(PUB) Investing 2015
January 2 015
Morningstar FundInvestor
23
Data through December 31, 2014 Osterweis
Ticker
Status Yield Total Assets
Mstar Category Mid-Cap Blend
OSTFX Open
1.4% $1,129 mil
Morningstar Analyst Rating 12-23-14
Investment Style Equity Stock %
Historical Profile Return Risk Rating Average Low Neutral
93% 88% 60% 71% 89% 86% 91% 96% 95%
´
Manager Change Partial Manager Change
14.0 18.0 22.8 28.4
Morningstar Pillars Process Performance
Growth of $10,000
Positive Neutral Neutral Positive Positive
¶ ¶ ∞ ∞
Investment Values of Fund Investment Values of S&P 500
People Parent Price
10.0
Performance Quartile (within Category) History
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12-14
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
16.94 33.13 4.45 -6.93 1.34 31.79
22.32 17.68 6.80 -2.54 1.51 16.17
24.98 9.08 4.17 -3.57 0.58 8.50
25.93 11.36 -4.43 -3.90
26.48
26.86
18.63 31.13
24.34 12.43 -2.63
27.10 -4.29 -6.40 -2.74 0.00 -4.29
25.63 13.66 -2.34 -3.62
28.05 33.84 1.45 -0.92 0.93 32.91
33.47 5.60 -8.09 -7.62 1.45 4.15
NAV
-29.23 4.68
Total Return %
-0.81 -0.92 1.23
7.77
4.67
+/-S&P 500 +/-Rus Mid
12.23
-13.05 -9.35
0.77
0.16
0.48
1.07
2.43
Income Return % Capital Return %
10.59
-29.39 3.45
30.65
11.36
11.23
59
32
52
63
53
11
74
94
58
73
51
75
Total Rtn % Rank Cat
Pillar Spectrum Positive ∞
0.05 0.00 1.41 1.23
0.23 0.00 1.36 1.08
0.34 0.94 1.32 0.89
0.15 1.18 1.26 0.79
0.20 2.22 1.21 1.10
0.32 0.53 1.18 1.05
0.04 0.32 1.20 1.27
0.09 0.00 1.08 0.96
0.26 0.00 0.99 0.69
0.00 0.30 0.98 0.94
0.62 0.45 1.03 0.50
0.50 2.50 1.01 1.14
Income $
§ Negative
¶ Neutral
Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil
Performance 12-31-14 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
34
58
38
30
50
56
63
26
39
31
24
31
2010 2011 2012 2013 2014
3.86 -7.32 8.45 7.69 -4.29 5.09 -0.53 -17.05 10.38 13.66 8.47 -2.48 6.86 0.55 33.84 14.37 1.75 7.44 7.05 5.60 1.30 5.98 -3.47 . .
111
155
230
301
356
334
898
1,289
1,124
843
1,107
1,129
Portfolio Analysis 09-30-14 Share change since 06-14 Total Stocks:41 Sector
Rating and Risk Time Load-Adj
PE Tot Ret% % Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
Federated US Treasury Ca Valeant Pharmaceuticals Magellan Midstream Partn Enterprise Products Part Cinemark Holdings Inc Air Lease Corp Class A Johnson & Johnson Digital Realty Trust Inc Occidental Petroleum Cor Charter Communications I Crown Holdings Inc Directv
4.70
. . . Hlth care 97.1 21.90 3.55
1 Yr 3 Yr 5 Yr
5.60
Trailing
Total
+/-
+/- Rus %Rank Growth of
Return% S&P 500 1.90 -3.03 -1.64 -7.76 5.60 -8.09 17.12 -3.29 11.57 -3.88 7.39 -0.28 6.93 2.69
Mid
Cat
$10,000
17.12 11.57
Avg -Avg Avg
-Avg Low Low
Energy Energy
24.2 34.61 3.48 24.0 13.27 3.30
3 Mo 6 Mo 1 Yr
-4.04 -5.82 -7.62 -4.28 -5.62 -2.17 -1.97
86 10,190 81 9,836 76 10,560 79 16,065 87 17,288 67 20,400 76 27,321
10 Yr Incept
7.39
Cnsmr Cyc 25.3 9.75 3.28
11.22
Industrl
15.4 10.81 3.09
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Hlth care 17.3 17.19 3.09
Other Measures
Standard Index
Best Fit Index
Real Est
38.3 41.73 3.03
S&P 500
Mstar Mid Value
Comm Svs 16.0 25.54 3.03
Alpha
-2.5 0.99
-1.0 0.84
Energy
11.2 -8.61 2.97
Beta
Comm Svs
21.83 2.95
.
