Established in 1983, Osterweis Capital Management is an independent asset manager that provides investment management services to institutions and individuals through mutual funds and separate accounts, offering both equity and fixed income investment strategies.

1 Maritime Plaza, San Francisco, CA 94111
415-434-4441
www.osterweis.com

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.
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Osterweis Capital Management is the adviser to the Osterweis Funds, which are distributed by Quasar Distributors, LLC.

Commentary

Catching the Wave: Why Secular Growth Matters

In our view, the specific market dynamics that influence a company's sales growth prospects have a greater impact on equity returns than the overall direction of the economy.

Commentary

Artificial Intelligence: A Seismic Secular Growth Opportunity

Artificial intelligence (AI) has been top-of-mind for investors for much of 2023, fueling a strong rally in the S&P 500. While it may take time for AI to have a similar impact on small cap stocks, we share the market’s enthusiasm and believe AI has the potential to become one of the most disruptive secular growth trends ever.

Commentary

Strategic Income Outlook: So, What’s New with You?

Despite persistent inflation and elevated short-term interest rates, the economy appears to be holding up well, and we believe the Fed may deliver the “soft landing” it has been trying to engineer.

Commentary

Total Return Outlook: Take a Hike

The economy has held up remarkably well despite the Fed’s tightening program, but with two more hikes likely in 2023, the risk of a slowdown remains elevated.

Commentary

Equity Outlook: Beware the Narrow Market

The S&P 500 has generated double digit returns so far in 2023, but the gains have been narrowly focused. Heading into the second half, we will be watching to see whether the rally broadens or the market capitulates.

Commentary

The Risk of Playing It Safe

Investors have been loading up on T-bills and money market funds this year, but according to our Total Return team, that is not a sustainable strategy as it exposes investors to both reinvestment risk and inflation while creating an asset/liability mismatch.

Commentary

Total Return Outlook: A New Type of Dual Mandate

Thanks to the recent banking crisis, the Fed’s “dual mandate” has taken on a new meaning. The increased economic uncertainty during the first quarter drove investors towards safer assets, boosting investment grade bonds.

Commentary

Strategic Income Outlook: And We Thought 2022 Was a Crazy Year

2023 has already been an eventful year, featuring a banking crisis and more Fed rate hikes. In our view, this is not a “set it and forget it” type of market – investors need to stay vigilant.

Commentary

Sector Rotation: The Cornerstone of Our Investment Grade Strategy

Volatility can be challenging but it also creates opportunities. In our view, rotating across sectors within the investment grade market is the most effective way to take advantage of price fluctuations and generate alpha.

Commentary

Sustainable Investing: Opportunistically Managing Risk

Robust risk management is essential for fixed income investors. In his latest commentary, Marcus Moore explains why our sustainable investing team considers ESG factors as material business risks, similar to the traditional risks they also analyze.

Commentary

Small Cap Growth Investing Across Market Cycles

Markets are unpredictable, which is one of many reasons it is difficult to consistently deliver alpha over long periods. In their latest commentary, our small cap growth team explains why their approach to managing the trade-off between risk and reward gives them the opportunity to outperform across market cycles.

Commentary

Unexpected Risks and Opportunities from the Inverted Yield Curve

Many investors have attempted to capitalize on the inverted yield curve by purchasing long-term Treasuries (assuming continued declines at the long end will cause their bonds to appreciate). In his latest commentary, Venk Reddy, CIO of our Sustainable Credit Strategies, explains why he feels this approach is materially riskier than investing in short duration fixed income.

Commentary

Elephant in the Room

The current debt ceiling debate in Congress is a great reminder that investors should always prepare for the unexpected and invest in companies that are durable enough to withstand a range of economic scenarios.

Commentary

Strategic Income Outlook: Was This a Crazy Year or What?

2022 was a difficult year for bond investors, but the combination of high inflation and tighter Fed policy should keep yields elevated, creating materially stronger fixed income returns in the new year.

Commentary

Equity Outlook: The Times They Are A-Changin’

In 2022, inflation and interest rates both rose substantially, creating the near-term potential for a recession.