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

Equity Outlook: Too Much Confusion

Investors today probably feel a bit like the joker and the thief from Dylan’s classic, “All Along the Watchtower” – there’s too much confusion, they can’t get no relief. But our Core Equity team believes there is a way outta here – investing in dominant companies that pay growing dividends.

Commentary

It’s Like Déjà Vu All Over Again … Again

The Fed remains singularly focused on containing inflation but has made little headway so far. 

Commentary

Strategic Income Outlook: Bobbing and Weaving

2022 has hit investors with an unprecedented 1-2 punch of sharply negative returns in both the equity and fixed income markets, but our Strategic Income team feels the selloff has created attractive opportunities in high yield bonds.

Commentary

Dividend Growth Stocks and High Yield Bonds: An Innovative Approach to Generating Investment Income

Generating investment income is challenging, especially in the low-yield environment we have been living with for the past decade.

Commentary

20 Years of Common Sense Investing: Our Top 5 Principles

We have always believed that common sense is the key to successful investing.

Commentary

Navigating Short-Term Dislocation Through Long-Term Thinking

In the face of what was the largest first half decline in the S&P 500 since 1970 and the worst ever start to a year for high yield bonds, short duration credit was not immune

Commentary

The Fed Has a Third Mandate, and the Market Has a New Imaginary Friend

Much has been made of the market’s relationship with the Fed in recent months.

Commentary

Fundamentally Challenged or Fundamentally Cheap? Bargain Hunting in a Down Market

In downward trending markets as we have seen for much of 2022, it is important to distinguish price declines which may present similarly.

Commentary

Equity Outlook: The Great Normalization

Equity markets have struggled so far in 2022, but in our view the declines are largely due to “The Great Normalization” – the unwinding of the Covid economy that was defined by excess liquidity, unusually high demand, and extremely low interest rates.

Commentary

Total Return Outlook: It’s Like Déjà Vu All Over Again

Despite the Fed’s aggressive tightening policy, we think inflation still has a ways to run, though we remain cautiously optimistic about the economy.

Commentary

Strategic Income Outlook: Are We There Yet?

With investors wondering whether we are finally through the worst of the selloff, our latest Strategic Income outlook tries to answer the question, “Are we there yet?”

Commentary

Short-Term Investing with a Long-Term Perspective

Many of the participants in the short-term credit market use it as a place to deploy cash while waiting for higher risk opportunities.

Commentary

Inflation vs. Stagflation: A Distinction Without a Difference?

For the better part of the last decade, interest rates have been near zero and leverage has driven asset prices higher.

Commentary

Equity Investment Outlook: Globalization in Retreat

Concerns about the Ukraine war, inflation, and the Fed were top of mind last quarter, but a lesser appreciated long-tern headwind is the de-globalization of the labor force, which could have profound effects on the economy.

Commentary

Total Return Outlook: Encore! Encore?!

Russia’s invasion of Ukraine has exacerbated inflation, which was already rising. The big questions now are how far will the Fed be willing to go to slow inflation, and how will the market react as rates increase?