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OSTIX Osterweis Strategic Income

  • Fund
  • OSTIX
  • Price as of: Dec 01, 2016
  • $11.22
  • + $0.01
  • + 0.09%
  • Category
  • Diversified Portfolio

OSTIX - Profile

Vitals

  • YTD Return 5.3%
  • 3 Yr Annualized Return 3.5%
  • 5 Yr Annualized Return 5.1%
  • Net Assets $5.13 B
  • Holdings in Top 10 20.6%

52 WEEK LOW AND HIGH

$11.22
$10.23
$11.26

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.82%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 31.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

STANDARD (TAXABLE)

$5,000

IRA

$1,500

Investment Themes

CATEGORY

Diversified Portfolio
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return 9.8%
  • 3 Yr Annualized Total Return 3.5%
  • 5 Yr Annualized Total Return 5.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.42%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Osterweis Strategic Income Fund
  • Fund Family Name Osterweis
  • Inception Date Aug 30, 2002
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Bradley M. Kane

Fund Description

The Osterweis Strategic Income Fund (OSTIX) is an actively managed fund that aims to provide long-term high total returns through a combination of income and capital appreciation. The fund primarily focuses its attention on U.S. bonds of any kind, but it can own convertible stocks as well. OSTIX’s managers alter the fund’s allocation based on changes in interest rate policy and the overall economic environment. The fund uses bottom-up credit analysis to find bonds that are trading at attractive metrics relative to their prices.

Given OSTIX’s broad mandate and low costs, the fund could be used as a core position in a fixed-income portfolio. The fund is managed by Osterweis Capital Management LLC.

OSTIX - Performance

Return Ranking - Trailing

Period OSTIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 5.3% -66.0% 21.5% 21.09% 2
1 Yr 6.5% -35.0% 45.9% 5.12% 1
3 Yr 3.5% * -13.6% 11.8% 22.90% 2
5 Yr 5.1% * -11.6% 13.2% 40.32% 3
10 Yr 6.1% * -5.0% 8.2% 4.14% 1

* Annualized


Return Ranking - Calendar

Period OSTIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -6.4% -37.7% 48.7% 45.66% 3
2014 -3.8% -59.3% 14.8% 69.53% 5
2013 1.6% -17.5% 36.4% 72.26% 5
2012 2.8% -16.2% 18.4% 80.04% 5
2011 -2.5% -30.5% 7.4% 43.76% 3

Total Return Ranking - Trailing

Period OSTIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 9.8% -65.8% 30.1% 6.08% 1
1 Yr 6.5% -38.3% 73.2% 8.54% 1
3 Yr 3.5% * -14.6% 28.2% 38.31% 2
5 Yr 5.1% * -11.9% 13.2% 68.14% 4
10 Yr 6.1% * -5.0% 8.2% 12.97% 1

* Annualized


Total Return Ranking - Calendar

Period OSTIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.9% -29.3% 50.4% 26.01% 2
2014 1.5% -54.8% 25.4% 80.05% 5
2013 8.0% -16.7% 57.2% 71.25% 4
2012 11.2% -16.2% 74.5% 67.11% 4
2011 5.8% -25.3% 15.8% 7.37% 1

NAV & Total Return History

OSTIX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

OSTIX Category Low Category High OSTIX % Rank Quintile
Net Assets 5.13 B 81.4 K 99.4 B 2.01% 1
Number of Holdings 101 1 12494 11.17% 3
Net Assets in Top 10 1.02 B -654 M 20.2 B 4.35% 2
Weighting of Top 10 20.6% 0.2% 272.7% 25.31% 5

Top 10 Holdings

  1. Rite Aid 9.25% 4.16%
  2. Chs / Cmnty Health Sys 8% 2.46%
  3. Icahn Enterprises Lp/Corp 3.5% 2.41%
  4. Regis Corp Minn 5.5% 2.15%
  5. Transfield Svcs 144A 8.375% 1.71%
  6. Herc Rentals 144A 7.5% 1.66%
  7. Ads Tactical 144A 11% 1.57%
  8. Shearers Foods Llc / Chip Fin 144A 9% 1.55%
  9. Bi-Lo Llc / Bi-Lo Fin 144A 8.625% 1.45%
  10. Oppenheimer Hldgs 8.75% 1.46%

Asset Allocation

Weighting Category Low Category High OSTIX % Rank Quintile
Bonds
73.90% -41.48% 107.98% 1.32% 1
Cash
22.04% -55.49% 139.25% 5.08% 1
Convertible Bonds
2.61% 0.00% 33.12% 2.52% 1
Preferred Stocks
0.98% -1.01% 35.22% 5.31% 1
Stocks
0.48% -49.32% 147.79% 30.56% 5
Other
0.00% -18.85% 98.84% 17.76% 5

