Fund Evaluator:
Osterweis (OSTFX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
Osterweis Overview
Osterweis (OSTFX) is an actively managed U.S. Equity Large Blend fund. Osterweis launched the fund in 1993.
The investment seeks long-term total returns. The fund invests primarily in common stocks of quality growth companies that Osterweis Capital Management, Inc. (the “Adviser”) believes offer superior investment value and opportunity for growth. It may invest in companies of any size - large, medium and small. The Adviser focuses on companies that the adviser believes to be undervalued or otherwise out-of-favor in the market, but that have sustainable competitive advantages.
About Osterweis (OSTFX)
There are 3 members of the management team with an average tenure of 21.30 years: Gregory Hermanski (2008), Nael Fakhry (2014), John Osterweis (1993). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Osterweis has 40 securities in its portfolio. The top 10 holdings constitute 43.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Osterweis is part of the Equity global asset class and is within the U.S. Equity fund group. Osterweis has 8.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.2%. There is 8.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Osterweis has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $144 million in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
OSTFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Osterweis expense ratio is high compared to funds in the Large Blend category. Osterweis has an expense ratio of 0.94%, which is 16% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Osterweis has a portfolio turnover rate of 42%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of August 2026, Osterweis returned 1.3%, which earned it a grade of D, as the Large Blend category had an average return of 2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Osterweis has a trailing yield of 0.07%, which is below the 0.55% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Osterweis Grades
Year to date, the fund has returned 8.4%, 3.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.6% over the past year (grade of F), 14.3% over the past three years (grade of F) and 6.5% per year over the past five years (grade of F) and 10.9% per year over the past 10 years (grade of F).
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OSTFX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| OSTFX Return (NAV) | 1.3% | 3.3% | 13.6% | 14.3% | 6.5% | 10.9% |
| OSTFX Grade | D | B | F | F | F | F |
| +/- Category | -0.9% | 1.0% | -4.1% | -4.5% | -4.5% | -3.0% |
| Large Blend Avg | 2.1% | 2.3% | 17.6% | 18.8% | 11.0% | 13.9% |
| OSTFX Tax Cost Ratio | na | na | 1.4% | 2.0% | 2.0% | 2.9% |
OSTFX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OSTFX Return (NAV) | 8.4% | 12.9% | 13.4% | 22.7% | -21.9% | 19.3% | 23.1% | 33.1% | -7.3% | 14.4% | 4.9% |
| OSTFX Grade | F | F | F | D | F | F | A | A | D | F | F |
| +/- Category | -3.3% | -3.0% | -8.7% | -1.0% | -4.6% | -7.3% | 5.6% | 3.3% | -1.4% | -6.9% | -5.3% |
| Large Blend Avg | 11.6% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 12.7% |
| Total Risk Index: | 1.05 - Above Average |
| Category Risk Index: | 0.97 - Below Average |
| Category Risk Grade: | B (29% Rank) |
| Beta: | 0.91 |
| R-Squared: | 85% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $144 Mil |
| Fund Total Assets: | $ 144 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 42% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 32.9 years | |||
| Average Tenure: 21.3 years | |||
| Managers (Year): Osterweis John (1993), Hermanski Gregory (2008), Fakhry Nael (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 40 |
| % in Top 10 Holdings: | 43.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.7% |
Portfolio Allocation |
|
| Domestic Stock: | 89.2% |
| Foreign Stock: | 8.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.2% |
Purchase Information
| Fund Family: | Osterweis |
| Phone Number: | 866-236-0050 |
| Website: |
| Status: | Open |
| Inception Date: | October 1, 1993 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $1,500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.94% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Osterweis |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
