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.
| Fund | 1 MO | QTD | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR |
INCEP (10/1/2012) |
|
|---|---|---|---|---|---|---|---|---|---|---|
| OSTGX | -2.40% | -2.40% | 23.14% | 47.39% | -1.76% | 15.53% | 14.43% | 13.82% | 14.78% | |
| Russell 2000 Growth Index | -1.33 | -1.33 | 11.72 | 36.49 | -2.30 | 7.92 | 7.15 | 8.15 | 10.11 | |
Gross/Net expense ratio as of 3/31/24:1.20% / 1.12%. The Adviser has contractually agreed to waive certain fees through June 30, 2025. The net expense ratio is applicable to investors.
| Fund | 1 MO | QTD | YTD | 1 YR | 3 YR | 5 YR | 7 YR | 10 YR |
INCEP (10/1/2012) |
|
|---|---|---|---|---|---|---|---|---|---|---|
| OSTGX | 1.64% | 9.52% | 26.16% | 41.37% | 1.16% | 16.15% | 15.35% | 14.48% | 15.13% | |
| Russell 2000 Growth Index | 1.33 | 8.41 | 13.22 | 27.66 | -0.35 | 8.82 | 7.60 | 8.95 | 10.31 | |
Gross/Net expense ratio as of 3/31/24:1.20% / 1.12%. The Adviser has contractually agreed to waive certain fees through June 30, 2025. The net expense ratio is applicable to investors.
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. Performance prior to December 1, 2016 is that of another investment vehicle (the “Predecessor Fund”) before the commencement of the Fund’s operations. The Predecessor Fund was converted into the Fund on November 30, 2016. The Predecessor Fund’s performance shown includes the deduction of the Predecessor Fund’s actual operating expenses. In addition, the Predecessor Fund’s performance shown has been recalculated using the management fee that applies to the Fund, which has the effect of reducing the Predecessor Fund’s performance. The Predecessor Fund was not a registered mutual fund and so was not subject to the same operating expenses or investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance may have been lower.
Rates of return for periods greater than one year are annualized.
| Date | OSTGX | Russell 2000 Growth |
|---|---|---|
| 2024 YTD (as of 9/30/24) | 26.16% | 13.22% |
| 2023 | 23.98 | 18.66 |
| 2022 | -33.00 | -26.36 |
| 2021 | 3.95 | 2.83 |
| 2020 | 83.24 | 34.63 |
| 2019 | 28.03 | 28.48 |
| 2018 | 1.64 | -9.31 |
| 2017 | 26.44 | 22.17 |
| 2016 | 9.76 | 11.32 |
| 2015 | -0.30 | -1.38 |
| 2014 | 2.12 | 5.60 |
| 2013 | 54.13 | 43.30 |
| 2012 (since 10/1/2012) | -4.16 | 0.19 |
Jim Callinan was the Co-Founder & Chief Investment Officer at RS Investments. He also co-founded the RS Growth Group LLC in 1996 and managed the RS Emerging Growth Fund from 1996 until 2010. In 1999 Mr. Callinan was named Morningstar’s Domestic Stock Manager of the Year.*
He served as portfolio manager for the Putnam OTC Emerging Growth Fund from 1994 to 1996 and began his career at Putnam Investments as an equity research analyst in 1987. He joined Osterweis Capital Management in 2016 and brought with him the Emerging Growth Partners, LP, a concentrated small cap growth strategy he founded at RS in 2006.
Mr. Callinan is a member of the Weatherbie Capital Advisory Board.
He is an equity owner in the firm and the Lead Portfolio Manager for the small cap growth strategy.
Mr. Callinan graduated from Harvard College (B.A. in Economics), New York University (M.S. in Accounting) and Harvard Business School (M.B.A.). Mr. Callinan holds the CFA designation.
*Morningstar Managers of the Year are determined by a combination of qualitative research by Morningstar’s manager research analysts; risk-adjusted medium- to long-term performance track records; and performance in the calendar year.
Prior to joining Osterweis Capital Management in 2016, Matt Unger spent three years at RS Investments as a Research Associate covering small cap growth companies in the medical technology and industrial sectors. Before graduate school, Matt worked at Platte River Capital covering the medical device sector from 2008-2010.
He is an equity owner in and principal of the firm and a Portfolio Manager for the small cap growth strategy.
Mr. Unger graduated from Trinity University (B.S. in Finance, cum laude) and Southern Methodist University, Cox School of Business (M.B.A.). Mr. Unger holds the CFA designation.
Prior to joining Osterweis Capital Management in 2014, Bryan Wong was a member of the investment team managing the endowment of the David and Lucile Packard Foundation. Before that, Mr. Wong was an Analyst at Wohl Capital Management, a long/short hedge fund.
He is an equity owner in and a principal of the firm and a Portfolio Manager for the small cap growth strategy.
Mr. Wong serves on the investment committee of the Asian Pacific Fund.
Mr. Wong graduated from Yale University (B.A. in Political Science and International Studies with distinction) and the University of California Berkeley, Haas School of Business (M.B.A., Investment Management Fellow). He holds the CFA designation and is a member of the CFA Society of San Francisco.
Prior to joining Osterweis Capital Management in 2023, Jamie Wolf was an Equity Analyst at Invesco LTD covering small, mid, and large cap companies in the consumer sector. Before that, he worked at Haverford Trust Company as a Senior Research Analyst.
Mr. Wolf is a Research Analyst for the small cap growth strategy.
He is a member of the Value Investor Club, LA CFA Society, and American Chemical Society.
Mr. Wolf graduated from Franklin and Marshall College (B.A. in Chemistry and Economics) and UCLA Anderson School of Management (M.B.A.). He holds the CFA designation.
The Fund was rated 4 Stars against 542 funds Overall, 3 Stars against 542 funds over 3 Years, 5 Stars against 521 funds over 5 Years in the Small Growth category based on risk-adjusted returns as of 10/31/24.
Where applicable, charts illustrating the performance of a hypothetical $10,000 investment made at a Fund’s inception assume the reinvestment of dividends and capital gains, but do not reflect the effect of any applicable sales charge or redemption fees. Such charts do not imply any future performance.
The Russell 2000 Growth Index (Russell 2000G) is a market-capitalization-weighted index representing the small cap growth segment of U.S. equities. This index does not incur expenses, is not available for investment and includes the reinvestment of dividends.
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.
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 Opportunity Fund may invest in unseasoned companies, which involve additional risks such as abrupt or erratic price movements. The Fund may invest in small and mid-sized companies, which may involve greater volatility than large-sized companies. The Fund may invest in IPOs and unseasoned companies that are in the early stages of their development and may pose more risk compared to more established companies. The Fund may invest in ETFs, which involve risks that do not apply to conventional funds. 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 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.
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.
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