against 521 funds over 5 Years in the Small Growth category based on total returns as of 3/31/22.
The Morningstar Rating™ for funds, or “star rating,” is calculated for mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period has the greatest impact because it is included in all three rating periods. The Osterweis Emerging Opportunity Fund does not have a five-year Morningstar rating at this time.
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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.