Strategic Investment Fund
Portfolio Overview (as of 3/31/2012)
Asset Allocation (% of Total Portfolio)
| Equities | 51.7% | |
| Fixed Income | 35.5 | |
| Cash & Accruals | 12.8 |
Equity Sector Exposure (% of Equities)
| Health Care | 20.3% | |
| Energy | 14.5 | |
| Information Technology | 13.5 | |
| Industrials | 13.1 | |
| Consumer Staples | 10.6 | |
| Consumer Discretionary | 9.5 | |
| Financials | 8.4 | |
| Utilities | 6.6 | |
| Materials | 3.5 |
Fixed Income Portfolio Allocation (% of Fixed Income)
| High Yield | 88.6% | |
| Busted Convertibles | 3.9 | |
| Bonds Maturing Within 1 Year | 3.9 | |
| Equity Sensitive Convertibles | 3.6 |
Portfolio Characteristics (Fixed Income)
| Weighted Average Coupon | 8.75% |
| Weighted Average Effective Duration | 2.76 years |
| Weighted Average Years to Maturity | 3.81 years |
| Weighted Average Yield to Maturity | 7.30% |
| 30 Day SEC Yield (Entire Fund) | 1.30% |
Click here for standardized fund performance.
Performance data quoted represents 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. Shares redeemed within 30 days are subject to a 2.0% redemption fee. Performance periods assume an investment period of greater than 30 days and do not reflect the redemption fee. If the investment period were shorter than 30 days, performance would be lowered by the amount of the redemption fee.
Portfolio characteristics are generally updated within 30 days after quarter end.
Portfolio characteristics are as of 3/31/2012 and reflect data updates through 4/16/2012. 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.
Credit Quality Allocation (% of Fixed Income)
| Government | 0.0% | |
| AAA | 0.0 | |
| AA | 0.0 | |
| A | 0.0 | |
| BBB | 3.3 | |
| BB | 25.7 | |
| B | 53.6 | |
| Below B | 4.6 | |
| Not Rated* | 12.8 |
Number of Holdings
| Equities | 38 |
| Fixed Income | 42 |
Top 10 Equity Holdings (% of Total Portfolio)
| Kinder Morgan Inc. | 2.06 |
| Compuware Corp. | 1.94 |
| Enterprise Products Partners | 1.93 |
| Cinemark Holdings Inc. | 1.91 |
| HealthSouth Corp. | 1.87 |
| Air Lease Corp. | 1.83 |
| Alleghany Corp. | 1.81 |
| Crown Holdings Inc. | 1.79 |
| Viacom Inc. - B | 1.74 |
| Kraft Foods Inc. - A | 1.64 |
| Total | 18.52 |
Top 10 Fixed Income Holdings (% of Total Portfolio)
| RR Donnelley & Sons Co. 8.25% | 1.76 |
| MDC Partners Inc. 11.00% | 1.34 |
| Castle (Am) & Co. 144A 12.75% | 1.32 |
| Air Lease Corp. 144A CVT 3.875% | 1.30 |
| Fiesta Restaurant Group 144A 8.875% | 1.26 |
| Oppenheimer Holdings Inc. W/I 8.75% | 1.25 |
| Intl. Lease Finance Corp. 6.625% | 1.23 |
| Vanguard Nat. Res./VNR Fin. 7.875% | 1.17 |
| Helix Energy Solutions 144A 9.50% | 1.13 |
| Unisys Corp. 144A 12.75% | 1.11 |
| Total | 12.87 |
Complete Holdings (as of 3/31/2012)
Complete holdings are generally available ten business days following quarter end.
The Strategic Investment Fund’s holdings 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. Current and future holdings are subject to risk.
Fiscal Year Turnover
| Year Ended March 31 |
Turnover |
|---|---|
| 2011* | 134% |
Not a full year, only covers 8/31/10-3/31/11
*Not Rated category includes bond and dividend accruals, if any.
Bond quality reflects Standard and Poor’s credit ratings.
Credit Quality weights by rating were derived from the most recent data available as determined by Standard and Poor’s. Grades are assigned to bonds by private independent rating services such as Standard & Poor’s and these grades represent their credit quality. The issues are evaluated based on the bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade.
This net expense ratio is an annualized figure based on actual expenses accrued during the as-of month. This figure does not include any Acquired Fund Fees and Expenses (AFFE) that may be included in the Total Fund Expenses shown in the Prospectus and elsewhere on this website. During the period noted, fee waivers or expense reimbursements were in effect for the Strategic Investment Fund.
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 clicking here. Please read the prospectus carefully before investing to ensure the Fund is appropriate for your goals and risk tolerance.
Mutual fund investing involves risks. Loss of principal 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 securities, which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund may invest in Master Limited Partnerships, which involve risk related to energy prices and demand. The Fund may invest in debt securities that are un-rated or rated below investment grade. Such 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.
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.