54 Insights
Perspective
New
Nov 15, 2024
An Opportune Time for Active Management in Small Cap Growth
Most economists agree that conditions are improving, and we believe small cap growth stocks could be the biggest beneficiary. Furthermore, it is an asset class where active managers can add substantial alpha due to less efficient markets.
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Video
New
Nov 6, 2024
What is a Quality Growth Company?
Watch Nael Fakhry, Portfolio Manager for Core Equity, discuss how the Core Equity team defines a quality growth company, including what it means for a company to have good governance.
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Perspective
Oct 22, 2024
The Benefits of a Flexible Core
Investment grade bonds have long been synonymous with a “core” fixed income allocation, but we believe a flexible strategy also belongs in most bond portfolios, as managers can adjust their exposure based on market conditions.
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Outlook
Oct 21, 2024
Fourth Quarter Equity Outlook
Thanks to a variety of structural advantages, including favorable demographic trends, we believe the U.S. remains the most attractive investment environment in the world.
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Video
Oct 16, 2024
October 10 Webinar Replay - Osterweis Strategic Income Fund Q3 Update
If you were unable to join our quarterly webinar, watch the replay to hear updates on the Osterweis Strategic Income Fund.
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Outlook
Oct 10, 2024
Fourth Quarter Strategic Income Outlook
Credit indices rallied during the third quarter, despite a variety of economic headwinds, and it appears FOMO (fear of missing out) is fueling the bullish sentiment more than fundamentals.
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News
Sep 18, 2024
Forbes: This Veteran Stock Picker Beats the Market Following These Strict Rules
How has our small cap growth-focused Osterweis Opportunity Fund beaten the market? Read a Forbes Daily Cover article to find out about the team's disciplined valuation approach and why it has served them well over the years.
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Video
Aug 19, 2024
It's a Market of Bonds, Not a Bond Market
Watch Craig Manchuck, Portfolio Manager for Strategic Income, discuss the differences in the investment grade and high yield markets and why it is critical to carefully evaluate each bond as a potential investment.
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Perspective
Aug 13, 2024
TheStreet: $177 million fund manager picks three blue chip stocks
Nael Fakhry, Portfolio Manager for the Osterweis Growth & Income Fund (OSTVX), recently spoke to TheStreet about his team's investment philosophy, stocks versus bonds, and three of his favorite stocks.
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News
Jul 29, 2024
Morningstar Prospects List: Osterweis Opportunity Fund Profile
Morningstar recently published a profile on the Osterweis Opportunity Fund (OSTGX) in its prospects list. The profile delves into the team's wealth of experience and their bold approach to investing.
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Video
Jul 19, 2024
John Sheehan Interviewed by InvestmentNews
Watch Gregg Greenberg’s interview with Portfolio Manager John Sheehan to hear why our Strategic Income team thinks shorter duration high yield bonds are ideal in the current market environment.
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Outlook
Jul 16, 2024
Third Quarter Equity Outlook
As the U.S. evolved from a goods economy to a services economy, expansionary cycles more than doubled in length. But a recent resurgence in manufacturing may be taking us back to the future.
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News
Jul 12, 2024
MarketWatch: Six Lessons on How to Beat the Market and Generate Income
Growth & Income Portfolio Managers Carl Kaufman and Nael Fakhry were recently featured in this MarketWatch article, where they discuss their predictions, insights, and investing lessons for the current market environment.
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Outlook
Jul 11, 2024
Third Quarter Strategic Income Outlook
As we survey the economic landscape, we are reminded of Otis Redding’s classic hit, which is all about patience. “Looks like nothing’s gonna change, everything still remains the same.”
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Video
Jul 9, 2024
June 26 Webinar Replay - Not All High Yield is Junk
If you were unable to join the Not All High Yield is Junk webinar, watch the replay to learn why ratings alone are insufficient to define such a diverse and dynamic market and how investors can utilize market inefficiencies to construct high yield portfolios with risk profiles similar to investment grade portfolios.
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Perspective
Jun 14, 2024
The Case for Health Care: A Double Dose of Cyclical and Secular Growth
We believe the health care sector is currently experiencing two cyclical trends — higher utilization rates and increased biotech funding — that will act as tailwinds for an industry that also consistently benefits from strong secular growth.
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Perspective
May 30, 2024
Active Pays in Small Cap Growth
Market inefficiencies create opportunities for active managers. We believe there are more mispriced companies in small cap growth than in other equity markets, and we have developed an approach that allows us to capitalize consistently when we find them.
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Perspective
May 17, 2024
A Single Source for Both Income and Capital Appreciation?
The Osterweis Growth & Income Fund (OSTVX) is designed to deliver equity-like returns while also providing consistent and growing income. Using a flexible and conservative — but somewhat unconventional combination of assets — we have created a single solution that addresses multiple investment objectives and also limits volatility and tax exposure.
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Podcast
May 8, 2024
Business Breakdowns Podcast - Interview with Nael Fakhry
Listen to a recent interview with Nael Fakhry on the Colossus "Business Breakdowns" podcast, where he discusses what makes AMETEK a Quality Growth company.
