Overview

Investment Objective

The Fund seeks long-term total returns.

Investment Strategy

  • Invest in a high conviction portfolio of quality growth companies
  • Focus on managing downside risk
  • Utilize a bottom-up, fundamental investment process
  • Employ disciplined and repeatable approach
  • Leverage experienced portfolio management team

NAV as of 4/22/25

Price $17.11 Change $0.35

Fund Facts

Ticker OSTFX
CUSIP 742935406
Inception Date 10/1/1993
Net Assets
(as of 3/31/25)
$143 million
Number of Equity Holdings 34

Fund Documents

Document Date
Fact Sheet Mar 2025
Summary Prospectus Jun 2024

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Investment Team

John Osterweis

Founder, Chairman & Co-Chief Investment Officer – Core Equity

Gregory Hermanski

Co-Chief Investment Officer – Core Equity

Nael Fakhry

Co-Chief Investment Officer – Core Equity

Jasmine Shen, CFA

Senior Research Analyst – Core Equity

Performance

Performance

as of 3/31/25

Fund 1 MO QTD YTD 1 YR 3 YR 5 YR 10 YR 15 YR 20 YR INCEP
(10/1/1993)
OSTFX -4.39% -3.27% -3.27% -0.33% 4.38% 12.99% 7.46% 8.84% 7.61% 10.07%
S&P 500 Index -5.63% -4.27% -4.27% 8.25% 9.06% 18.59% 12.50% 13.15% 10.23% 10.33%
Swipe Table for Full Data

Gross expense ratio as of 3/31/24: 0.96%

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.


Rates of return for periods greater than one year are annualized.

as of 3/31/25

Fund 1 MO QTD YTD 1 YR 3 YR 5 YR 10 YR 15 YR 20 YR INCEP
(10/1/1993)
OSTFX -4.39% -3.27% -3.27% -0.33% 4.38% 12.99% 7.46% 8.84% 7.61% 10.07%
S&P 500 Index -5.63% -4.27% -4.27% 8.25% 9.06% 18.59% 12.50% 13.15% 10.23% 10.33%
Swipe Table for Full Data

Gross expense ratio as of 3/31/24: 0.96%

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.


Rates of return for periods greater than one year are annualized.

Hypothetical Growth of $10,000 Since Inception to 3/31/2025

Growth of $10,000
Osterweis Fund
(Dividends Reinvested)
S&P 500 Index
(Dividends Reinvested)

Calendar Year Performance

Date OSTFX S&P 500
2025 YTD (as of 3/31/25) -3.27% -4.27%
2024 13.38% 25.02%
2023 22.65% 26.29%
2022 -21.87% -18.11%
2021 19.29% 28.71%
2020 23.13% 18.40%
2019 33.12% 31.49%
2018 -7.26% -4.38%
2017 14.43% 21.83%
2016 4.87% 11.96%

Portfolio Overview as of 3/31/2025

Market Cap Characteristics Equities Only

Characteristic OSTFX
Weighted Average Market Cap $660.6 billion
Median Market Cap $143.2 billion

Asset Allocation % of Total Portfolio

Category Value
Equities 92.5%
Cash & Equivalents 7.5%

Sector Exposure % of Equities

Category Value
Information Technology 25.06%
Industrials 16.91%
Health Care 13.99%
Financials 13.61%
Consumer Discretionary 12.22%
Communication Services 7.18%
Real Estate 4.73%
Utilities 3.45%
Materials 2.85%

Market Cap Exposure % of Equities

Category Value
Less than $400 million 0.0%
$400 million - 750 million 0.0%
$750 million - 1.5 billion 0.0%
$1.5 - 7.5 billion 0.0%
$7.5 - 15 billion 4.7%
$15 billion - 50 billion 20.1%
Greater than $50 billion 75.1%

Country Exposure % of Total Portfolio

Category Value
United States (including cash & equivalents) 93.7%
Ireland 2.5%
France 2.4%
Denmark 1.3%

Top 10 Holdings % of Portfolio Excluding Cash & Equivalents

Holding Value
Alphabet Inc-Class C 6.6%
Microsoft Corp 5.9%
Amazon.com Inc 5.1%
Visa Inc-Class A 4.1%
UnitedHealth Group Inc 3.6%
AutoZone Inc 3.5%
Waste Connections Inc 3.2%
American Water Works Co Inc 3.2%
Brown & Brown Inc 3.1%
Boston Scientific Corp 3.0%
Total 41.3%

Complete holdings are generally available ten business days following quarter end.

The Osterweis Fund’s holdings and sector allocations may change at any time due to ongoing portfolio management. References to specific investments should not be construed as a recommendation to buy or sell the securities by the Fund or Osterweis Capital Management.

Fiscal Year Turnover

Year Ended
March 31
Turnover
2024 22%
2023 54%
2022 38%
2021 37%
2020 35%
2019 43%
2018 47%
2017 50%
2016 20%
2015 29%
*

Not a full year, only covers 10/1/93-3/31/94

Fees & Distributions

Distribution Schedule

The Osterweis Fund distributes income and capital gains once a year in December.

Record Date Ex./Pay and Reinvest Date
Annual Income & Cap. Gains Distribution 12/12/25 12/15/25

Recent Distribution History

EX./PAY AND REINVEST DATE ORDINARY INCOME SHORT-TERM CAP. GAINS LONG-TERM CAP. GAINS TOTAL DISTRIBUTION REINVEST NAV
12/16/24 $0.03598 $0.11629 $2.63522 $2.78749 19.42
12/15/23 $0.12084 $0.00000 $0.63514 $0.75598 18.50
12/15/22 $0.00000 $0.00000 $1.24820 $1.24820 16.19
12/15/21 $0.18572 $0.00000 $2.10052 $2.28624 21.63
12/15/20 $0.10021 $0.00000 $1.01979 $1.12000 20.07
Swipe Table for Full Data

Literature

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. During the period noted, fee waivers or expense reimbursements were in effect for the Osterweis Fund.

The S&P 500 Index is widely regarded as the standard for measuring large cap U.S. stock market performance. The index does not incur expenses, is not available for investment, and includes the reinvestment of dividends.

Certain portfolio data may be available as of month-end. To make a request, please email us.

Past performance does not guarantee future results.

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.