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OSTIX Osterweis Strategic Income

  • Fund
  • OSTIX
  • Price as of: May 22, 2019
  • $11.11 - $0.00 - 0.00%
  • Category
  • Diversified Portfolio

OSTIX - Profile

Vitals

  • YTD Return 3.1%
  • 3 Yr Annualized Return 0.8%
  • 5 Yr Annualized Return -1.6%
  • Net Assets $5.57 B
  • Holdings in Top 10 17.5%

52 WEEK LOW AND HIGH

$11.11
$10.75
$11.36

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.84%

SALES FEES

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

BROKERAGE FEES

  • Turnover 53.00%

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 3.1%
  • 3 Yr Annualized Total Return 5.3%
  • 5 Yr Annualized Total Return 3.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.49%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Osterweis Strategic Income Fund
  • Fund Family Name Osterweis
  • Inception Date Aug 30, 2002
  • Shares Outstanding 499846348
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Carl P. Kaufman

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 (%)
YTD 3.1% -3.6% 18.6% 91.84%
1 Yr -1.5% -27.6% 10.7% 28.63%
3 Yr 0.8%* -9.2% 14.1% 58.04%
5 Yr -1.6%* -24.5% 8.6% 64.43%
10 Yr 0.7%* -14.3% 9.7% 95.06%

* Annualized


Return Ranking - Calendar

Period OSTIX Return Category Return Low Category Return High Rank in Category (%)
2018 -5.0% -34.6% 1.6% 7.17%
2017 1.2% -12.4% 33.2% 91.58%
2016 5.2% -65.8% 23.3% 26.79%
2015 -6.4% -64.9% 4.8% 52.44%
2014 -3.8% -59.3% 68.3% 83.68%

Total Return Ranking - Trailing

Period OSTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -3.6% 18.6% 91.84%
1 Yr 2.0% -25.5% 11.4% 21.72%
3 Yr 5.3%* -9.2% 14.1% 42.22%
5 Yr 3.3%* -21.8% 47.6% 42.14%
10 Yr 6.3%* -12.6% 13.3% 61.69%

* Annualized


Total Return Ranking - Calendar

Period OSTIX Return Category Return Low Category Return High Rank in Category (%)
2018 -0.7% -32.7% 1.6% 2.22%
2017 6.0% -8.4% 33.2% 80.54%
2016 10.9% -65.2% 23.3% 8.59%
2015 -0.9% -62.9% 9.2% 21.67%
2014 1.3% -28.5% 76.9% 77.55%

NAV & Total Return History

OSTIX - Holdings

Concentration Analysis

OSTIX Category Low Category High OSTIX % Rank
Net Assets 5.57 B 608 K 144 B 10.88%
Number of Holdings 133 2 13342 44.02%
Net Assets in Top 10 954 M -752 M 26.4 B 27.70%
Weighting of Top 10 17.49% 0.0% 3196.0% 88.87%

Top 10 Holdings

  1. XPO Logistics, Inc. 6.5% 2.21%

  2. Carrols Restaurant Group Inc. 8% 1.92%

  3. Consolidated Energy Finance S.A. 6.36% 1.90%

  4. Teck Resources Limited 8.5% 1.78%

  5. Avation Capital SA 6.5% 1.68%

  6. DISH DBS Corporation 5.12% 1.66%

  7. Unisys Corporation 10.75% 1.65%

  8. Navistar International Corporation 4.75% 1.63%

  9. Hecla Mining Company 6.88% 1.55%

  10. Century Aluminum Co. 7.5% 1.51%


Asset Allocation

Weighting Return Low Return High OSTIX % Rank
Bonds
73.27% -342.57% 261.66% 8.10%
Cash
14.61% -285.07% 453.71% 13.60%
Convertible Bonds
8.32% -0.09% 39.88% 3.04%
Stocks
1.97% -18.54% 99.89% 96.46%
Preferred Stocks
0.92% 0.00% 65.70% 13.73%
Other
0.92% -253.31% 51.84% 22.96%

