Performance

Month-End Performance (as of 10/31/22)

  1 MO QTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR INCEP
(8/31/2010)
OSTVX 3.66% 3.66% -16.03% -14.54% 6.54% 6.10% 6.93% 7.49% 8.30%
60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index 4.34 4.34 -16.63 -14.73 4.84 6.30 7.13 8.07 8.83
S&P 500 Index 8.10 8.10 -17.70 -14.61 10.22 10.44 11.35 12.79 13.54
Bloomberg U.S. Aggregate Bond Index -1.30 -1.30 -15.72 -15.68 -3.77 -0.54 0.35 0.74 1.48
Swipe Table for Full Data

Gross expense ratio as of 3/31/22: 0.97%

Quarter-End Performance (as of 9/30/22)

  1 MO QTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR INCEP
(8/31/2010)
OSTVX -6.77% -4.65% -18.99% -12.98% 5.41% 5.56% 6.79% 7.07% 8.04%
60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index -7.25 -4.75 -20.10 -14.85 3.85 5.70 7.23 7.50 8.51
S&P 500 Index -9.21 -4.88 -23.87 -15.47 8.16 9.24 11.40 11.70 12.91
Bloomberg U.S. Aggregate Bond Index -4.32 -4.75 -14.61 -14.60 -3.26 -0.27 0.54 0.89 1.60
Swipe Table for Full Data

Gross expense ratio as of 3/31/22: 0.97%

Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by calling shareholder services toll free at (866) 236-0050. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced.


Rates of return for periods greater than one year are annualized.

Performance Chart (as of 9/30/22)

Returns (%)
Growth & Income Fund
60S&P/40Agg Index
S&P 500 Index
Agg Index

Hypothetical Growth of $10,000 (Since Inception to 9/30/2022)

Growth of $10,000
Growth & Income Fund
(Dividends Reinvested)
60S&P/40Agg Index
(Dividends Reinvested)
S&P 500 Index
(Dividends Reinvested)
Agg Index
(Dividends Reinvested)

Calendar Year Performance

Date OSTVX 60S&P/40Agg S&P 500 Agg
2022 YTD (as of 9/30/22) -18.99% -20.10% -23.87% -14.61%
2021 17.70 15.86 28.71 -1.54
2020 17.54 14.73 18.40 7.51
2019 22.23 22.18 31.49 8.72
2018 -7.33 -2.35 -4.38 0.01
2017 12.85 14.21 21.83 3.54
2016 9.82 8.31 11.96 2.65
2015 -5.72 1.28 1.38 0.55
2014 4.35 10.62 13.69 5.97
2013 25.25 17.56 32.39 -2.02
2012 15.62 11.31 16.00 4.21
2011 1.63 4.69 2.11 7.84
8/31/2010-
12/31/2010
11.73 11.57 20.64 -1.19

Investment Team

John Osterweis

Founder, Chairman & Co-Chief Investment Officer – Core Equity

John Osterweis

John Osterweis

Founder, Chairman & Co-Chief Investment Officer – Core Equity

After graduating from business school, John Osterweis served as a Senior Analyst concentrating on the forest products and paper industry for several regional brokerage firms and later for E.F. Hutton & Company, Inc. In addition to his activities as an analyst, Mr. Osterweis served as Director of Research for two firms and managed equity portfolios for over ten years.

In late 1982, Mr. Osterweis decided to devote himself full time to his portfolio management activities, and in April of 1983 launched Osterweis Capital Management. Mr. Osterweis has served as Director of the Lucas Museum of Narrative Art, Director on the Stanford Alumni Association Executive Board, Trustee of Bowdoin College, Director and Vice Chairman of Mt. Zion Hospital and Medical Center, and President of the Board of Directors for Summer Search Foundation. He currently serves as a Trustee of the San Francisco Ballet Association, Director of the San Francisco Free Clinic, and President Emeritus of the San Francisco Ballet Endowment Foundation, as well as Trustee Emeritus of Summer Search Foundation and of Bowdoin College.

Mr. Osterweis is a member of the firm’s Management Committee, a principal of the firm, and a co-lead Portfolio Manager for the core equity, growth & income, and flexible balanced strategies.

Mr. Osterweis graduated from Bowdoin College (B.A. in Philosophy, cum laude), and Stanford Graduate School of Business (M.B.A. with top honors in Finance).

Carl Kaufman

Co-President, Co-Chief Executive Officer, Chief Investment Officer – Strategic Income & Managing Director – Fixed Income

Carl Kaufman

Carl Kaufman

Co-President, Co-Chief Executive Officer, Chief Investment Officer – Strategic Income & Managing Director – Fixed Income

Carl Kaufman joined Osterweis Capital Management in 2002 after almost 24 years in various positions at Robertson Stephens and Merrill Lynch. He has managed the Osterweis Strategic Income Fund since its inception in 2002 and is also the Managing Director of Fixed Income and a lead Portfolio Manager for the Osterweis Growth & Income Fund.

In his management role at the firm, he is responsible primarily for investment matters and is a member of the firm’s Management Committee. He is a principal of the firm.

Mr. Kaufman graduated from Harvard University and attended New York University Graduate School of Business Administration.

