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Strategic Income Fund (OSTIX)
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Fund Literature
Performance
Month-End Performance (as of 10/31/23)
| 1 MO | QTD | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR |
INCEP (8/30/2002) |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OSTIX | -0.66% | -0.66% | 6.10% | 8.31% | 3.07% | 3.44% | 3.73% | 3.65% | 5.75% | 5.34% | 5.89% | |
| Bloomberg U.S. Aggregate Bond Index | -1.58 | -1.58 | -2.77 | 0.36 | -5.57 | -0.06 | -0.21 | 0.88 | 2.59 | 2.81 | 2.94 | |
Gross expense ratio as of 3/31/23: 0.86%
Quarter-End Performance (as of 9/30/23)
| 1 MO | QTD | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR |
INCEP (8/30/2002) |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OSTIX | -0.55% | 1.62% | 6.81% | 11.20% | 3.61% | 3.34% | 3.87% | 3.81% | 5.45% | 5.50% | 5.94% | |
| Bloomberg U.S. Aggregate Bond Index | -2.54 | -3.23 | -1.21 | 0.64 | -5.21 | 0.10 | -0.09 | 1.13 | 2.53 | 2.85 | 3.03 | |
Gross expense ratio as of 3/31/23: 0.86%
30 Day SEC Yield as of 9/30/23: 7.23%
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.
Performance Chart (as of 9/30/23)
Strategic Income Fund
Agg Index
Hypothetical Growth of $10,000 (Since Inception to 9/30/2023)
Growth of $10,000
Strategic Income Fund
(Dividends Reinvested)
(Dividends Reinvested)
Agg Index
(Dividends Reinvested)
(Dividends Reinvested)
Calendar Year Performance
| Date | OSTIX | Agg |
|---|---|---|
| 2023 YTD (as of 9/30/23) | 6.81% | -1.21% |
| 2022 | -5.94 | -13.01 |
| 2021 | 5.48 | -1.54 |
| 2020 | 9.02 | 7.51 |
| 2019 | 5.35 | 8.72 |
| 2018 | -0.66 | 0.01 |
| 2017 | 5.99 | 3.54 |
| 2016 | 10.95 | 2.65 |
| 2015 | -0.93 | 0.55 |
| 2014 | 1.26 | 5.97 |
| 2013 | 6.58 | -2.02 |
| 2012 | 8.55 | 4.21 |
| 2011 | 4.06 | 7.84 |
| 2010 | 10.14 | 6.54 |
| 2009 | 24.90 | 5.93 |
| 2008 | -5.54 | 5.24 |
| 2007 | 3.43 | 6.97 |
| 2006 | 9.99 | 4.33 |
| 2005 | 2.69 | 2.43 |
| 2004 | 7.37 | 4.34 |
| 2003 | 16.56 | 4.10 |
Investment Team
Carl Kaufman
Co-President, Co-Chief Executive Officer, Chief Investment Officer – Strategic Income & Managing Director – Fixed Income
Carl Kaufman
Co-President, Co-Chief Executive Officer, Chief Investment Officer – Strategic Income & Managing Director – Fixed Income
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.
Bradley Kane
Vice President & Portfolio Manager
Prior to joining Osterweis Capital Management in 2013, Bradley 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.
He is a principal of the firm and a Portfolio Manager for the strategic income strategy.
Mr. Kane graduated from Lehigh University (B.S. in Business & Economics).
Craig Manchuck
Vice President & Portfolio Manager
Prior to joining Osterweis Capital Management in 2017, Craig 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.
He is a principal of the firm and a Portfolio Manager for the strategic income strategy.
Mr. Manchuck graduated from Lehigh University (B.S. in Finance) and NYU Stern School of Business (M.B.A.).
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.
The Bloomberg U.S. Aggregate Bond Index (Agg) is an unmanaged index that is widely regarded as the standard for measuring U.S. investment grade bond market performance. This index does not incur expenses and is not available for investment. The index includes reinvestment of dividends and/or interest income.
Source for any Bloomberg index is Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg owns all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
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.
