Sustainable Credit Fund (ZSRIX)
Formerly Zeo Sustainable Credit Fund
Fund Literature
Portfolio Overview as of 12/31/2022
Portfolio Allocation (% of Total Portfolio)
Category | Value | |
---|---|---|
Fixed Rate | 59.6% | |
Bank Loans | 35.8 | |
Cash & Equivalents | 4.6 |
Sector Exposure (% of Portfolio excluding Cash)
Category | Value | |
---|---|---|
Information Technology | 32.1% | |
Industrials | 25.9 | |
Consumer Discretionary | 24.2 | |
Materials | 7.2 | |
Communication Services | 5.6 | |
Consumer Staples | 3.3 | |
Financials | 1.8 |
Portfolio Characteristics
Characteristic | Value |
---|---|
Weighted Average Coupon (%) | 8.06 |
Weighted Average Effective Duration | 1.58 |
Average Life | 3.42 |
Weighted Average Yield to Worst (%) | 13.12 |
30 Day SEC Yield (%) | 10.76 |
Income Distribution Yield (%) | 6.85 |
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.
The income distribution yield is based on the prior 12 month’s distributions divided by the net asset value of the date of the calculation.
Average Life reflects the shorter of Average Life or Years to Workout.
Credit Quality Exposure (% of Total Portfolio)
Category | Value | |
---|---|---|
Government | 0.0% | |
AAA | 0.0 | |
AA | 0.0 | |
A | 0.0 | |
BBB | 2.7 | |
BB | 2.9 | |
B | 45.3 | |
CCC | 39.7 | |
CC | 0.0 | |
C | 0.0 | |
D | 0.0 | |
Cash & Equivalents | 4.6 | |
Not Rated Securities | 4.8 |
Secured credits account for 48% of portfolio holdings.
Number of Holdings
Holding | Value |
---|---|
Bonds | 33 |
Equities | 0 |
Top 10 Holdings (% of Total Portfolio)
Holding | Value |
---|---|
Agrofresh Inc 8.622% 12/31/24 | 6.9 |
Cast & Crew LLC 5.872% 2/7/26 | 5.8 |
Cengage Learning Inc 144A 9.500% 6/15/24 | 5.7 |
Hyland Software Inc 8.622% 7/7/25 | 5.5 |
Magenta Buyer LLC 7.050% 7/27/28 | 4.8 |
Granite US Holdings Corp 144A 11.000% 10/1/27 | 4.7 |
A&V Holdings Midco LLC 6.380% 3/10/27 | 4.3 |
American Greetings Corp 144A 8.750% 4/15/25 | 4.2 |
Western Global Airlines 144A 10.375% 8/15/25 | 4.1 |
Virtusa Corp 144A 7.125% 12/15/28 | 4.1 |
Total | 50.0 |
Complete holdings are generally available ten business days following quarter end.
The Osterweis Sustainable Credit 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.
Investment grade/non-investment grade (high yield) categories and credit ratings breakdowns are based on ratings from Standard and Poor’s, which is a private independent rating service that assigns grades to bonds to represent their credit quality. The issues are evaluated based on such factors as the bond issuer’s financial strength and its ability to pay a bond’s principal and interest in a timely fashion. Standard and Poor’s ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. A rating of BBB- or higher is considered investment grade and a rating below BBB- is considered non-investment grade.
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 the literature page. 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 Sustainable Credit 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. The Fund is non-diversified, meaning it concentrates its assets in fewer individual holdings than a diversified fund. The Fund may invest more than 5% of its total assets in the securities of one or more issuers. Fundamental investing that integrates sustainability factors will entail deviations from the benchmark, potentially without resulting in favorable Environmental, Social, or Governance (ESG) outcomes.
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.