The Osterweis Strategic Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, The Osterweis Strategic Income Fund held 168 positions with $5.76B in net assets. Its ten largest holdings made up 18.1% of the fund. The OSTIX share class costs 0.86% a year. Over the 12 months to May 2026, OSTIX returned 5.7%, with dividends reinvested. In 2026 Q2 it added 49 new positions and exited 46.
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.
What you own
| Company | Weight | 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 CORP 10.63% · due 2031-01-15 | 1.39% | $80.04M | — |
CONDUENT BUS SERVICES 6.00% · due 2029-11-01 | 1.24% | $71.33M | — |
KEHE DIST/FIN / NEXTWAVE 9.00% · due 2029-02-15 | 1.14% | $65.77M | — |
COEUR MINING INC 5.13% · due 2029-02-15 | 1.14% | $65.64M | — |
PITNEY BOWES INC 7.25% · due 2029-03-15 | 1.14% | $65.60M | — |
BANIJAY ENTERTAINMENT 8.13% · due 2029-05-01 | 1.07% | $61.48M | — |
MARRIOTT VACATION WORLDW 3.25% · due 2027-12-15 | 1.07% | $61.48M | — |
All 168 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 72.02% |
| Cash & short-term | 26.98% |
| Stocks | 0.73% |
By sector
- Other
- 31.7%
- Cash
- 27.1%
- Industrials
- 11.7%
- International
- 9.3%
- 9 other sectors
- 20.4%
- Other
- 31.7%
- Cash
- 27.1%
- Industrials
- 11.7%
- International
- 9.3%
- Consumer Discretionary
- 4.5%
- Financials
- 3.6%
- Materials
- 3.5%
- Information Technology
- 2.2%
- Energy
- 1.9%
- Health Care
- 1.6%
- Consumer Staples
- 1.3%
- Real Estate
- 1.3%
- Communication Services
- 0.5%
How it has done
OSTIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.88%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
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
- Expense ratio, by class
- 0.86%· OSTIX 0.86%
- Portfolio turnover
- 37.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
49 new· the largest 8
46 exited· the largest 8
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.
Understand how this fund fits with the rest.
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