Portfolio Overview as of 12/31/2019

Asset Allocation (% of Total Portfolio)

Equities 93.2%
Cash & Equivalents 5.3
Fixed Income 1.5

Sector Exposure (% of Equities)

Information Technology 26.9%
Health Care 16.8
Industrials 16.5
Financials 12.2
Communication Services 10.6
Real Estate 5.2
Utilities 4.6
Consumer Discretionary 2.8
Consumer Staples 2.3
Energy 2.2

Market Cap Exposure (% of Equities)

Less than $500 million 0.0%
$500 million to $2 billion 0.0
$2 - 5 billion 3.6
$5 - 15 billion 14.7
$15 - 50 billion 21.6
Greater than $50 billion 60.1

Market Cap Characteristics (Equities Only)

Weighted Average Market Cap $165.6 billion
Median Market Cap $51.1 billion

Country Exposure (% of Total Portfolio)

United States (including cash & equivalents) 90.9%
Canada 4.2
Switzerland 2.7
Great Britain 2.1

Number of Holdings

Equities 35
Bonds 1

Top 10 Holdings (% of Total Portfolio)

Alphabet Inc-CL C 5.6
Microsoft Corp 4.9
NextEra Energy Inc. 4.3
Brookfield Asset Mgt-Cl A 4.2
Charter Communications Inc.-A 4.2
IHS Markit Ltd 3.7
Danaher Corp 3.7
Waste Connections Inc 3.2
Schwab (Charles) Corp 3.1
Visa Inc-Class A Shrs 3.1
Total 40.1

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
2019 43%
2018 47
2017 50
2016 20
2015 29
2014 31
2013 24
2012 31
2011 39
2010 26
2009 63
2008 56
2007 50
2006 30
2005 38
2004 58
2003 34
2002 49
2001 32
2000 39
1999 31
1998 26
1997 41
1996 57
1995 29
1994* 35
*

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

Investment Team

John S. Osterweis

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

John S. Osterweis

John S. Osterweis

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

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 a Trustee 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 a member of the firm’s Management Committee, a principal of the firm and the co-lead Portfolio Manager for the core equity and flexible balanced strategies.

Larry Cordisco

Co-Chief Investment Officer – Core Equity

Larry Cordisco

Co-Chief Investment Officer – Core Equity

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 & Portfolio Manager

Gregory S. Hermanski

Vice President & 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 and a Portfolio Manager for the core equity strategy.

Nael Fakhry

Vice President & Portfolio Manager

Nael Fakhry

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.

Dave Sherry

Senior Analyst

Dave Sherry

Senior Analyst

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 Adviser has contractually agreed to waive certain fees through June 30, 2020.

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.