Investment Strategy

The Fund will invest in both equity and fixed income securities that the Adviser believes can deliver attractive long-term returns and enhanced capital preservation. The allocation of assets between equity and fixed income securities will be based on the opportunity set of each asset class and the Adviser’s overall view of the macroeconomic and market environment.


  • Bottom-up equity and fixed income selection based on rigorous fundamental analysis
  • Strategic top-down asset allocation based on the investment opportunity set and macroeconomic/market conditions
  • Risk-aware strategy
  • 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 OSTVX
CUSIP 74316J771
Inception Date 8/31/2010
Load None
12b-1 Fees None
Redemption Fee None
Net Assets
(as of 6/30/17)
$200 million
One Year Turnover
(as of 3/31/17)
Gross Expense Ratio
(as of 3/31/17)
Invest With Us


Quarter-End Performance (as of 6/30/17)

  1 MONTH QTD YTD 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR Since Inception
OSTVX 0.13% 2.71% 6.83% 13.75% 2.70% 9.40% - - 9.84%
60% S&P 500 Index/40% Bloomberg Barclays U.S. Aggregate Bond Index 0.33 2.43 6.48 10.33 6.85 9.64 - - 10.47
S&P 500 Index 0.62 3.09 9.34 17.90 9.61 14.63 - - 15.46
Bloomberg Barclays U.S. Aggregate Bond Index -0.10 1.45 2.27 -0.31 2.48 2.21 - - 2.92
OSTVX 60% S&P 500 Index/40% Bloomberg Barclays U.S. Aggregate Bond Index S&P 500 Index Bloomberg Barclays U.S. Aggregate Bond Index
1 MONTH 0.13 0.33 0.62 -0.10
QTD 2.71 2.43 3.09 1.45
YTD 6.83 6.48 9.34 2.27
1 YEAR 13.75 10.33 17.90 -0.31
3 YEAR 2.70 6.85 9.61 2.48
5 YEAR 9.40 9.64 14.63 2.21
7 YEAR - - - -
10 YEAR - - - -
Since Inception
9.84 10.47 15.46 2.92

Gross expense ratio as of 3/31/2017: 1.15%

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. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced.

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

Monthly Performance


We employ a risk-averse investment strategy predicated on the belief that strong long-term investment results are best achieved through a compounding of reasonable gains and the avoidance of major losses. We, therefore, consciously strive to limit downside exposure as much as to generate upside returns.

The two equity bear markets in the past decade highlight the importance of disciplined capital preservation strategies. We believe the capital destruction caused by bear markets argues for a flexible and risk-averse approach to investing for many investors. Structuring portfolios that combine the growth attributes of equities with the income and capital preservation attributes of fixed income can be a prudent long-term investment solution.

Over long periods of time, we believe a static balanced allocation of 50% equities and 50% fixed income has the potential to provide investors with returns rivaling an equity-only portfolio but with less principal risk, lower volatility and greater income. Additionally, strategically allocating assets heavier to equities in bull markets and heavier to fixed income in bear markets may further enhance returns and better protect capital.

For our Flexible Balanced portfolios, we seek to provide attractive returns over full market cycles and preserve capital using a blend of equities and fixed income. We strategically adjust the allocation of the portfolios based on our assessment of the attractiveness of individual investment opportunities and our macroeconomic and market views. No more than 75% of assets will be in either fixed income or equities at any given time. Conversely the minimum allocation to either asset class is 25%.

Investment Team

Account Access

Email Update

During the period noted, contractual fee waivers were in effect for the Osterweis Institutional Equity Fund. The Expense Cap will remain in effect until at least June 30, 2017. The Fund may reimburse the Adviser for waived expenses, and therefore, the net expense ratio could be higher than the gross expense ratio.

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 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 Investment Fund may invest in small- and mid-capitalization companies, which tend to have limited liquidity and greater price volatility than large-capitalization companies. 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. The Fund may invest in Master Limited Partnerships, which involve risk related to energy prices, demand and changes in tax code. The 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. 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 also make investments in derivatives that may involve certain costs and risks such as those related to liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Leverage may cause 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 typically 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.

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.

Back to Top