OSTERWEIS CAPITAL MANAGEMENT INC

Long Only Manager

OSTERWEIS CAPITAL MANAGEMENT INC is a Long Only Manager based in San Francisco, CA led by Carl Philip Kaufman, managing $1.7B across 256 long positions as of Q3 2025 with GOOG as the largest holding (6% allocation).

CEOCarl Philip Kaufman

Portfolio Value: $1.7B
Positions: 256
Top Holding: GOOG at 6.28%
Last Reported: Q3 2025

AddressOne Maritime Plaza, Ste 800, San Francisco, CA, 94111, United States

Top Holdings

Largest long holdings in OSTERWEIS CAPITAL MANAGEMENT INC's portfolio (36.8% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$107.0M	6.28%	-$10.6M Sold	0.00% 439.5K shares	Q2 2014 Held for 11y 5m
2 Microsoft MSFT	Software - Infrastructure Technology	$99.3M	5.83%	-$18.9M Sold	0.00% 191.8K shares	Q4 2017 Held for 7y 11m
3 Amazon AMZN	Specialty Retail Consumer Cyclical	$77.8M	4.56%	+$16.2K Bought	0.00% 354.2K shares	Q2 2020 Held for 5y 5m
4 Broadcom Inc. AVGO	Semiconductors Technology	$69.7M	4.09%	-$992.4K Sold	0.00% 211.4K shares	Q3 2022 Held for 3y 2m
5 AutoZone AZO	Specialty Retail Consumer Cyclical	$50.1M	2.94%	-$236.0K Sold	0.07% 11.7K shares	Q1 2024 Held for 1y 8m
6 Visa V	Financial - Credit Services Financial Services	$48.5M	2.85%	+$691.3K Bought	0.01% 142.1K shares	Q1 2018 Held for 7y 8m
7 Danaher DHR	Medical - Diagnostics & Research Healthcare	$47.8M	2.81%	+$3.2K Bought	0.03% 241.2K shares	Q2 2017 Held for 8y 5m
8 JPMorgan Chase JPM	Banks - Diversified Financial Services	$44.9M	2.63%	+$165.6K Bought	0.01% 142.3K shares	Q4 2024 Held for 11 months
9 American Water Works AWK	Regulated Water Utilities	$41.5M	2.43%	+$433.7K Bought	0.15% 298.1K shares	Q4 2024 Held for 11 months
10 Air Products and Chemicals APD	Chemicals - Specialty Basic Materials	$40.7M	2.39%	+$19.9K Bought	0.07% 149.1K shares	Q1 2020 Held for 5y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in OSTERWEIS CAPITAL MANAGEMENT INC's latest filing

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Market Value

$1.7B

Prior: $1.6B

Q/Q Change

+5.14%

+$83.3M

Net Flows % of MV

-2.01%

Turnover Ratio

10.14%

New Purchases

11 stocks

$54.6M

Added To

53 stocks

+$89.8M

Sold Out Of

26 stocks

$56.2M

Reduced Holdings

69 stocks

-$122.7M

Increased Positions

Position	Shares Δ	Change
1 Canadian Pacific Kansas City CP	New	0 → 337.3K +$25.1M
2 Casella Waste Systems CWST	New	0 → 123.2K +$11.7M
3 Waystar Holding Corp. WAY	New	0 → 218.6K +$8.3M
4 Chime Financial, Inc. Class A Common Stock CHYM	New	0 → 191.2K +$3.9M
5 SIMO Silicon Motion Technology SIMO	New	0 → - +$3.6M

Decreased Positions

Position	Shares Δ	Change
1 Bio-Techne TECH	Sold	149.6K → 0 −$7.7M
2 Boot Barn Holdings BOOT	Sold	45.8K → 0 −$7.0M
3 ACM Research ACMR	Sold	266.4K → 0 −$6.9M
4 Vertex, Inc. VERX	Sold	185.6K → 0 −$6.6M
5 Hinge Health, Inc. HNGE	Sold	118.2K → 0 −$6.1M