Stock Sector Breakdown

Weighting Return Low Return High OSTIX % Rank
Consumer Cyclical
0.96% -10.37% 33.33% 91.71%
Utilities
0.00% -0.60% 23.50% 98.67%
Technology
0.00% -9.43% 28.91% 99.75%
Real Estate
0.00% -3.85% 73.69% 98.54%
Industrials
0.00% -0.28% 27.79% 99.81%
Healthcare
0.00% -2.72% 24.64% 99.37%
Financial Services
0.00% -0.38% 47.66% 99.49%
Energy
0.00% -2.23% 32.61% 99.30%
Communication Services
0.00% -0.92% 7.52% 99.37%
Consumer Defense
0.00% -1.62% 18.58% 98.92%
Basic Materials
0.00% -1.52% 21.64% 99.11%

Stock Geographic Breakdown

Weighting Return Low Return High OSTIX % Rank
US
1.97% -20.21% 124.70% 95.57%
Non US
0.00% -91.46% 98.02% 98.48%

Bond Sector Breakdown

Weighting Return Low Return High OSTIX % Rank
Corporate
81.11% 0.00% 93.54% 0.70%
Cash & Equivalents
6.54% -278.69% 455.04% 32.38%
Securitized
1.40% 0.00% 43.20% 74.76%
Derivative
0.00% -190.53% 70.06% 78.18%
Municipal
0.00% 0.00% 99.76% 97.28%
Government
0.00% -203.24% 254.66% 97.03%

Bond Geographic Breakdown

Weighting Return Low Return High OSTIX % Rank
US
67.84% -337.34% 210.96% 6.01%
Non US
5.43% -84.44% 144.19% 39.85%

OSTIX - Expenses

Operational Fees

OSTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.84% 0.00% 11.64% 57.87%
Management Fee 0.70% 0.00% 2.50% 80.20%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.83% N/A

Sales Fees

OSTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.14% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

OSTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.11% 2.00% 49.60%

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 Return Low Category Return High Rank in Category (%)
Turnover 53.00% 0.00% 6067.00% 59.65%

OSTIX - Distributions

Dividend Yield Analysis

OSTIX Category Low Category High OSTIX % Rank
Dividend Yield 0.05% 0.00% 0.31% 3.54%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

OSTIX Category Low Category High OSTIX % Rank
Net Income Ratio 4.49% -4.09% 6.99% 1.20%

Capital Gain Distribution Analysis

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

OSTIX - Managers

Carl P. Kaufman

Manager

Start Date

Tenure

Tenure Rank

Aug 30, 2002

16.68

16.7%

Mr. Carl P. Kaufman serves as Co-Chief Executive Officer, Co-President, and Managing Director – Fixed Income for Osterweis Capital Management, Inc. and Osterweis Capital Management, LLC. Prior to joining the firm 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.


Bradley M. Kane

Manager

Start Date

Tenure

Tenure Rank

Jun 30, 2013

5.84

5.8%

Mr. Bradley M. Kane serves as Vice President and Assistant Portfolio Manager for Osterweis Capital Management Inc. and Osterweis Capital Management LLC. Prior to joining the firm 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


Craig L. Manchuck

Manager

Start Date

Tenure

Tenure Rank

Feb 06, 2017

2.23

2.2%

Mr. Craig L. Manchuck serves as an Assistant Portfolio Manager for Osterweis Capital Management Inc. and Osterweis Capital Management LLC. Prior to joining Osterweis Capital Management in 2017, Mr. Manchuck was a Managing Director of Fixed Income at Stifel Nicolaus from 2013 to 2016 and Knight Capital from 2008-2013, where he was responsible for sales and origination of high yield bonds, leveraged loans and post reorg equities. Prior to that from 2000 to 2008, Mr. Manchuck was the Executive Director for Convertible Securities and then High Yield/Distressed Securities at UBS. He has previous experience in Convertible Securities Sales at Donaldson, Lufkin & Jenrette, SBC Warburg and Merrill Lynch.


Tenure Analysis

Category Low

0.0

Category High

38.35

Category Average

6.56

Category Mode

6.95