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Osterweis Total Return Fund Closing
The Osterweis Total Return Fund is closed to new investments and is liquidating on December 15, 2023. For additional information, please read the prospectus update.
Total Return Fund (OSTRX)
Read Prospectus Update
Fund Literature
Portfolio Overview as of 9/30/2023
Sector Allocation (% of Total Portfolio)
| Category | Value |
|---|---|
| Treasuries1 | 29.4% |
| Securitized2 | 54.4 |
| Agency MBS | 34.4 |
| Agency CMO | 0.2 |
| Non-Agency MBS & CMO | 2.0 |
| ABS | 16.1 |
| CMBS | 1.5 |
| Corporates | 15.5 |
| Financials | 6.9 |
| Utilities | 1.2 |
| Industrials | 7.4 |
| Government Related | 0.0 |
| Cash & Equivalents3 | 0.7 |
Portfolio Characteristics
| Characteristic | Value |
|---|---|
| Option-Adjusted Duration | 6.51 |
| Option-Adjusted Spread (bps) | 99 |
| Convexity | 0.52 |
| Yield to Worst (%) | 5.91 |
| Subsidized 30 Day SEC Yield (%) | 3.77 |
| 30 Day SEC Yield (%) | 3.77 |
| Income Distribution Yield (%) | 2.83 |
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.
Portfolio 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 distribution yield is based on the prior 12 months’ distributions divided by the net asset value at the end of the period.
Credit Quality (% of Total Portfolio)4
| Category | Value | |
|---|---|---|
| AAA | 37.2% | |
| AA | 31.9 | |
| A | 8.5 | |
| BBB | 7.7 | |
| BB & Below | 1.7 | |
| Not Rated Securities | 12.3 | |
| Cash & Equivalents3 | 0.7 |
Securities in the Not Rated category are generally rated investment grade by at least one Nationally Recognized Statistical Ratings Organization (NRSRO).
Number of Holdings
| Holding | Value |
|---|---|
| Bonds | 91 |
| Preferred Equities | 0 |
Complete Holdings
Complete holdings are generally available ten business days following quarter end.
The Osterweis Total Return 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 |
|---|---|
| 2023 | 279% |
| 2022 | 311 |
| 2021 | 616 |
| 2020 | 214 |
| 2019 | 163 |
| 2018 | 138 |
| 2017* | 27 |
*
Not a full year, only covers 12/30/16-3/31/17
Investment Team
Eddy Vataru
Chief Investment Officer – Total Return
Prior to joining Osterweis Capital Management in 2016, Eddy Vataru worked in senior management positions at Incapture, LLC and Citadel, LLC. Before that he spent over 11 years at BlackRock (formerly Barclays Global Investors, BGI), where his last position was as Managing Director and Head of U.S. Rates and Mortgages. While in this role, BGI worked with the U.S. Treasury in implementing its Agency MBS Purchase Program, buying mortgages for the U.S. government from 2008-2009.
He is a principal of the firm and the lead Portfolio Manager for the total return fixed income strategy.
Mr. Vataru graduated from California Institute of Technology (B.S. in Chemistry & Economics) and from Olin Business School at Washington University in St. Louis (M.B.A.). Mr. Vataru holds the CFA designation.
John Sheehan
Vice President & Portfolio Manager
Prior to joining Osterweis Capital Management in 2018, John Sheehan 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 total return fixed income strategy.
Mr. Sheehan graduated from Georgetown University (B.A. in Economics). Mr. Sheehan holds the CFA designation.
Daniel Oh
Vice President & Portfolio Manager
Prior to joining Osterweis Capital Management in 2018, Daniel Oh spent over eight years as a Director at Estabrook Capital Management in New York City and was the lead Portfolio Manager of the Estabrook Investment Grade Fixed Income Fund. Before that he was at Merrill Lynch & Co. as an Associate in Prime/Alt-A-Non-Agency Mortgage Trading. Prior to that, he held positions at Seneca Financial Group and Morgan Stanley.
Mr. Oh’s professional history includes experience in investment grade corporate credit, non-agency and whole loan mortgages, structured credit, and distressed investments.
He is a principal of the firm and a Portfolio Manager for the total return fixed income strategy.
Mr. Oh graduated from Columbia University (B.A. in Economics/Political Science) and from the Stephen M. Ross School of Business at the University of Michigan (M.B.A.).
Certain portfolio data may be available as of month-end. To make a request, please email us.
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 Total Return Fund may invest in fixed income securities which are subject to credit, default, extension, interest rate and prepayment risks. It may also make investments in derivatives that may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. The Fund may invest in 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 foreign and emerging market securities involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks may increase for emerging markets. Leverage may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the fund to be more volatile than if leverage was not used. Investments in preferred securities have an inverse relationship with changes in the prevailing interest rate. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. It may also make investments in derivatives that may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. 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.
