Listen to a recent interview with Nael Fakhry on the Colossus “Business Breakdowns” podcast, where he discusses what makes AMETEK a Quality Growth company.

Click on the above image to listen to the podcast, which will open in a new window.


Growth & Income Composite (as of 3/31/24)

  QTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR 15 YR 20 YR INCEP
(10/1/2010)
Growth & Income Composite (gross) 6.77% 6.77% 17.77% 5.84% 10.52% 9.54% 7.95% 10.99% 8.72% 11.17%
Growth & Income Composite (net) 6.58 6.58 16.88 5.01 9.65 8.71 7.15 10.15 7.81 10.13
60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index 5.94 5.94 17.97 5.94 9.30 9.01 8.52 10.53 7.52 8.31
Swipe Table for Full Data

Past performance does not guarantee future results.

Rates of return for periods greater than one year are annualized. The information given for these composites is historic and should not be taken as an indication of future performance. Performance returns are presented both before and after the deduction of advisory fees. Account returns are calculated using a time-weighted return method. Account returns reflect the reinvestment of dividends and other income and the deduction of brokerage fees and other commissions, if any, but do not reflect the deduction of certain other expenses such as custodial fees. Monthly composite returns are calculated by weighting account returns by beginning market value. Net returns reflect the deduction of actual advisory fees.

The 60/40 blend is composed of 60% Standard & Poor’s 500 Index (S&P 500) and 40% Bloomberg U.S. Aggregate Bond Index (Agg) and assumes monthly rebalancing. The S&P 500 is an unmanaged index that is widely regarded as the standard for measuring large cap U.S. stock market performance. The Agg is an unmanaged index that is widely regarded as a standard for measuring U.S. investment grade bond market performance. These indices do not incur expenses and are not available for investment. These indices include reinvestment of dividends and/or interest.

Source for any Bloomberg index is Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg owns all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

The fee schedule is as follows: 1.25% on the first $10 million, 1.00% on the next $15 million up to $25 million, and 0.75% in excess of $25 million. A discounted, institutional rate is available.

Clients invested in growth & income separately managed accounts are subject to various risks including potential loss of principal, general market risk, small and medium-sized company risk, foreign securities and emerging markets risk, default risk, interest rate risk, inflation risk and liquidity risk. Additionally, there is a risk that we do not manage the asset allocation strategy successfully. For a complete discussion of the risks involved, please see our Form ADV Brochure and refer to Item 8.

The Growth & Income Composite includes all fee-paying portfolios that seek to generate current income while maintaining exposure to equities. Accounts are predominately invested in equity and fixed income securities as well as mutual funds and cash equivalents. OCM typically has discretion to modify the allocation between these security types. Individual account performance will vary from the composite performance due to differences in individual holdings, cash flows, etc.

References to specific companies, market sectors, or investment themes herein do not constitute recommendations to buy or sell any particular securities.

There can be no assurance that any specific security, strategy, or product referenced directly or indirectly in this commentary will be profitable in the future or suitable for your financial circumstances. Due to various factors, including changes to market conditions and/or applicable laws, this content may no longer reflect our current advice or opinion. You should not assume any discussion or information contained herein serves as the receipt of, or as a substitute for, personalized investment advice from Osterweis Capital Management.

Holdings and sector allocations may change at any time due to ongoing portfolio management. You can view complete holdings for a representative account for the Osterweis Growth & Income strategy as of the most recent quarter end here.

As of 3/3/1/2024, the Growth & Income Strategy did not hold American Securities, Senior Aerospace Ketema, Honeywell, Illinois Tool Works, Walmart, UPS, FedEx, or TransDigm.

This commentary contains the current opinions of the authors as of the date above, which are subject to change at any time, are not guaranteed, and should not be considered investment advice. This commentary has been distributed for informational purposes only and is not a recommendation or offer of any particular security, strategy, or investment product. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.

A leveraged buyout (LBO) is the acquisition of another company using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company.

Earnings growth is the annual rate of growth of earnings from investments. Earnings growth is not a measure of future performance.

Free cash flow represents the cash that a company is able to generate after laying out the money required to maintain and expand the company’s asset base. Free cash flow is important because it allows a company to pursue opportunities that enhance shareholder value.

A basis point is a unit that is equal to 1/100th of 1%.

EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation and Amortization.

Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock.

Return of capital is return from an investment that is not considered income. This occurs when some or all of the money an investor has in an investment is paid back to him or her, thus decreasing the value of the investment.

Gross Domestic Product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.