Portfolio Overview as of 3/31/2017
Portfolio Allocation (% of Total Portfolio)
|Equity Sensitive Convertibles||3.0|
|MBS / CMO||0.4|
Securities not included in the high yield category (e.g., convertible bonds, floating rate notes, preferred stocks) may also be rated below investment grade.
MBS/CMO = Mortgage Backed Securities/Collateralized Mortgage Obligations
Sector Exposure (% of Portfolio excluding Cash)
|Weighted Average Coupon||6.10%|
|Weighted Average Effective Duration||1.45|
|Weighted Average Years to Maturity||2.61 yrs.|
|Weighted Average Yield to Maturity||6.51%|
|30 Day SEC Yield||4.62%|
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. 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 generally updated within 30 days after quarter end. 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. Effective Duration is from Bloomberg.
The distribution yield is based on the prior 12 months distributions divided by the net asset value of the date of the calculation.
Maturity (% of Fixed Income & Cash)
|< 1 Year||3.2|
|> 5 Years||18.4|
Effective Duration (% of Fixed Income & Cash)
Credit Quality Exposure (% of Total Portfolio)
Country Exposure (% of Total Portfolio)
|United States (including cash)||96.5%|
Carl P. Kaufman
Vice President & Managing Director, Fixed IncomeView Bio
Carl P. Kaufman
Vice President & Managing Director, Fixed Income
Carl Kaufman graduated from Harvard University (B.A. in Music, cum laude) and attended the New York University Graduate School of Business Administration.
Prior to joining Osterweis Capital Management in 2002, Mr. Kaufman was a senior member of the convertible bond team at Robertson Stephens, where he focused on technology and biotech securities. Prior to that, he spent nineteen years with Merrill Lynch in their Institutional Sales office, specializing in convertible bond and equity sales and trading.
Mr. Kaufman is a principal of the firm, Managing Director of the fixed income strategy and Portfolio Manager for the Strategic Income Fund, which he has managed since its inception in 2002. He is also a lead Portfolio Manager for the flexible balanced strategy.
Bradley M. Kane
Vice President & Assistant Portfolio ManagerView Bio
Bradley M. Kane
Vice President & Assistant Portfolio Manager
Bradley Kane graduated from Lehigh University (B.S. in Business & Economics).
Prior to joining Osterweis Capital Management in 2013, Mr. 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.
Mr. Kane is a principal of the firm and an Assistant Portfolio Manager for the fixed income strategy.
Craig L. Manchuck
Assistant Portfolio ManagerView Bio
Craig L. Manchuck
Assistant Portfolio Manager
Craig Manchuck graduated from Lehigh University (B.S. in Finance) and NYU Stern School of Business (M.B.A.).
Prior to joining Osterweis Capital Management in 2017, Mr. 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.
Mr. Manchuck is an Assistant Portfolio Manager for the fixed income strategy.
Credit Quality ratings are determined by Standard and Poor’s. Grades are assigned to bonds by private independent rating services such as Standard & Poor’s and these grades represent their credit quality. The issues are evaluated based on such factors as the bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In situations where Standard & Poor’s has not issued a formal rating, the security is classified as not rated (NR). Additionally, common stocks, if any, are classified as NR.
Criteria for Recommended Funds: Recommended funds are evaluated by Litman Gregory based on a combination of qualitative and quantitative measures, including absolute and relative long-term performance metrics when compared to an appropriate benchmark and peer group, manager skill, investment process and the discipline by which the process is applied, quality and tenure of research team, shareholder orientation, assets under management, and fund expenses. Recommended reflects Litman Gregory’s confidence in a fund’s potential to outperform a relevant benchmark over the long term.
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.