The Osterweis Strategic Income Fund
Professionally Managed Portfolios · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
The Osterweis Strategic Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2026 Q2
The Osterweis Strategic Income Fund (the Fund) seeks to preserve capital and attain long-term total returns through a combination of current income and moderate capital appreciation.
The fund invests in a diversified array of income-bearing securities selected through credit analysis, economic analysis, and interest rate forecasting; holdings may span investment-grade and below-investment-grade corporate debt, U.S. government and agency obligations, floating-rate debt, convertible debt, foreign debt, preferred stock, and dividend-paying equities, with no fixed duration or credit quality targets and no sector concentration limits. Because the portfolio manager's assessment of relative value drives security selection, fund returns depend on the quality of those judgments across varying market conditions and credit cycles.
| Share class | Expense ratio |
|---|---|
| OSTIX | 0.86% |
Portfolio turnover 37.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 72.02% |
| Cash & short-term | 26.98% |
| Stocks | 0.73% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 31.7% |
| Cash | 27.1% |
| Industrials | 11.7% |
| International | 9.3% |
| 9 smaller | 20.4% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: CONSTELLATION EN GEN LLC, HALEON UK CAPITAL PLC, HCA INC, EATON CAPITAL UNLIMITED, KEURIG DR PEPPER INC, SEMPRA, BOSTON SCIENTIFIC CORP, SHERWIN-WILLIAMS CO
Largest exited: OXFORD FIN LLC/CO-ISS II, HAT HOLDINGS I LLC/HAT, WESCO DISTRIBUTION INC, LIBERTY BROADBAND CORP, PHILLIPS 66, GENUINE PARTS CO, KEURIG DR PEPPER INC, NUTRIEN LTD
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 10.2% |
| 1-3y | 40.8% |
| 3-5y | 29.5% |
| 5-10y | 19.4% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +1.31 yr |
| Investment grade | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.48 yr | 33% |
| 1 yr | 0.71 yr | 49% |
| 5 yr | 0.27 yr | 18% |
| 10 yr | 0.00 yr | 0% |
| 3 mo | 0.44 yr | 33% |
| 1 yr | 0.65 yr | 49% |
| 5 yr | 0.24 yr | 18% |
| 10 yr | 0.00 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.48 | +0.01 | +0.43 | $4.9k | $249.0k |
| 1 yr | +0.71 | +0.00 | +0.64 | $1.4k | $371.5k |
| 5 yr | +0.27 | +0.00 | +0.24 | $2.0k | $136.7k |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $197 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | MSILF Treasury Securities Port | 3.37% | $194.30M | — |
| — | Federated Hermes US Treasury C | 3.37% | $194.30M | — |
| — | First American US Treasury Mon | 3.17% | $182.87M | — |
| — | UNISYS CORP10.63% · due 2031-01-15 | 1.39% | $80.04M | — |
| — | CONDUENT BUS SERVICES6.00% · due 2029-11-01 | 1.24% | $71.33M | — |
| — | KEHE DIST/FIN / NEXTWAVE9.00% · due 2029-02-15 | 1.14% | $65.77M | — |
| — | COEUR MINING INC5.13% · due 2029-02-15 | 1.14% | $65.64M | — |
| — | PITNEY BOWES INC7.25% · due 2029-03-15 | 1.14% | $65.60M | — |
| — | BANIJAY ENTERTAINMENT8.13% · due 2029-05-01 | 1.07% | $61.48M | — |
| — | MARRIOTT VACATION WORLDW3.25% · due 2027-12-15 | 1.07% | $61.48M | — |
Top 10 positions are 18.10% of net assets, top 25 32.51%, across 139 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free