Investment Strategy

The Fund invests primarily in the common stocks of companies that the Osterweis Capital Management investment team believes may experience rapid revenue and earnings growth. In selecting investments, the investment team seeks to identify high quality companies within emerging industries and market niches with significant revenue and earnings growth potential before they are widely discovered.

Highlights

  • Bottom-up stock selection based on rigorous fundamental analysis
  • Risk-aware strategy
  • Experienced investment team
  • Adviser is majority-owned by its employees

Minimum Investments

  • $5,000 initial investment for regular accounts
  • $1,500 initial investment for IRA or other tax-deferred accounts
  • $100 for subsequent investments

Fund Facts

Ticker OSTGX
CUSIP 74316P744
Inception Date 10/1/2012
Load None
12b-1 Fees None
Redemption Fee None
Net Assets
(as of 2/28/17)
$43.6 million
Net Expense Ratio
(as of 11/30/16)
1.50%
Gross Expense Ratio
(as of 11/30/16)
1.61%
Active Share 97%
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Performance

Quarter-End Performance (as of 12/31/16)

  1 MONTH QTD YTD 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR Since Inception
(10/1/2012)
OSTGX 1.00% 1.00% 9.76% 9.76% 3.77% - - - 12.51%
Russell 2000 Growth Index 1.36 3.57 11.32 11.32 5.05 - - - 12.73
OSTGX Russell 2000 Growth Index
1 MONTH 1.00% 1.36%
QTD 1.00 3.57
YTD 9.76 11.32
1 YEAR 9.76 11.32
3 YEAR 3.77 5.05
5 YEAR - -
7 YEAR - -
10 YEAR - -
Since Inception
(10/1/2012)
12.51 12.73

Gross/Net expense ratio as of 11/30/2016: 1.61% / 1.50%. The Adviser has contractually agreed to waive certain fees through November 30, 2018.

Performance data quoted represents 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. The Adviser has contractually agreed to waive certain fees through November 30, 2017. Performance prior to December 1, 2016 is that of another investment vehicle (the “Predecessor Fund”) before the commencement of the Fund’s operations. The Predecessor Fund was converted into the Fund on November 30, 2016. The Predecessor Fund’s performance shown includes the deduction of the Predecessor Fund’s actual operating expenses. In addition, the Predecessor Fund’s performance shown has been recalculated using the management fee that applies to the Fund, which has the effect of reducing the Predecessor Fund’s performance. The Predecessor Fund was not a registered mutual fund and so was not subject to the same operating expenses or investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance may have been lower.


Rates of return for periods greater than one year are annualized.

Monthly Performance

Philosophy

We believe that longer term investors who have the patience and the historical experience to buy and hold may take advantage of a unique opportunity that has been created by the proliferation of short-term trading, especially in small, growing companies, as it often takes a number of years for these investments to realize their potential due to the emerging nature of their industries or niches.

We seek to capitalize on this opportunity by identifying high quality companies within emerging industries and market niches with significant revenue and earnings growth potential before they are widely discovered. We also look for situations where investors are overly skeptical about the company’s future prospects. Our goal is to ultimately benefit from the compound revenue and earnings growth as well as margin expansion of these companies over time at prices below the long term market values of the stock.

Investment Team

Account Access

Email Update

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 Emerging Opportunity Fund may invest in unseasoned companies, which involve additional risks such as abrupt or erratic price movements. The Fund may invest in small and mid-sized companies, which may involve greater volatility than large-sized companies. The Fund may invest in IPOs and unseasoned companies that are in the early stages of their development and may pose more risk compared to more established companies. The Fund may invest in ETFs, which involve risks that do not apply to conventional funds. 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 including the health care sector, which may be affected by government regulation, restrictions, pricing and other market developments and the technology sector, which tends to be more volatile than the overall market. 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.

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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