Performance

Month-End Performance (as of 9/30/24)

Fund 1 MO QTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR INCEP
(8/31/2010)
OSTVX 0.87% 3.63% 11.13% 21.67% 5.21% 9.41% 8.36% 7.17% 9.09%
60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index 1.82 5.61 14.80 25.98 6.63 9.78 9.42 8.89 9.99
S&P 500 Index 2.14 5.89 22.08 36.35 11.91 15.98 14.50 13.38 15.04
Bloomberg U.S. Aggregate Bond Index 1.34 5.20 4.45 11.57 -1.39 0.33 1.47 1.84 2.21
Swipe Table for Full Data

Gross expense ratio as of 3/31/24: 0.92%

Quarter-End Performance (as of 9/30/24)

Fund 1 MO QTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR INCEP
(8/31/2010)
OSTVX 0.87% 3.63% 11.13% 21.67% 5.21% 9.41% 8.36% 7.17% 9.09%
60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index 1.82 5.61 14.80 25.98 6.63 9.78 9.42 8.89 9.99
S&P 500 Index 2.14 5.89 22.08 36.35 11.91 15.98 14.50 13.38 15.04
Bloomberg U.S. Aggregate Bond Index 1.34 5.20 4.45 11.57 -1.39 0.33 1.47 1.84 2.21
Swipe Table for Full Data

Gross expense ratio as of 3/31/24: 0.92%

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.


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

Performance Chart (as of 9/30/24)

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

Hypothetical Growth of $10,000 (Since Inception to 9/30/2024)

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
2024 YTD (as of 9/30/24) 11.13% 14.80% 22.08% 4.45%
2023 14.76 17.67 26.29 5.53
2022 -14.99 -15.79 -18.11 -13.01
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.

He 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. In addition, he is 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. Mr. Kaufman is a principal of the firm. Additionally, he is a member of the Board of Trustees for the San Francisco Conservatory of Music.

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

Gregory Hermanski

Co-Chief Investment Officer – Core Equity

Gregory Hermanski

Co-Chief Investment Officer – Core Equity

Prior to joining Osterweis Capital Management in 2002, Greg Hermanski was a Vice President at Robertson Stephens and Co. where he was in charge of convertible bond research. Prior to that, Mr. Hermanski was a Research Analyst covering convertible, high yield, and distressed securities at Imperial Capital, LLC, and a Valuation Consultant for Price Waterhouse, LLC.

He is a principal of the firm and Co-Lead Portfolio Manager for the core equity, growth & income, quality cyclical growth, and flexible balanced strategies.

Mr. Hermanski graduated from the University of California, Los Angeles (B.A. in Business/Economics).

Nael Fakhry

Co-Chief Investment Officer – Core Equity

Nael Fakhry

Co-Chief Investment Officer – Core Equity

Prior to joining Osterweis Capital Management in 2011, Nael Fakhry worked as an Associate at American Securities, a private equity firm, and as an Analyst in the investment banking division of Morgan Stanley.

He is a principal of the firm and Co-Lead Portfolio Manager for the core equity, growth & income, quality cyclical growth, and flexible balanced strategies.

Mr. Fakhry graduated from Stanford University (B.A. in History, Phi Beta Kappa) and the University of California Berkeley, Walter A. Haas School of Business (M.B.A., C.J. White Scholar).

Where applicable, charts illustrating the performance of a hypothetical $10,000 investment made at a Fund’s inception assume the reinvestment of dividends and capital gains, but do not reflect the effect of any applicable sales charge or redemption fees. Such charts do not imply any future performance. During the period noted, fee waivers or expense reimbursements were in effect for the Growth & Income 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 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.


© 2024 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.

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.