If you were unable to join the Not All High Yield is Junk webinar, watch the replay to learn why ratings alone are insufficient to define such a diverse and dynamic market and how investors can utilize market inefficiencies to construct high yield portfolios with risk profiles similar to investment grade portfolios.
| Fund | 1 MO | QTD | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR |
INCEP (8/30/2002) |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OSTIX | 0.87% | 2.87% | 6.63% | 12.11% | 4.27% | 5.41% | 4.60% | 4.57% | 5.39% | 5.67% | 6.21% | |
| Bloomberg U.S. Aggregate Bond Index | 1.34 | 5.20 | 4.45 | 11.57 | -1.39 | 0.33 | 1.47 | 1.84 | 2.60 | 3.22 | 3.40 | |
Gross expense ratio as of 3/31/24: 0.87%
| Fund | 1 MO | QTD | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR | 15 YR | 20 YR |
INCEP (8/30/2002) |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OSTIX | 0.87% | 2.87% | 6.63% | 12.11% | 4.27% | 5.41% | 4.60% | 4.57% | 5.39% | 5.67% | 6.21% | |
| Bloomberg U.S. Aggregate Bond Index | 1.34 | 5.20 | 4.45 | 11.57 | -1.39 | 0.33 | 1.47 | 1.84 | 2.60 | 3.22 | 3.40 | |
Gross expense ratio as of 3/31/24: 0.87%
30 Day SEC Yield as of 9/30/24: N/A%
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.
| Date | OSTIX | Agg |
|---|---|---|
| 2024 YTD (as of 9/30/24) | 6.63% | 4.45% |
| 2023 | 12.30 | 5.53 |
| 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 |
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. In addition, he is 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 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).
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.).
Prior to joining the Strategic Income team at the end of 2023, John Sheehan spent five years as a portfolio manager for the total return strategy. Before that, he spent more than 20 years working at Citigroup, first as Managing Director responsible for Investment Grade Syndicate in New York City, where he advised issuers on accessing funding in the corporate bond market. Later at Citigroup, he was Managing Director in charge of West Coast Investment Grade Sales in San Francisco, where he covered several of the largest U.S. investment grade credit investors.
He is a principal of the firm and a Portfolio Manager for the strategic income strategy.
Mr. Sheehan graduated from Georgetown University (B.A. in Economics). Mr. Sheehan holds the CFA designation and is a member of the CFA Society of San Francisco.
The Fund was rated 4 Stars against 598 funds Overall, 4 Stars against 598 funds over 3 Years, 5 Stars against 563 funds over 5 Years, 4 Stars against 425 funds over 10 Years in the High Yield Bond category based on risk-adjusted returns as of 9/30/24.
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 Morningstar Rating™ for funds, or “star rating,” is calculated for mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period has the greatest impact because it is included in all three rating periods.
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.
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