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Portfolio Overview as of 3/31/2022
Asset Allocation (% of Total Portfolio)
|Cash & Equivalents||1.3|
Fixed Income Portfolio Allocation (% of Fixed Income)
|Equity Sensitive Convertibles||10.5|
Equity Sector Exposure (% of Equities)
Securities not included in the high yield category (e.g., convertible bonds, floating rate notes, preferred stocks) may also be rated below investment grade.
MBS/CMO = Mortgage Backed Securities/Collateralized Mortgage Obligations
Portfolio Characteristics (Fixed Income)
|Weighted Average Coupon (%)||5.24|
|Weighted Average Effective Duration||3.44|
|Weighted Average Years to Maturity||5.12|
|Weighted Average Yield to Maturity (%)||5.33|
|30 Day SEC Yield (Entire Fund)(%)||1.82|
|Income Distribution Yield (%)||2.21|
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.
The characteristics are calculated only on the Fund’s fixed income holdings and cash. This information is believed to be reliable, but it is not guaranteed. Weighted averages are by security market value. Average yield to maturity excludes all bonds with yields at or above 50% and that are maturing within a year or have been called, all equity-sensitive convertibles whose price is at or above $135, and all bonds that are maturing within 5 calendar days. Effective Duration is from Bloomberg.
Income distribution yield generally represents the sum of the prior 12 months’ income distributions, divided by the period-end net asset value (NAV). Due to the change in the distribution schedule effective 7/1/2021, the above yield calculation represents the year-to-date income distributions in 2022, the year-end 2021 income distribution, and a pro-rata share of the 9/15/2021 year-to-date income distribution, divided by the NAV as of the period end.
Maturity (% of Fixed Income)
Effective Duration (% of Fixed Income)
|< 1 Year||10.3%|
Credit Quality Exposure (% of Fixed Income)
|Not Rated Securities||16.2|
Geographic Allocation (% of Total Portfolio)
|United States (including cash & equivalents)||96.9%|
Number of Holdings
Top 10 Equity Holdings (% of Total Portfolio)
|Alphabet Inc-CL C||4.5|
|CVS Health Corp||2.7|
|Union Pacific Corp||2.7|
|Waste Connections Inc||2.5|
|Analog Devices Inc.||2.4|
|L3Harris Technologies Inc||2.4|
|PS Business Parks Inc||2.4|
|Johnson & Johnson||2.3|
|PNC Financial Services Group||2.3|
Top 10 Fixed Income Holdings (% of Total Portfolio)
|TSY INFL IX N/B 0.125% 10/15/26||1.9|
|TSY INFL IX N/B 0.125% 1/15/32||0.9|
|Manitowoc Company Inc 144A 9.000% 4/1/26||0.6|
|Tutor Perini Corp 144A 6.875% 5/1/25||0.6|
|Goodyear Tire & Rubber 9.500% 5/31/25||0.5|
|XPO Logistics Inc 144A 6.250% 5/1/25||0.5|
|Oppenheimer Holdings Inc 5.500% 10/1/25||0.5|
|Alliance Data Systems Co 144A 7.000% 1/15/26||0.4|
|American Airlines Inc 144A 11.750% 7/15/25||0.4|
|Pitney Bowes Inc 144A 7.250% 3/15/29||0.4|
Complete holdings are generally available ten business days following quarter end.
The Growth & Income 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
Not a full year, only covers 8/31/10-3/31/11
The Fund was rated 4 Stars against 660 funds Overall, 5 Stars against 660 funds over 3 Years, 4 Stars against 603 funds over 5 Years, 4 Stars against 435 funds over 10 Years in the Allocation--50% to 70% Equity 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.
© 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.
Investment grade/non-investment grade (high yield) categories and credit ratings breakdowns are based on credit from Standard and Poor’s, which is a private independent rating service that assigns grades to bonds to represent their credit quality. The issues are evaluated based on such factors as the bond issuer’s financial strength and its ability to pay a bond’s principal and interest in a timely fashion. Standard and Poor’s ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. A rating of BBB- or higher is considered investment grade and a rating below BBB- is considered non-investment grade.
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. The Fund may also make investments in derivatives that may involve certain costs and risks such as those related to liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Leverage may cause an increase or decrease in the value of the portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used. 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.