Investment objective & strategy
As of June 27, 2025 · prospectusObjective. The Osterweis Opportunity Fund (the Fund) seeks long-term capital appreciation.
Strategy. The Fund invests primarily in the common stocks of companies that the Adviser believes should experience strong revenue growth and rising profits. Although the Fund may invest in companies of any size, it will generally focus its investments in small-capitalization companies and mid-capitalization companies. The Adviser seeks to identify quality companies with investment potential, which is generally equated with the ability to generate revenue growth over time. Target companies typically possess one or more of the following characteristics: a distinct competitive advantage; a leading position in the industry; the potential for margin expansion; and/or the presence of a strong management team. Some of the companies in which the Fund may invest may have limited operational or earnings history or may … The Fund invests primarily in the common stocks of companies that the Adviser believes should experience strong revenue growth and rising profits. Although the Fund may invest in companies of any size, it will generally focus its investments in small-capitalization companies and mid-capitalization companies. The Adviser seeks to identify quality companies with investment potential, which is generally equated with the ability to generate revenue growth over time. Target companies typically possess one or more of the following characteristics: a distinct competitive advantage; a leading position in the industry; the potential for margin expansion; and/or the presence of a strong management team. Some of the companies in which the Fund may invest may have limited operational or earnings history or may have limited products, markets, financial resources or management depth. The Fund may invest in initial public offerings (IPOs). The Fund may also invest in other investment companies, including exchange-traded funds (ETFs) for the purpose of gaining exposure to certain markets while maintaining liquidity. The Fund may invest up to 30% of its assets in equity securities of foreign issuers and/or depositary receipts that are traded on domestic or foreign exchanges, including in securities issued by companies domiciled in emerging market countries. The Funds investments in any one sector may exceed 25% of its net assets. As of March 31, 2025, over 25% of the Funds assets were invested in securities within the health care sector. The Fund may sell a position if the Adviser believes it is overvalued, fundamentals erode or another more attractive investment is identified.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Federated U.S. Treasury Cash Reserves | UTIXX | $27.34M | 9.51% |
| LIFE TIME GROUP HOLDINGS INC | — | $10.53M | 3.67% |
| AXOS FINANCIAL INC | — | $10.50M | 3.65% |
| GUARDANT HEALTH INC | — | $10.36M | 3.61% |
| VSE CORP | — | $9.68M | 3.37% |
| VERICEL CORP | — | $9.67M | 3.37% |
| CECO ENVIRONMNTL | — | $9.61M | 3.35% |
| FABRINET | — | $9.16M | 3.19% |
| NOVANTA INC | — | $8.95M | 3.12% |
| CASELLA WASTE SYS INC CL A | — | $8.85M | 3.08% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Developing Growth Portfolio | 25% | 1.04% |
| LORD ABBETT DEVELOPING GROWTH FUND INC · LAGWX, LADCX, LADPX, LADYX, LADFX, LADQX, LADRX, LADSX, LADTX, LADVX, LOGWX | 24% | 0.60% |
| Voya Small Cap Growth Fund · TCMSX, VLNPX, VWYIX, VWYFX, VWYGX, VWYKX | 23% | 0.86% |
Advisers
| Firm | Role |
|---|---|
| Osterweis Capital Management, LLC | Adviser |
Footnotes
- Expense ratio as of June 27, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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