Strategic Income Fund (OSTIX)
Investment Objective
The Fund seeks to preserve capital and attain long-term total returns through a combination of current income and moderate capital appreciation.
Fund Literature
Literature
Fund Literature
| Fact Sheet | June 2018 |
| July Strategic Income Outlook – Nothing Matters But the Facts! | |
The second quarter of 2018 looked a lot like the first. Despite multiple market-moving headlines, including another Fed rate hike, a flattening yield curve, significant geopolitical activity and a potential global trade war, the economic fundamentals remain solid. |
June 2018 |
| Shareholder Letter | July 2018 |
News & Views
| Advisor Perspectives: Threading the Needle | |
| Carl Kaufman Discusses How the Osterweis Strategic Income Fund has continued to thrive in today’s challenging fixed income market. |
June 2018 |
| Inside Information: Inefficient Market Theory | |
| Read an Inside Information article about opportunities for active investors, including thoughts from Carl Kaufman. |
February 2017 |
Regulatory Reports
| Summary Prospectus | |
| Statutory Prospectus | |
| Statement of Additional Information | |
| Semi-Annual Report - Osterweis Funds | |
| Annual Report - Osterweis Funds | |
| XBRL Risk/Return - OSTIX |
Open an Account
After reading the prospectus, please click on the links below to download an application.
Applications & Forms
| Application - Regular Account | |
Regular/Taxable accounts for Individuals, Joint or Gifts to Minors. |
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| Entity Application - Regular Account | |
Regular/Taxable accounts for entities such as C Corporations, Partnerships, Limited Liability Companies, etc. |
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| Application - IRA Account | |
Regular, Roth, SEP, SIMPLE, Transfer or Rollover IRA account. Please read the IRA Disclosure Statement & Custodial Agreement. |
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| IRA or CESA Transfer Form | |
Transfer an existing IRA to the Osterweis Funds. |
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| Beneficiary Change Form | |
Change your beneficiaries for Traditional, Roth, SEP and SIMPLE IRA’s. |
Investment Team
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Carl P. Kaufman
Co-President, Co-Chief Executive Officer & Managing Director, Fixed Income
View Bio
Carl P. Kaufman
Co-President, Co-Chief Executive Officer & Managing Director, Fixed Income
Carl Kaufman graduated from Harvard University (B.A. in Music, cum laude) and attended the New York University Graduate School of Business Administration.
Prior to joining Osterweis Capital Management in 2002, Mr. Kaufman was a senior member of the convertible bond team at Robertson Stephens, where he focused on technology and biotech securities. Before that, he spent nineteen years with Merrill Lynch in their Institutional Sales office, specializing in convertible bond and equity sales and trading.
Mr. Kaufman is responsible for the President and CEO functions related to the firm’s investment matters and is a member of the firm’s Management Committee. He is a principal of the firm and the lead Portfolio Manager for the strategic income strategy, which he has managed since its inception in 2002. He is also a lead Portfolio Manager for the flexible balanced strategy.
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Bradley M. Kane
Vice President & Portfolio Manager
View BioBradley M. Kane
Vice President & Portfolio Manager
Bradley Kane graduated from Lehigh University (B.S. in Business & Economics).
Prior to joining Osterweis Capital Management in 2013, Mr. Kane was a Portfolio Manager and Analyst at Newfleet Asset Management, where he managed both high yield and leveraged loan portfolios. Before that, he was a Vice President at GSC Partners, focusing on management of high yield and collateralized debt obligations. Earlier in his career, he managed high yield assets as a Vice President at Mitchell Hutchins Asset Management.
Mr. Kane is a principal of the firm and a Portfolio Manager for the strategic income strategy.
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Craig L. Manchuck
Vice President & Portfolio Manager
View BioCraig L. Manchuck
Vice President & Portfolio Manager
Craig Manchuck graduated from Lehigh University (B.S. in Finance) and NYU Stern School of Business (M.B.A.).
Prior to joining Osterweis Capital Management in 2017, Mr. Manchuck was a Managing Director of Fixed Income Sales at Stifel Nicolaus, where he was responsible for sales and origination of high yield bonds, leveraged loans and post reorg equities. Before Stifel, he held a similar role at Knight Capital. Prior to that, Mr. Manchuck was the Executive Director for Convertible Securities and then High Yield/Distressed Securities at UBS. He has previous experience in Convertible Securities Sales at Donaldson, Lufkin & Jenrette, SBC Warburg and Merrill Lynch.
Mr. Manchuck is a principal of the firm and a Portfolio Manager for the strategic income strategy.
Criteria for Recommended Funds: Recommended funds are evaluated by Litman Gregory based on a combination of qualitative and quantitative measures, including absolute and relative long-term performance metrics when compared to an appropriate benchmark and peer group, manager skill, investment process and the discipline by which the process is applied, quality and tenure of research team, shareholder orientation, assets under management, and fund expenses. Recommended reflects Litman Gregory’s confidence in a fund’s potential to outperform a relevant benchmark over the long term.
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 Strategic Income 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. 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. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Small- and mid-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Higher turnover rates may result in increased transaction costs, which could impact performance. 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 invest in municipal securities which are subject to the risk of default.
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.
