|Fact Sheet||September 2018|
|April Equity Outlook|
After a tumultuous end to 2018, the stock market rebounded nicely in the first quarter. Going forward, we expect the economy to continue its slow growth trajectory, and we won’t be surprised by increased volatility as we expect investors to vacillate in their collective assessment of both the economic and political landscape.
|Shareholder Letter||April 2019|
|Statement of Additional Information|
|Semi-Annual Report - Osterweis Funds|
|Annual Report - Osterweis Funds|
Open an Account
After reading the prospectus, please click on the links below to download an application.
Applications & Forms
|Application - Regular Account|
Regular/Taxable accounts for Individuals, Joint or Gifts to Minors.
|Entity Application - Regular Account|
Regular/Taxable accounts for entities such as C Corporations, Partnerships, Limited Liability Companies, etc.
|Application - IRA Account|
Regular, Roth, SEP, SIMPLE, Transfer or Rollover IRA account. Please read the IRA Disclosure Statement & Custodial Agreement.
|IRA or CESA Transfer Form|
Transfer an existing IRA to the Osterweis Funds.
|Beneficiary Change Form|
Change your beneficiaries for Traditional, Roth, SEP and SIMPLE IRA’s.
John S. Osterweis
Chairman & Chief Investment OfficerView Bio
John S. Osterweis
Chairman & Chief Investment Officer
John Osterweis graduated from Bowdoin College (B.A. in Philosophy, cum laude), and Stanford Graduate School of Business (M.B.A. with top honors in Finance).
After graduating from business school, he served as a Senior Analyst concentrating on the forest products and paper industry for several regional brokerage firms and later for E.F. Hutton & Company, Inc. In addition to his activities as an analyst, Mr. Osterweis served as Director of Research for two firms and managed equity portfolios for over ten years.
In late 1982, Mr. Osterweis decided to devote full time to his portfolio management activities, and in April of 1983 launched Osterweis Capital Management.
For a number of years Mr. Osterweis served as Director of the Lucas Museum of Narrative Art, Director on the Stanford Alumni Association Executive Board, Trustee of Bowdoin College, Director and Vice Chairman of Mt. Zion Hospital and Medical Center, and President of the Board of Directors for Summer Search Foundation. He currently serves as Immediate Past Chairman of the San Francisco Ballet Association Director of the San Francisco Free Clinic, and President Emeritus of the San Francisco Ballet Endowment Foundation, as well as Trustee Emeritus of Summer Search Foundation and of Bowdoin College.
Mr. Osterweis is the firm’s Chief Investment Officer and Chairman and is a member of the firm’s Management Committee. He is a principal of the firm and the lead Portfolio Manager for the core equity and flexible balanced strategies.
Senior Portfolio ManagerView Bio
Senior Portfolio Manager
Larry Cordisco graduated from the University of California, Santa Barbara (B.A. in Political Science), Georgetown University (M.P.P.) and Columbia Business School (M.B.A.).
Before joining Osterweis in 2019, he was a Co-Portfolio Manager of the Meridian Contrarian Fund at Arrowmark Partners/Meridian Funds. Prior to co-managing the Contrarian Fund, Larry was an equity analyst for 11 years, most recently as Vice President of Investment Research for the Meridian Contrarian Fund. Before that he was an analyst within the technology group at Banc of America Securities. He was also a business and technology consultant for Accenture in San Francisco and began his professional career in the public sector as a District Aide for Congressman George Miller.
Mr. Cordisco is a co-lead Portfolio Manager for the core equity strategy and portfolio manager for the flexible balanced strategy.
Gregory S. Hermanski
Vice President, Director of Equity Research & Portfolio ManagerView Bio
Gregory S. Hermanski
Vice President, Director of Equity Research & Portfolio Manager
Greg Hermanski graduated from The University of California, Los Angeles (B.A. in Business/Economics).
Prior to joining Osterweis Capital Management in 2002, Mr. Hermanski was a Vice President at Robertson Stephens and Co. where he was in charge of convertible bond research. Prior to that, Mr. Hermanski was a Research Analyst covering convertible, high yield, and distressed securities at Imperial Capital, LLC and a Valuation Consultant for Price Waterhouse, LLC.
Mr. Hermanski is a principal of the firm, the Director of Equity Research and a Portfolio Manager for the core equity strategy.
Vice President & Portfolio ManagerView Bio
Vice President & Portfolio Manager
Nael Fakhry graduated from Stanford University (B.A. in History, Phi Beta Kappa) and the University of California Berkeley, Walter A. Haas School of Business (M.B.A., C.J. White Scholar).
Prior to joining Osterweis Capital Management in 2011, Mr. Fakhry worked as an Associate at American Securities, a private equity firm, and as an Analyst in the investment banking division of Morgan Stanley.
Mr. Fakhry is a principal of the firm and a Portfolio Manager for the core equity strategy.
Vice President & Senior AnalystView Bio
Vice President & Senior Analyst
Francis (Frank) Diebold graduated from the University of Pennsylvania (B.A. in Science, Technology and Society, cum laude). Mr. Diebold holds the Chartered Financial Analyst designation.
Prior to joining Osterweis Capital Management in 2015, Mr. Diebold was an Equity Research Associate specializing in oilfield services and equipment at Jefferies LLC. Prior to that, Mr. Diebold was an Analyst covering distressed securities for the investments arm of MetLife.
Mr. Diebold is a principal of the firm and a Senior Analyst for the core equity strategy.
Senior AnalystView Bio
Dave Sherry graduated from Princeton University (A.B. in Economics) and from the Anderson School at UCLA (M.B.A). Mr. Sherry holds the Chartered Financial Analyst designation.
Prior to joining Osterweis Capital Management in 2017, Mr. Sherry was a Managing Director at Inflection Partners LLC, where he founded a long/short strategy that focused on the technology sector. Before that, Mr. Sherry held portfolio manager positions at EGM Capital, Partech International and LGT Asset Management. He began his investment career at Franklin Templeton Investments.
Mr. Sherry is a Senior Analyst for the core equity strategy.
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 Fund may invest in medium and smaller sized companies, which involve additional risks such as limited liquidity and greater volatility. 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.
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.