Overview
Investment Objective
The Fund seeks long-term total returns.
Investment Strategy
- Invest in a high conviction portfolio of quality growth companies
- Focus on managing downside risk
- Utilize a bottom-up, fundamental investment process
- Employ disciplined and repeatable approach
- Leverage experienced portfolio management team
NAV as of 5/20/25
| Price | $18.90 | Change | $-0.04 |
|---|
Fund Facts
| Ticker | OSTFX |
|---|---|
| CUSIP | 742935406 |
| Inception Date | 10/1/1993 |
|
Net Assets (as of 4/30/25) |
$139 million |
| Number of Equity Holdings | 34 |
Fund Documents
| Document | Date |
|---|---|
| Fact Sheet | Mar 2025 |
| Summary Prospectus | Jun 2024 |
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Performance
Performance
as of 4/30/25
| Fund | 1 MO | QTD | YTD | 1 YR | 3 YR | 5 YR | 10 YR | 15 YR | 20 YR |
INCEP (10/1/1993) |
|---|---|---|---|---|---|---|---|---|---|---|
| OSTFX | -1.66% | -1.66% | -4.87% | 2.88% | 7.07% | 10.15% | 7.19% | 8.68% | 7.67% | 9.98% |
| S&P 500 Index | -0.68% | -0.68% | -4.92% | 12.10% | 12.18% | 15.61% | 12.32% | 12.98% | 10.30% | 10.28% |
Gross expense ratio as of 3/31/24: 0.96%
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.
as of 3/31/25
| Fund | 1 MO | QTD | YTD | 1 YR | 3 YR | 5 YR | 10 YR | 15 YR | 20 YR |
INCEP (10/1/1993) |
|---|---|---|---|---|---|---|---|---|---|---|
| OSTFX | -4.39% | -3.27% | -3.27% | -0.33% | 4.38% | 12.99% | 7.46% | 8.84% | 7.61% | 10.07% |
| S&P 500 Index | -5.63% | -4.27% | -4.27% | 8.25% | 9.06% | 18.59% | 12.50% | 13.15% | 10.23% | 10.33% |
Gross expense ratio as of 3/31/24: 0.96%
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.
Hypothetical Growth of $10,000 Since Inception to 3/31/2025
(Dividends Reinvested)
(Dividends Reinvested)
Calendar Year Performance
| Date | OSTFX | S&P 500 |
|---|---|---|
| 2025 YTD (as of 3/31/25) | -3.27% | -4.27% |
| 2024 | 13.38% | 25.02% |
| 2023 | 22.65% | 26.29% |
| 2022 | -21.87% | -18.11% |
| 2021 | 19.29% | 28.71% |
| 2020 | 23.13% | 18.40% |
| 2019 | 33.12% | 31.49% |
| 2018 | -7.26% | -4.38% |
| 2017 | 14.43% | 21.83% |
| 2016 | 4.87% | 11.96% |
Portfolio Overview as of 3/31/2025
Asset Allocation % of Total Portfolio
| Category | Value | |
|---|---|---|
| Equities | 92.5% | |
| Cash & Equivalents | 7.5% |
Market Cap Characteristics Equities Only
| Characteristic | OSTFX |
|---|---|
| Weighted Average Market Cap | $660.6 billion |
| Median Market Cap | $143.2 billion |
Sector Exposure % of Equities
| Category | Value | |
|---|---|---|
| Information Technology | 25.06% | |
| Industrials | 16.91% | |
| Health Care | 13.99% | |
| Financials | 13.61% | |
| Consumer Discretionary | 12.22% | |
| Communication Services | 7.18% | |
| Real Estate | 4.73% | |
| Utilities | 3.45% | |
| Materials | 2.85% |
Market Cap Exposure % of Equities
| Category | Value | |
|---|---|---|
| Less than $400 million | 0.0% | |
| $400 million - 750 million | 0.0% | |
| $750 million - 1.5 billion | 0.0% | |
| $1.5 - 7.5 billion | 0.0% | |
| $7.5 - 15 billion | 4.7% | |
| $15 billion - 50 billion | 20.1% | |
| Greater than $50 billion | 75.1% |
Country Exposure % of Total Portfolio
| Category | Value | |
|---|---|---|
| United States (including cash & equivalents) | 93.7% | |
| Ireland | 2.5% | |
| France | 2.4% | |
| Denmark | 1.3% |
Top 10 Holdings % of Portfolio Excluding Cash & Equivalents
| Holding | Value |
|---|---|
| Alphabet Inc-Class C | 6.6% |
| Microsoft Corp | 5.9% |
| Amazon.com Inc | 5.1% |
| Visa Inc-Class A | 4.1% |
| UnitedHealth Group Inc | 3.6% |
| AutoZone Inc | 3.5% |
| Waste Connections Inc | 3.2% |
| American Water Works Co Inc | 3.2% |
| Brown & Brown Inc | 3.1% |
| Boston Scientific Corp | 3.0% |
| Total | 41.3% |
Complete holdings are generally available ten business days following quarter end.
The Osterweis 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
| Year Ended March 31 |
Turnover |
|---|---|
| 2024 | 22% |
| 2023 | 54% |
| 2022 | 38% |
| 2021 | 37% |
| 2020 | 35% |
| 2019 | 43% |
| 2018 | 47% |
| 2017 | 50% |
| 2016 | 20% |
| 2015 | 29% |
Not a full year, only covers 10/1/93-3/31/94
Fees & Distributions
Distribution Schedule
The Osterweis Fund distributes income and capital gains once a year in December.
| Record Date | Ex./Pay and Reinvest Date | |
|---|---|---|
| Annual Income & Cap. Gains Distribution | 12/12/25 | 12/15/25 |
Recent Distribution History
| EX./PAY AND REINVEST DATE | ORDINARY INCOME | SHORT-TERM CAP. GAINS | LONG-TERM CAP. GAINS | TOTAL DISTRIBUTION | REINVEST NAV |
|---|---|---|---|---|---|
| 12/16/24 | $0.03598 | $0.11629 | $2.63522 | $2.78749 | 19.42 |
| 12/15/23 | $0.12084 | $0.00000 | $0.63514 | $0.75598 | 18.50 |
| 12/15/22 | $0.00000 | $0.00000 | $1.24820 | $1.24820 | 16.19 |
| 12/15/21 | $0.18572 | $0.00000 | $2.10052 | $2.28624 | 21.63 |
| 12/15/20 | $0.10021 | $0.00000 | $1.01979 | $1.12000 | 20.07 |
Additional Information
Insights
Literature
| Document | Date |
|---|---|
| Fact Sheet | March 2025 |
| OSTFX Shareholder Letter | April 2025 |
| Summary Prospectus | June 2024 |
| Statutory Prospectus | June 2024 |
| Document | Date |
|---|---|
| Statement of Additional Information | June 2024 |
| Annual Report | March 2024 |
| Semi-Annual Report | September 2024 |
| Proxy Voting Record (N-PX) | June 2024 |
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 Osterweis Fund.
The S&P 500 Index is widely regarded as the standard for measuring large cap U.S. stock market performance. The index does not incur expenses, is not available for investment, and includes the reinvestment of dividends.
Certain portfolio data may be available as of month-end. To make a request, please email us.
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 Fund may invest in medium and smaller sized companies, which involve additional risks such as limited liquidity and greater volatility. 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.
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.
