Portfolio Overview as of 9/30/2017

Asset Allocation (% of Total Portfolio)

Equities 81.8%
Cash 18.2

Sector Exposure (% of Equities)

Information Technology 39.6%
Health Care 28.5
Financials 11.9
Consumer Discretionary 9.7
Industrials 8.7
Telecommunication Services 1.6

Market Cap Exposure (% of Equities)

Less than $500 million 4.8%
$500 million to $2 billion 45.8
$2 - 5 billion 37.1
$5 - 15 billion 12.3
$15 - 50 billion 0.0
Greater than $50 billion 0.0

Market Cap Characteristics (Equities Only)

Weighted Average Market Cap $3.0 billion
Median Market Cap $1.7 billion

Country Exposure (% of Total Portfolio)

United States (including cash) 100.0%

Number of Holdings

Equities 39

Top 10 Holdings (% of Total Portfolio)

Ligand Pharmaceuticals 3.8
LendingTree Inc. 3.4
Sarepta Therapeutics Inc. 3.1
Planet Fitness Inc. - Class A 3.1
The Trade Desk Inc. - Class A 3.0
Align Technology Inc. 2.9
Bio-Techne Corp. 2.9
Cavco Industries Inc. 2.8
Trex Company Inc. 2.6
Zillow Group Inc. - Class A 2.6
Total 30.2

Complete holdings are generally available ten business days following quarter end.

The Osterweis Emerging Opportunity 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
2017* 61%
2016 71
2015 106
2014 75
2013 85

Not a full year, only covers 11/30/16-3/31/17. Source: Conifer Financial Services & Osterweis Capital Management.

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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