| Category | Value | |
|---|---|---|
| Equities | 58.6% | |
| Fixed Income | 27.5 | |
| Cash & Equivalents | 14.0 |
| Category | Value | |
|---|---|---|
| High Yield+ | 83.5% | |
| Investment Grade | 9.3 | |
| Equity Sensitive Convertibles | 3.5 | |
| Busted Convertibles | 3.0 | |
| Non-Agency MBS/CMO | 0.7 |
| Category | Value | |
|---|---|---|
| Industrials | 23.14% | |
| Information Technology | 22.85 | |
| Health Care | 11.98 | |
| Consumer Staples | 9.90 | |
| Financials | 9.54 | |
| Real Estate | 6.71 | |
| Communication Services | 4.72 | |
| Materials | 4.52 | |
| Energy | 3.33 | |
| Consumer Discretionary | 3.31 |
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
| Characteristic | Value |
|---|---|
| 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 |
Click here for standardized fund performance.
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.
| Category | Value | |
|---|---|---|
| <1 Year | 12.8% | |
| 1-3 Years | 29.7 | |
| 3-5 Years | 27.6 | |
| >5 Years | 29.9 |
| Category | Value | |
|---|---|---|
| < 1 Year | 19.7% | |
| 1-3 Years | 37.0 | |
| 3-5 Years | 43.3 |
| Category | Value | |
|---|---|---|
| Government | 0.0% | |
| AAA | 0.0 | |
| AA | 0.0 | |
| A | 0.0 | |
| BBB | 9.7 | |
| BB | 40.3 | |
| B | 32.6 | |
| Below B | 7.9 | |
| Not Rated Securities | 9.5 |
| Category | Value | |
|---|---|---|
| United States (including cash & equivalents) | 92.4% | |
| France | 2.9 | |
| Switzerland | 1.9 | |
| Ireland | 1.0 | |
| Germany | 0.6 | |
| Canada | 0.6 | |
| Great Britain | 0.3 | |
| Singapore | 0.3 |
| Holding | Value |
|---|---|
| Equities | 35 |
| Fixed Income | 100 |
| Holding | Value |
|---|---|
| Microsoft Corp | 6.1 |
| 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 |
| Kenvue Inc | 2.0 |
| EastGroup Properties Inc | 2.0 |
| Enterprise Products Partners LP | 1.9 |
| Ross Stores Inc | 1.9 |
| Total | 27.5 |
| Holding | Value |
|---|---|
| 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 |
| Total | 5.2 |
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.
| Year Ended March 31 |
Turnover |
|---|---|
| 2023 | 33% |
| 2022 | 34 |
| 2021 | 51 |
| 2020 | 51 |
| 2019 | 47 |
| 2018 | 55 |
| 2017 | 53 |
| 2016 | 44 |
| 2015 | 43 |
| 2014 | 61 |
| 2013 | 129 |
| 2012 | 160 |
| 2011* | 134 |
Not a full year, only covers 8/31/10-3/31/11
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 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. 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.
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 a co-lead Portfolio Manager for the core equity, growth & income, and flexible balanced strategies.
Mr. Hermanski graduated from the University of California, Los Angeles (B.A. in Business/Economics).
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 a co-lead Portfolio Manager for the core equity, growth & income, 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).
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.
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