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  • Thanks for the news!

    I found this news release on Zeo Capital's website:

    https://www.zeo.com/zeo-joins-osterweis/
  • edited April 20
    Wow!
  • edited April 20
    Now that's impressive!
  • edited April 21
    Vank appears very happy with the fit: has known Carl long time and "we are philosophically the same." Zeo's fund strategies remain, just different brand name. Marcus and he remain PMs and Paige still is client services' contact. Sounds like it becomes official May Day.

    I will be sorry though see the brand Zeo go, as it dates back about as long as MFO. The shop was always transparent, informative, and friendly ... and executed its boutique strategy consistently.
  • So will I. Yes, transparent, informative, and friendly. Also I will no longer misread their name as "Zoo" or "Zero".
    Charles said:


    I will be sorry though see the brand Zeo go, as it dates back about as long as MFO. The shop was always transparent, informative, and friendly ... and executed its boutique strategy consistently.

  • Charles said:

    Vank appears very happy with the fit: has known Carl long time and "we are philosophically the same." Zeo's fund strategies remain, just different brand name. Marcus and he remain PMs and Paige still is client services' contact. Sounds like it becomes official May Day.

    I will be sorry though see the brand Zeo go, as it dates back about as long as MFO. The shop was always transparent, informative, and friendly ... and executed its boutique strategy consistently.

    Well, it did have its Men's Warehouse stumble. I view this as a great until it wasn't.
  • The addition of Zeo funds will expand the ESG universe for the Osterweis funds. OSTIX is not ESG-based bond fund.
  • I like Osterweis a lot and use them in both my Roth and taxable holdings. I respect that they retain the latitude to go their own way and seem to act as true, prudent, fiduciaries. They seem to be a class act who think a lot about culture and process; I respect that as well.

    I have some concerns with this type of expansion that they're going the First Eagle or Dodge & Cox route offering new funds and etc. (D&C is also rebranding it seems, and now offering Class XYZ shares, or etc -- I like my fund companies to be conservative and low key). These are tough times for active shops in many areas; I hope Osterweis doesn't sell out.

    On the bright side, one of the critiques of OSTIX in some circles is that it has key person risk (Carl K); maybe Zeo can help rectify this a bit. A ultra short duration Osterweis fund could be interesting (I don't see the need to have a sustainable fund just for the sake of a sustainable fund, per se, but hey, times change).

  • Has anyone found out if there will be a change to expense ratio?
  • It is initially the Zeo employees, not the management firm (Zeo Capital Advisers) and not the funds that are moving to Osterweis Capital Management (OCM).

    According to the prospectus supplement, the funds have reached a short term (150 day) agreement that OCM will serve as investment adviser, and that the same people will continue to manage the funds through their new employer. "The terms of the Interim Agreement are identical in all material respects to those of the Previous Advisory Agreement."

    There is one immediate change to the fees:
    "Also, effective May 1, 2022, the Funds will be discontinuing the redemption fee on Fund shares redeemed within 30 days of purchase."

    The funds remain series of Northern Lights Trust, the board of directors does not change. That should change in the fall, when the funds themselves are acquired by Osterweis.

    Prospectus supplement:
    https://www.sec.gov/ix?doc=/Archives/edgar/data/1314414/000158064222002125/zeofunds497.htm
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