Portfolio Overview as of 6/30/2020
Portfolio Allocation (% of Total Portfolio)
|Equity Sensitive Convertibles||5.0|
|Cash & Equivalents||4.2|
Securities not included in the high yield category (e.g., convertible bonds, floating rate notes, preferred stocks) may also be rated below investment grade.
MBS/CMO = Mortgage Backed Securities/Collateralized Mortgage Obligations
Sector Exposure (% of Portfolio excluding Cash)
|Weighted Average Coupon (%)||5.48|
|Weighted Average Effective Duration||1.75|
|Weighted Average Years to Maturity||3.37|
|Weighted Average Yield to Maturity (%)||6.53|
|30 Day SEC Yield (%)||5.71|
|Income Distribution Yield (%)||4.48|
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.
Portfolio characteristics are generally updated within 30 days after quarter end. The characteristics are calculated only on the Fund’s fixed income holdings and cash. This information is believed to be reliable, but it is not guaranteed. Weighted averages are by security market value. Effective Duration is from Bloomberg.
The distribution yield is based on the prior 12 months distributions divided by the net asset value of the date of the calculation.
Maturity (% of Fixed Income & Cash)
|Cash & Equivalents||4.4%|
Effective Duration (% of Fixed Income & Cash)
|Cash & Equivalents||4.4%|
|< 1 Year||38.7|
Credit Quality Exposure (% of Total Portfolio)
|Not Rated Securities||17.9|
|Cash & Equivalents||4.2|
Country Exposure (% of Total Portfolio)
|United States (including cash & equivalents)||88.3%|
Number of Holdings
Top 10 Holdings (% of Total Portfolio)
|XPO Logistics Inc 144A 6.500% 6/15/22||2.4|
|Consolidated Energy Fin 144A 4.063% 6/15/22||2.2|
|Southeastern Grocers Inc||2.0|
|Century Aluminum Company 144A 7.500% 6/1/21||2.0|
|Kehe Distributors LLC/Financial 144A 8.625% 10/15/26||1.8|
|Resolute Forest Products 5.875% 5/15/23||1.7|
|Avation Capital SA 144A 6.500% 5/15/21||1.6|
|XPO Logistics Inc 144A 6.250% 5/1/25||1.6|
|Michael Baker Intl 144A 8.750% 3/1/23||1.6|
|KGA Escrow LLC 144A 7.500% 8/15/23||1.5|
Complete holdings are generally available ten business days following quarter end.
The Osterweis Strategic Income 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
Not a full year, only covers 8/30/02-3/31/03
Investment grade and non-investment grade (high yield) categories are determined by credit ratings from Standard and Poor’s and Moody’s, which are private independent rating services that assign grades to bonds to represent their credit quality. The issues are evaluated based on such factors as the bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Standard and Poor’s ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. Moody’s ratings are expressed as letters and numbers ranging from ‘Aaa’, which is the highest grade, to ‘C’, which is the lowest grade. A Standard and Poor’s rating of BBB- or higher is considered investment grade. A Moody’s rating of Baa3 or higher is considered investment grade. A Standard and Poor’s rating below BBB- is considered non-investment grade. A Moody’s rating below Baa3 is considered non-investment grade. If an issue is rated by both agencies, the lower rating is used to determine the sector. Fund breakdown by credit ratings are based on Standard and Poor’s ratings. Not Rated Securities consists of securities not rated by either agency, including common stocks, if any.
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 Strategic Income 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. 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. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Small- and mid-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. 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 municipal securities which are subject to the risk of default.
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.