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Outlook
Apr 15, 2024
Second Quarter Equity Outlook
Industry consolidation has become commonplace over the past few decades, making scale a critical factor when we evaluate which companies are best positioned to compete.
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Perspective
Apr 12, 2024
Patience Pays: Leaning Into the Inverted Yield Curve
We have always maintained it is better to accept what the market has on offer than to stretch for returns. Thanks to the inverted yield curve and our flexible mandate, the current environment is making it easier than ever to be patient while we wait for
fat pitches.
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Outlook
Apr 11, 2024
Second Quarter Strategic Income Outlook
Despite elevated interest rates, economic conditions improved throughout the first quarter, creating a favorable near- to medium-term outlook.
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Perspective
Apr 5, 2024
Are Investors Walking a Tightrope with the Mag 7?
Over the past several years, investors have been rewarded by investing in the Magnificent 7-dominated S&P 500. Perhaps they should consider a different approach going forward.
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Video
Apr 1, 2024
What Is Small Cap Growth?
In this video, Bryan Wong, Portfolio Manager for the Osterweis Opportunity Fund, explains how we define small cap growth and why we believe it is a core asset class.
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Perspective
Mar 28, 2024
Cash from Trash: Renewable Natural Gas
Innovation and growth may not be the first words that come to investors’ minds when thinking about the waste management industry, but they should be.
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Podcast
Mar 8, 2024
Money Life with Chuck Jaffe: Interview with Bryan Wong
Dive into small cap growth investing with Portfolio Manager Bryan Wong in his recent interview on “Money Life with Chuck Jaffe." Hear his insights on our investment approach and some current names in the Osterweis Emerging Opportunity Fund.
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Perspective
Feb 6, 2024
Morningstar Features Insights from Carl Kaufman
Read Strategic Income lead portfolio manager Carl Kaufman’s current thoughts on the Fed in a Morningstar article titled: "Why Is Everyone Always Wrong About the Fed?"
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Outlook
Jan 23, 2024
First Quarter Equity Outlook
The Fed has been walking a tightrope for a while now, trying to tame inflation without crashing the economy. The data was encouraging throughout 2023, and we may soon find out if the central bank has actually engineered immaculate disinflation.
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Perspective
Jan 19, 2024
A Differentiated Approach to Small Cap Growth
As small cap growth investors, we are singularly focused on identifying exceptional companies that have the potential to “graduate” to mid- and large-cap companies. By consistently focusing on smaller companies, leveraging our experience, staying disciplined in terms of valuation, and investing only in our best ideas, we have been able to deliver consistent outperformance over time.
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Outlook
Jan 16, 2024
First Quarter Strategic Income Outlook
The market performed well in 2023, but inflation will likely remain a top concern for both the Fed and investors throughout the new year.
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Perspective
Dec 22, 2023
20+ Years of Common Sense Investing: Our Top 5 Principles
We have always believed that common sense is the key to successful investing. Since launching our Strategic Income Fund over two decades ago, our straightforward, flexible approach has allowed us to navigate all types of markets and consistently deliver strong risk-adjusted returns over time.
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Podcast
Nov 3, 2023
Forward Guidance Podcast - Interview with Craig Manchuck
Listen to a recent interview with Craig Manchuck on the "Forward Guidance" podcast, where he discusses the end of the zero interest rate era.
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Perspective
Sep 19, 2023
Catching the Wave: Why Secular Growth Matters
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.
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Perspective
Sep 7, 2023
TheStreet: Money manager says you should consider these 3 small-cap growth stocks
Bryan Wong, Portfolio Manager for the Osterweis Emerging Opportunity Fund (OSTGX), recently spoke to TheStreet about his team's investment philosophy, why they like small-cap growth stocks, and what industries he feels are the most attractive in the small-cap growth universe.
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Perspective
Aug 31, 2023
Artificial Intelligence: A Seismic Secular Growth Opportunity
Artificial intelligence (AI) has been top-of-mind for investors for much of 2023, fueling a strong rally in the S&P 500. While it may take time for AI to have a similar impact on small cap stocks, we share the market’s enthusiasm and believe AI has the potential to become one of the most disruptive secular growth trends ever.
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Podcast
Aug 4, 2023
Deconstructing Alpha - Interview with Carl Kaufman: Why Income, Why Now?
Listen to a recent interview with Carl Kaufman on the "Deconstructing Alpha" podcast, where he discusses the inverted yield curve and the current bond market.
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Perspective
Jul 13, 2023
Focus on Dividend Growth, Not Dividend Yield
Dividends have historically played an important role in shareholder returns. In our view, companies that pay growing cash dividends also tend to reinvest in themselves, which can drive growth in cash flow and provide attractive returns with less volatility over time.
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Perspective
Mar 24, 2023
Osterweis Strategic Income Fund Named Best Multi-Sector Income Fund (3-year category) in the 2023 Refinitiv Lipper Fund Awards
Osterweis Capital Management's Strategic Income Fund (OSTIX) has been named a 2023 Refinitiv Lipper U.S. Fund Awards Winner as the Best Multi-Sector Income Fund Over Three Years.
