Portfolio Overview as of 9/30/2023
Asset Allocation (% of Total Portfolio)
|Cash & Equivalents||14.0|
Fixed Income Portfolio Allocation (% of Fixed Income)
|Equity Sensitive Convertibles||3.5|
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 (%)||5.97|
|Weighted Average Effective Duration||2.56|
|Weighted Average Years to Maturity||3.44|
|Weighted Average Yield to Maturity (%)||9.05|
|30 Day SEC Yield (Entire Fund)(%)||3.20|
|Income Distribution Yield (%)||2.55|
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.
The income distribution yield is based on the prior 12 months distributions divided by the net asset value of the date of the calculation.
Maturity (% of Fixed Income)
Effective Duration (% of Fixed Income)
|< 1 Year||19.7%|
Credit Quality Exposure (% of Fixed Income)
|Not Rated Securities||9.5|
Geographic Allocation (% of Total Portfolio)
|United States (including cash & equivalents)||92.4%|
Number of Holdings
Top 10 Equity Holdings (% of Total Portfolio)
|L3Harris Technologies Inc||3.5|
|Analog Devices Inc||3.0|
|Alphabet Inc-Class C||2.8|
|Visa Inc-Class A||2.2|
|Waste Connections Inc||2.1|
|EastGroup Properties Inc||2.0|
|Enterprise Products Partners LP||1.9|
|Ross Stores Inc||1.9|
Top 10 Fixed Income Holdings (% of Total Portfolio)
|Manitowoc Co Inc 144A 9.000% 4/1/26||0.7|
|Bayer US Finance II LLC 144A 3.875% 12/15/23||0.6|
|AerCap Ireland Capital DAC / AerCap Global Aviation Trust 1.150% 10/29/23||0.6|
|Tutor Perini Corp 144A 6.875% 5/1/25||0.6|
|Goodyear Tire & Rubber Co 9.500% 5/31/25||0.5|
|Oppenheimer Holdings Inc 5.500% 10/1/25||0.5|
|Bread Financial Holdings Inc 144A 7.000% 1/15/26||0.4|
|American Airlines Inc 144A 11.750% 7/15/25||0.4|
|Wabash National Corp 144A 4.500% 10/15/28||0.4|
|KeHE Distributors LLC / KeHE Finance Corp 144A 8.625% 10/15/26||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
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 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.