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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Osterweis Opportunity Fund returned 35% in Q2 2026, significantly outperforming on AI-driven semiconductor and infrastructure gains. SiTime and Semtech led with triple-digit and strong returns respectively as data center CapEx surged."
The Osterweis Opportunity Fund delivered exceptional Q2 2026 performance, returning 35.3% versus 25.7% for the Russell 2000 Growth Index, driven primarily by AI infrastructure and semiconductor holdings. The fund's Information Technology sector returned 61% versus 47% for the index, led by SiTime (114% return) and Semtech, both benefiting from AI data center buildout. Industrials also outperformed with Cardinal Infrastructure reporting 64% organic growth and announcing its first data center win. Health Care holdings like Hinge Health delivered strong results, while Consumer Discretionary names including Life Time Group benefited from removal of private equity overhang. Looking ahead, managers acknowledge many AI-related stocks have delivered exceptional returns and may consolidate as infrastructure investment growth moderates. They are taking profits in Technology and Industrials and rotating into less-crowded sectors including select Software, Health Care, and Consumer companies offering attractive fundamentals, compelling valuations, and sustainable long-term growth prospects independent of AI.
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