Stock Sector Breakdown

Weighting Category Low Category High OSTIX % Rank Quintile
Industrials
0.08% -4.92% 48.84% 24.70% 5
Energy
0.01% -2.68% 33.46% 21.22% 5
Financial Services
0.00% -5.07% 69.58% 25.44% 5
Technology
0.00% -8.03% 70.04% 26.00% 5
Healthcare
0.00% -1.46% 29.90% 24.84% 5
Real Estate
0.00% -8.01% 48.98% 19.03% 5
Utilities
0.00% -7.18% 47.20% 14.95% 5
Communication Services
0.00% -2.53% 27.16% 16.11% 5
Consumer Defense
0.00% -4.74% 27.69% 21.54% 5
Consumer Cyclical
0.00% -6.02% 54.37% 24.23% 5
Basic Materials
0.00% -2.13% 21.85% 17.64% 5

Stock Geographic Breakdown

Weighting Category Low Category High OSTIX % Rank Quintile
US
0.48% -97.12% 142.85% 30.30% 5
Non US
0.00% -2.98% 150.26% 26.86% 5

Bond Sector Breakdown

Weighting Category Low Category High OSTIX % Rank Quintile
Corporate
75.65% -20.43% 93.55% 0.32% 1
Cash & Equivalents
22.04% -54.77% 138.37% 5.26% 1
Securitized
1.04% -0.01% 40.54% 20.14% 4
Government
0.79% -91.64% 76.37% 24.44% 5
Municipal
0.00% 0.00% 91.28% 7.60% 4
Derivative
0.00% -84.53% 36.75% 2.84% 2

Bond Geographic Breakdown

Weighting Category Low Category High OSTIX % Rank Quintile
US
65.46% -154.38% 94.16% 0.96% 1
Non US
8.44% -57.44% 198.64% 8.15% 2

OSTIX - Expenses

Operational Fees

OSTIX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.82% 0.00% 165.34% 15.29% 2
Management Fee 0.70% 0.00% 2.55% 2.71% 4
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.83% N/A N/A

Sales Fees

OSTIX Fees (% of AUM) Category Low Category High OSTIX Rank Quintile
Front Load N/A 0.14% 5.75% N/A N/A
Deferred Load N/A 0.75% 5.50% N/A N/A

Trading Fees

OSTIX Fees (% of AUM) Category Low Category High OSTIX Rank Quintile
Max Redemption Fee 2.00% 0.11% 2.00% 0.49% 4

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

OSTIX Fees (% of AUM) Category Low Category High OSTIX Rank Quintile
Turnover 31.00% 0.00% 5609.00% 11.54% 2

OSTIX - Distributions

Dividend Yield Analysis

OSTIX Category Low Category High OSTIX % Rank Quintile
Dividend Yield 0.6% 0.00% 11.33% 3.96% 1

Dividend Distribution Analysis

OSTIX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

OSTIX Category Low Category High OSTIX % Rank Quintile
Net Income Ratio 5.42% -2.96% 9.94% 0.64% 1

Capital Gain Distribution Analysis

OSTIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

OSTIX - Managers

Bradley M. Kane

Manager

Start Date

Jun 30, 2013

Tenure

3.34

Tenure Rank

4.9%

Prior to joining Osterweis Capital Management in 2013, Mr. Kane was a Portfolio Manager and Analyst at Newfleet Asset Management, where he managed both high yield and leveraged loan portfolios. Before that, he was a Vice President at GSC Partners, focusing on management of high yield and collateralized debt obligations. Earlier in his career, he managed high yield assets as a Vice President at Mitchell Hutchins Asset Management. Bradley Kane graduated from Lehigh University (B.S. in Business & Economics) and is a principal of Osterweis Capital Management


Simon T. Lee

Manager

Start Date

Mar 31, 2008

Tenure

8.59

Tenure Rank

2.3%

Prior to joining Osterweis Capital Management in 2008, Mr. Lee was a key member of the investment management team at Pacific Life Insurance Company, where he managed high yield and convertible bond portfolios, originated and managed two collateralized bond obligation funds, and was actively involved in the credit default swap market for the high yield bond portfolio. Prior to that, Mr. Lee was a Research Analyst with E. F. Hutton Life and Executive Life from 1980 to 1985. Mr. Lee graduated from Loyola Marymount University (B.B.A., M.B.A.). He is a principal of Osterweis Capital Management, a CFA charterholder and a member of the CFA Society of Los Angeles.


Carl P. Kaufman

Manager

Start Date

Aug 30, 2002

Tenure

14.18

Tenure Rank

0.9%

Prior to joining Osterweis Capital Management in 2002, Mr. Kaufman was a senior member of the convertible bond team at Robertson Stephens. Prior to that, he spent nineteen years with Merrill Lynch, in their Institutional Sales office, specializing in convertible and equity sales and trading. Mr. Kaufman graduated from Harvard University and attended New York University Graduate School of Business Administration. He is a principal of Osterweis Capital Management.


Tenure Analysis

Category Low

0.0

Category High

35.9

Category Average

5.42

Category Mode

4.8