Larry Cordisco

Co-Chief Investment Officer – Core Equity & Portfolio Manager

Larry Cordisco

Co-Chief Investment Officer – Core Equity & Portfolio Manager

Before joining Osterweis in 2019, Larry Cordisco was a Co-Portfolio Manager of the Meridian Contrarian Fund at ArrowMark Partners/Meridian Funds. Prior to co-managing the Contrarian Fund, Mr. Cordisco was an equity analyst for 11 years, most recently as Vice President of Investment Research for the Meridian Contrarian Fund. Before that he was an analyst within the technology group at Bank of America Securities. He was also a business and technology consultant for Accenture in San Francisco and began his professional career in the public sector as local staff for a member of Congress.

Mr. Cordisco is a principal of the firm and a co-lead Portfolio Manager for the core equity, growth & income, and flexible balanced strategies.

Mr. Cordisco graduated from the University of California, Santa Barbara (B.A. in Political Science), Georgetown University (M.P.P.), and Columbia Business School (M.B.A.).

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 and the Friends of Harvard Football Board.

He is an equity owner in the firm and the Lead Portfolio Manager for the emerging growth strategy. He is also a Portfolio Manager for the growth & income and flexible balanced strategies.

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.

Eddy Vataru

Chief Investment Officer – Total Return & Lead Portfolio Manager

Eddy Vataru

Chief Investment Officer – Total Return & Lead Portfolio Manager

Prior to joining Osterweis Capital Management in 2016, Eddy Vataru worked in senior management positions at Incapture, LLC and Citadel, LLC. Before that he spent over 11 years at BlackRock (formerly Barclays Global Investors, BGI), where his last position was as Managing Director and Head of U.S. Rates and Mortgages. While in this role, BGI worked with the U.S. Treasury in implementing its Agency MBS Purchase Program, buying mortgages for the U.S. government from 2008-2009.

Over the course of his career as a fixed income investor, Mr. Vataru has developed extensive experience in managing passive, active, and hedge fund portfolios.

Mr. Vataru is a principal of the firm and the lead Portfolio Manager for the total return fixed income strategy. He is also a Portfolio Manager for the growth & income and flexible balanced strategies. He regularly publishes market commentary and has been named a Venerated Voice on AdvisorPerspectives.com – a designation reserved for the most widely read authors on that site.

Mr. Vataru graduated from California Institute of Technology (B.S. in Chemistry & Economics) and from Olin Business School at Washington University in St. Louis (M.B.A.). Mr. Vataru holds the CFA designation.

Venk Reddy

Chief Investment Officer – Sustainable Credit & Portfolio Manager

Venk Reddy

Chief Investment Officer – Sustainable Credit & Portfolio Manager

Venk Reddy joined Osterweis Capital Management in 2022 as part of the Zeo Capital Advisors team transition. Prior to founding Zeo Capital in 2009, Mr. Reddy was a co-founder of Laurel Ridge Asset Management, a multi-strategy hedge fund, where he managed the credit, distressed, and event-driven portfolios. Previously, Mr. Reddy structured derivative products and was head of delta-one trading as a portfolio manager within Bank of America’s Equity Financial Products group (EFP). Mr. Reddy also managed investments in event-driven situations, convertible instruments, and options at Pine River Capital Management and HBK Investments, where he started his career.

Mr. Reddy is a principal of the firm and a Portfolio Manager for the sustainable credit strategies. He is also a portfolio manager for the growth & income and flexible balanced strategies.

Mr. Reddy graduated from Harvard University (B.A. in Computer Science with Honors).

The Fund was rated 4 Stars against 707 funds Overall, 5 Stars against 707 funds over 3 Years, 4 Stars against 647 funds over 5 Years, 4 Stars against 480 funds over 10 Years in the Allocation--50% to 70% Equity category based on risk-adjusted returns as of 9/30/22.

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.

© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

This chart illustrates the performance of a hypothetical $10,000 investment made at the Fund’s inception. This chart assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. During the period noted, fee waivers or expense reimbursements were in effect for the Strategic Investment Fund.

Source for any Bloomberg index is Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg owns all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

The 60/40 blend is composed of 60% Standard & Poor’s 500 Index (S&P) and 40% Bloomberg U.S. Aggregate Bond Index (Agg) and assumes monthly rebalancing. The S&P is an unmanaged index that is widely regarded as the standard for measuring large-cap U.S. stock market performance. The Agg is an unmanaged index that is widely regarded as a standard for measuring U.S. investment grade bond market performance. These indices do not incur expenses and are not available for investment. These indices include reinvestment of dividends and/or interest income.

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 Growth & Income Fund may invest in small- and mid-capitalization companies, which tend to have limited liquidity and greater price volatility than large-capitalization companies. 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. The Fund may invest in Master Limited Partnerships, which involve risk related to energy prices, demand and changes in tax code. The Fund may invest in debt securities that are un-rated or rated below investment grade. Lower-rated securities may present an increased possibility of default, price volatility or illiquidity compared to higher-rated securities. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. From time to time, the Fund may have concentrated positions in one or more sectors subjecting the Fund to sector emphasis risk. Investments in preferred securities typically have an inverse relationship with changes in the prevailing interest rate. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

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.