Growth & Income Fund (OSTVX)
Fund Literature
Investment Objective
The Fund seeks long-term total returns and capital preservation.
Investment Strategy
The Growth & Income Fund invests in both equity and fixed income securities that the Osterweis Capital Management investment team believes can deliver attractive long-term returns and enhanced capital preservation. The Fund also focuses on generating consistent and growing income over time in addition to capital appreciation.
Security selection emphasizes investments that are poised to deliver growth and income over time. The allocation of assets between equity and fixed income securities is a function of the relative opportunity set based on earnings growth, dividend yields, valuations, and fixed income yields.
Highlights
- Opportunistic, high conviction strategy
- Bottom-up, fundamental investment processes based on discipline and repeatability
- Strategic asset allocation based on the relative investment opportunity set
- Experienced portfolio management team that invests alongside shareholders
- 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
NAV as of 11/4/24
Price | $17.44 | Change | $0.00 |
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Fund Facts
Ticker | OSTVX |
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CUSIP | 74316J771 |
Inception Date | 8/31/2010 |
Load | None |
12b-1 Fees | None |
Redemption Fee | None |
Net Assets (as of 10/31/24) |
$184 million |
Fiscal Year Turnover (as of 3/31/24) |
32% |
Gross Expense Ratio (as of 3/31/24) |
0.92% |
Philosophy
We believe a portfolio of Quality Growth stocks combined with strategically selected bonds can deliver attractive levels of income and growth over time with less volatility.
For equities, we seek to purchase shares in Quality Growth companies when their growth opportunities are under-appreciated and not properly discounted in their current market value. We identify Quality Growth companies based on the durability of their competitive advantages, the opportunity for reinvestment to drive future growth, and management’s overall proficiency. Ultimately, we seek companies that can sustainably grow free cash flow per share while earning attractive and/or improving returns on capital.
On the fixed income side, we carefully select investments across high yield, convertibles, and investment grade. The investment team applies an equity-like security selection approach focused on attractively valued, misunderstood/out of favor bonds. We believe that by avoiding the “style box” trap and having the flexibility to invest in multiple classes of bonds, we can emphasize the most attractive sector at any given time. By strategically shifting out of overvalued assets, we strive to minimize potential risk and produce better returns over time.
The Morningstar Rating™ for funds, or “star rating,” is calculated for mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period has the greatest impact because it is included in all three rating periods.
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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 Growth & Income 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. From time to time, the Fund may have concentrated positions in one or more sectors subjecting the Fund to sector emphasis risk. 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.