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Perspective
Feb 24, 2023
Small Cap Growth Investing Across Market Cycles
Markets are unpredictable, which is one of many reasons it is difficult to consistently deliver alpha over long periods. In their latest commentary, our small cap growth team explains why their approach to managing the trade-off between risk and reward gives them the opportunity to outperform across market cycles.
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Perspective
Sep 20, 2022
Dividend Growth Stocks and High Yield Bonds: An Innovative Approach to Generating Investment Income
Generating investment income is challenging, especially in the low-yield environment we have been living with for the past decade. We believe that combining dividend growth stocks with an allocation to shorter-duration non-investment grade bonds is an effective solution.
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Perspective
May 17, 2022
Kiplinger: The Osterweis Strategic Income Fund is Discussed in this Field Guide to Income Investment Opportunities
This Kiplinger article quotes Carl Kaufman, who describes the Osterweis Strategic Income Fund's (OSTIX) tendency to perform well in down markets.
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Perspective
Mar 14, 2022
Strategic Income Fund: Built to Withstand Challenging Markets
Bonds have started slowly in 2022 due to persistent inflation, a looming Fed tightening cycle, and the Russia/Ukraine conflict. We believe the Osterweis Strategic Income Fund is well-positioned to address these challenges, as its flexible mandate and defensive approach help to protect against rising rates and market volatility.
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Perspective
Jan 5, 2022
In Search of Upside: Finding Opportunities in Small Cap Growth
Small cap growth stocks lagged for most of 2021 as the market simultaneously dealt with the pandemic, inflation, and tightening Fed policy. Given these challenges, we have been focusing on high quality companies trading at attractive valuations, and we have also been looking at non-technology businesses that are embracing digitization.
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Podcast
Oct 20, 2021
Orion's Weighing Machine Podcast: Interview with Carl Kaufman
Carl Kaufman was featured a recent edition of Orion’s "The Weighing Machine" podcast. During the podcast, Carl discussed how he got into the business and the strategy behind the Strategic Income Fund.
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Podcast
Jun 25, 2021
Deconstructing Alpha: Interview with Carl Kaufman
Listen to a recent interview with Carl Kaufman on the "Deconstructing Alpha" podcast, where they discuss the history and active management of the Strategic Income Fund, as well as investing in the current low interest rate environment.
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Perspective
Jun 18, 2021
Why Secular Growth Matters, and How We Find It
Growth stocks have lagged cyclicals so far in 2021, but we remain steadfast in our belief that secular growth is the key to generating long-term returns. In this piece, we discuss how we find attractive opportunities in the small cap universe.
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Perspective
Mar 31, 2021
Price Makers, Share Gainers, and Compounding Machines: Three Quality Business Models
Defining a quality business is easier said than done. We have found that the highest quality businesses either consistently exercise pricing power while maintaining market share or consistently grow market share by undercutting incumbents. A choice few companies we call “compounding machines” can both raise price and increase market share.
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Perspective
Mar 11, 2021
In a Speculative Market, Focus on Fundamentals
As investors have become more optimistic about the U.S. economy, speculative activity has become a progressively bigger driver of returns, particularly in small and micro-cap stocks. While we always welcome an equity rally, in volatile environments like this, we believe it is more critical than ever to focus on fundamentals and invest only in the highest quality firms.
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Perspective
Dec 7, 2020
The Case for Waste: Finding Growth in Garbage
Although investors don’t normally think about trash when they’re looking for growth stocks, we believe the solid waste industry is well-positioned to outperform. In our view, the combination of high barriers to entry, stable demand, and opportunities for consolidation should provide reliable revenue growth for the foreseeable future.
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Perspective
Oct 11, 2019
When Evaluating Venture-Backed Initial Public Offerings, Patience Is a Virtue
The venture capital industry has created a robust pipeline of new public companies, but in our view discipline is the key to finding the best opportunities.
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Perspective
Aug 23, 2019
Aligned Incentives: Our Key to Navigating the Diverse High Yield Market
In our experience, family-owned private firms and small-to-medium sized public companies are most likely to borrow responsibly and prioritize bondholders ahead of other investors.
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Perspective
Jul 5, 2019
Convertible Bonds: An Underappreciated Source of Alpha
Although most investors ignore the opportunities presented by these flexible fixed income securities, they are an integral component of our strategy.
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Perspective
Mar 14, 2019
A New Paradigm for Stocks: Digital vs. Decline, Not Growth vs. Value
As the influence of technology continues to increase, we believe investors need to reconsider the relevance of both the traditional style matrix and sector classifications.
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Perspective
Oct 5, 2018
Leveraged Buyouts: Risks May Lurk Beneath the Surface of These Popular Deals
The recent Blackstone->Thomson Reuters acquisition reminded us once again why we need to be extra vigilant when evaluating sponsor backed deals.
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