Portfolio Overview as of 6/30/2020
Asset Allocation (% of Total Portfolio)
|Cash & Equivalents||1.5|
Fixed Income Portfolio Allocation (% of Fixed Income)
|Equity Sensitive Convertibles||11.3|
Equity Sector Exposure (% of Equities)
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
Portfolio Characteristics (Fixed Income)
|Weighted Average Coupon (%)||N/A|
|Weighted Average Effective Duration||N/A|
|Weighted Average Years to Maturity||N/A|
|Weighted Average Yield to Maturity (%)||N/A|
|30 Day SEC Yield (Entire Fund)(%)||N/A|
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. This information is believed to be reliable, but it is not guaranteed. Weighted averages are by security market value. Effective Duration is from Bloomberg.
Maturity (% of Fixed Income)
Effective Duration (% of Fixed Income)
|< 1 Year||N/A%|
Credit Quality Exposure (% of Fixed Income)
|Not Rated Securities||20.9|
Geographic Allocation (% of Total Portfolio)
|United States (including cash & equivalents)||93.2%|
Number of Holdings
Top 10 Equity Holdings (% of Total Portfolio)
|Alphabet Inc-CL C||4.5|
|Charter Communications Inc.-A||2.7|
|Visa Inc-Class A Shrs||2.3|
|Waste Connections Inc||2.3|
|Coresite Realty Corp||2.1|
|Dollar General Corp||2.1|
|Crown Castle International Corp||2.0|
|Applied Materials Inc||2.0|
Top 10 Fixed Income Holdings (% of Total Portfolio)
|ADS Tactical Inc 144A 9.000% 7/31/23||1.1|
|Donnelley Financial Solutions 8.250% 10/15/24||0.8|
|Tutor Perini Corp 144A 6.875% 5/1/25||0.8|
|Consolidated Energy Fin 144A 4.063% 6/15/22||0.7|
|Caleres Inc 6.250% 8/15/23||0.7|
|Kehe Distributors LLC/Financial 144A 8.625% 10/15/26||0.7|
|Oppenheimer Holdings Inc 6.750% 7/1/22||0.6|
|Icahn Enterprises/Fin Wi 6.250% 2/1/22||0.6|
|Centene Corp 4.750% 5/15/22||0.6|
|Radiology Partners Inc 144A 9.250% 2/1/28||0.6|
Complete holdings are generally available ten business days following quarter end.
The Strategic Investment 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 8/31/10-3/31/11
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 Investment Fund may invest in small- and mid-capitalization companies, which tend to have limited liquidity and greater price volatility than large-capitalization companies. 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. 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 also make investments in derivatives that may involve certain costs and risks such as those related to liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Leverage may cause an increase or decrease in the value of the portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used. Investments in preferred securities typically have an inverse relationship with changes in the prevailing interest rate. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.
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.