R-Squared
83
89
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 15.03 75 1.78 69 10.26 86 1.17 66 6.36 61 0.96 48 Potential Capital Gain Exposure: 33% of assets Morningstar’s Take by Kevin McDevitt, CFA 12-23-14 Osterweis’ results no longer justify a Morningstar Analyst Rating of Silver. This fund has outperformed going back to its 1993 inception under John Osterweis, but that hasn’t been the case since multiple comanagers joined the fund over the years. Since the move to comanagers in June 2006, the fund’s 7.3% annualized return through Dec. 17, 2014, lags the Russell Midcap Index’s 8.9% gain by 1.6 percentage points. This stretch encapsulates a full market cycle, including a deep bear market followed by a long rally. During that time, the fund’s calendar-year return has landed in the mid-blend Morningstar Category’s top half only once, in 2008. As the fund’s strong 2008 showing suggests, it’s generally been less volatile than most peers. But this has owed more to Osterweis’ building cash at the right times rather than holding defensive stocks. That is, counting on the team to increase its cash stake at the right time is potentially less reliable than maintaining a conservative portfolio. True, the team tends to invest in companies with competitive advantages, which shows
Cnsmr Cyc 16.6 14.20 2.94 Hlth care 25.4 -2.15 2.91 Cnsmr Cyc 13.9 -12.37 2.88
Standard Deviation
9.86
Bayer AG ADR Viacom Inc Class B
Mean
17.12
American Water Works Co Oracle Corporation Atlas Pipeline Partners
Utilities
24.2 28.99 2.85
Sharpe Ratio
1.66
Technology 18.8 18.79 2.84
Energy
-15.06 2.75
.
Teleflex Inc
Hlth care 30.4 23.78 2.62 Cnsmr Cyc 30.9 18.44 2.61 Cnsmr Def 17.9 0.79 2.59
Liberty Interactive Corp
in the latest portfolio. Roughly half the current holdings are rated by Morningstar analysts and all have either a Wide or Narrow Economic Moat Rating. However, this is offset to some extent by the portfolio’s 48.3% average debt/capital ratio, which is among the category’s 10 highest. Overhanging the fund’s results is John Osterweis’ plan to step down as CIO in 2017, when he will be 75. The remaining team is unproven on its own, as all of the fund’s outperformance since inception came when Osterweis was the sole manager. Added to this, three comanagers have left the firm over the past three years. The team has high hopes for Nael Fakhry, who took departing comanager Zach Perry’s place in May, but he’s an unknown quantity at this point. The team has time to turn things around before Osterweis steps down. Its process is largely the same one Osterweis used to generate outperformance in the first half of the fund’s history. Disappointing results since 2006 and uncertainty surrounding the team lead to a Bronze Morningstar Analyst Rating.
Unilever NV ADR
Current Investment Style
Sector Weightings
% of Stocks
Rel S&P 500 High
3 Year Low
Market Cap % Giant 36.2 Large 11.3 Mid 31.5 Small 20.4 Micro 0.7 Avg $mil: 17,366
Value Blnd Growth
Large Mid Small
Cyclical 31.03 BasicMat 0.00 CnsmrCyc18.81 FinanSvs 5.22 Real Est 7.00 Sensitive 38.80 CommSrvs 6.27 Energy 15.72 Technlgy 7.38 Defensive30.17 CnsmrDef 5.35 Hlthcare 18.26 Utilities 6.56 Industrl 9.43
.
h r t y u j i o p a k s d f
. . . . 19 12 . 12 5
7 2
. . .
6 2
Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures
Rel Category
. 18 11 . 10 6 . 16 7
18.16 2.46 1.74 7.14 2.12 11.00 6.02 3.53 11.52 -8.04
1.16 1.29 1.66 0.98 1.35 0.99 1.20 1.15 1.50 NMF
.
. 13 5 . 23 18
% Rel Category
8 3
.
Composition - Net
Cash 4.7 Stocks 95.3 Bonds 0.0 Other 0.0 Foreign 20.1
Address:
c/o U.S. Bancorp Fund Services, LLC Milwaukee, WI 53202 866-236-0050
Minimum Purchase: Min Auto Inv Plan:
$5000 $5000
Add: $100 IRA: $1500
Add: $100
Profitability
% Rel Category
Sales Fees:
No-load
Return on Equity Return on Assets Net Margin
18.07 5.85 11.53
1.22 1.02 1.21
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
www.osterweis.com
Management Fee:
1.00% mx./0.75% mn. Mgt:0.87% Dist: .
(% of Stock)
10-01-93
Actual Fees:
Osterweis Capital Management Llc
Expense Projections: Income Distribution:
3Yr:$322 Annually
5Yr:$558 10Yr:$1236
None
N/A
Mutual Funds ß ®
© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.
EQ
Made with FlippingBook