Fund Evaluator:
Osterweis Opportunity Fund (OSTGX)
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Best Performing in Small Growth Over the Last Year
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Fund Details
Osterweis Opportunity Fund Overview
Osterweis Opportunity Fund (OSTGX) is an actively managed U.S. Equity Small Growth fund. Osterweis launched the fund in 2016.
The investment seeks long-term capital appreciation. The fund invests primarily in the common stocks of companies that the Adviser believes should experience strong revenue growth and rising profits. The fund’s investments in any one sector may exceed 25% of its net assets. As of March 31, 2024, over 25% of the fund’s assets were invested in securities within the health care sector.
About Osterweis Opportunity Fund (OSTGX)
There are 3 members of the management team with an average tenure of 6.20 years: Matt Unger (2021), Bryan Wong (2021), Jim Callinan (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 2000 Growth TR USD index with a weighting of 100%. Osterweis Opportunity Fund has 43 securities in its portfolio. The top 10 holdings constitute 39.9% 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 Opportunity Fund is part of the Equity global asset class and is within the U.S. Equity fund group. Osterweis Opportunity Fund has 3.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 87.5%. There is 3.0% 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 Opportunity Fund has 9.5% of the portfolio in cash.
Assets Under Management
The fund has $382 million in total assets, which is below the $454 million average for the Small Growth 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.
OSTGX 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 Opportunity Fund expense ratio is high compared to funds in the Small Growth category. Osterweis Opportunity Fund has an expense ratio of 1.12%, which is 5% 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 Opportunity Fund has a portfolio turnover rate of 178%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 76% for the Small Growth category.
Recently, in the month of June 2026, Osterweis Opportunity Fund returned 12.4%, which earned it a grade of A, as the Small Growth category had an average return of 6.5%. 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 Opportunity Fund has a trailing yield of 0.00%, which is below the 0.07% 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 Opportunity Fund Grades
Year to date, the fund has returned 30.2%, 8.1 percentage points better than the category, which translates into a grade of A. The fund has returned 41.4% over the past year (grade of B), 18.2% over the past three years (grade of B) and 5.0% per year over the past five years (grade of C).
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OSTGX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| OSTGX Return (NAV) | 12.4% | 35.3% | 41.4% | 18.2% | 5.0% | na |
| OSTGX Grade | A | A | B | B | C | na |
| +/- Category | 6.0% | 10.6% | 7.7% | 1.9% | 0.4% | na |
| Small Growth Avg | 6.5% | 24.7% | 33.7% | 16.4% | 4.6% | 12.5% |
| OSTGX Tax Cost Ratio | na | na | 0.5% | 0.2% | 1.3% | na |
OSTGX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OSTGX Return (NAV) | 30.2% | 0.3% | 22.5% | 24.0% | -33.0% | 3.9% | 83.2% | 28.0% | 1.6% | 26.4% | na |
| OSTGX Grade | A | F | A | A | F | D | A | C | A | B | na |
| +/- Category | 8.1% | -7.7% | 7.0% | 7.2% | -5.1% | -6.5% | 41.4% | -1.9% | 5.8% | 2.4% | na |
| Small Growth Avg | 22.1% | 8.0% | 15.5% | 16.7% | -27.9% | 10.5% | 41.8% | 29.9% | -4.1% | 24.1% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 19.5% |
| Total Risk Index: | 1.60 - High |
| Category Risk Index: | 0.97 - Average |
| Category Risk Grade: | C (46% Rank) |
| Beta: | 1.19 |
| R-Squared: | 64% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $382 Mil |
| Fund Total Assets: | $ 383 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 178% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.6 years | |||
| Average Tenure: 6.2 years | |||
| Managers (Year): Callinan Jim (2016), Unger Matt (2021), Wong Bryan (2021) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 43 |
| % in Top 10 Holdings: | 39.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.0% |
Portfolio Allocation |
|
| Domestic Stock: | 87.5% |
| Foreign Stock: | 3.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 9.5% |
Purchase Information
| Fund Family: | Osterweis |
| Phone Number: | 866-236-0050 |
| Website: |
| Status: | Open |
| Inception Date: | November 30, 2016 |
| 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 (%): | 1.12% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.18% |
| Share Class: | Osterweis Opportunity Fund |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
