Fund Evaluator:
Osterweis Growth & Income Fund (OSTVX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Osterweis Growth & Income Fund Overview
Osterweis Growth & Income Fund (OSTVX) is an actively managed Allocation Moderate Allocation fund. Osterweis launched the fund in 2010.
The investment seeks long-term total returns and capital preservation. The fund invests in both equity and fixed income securities that Osterweis Capital Management, LLC (the “Adviser”) believes can deliver attractive long-term returns and enhanced capital preservation. The fund also focuses on generating consistent and growing income over time in addition to capital appreciation. The fund’s investments in any one sector may exceed 25% of its net assets. In executing the strategy, the advisors seek to deliver returns through both income and growth.
About Osterweis Growth & Income Fund (OSTVX)
There are 4 members of the management team with an average tenure of 9.84 years: Gregory Hermanski (2022), Nael Fakhry (2022), Carl Kaufman (2010), John Osterweis (2010). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, Bloomberg US Agg Bond TR USD index with a weighting of 40% and S&P 500 (TR) (1970) index with a weighting of 60%. Osterweis Growth & Income Fund has 160 securities in its portfolio. The top 10 holdings constitute 26.5% 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 Growth & Income Fund is part of the Allocation global asset class and is within the Allocation fund group. Osterweis Growth & Income Fund has 11.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 54.8%. There is 8.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 31.1% (27.7% domestic bond, 3.5% foreign bond and 1.6% convertible bond). Osterweis Growth & Income Fund has 4.1% of the portfolio in cash.
Assets Under Management
The fund has $192 million in total assets, which is below the $2 billion average for the Moderate Allocation 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.
OSTVX 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 Growth & Income Fund expense ratio is high compared to funds in the Moderate Allocation category. Osterweis Growth & Income Fund has an expense ratio of 0.98%, which is 1% lower than its category average, making the fund expense ratio grade a C. 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 Growth & Income Fund has a portfolio turnover rate of 46%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of August 2026, Osterweis Growth & Income Fund returned 0.7%, which earned it a grade of F, as the Moderate Allocation category had an average return of 1.4%. 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 Growth & Income Fund has a trailing yield of 2.12%, which is above the 1.95% category average. The fund normally distributes its income quarterly 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 Growth & Income Fund Grades
Year to date, the fund has returned 7.0%, 1.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.5% over the past year (grade of D), 11.6% over the past three years (grade of F) and 5.8% per year over the past five years (grade of D) and 8.8% per year over the past 10 years (grade of C).
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OSTVX 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 |
|
| OSTVX Return (NAV) | 0.7% | 2.3% | 10.5% | 11.6% | 5.8% | 8.8% |
| OSTVX Grade | F | A | D | F | D | C |
| +/- Category | -0.8% | 1.1% | -2.1% | -1.5% | -0.8% | 0.2% |
| Moderate Allocation Avg | 1.4% | 1.2% | 12.6% | 13.1% | 6.6% | 8.6% |
| OSTVX Tax Cost Ratio | na | na | 1.2% | 1.8% | 2.3% | 1.9% |
OSTVX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OSTVX Return (NAV) | 7.0% | 10.6% | 10.5% | 14.8% | -15.0% | 17.7% | 17.5% | 22.2% | -7.3% | 12.9% | 9.8% |
| OSTVX Grade | D | F | D | C | C | A | A | A | D | D | A |
| +/- Category | -1.0% | -2.7% | -1.7% | 0.4% | -1.0% | 3.3% | 4.6% | 2.4% | -2.2% | -0.9% | 2.1% |
| Moderate Allocation Avg | 8.0% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 8.4% |
| Total Risk Index: | 0.69 - Below Average |
| Category Risk Index: | 0.93 - Low |
| Category Risk Grade: | A (18% Rank) |
| Beta: | 0.82 |
| R-Squared: | 80% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $192 Mil |
| Fund Total Assets: | $ 192 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 46% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 16.0 years | |||
| Average Tenure: 9.8 years | |||
| Managers (Year): Kaufman Carl (2010), Osterweis John (2010), Hermanski Gregory (2022), Fakhry Nael (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 160 |
| % in Top 10 Holdings: | 26.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 11.8% |
Portfolio Allocation |
|
| Domestic Stock: | 54.8% |
| Foreign Stock: | 8.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 27.7% |
| Foreign Bond: | 3.5% |
| Convertible Bond: | 1.6% |
| Other: | 0.0% |
| Cash: | 4.1% |
Purchase Information
| Fund Family: | Osterweis |
| Phone Number: | 866-236-0050 |
| Website: |
| Status: | Open |
| Inception Date: | August 31, 2010 |
| 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 (%): | 0.98% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Osterweis Growth & Income Fund |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
