When Evaluating Venture-Backed Initial Public Offerings, Patience Is a Virtue
Daily Prices as of 12/10/19
|Emerging Opportunity Fund||$12.78|
|Strategic Income Fund||$10.90|
|Total Return Fund||$10.28|
|Strategic Investment Fund||$15.41|
Outlooks & Commentary
Markets were quiet in the third quarter, but there was plenty of economic activity. On the downside, the trade war dragged on and the repo market had a mini-meltdown. In better news, equity investors curbed their enthusiasm for speculative names and the housing market began to rebound. Overall we remain cautiously optimistic the expansion will continue.
Investment grade fixed income continued to perform well during the third quarter, extending last quarter’s gains. Concerns about global growth and the U.S./China trade dispute kept investors on edge, extending the Treasury rally, while strong investor demand held corporate spreads in check. Going forward we remain constructive on the economy but are taking a defensive posture heading into year-end.
Domestic equity markets were remarkably resilient in the third quarter, posting modest gains despite multiple economic headwinds, including the U.S./China trade conflict , Brexit, unrest in Hong Kong, and a slowdown in Europe. Given these challenges, our focus remains on dominant companies enjoying strong secular tailwinds.
Although most investors ignore the opportunities presented by these flexible fixed income securities, they are an integral component of our strategy.Learn More
In our view, the specific market dynamics that influence a company's sales growth prospects have a greater impact on equity returns than the overall direction of the economy.Learn More
News & Updates
Distribution estimates can be accessed at the link below.
If you were unable to join our quarterly webinar, watch the replay to hear updates on the Osterweis Fund and Osterweis Strategic Investment Fund.
If you were unable to join our quarterly teleconference, listen to the replay to hear updates on the Osterweis Strategic Income Fund.
Listen to a recent interview where Eddy Vataru discusses his thoughts on the economy as well as the impact of the yield curve and negative interest rates globally.
A recent Business Insider profile of Jim Callinan describes his investment philosophy, which focuses on handpicking firms that can capitalize on untapped secular growth trends – structural economic changes that create a sustainable surge in demand.
Read Litman Gregory’s annual review of the Osterweis Strategic Income Fund.
Bond Fund Intelligence recently interviewed Eddy Vataru to discuss his Total Return strategy, which uses a flexible combination of security selection, sector rotation, and duration hedging to generate returns.
An Introduction to OCM
In 1983, John Osterweis founded Osterweis Capital Management to manage assets for individuals, families, endowments and institutions. Now entering our fourth decade, we are an integrated firm with over fifty employees, managing $6.9 billion in assets.
Our clients, many of them with us for decades, know we’ve gotten here through an unwavering commitment to one purpose: To protect and grow our clients’ capital for the enduring security of multiple generations.
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 and other products and services described on this website are intended to be made available to U.S. investors only. Shares of the Funds are currently offered only in the United States and are not available for sale in any jurisdiction other than the United States. The information on this website is neither an offer to sell nor a solicitation of an offer to buy a mutual fund, security or service in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful. Please read these Terms and Conditions.
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.
Osterweis Capital Management is the adviser to the Osterweis Funds, which are distributed by Quasar Distributors, LLC.