OSTRX — Osterweis Total Return Fund
Data updated: 2024-06-13
OSTRX — Osterweis Total Return Fund. Long Total / Aggregate Bond · $125.39M AUM · 0.68% expense ratio. Holdings, fees, performance and SEC filings.
OSTRX Fund Overview
OSTRX — Osterweis Total Return Fund is a US mutual fund managed by Professionally Managed Portfolios, categorised as Long Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Professionally Managed Portfolios
- Category: Long Total / Aggregate Bond
- Assets under management: $125.39M
- 1-year return: 0.6%
- Ticker: OSTRX
- SEC CIK: 0000811030
- SEC series ID: S000055991
- Share class ID: C000176327
OSTRX Investment Objective and Strategy
Osterweis Total Return Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Professionally Managed Portfolios.
Investment objective
The Osterweis Total Return Fund (the Fund) seeks to preserve capital and attain long-term total returns through a combination of current income and moderate capital appreciation.
Principal investment strategy
Under normal circumstances, the Fund intends to invest at least 80% of its net assets in investment grade fixed income instruments and derivatives thereon. These fixed income instruments may include, but are not limited to, U.S. Federal and Agency obligations, investment grade corporate debt, mortgage backed securities (including privately issued mortgage backed securities), asset backed securities, floating-rate debt, convertible debt, collateralized debt, municipal debt, foreign debt (including in emerging markets) and/or depositary receipts, sovereign debt and preferred stock. Of the government agency securities, the Fund expects to hold significant amounts of Treasuries and mortgage-backed securities guaranteed by the Government National Mortgage Association (GNMA) or government-sponsored enterprises, such as mortgages backed by the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC).
Un-rated securities may be deemed investment grade, particularly in the case of government agency securities and their derivatives. Additionally, the Fund may hold up to 20% of its assets in high yield debt securities (junk bonds). The Funds allocation among various fixed income instruments is based on the portfolio managers assessment of opportunities for total return relative to the risk of each type of investment. The Fund does not target a specific average maturity or duration (duration is a measure of price sensitivity related to changes in interest rates). The Fund may invest in fixed income instruments of any maturity or duration. Duration can change based on market fluctuations. The Fund may invest without limitation in derivative instruments including swaps, options and futures. The Funds primary use of derivatives will be to refine interest rate exposure and/or hedge various other investment exposures.
Although the use of derivatives can involve leverage, the Fund does not intend to use derivatives to amplify its net investment exposure. Separately, the Fund may invest up to 20% of its assets in foreign debt (including in emerging markets) and/or depositary receipts. The Fund may also invest in other investment companies and exchange-traded funds (ETFs), for the purpose of gaining exposure to certain markets while maintaining liquidity. The Adviser may sell a security when it believes doing so is appropriate and consistent with the Funds investment objective and policies or when conditions affecting relevant markets, particular industries or individual issues warrant such action, regardless of the effect on the Funds portfolio turnover rate.
OSTRX Holdings
Top 10 holdings of Osterweis Total Return Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Fannie Mae | 7.31% |
| Fannie Mae | 7.31% |
| Fannie Mae | 7.27% |
| Fannie Mae | 7.27% |
| US Treasury N/b | 5.42% |
| US Treasury N/b | 5.42% |
| Freddie Mac | 5.03% |
| Freddie Mac | 5.03% |
| Fannie Mae | 4.38% |
| Fannie Mae | 4.38% |
OSTRX Portfolio Allocation
Asset-class allocation of Osterweis Total Return Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Securitized | 108.3% |
| Fixed Income | 84.9% |
| Equity | 4.1% |
| Cash & Equivalents | 1.4% |
OSTRX Performance
Total returns for OSTRX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 0.6% |
| 3 years (annualised) | -2.3% |
OSTRX Risk Information
Risk metrics for OSTRX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.5%
OSTRX Costs and Fees
OSTRX costs about $68 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.68%
- Gross expense ratio: 0.68%
- Portfolio turnover: 279%
OSTRX Cashflows
Over the 12 months to 2023-09, Osterweis Total Return Fund had net inflows of $110.75M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-09 | $2.17M |
| 2023-08 | $4.20M |
| 2023-07 | $7.42M |
| 2023-06 | $6.92M |
| 2023-05 | $3.70M |
| 2023-04 | $2.76M |
OSTRX Debt Constituents
Largest debt holdings of Osterweis Total Return Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| US Treasury N/b | 5.42% |
| US Treasury N/b | 5.42% |
| US Treasury N/b | 4.37% |
| US Treasury N/b | 4.37% |
| US Treasury N/b | 3.89% |
| US Treasury N/b | 3.89% |
| US Treasury N/b | 3.85% |
| US Treasury N/b | 3.85% |
| US Treasury N/b | 3.77% |
| US Treasury N/b | 3.77% |
OSTRX Prospectus and SEC Filings
Official Osterweis Total Return Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-06-30
- Prospectus (485BPOS) — filed 2022-06-30
- Prospectus (485BPOS) — filed 2021-06-30
- Portfolio holdings (N-PORT) — filed 2023-11-29
- Portfolio holdings (N-PORT) — filed 2023-08-28
- Portfolio holdings (N-PORT) — filed 2023-05-26
- Annual census (N-CEN) — filed 2024-06-13
- Annual census (N-CEN) — filed 2023-06-12
Related Funds
Other Long Total / Aggregate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.