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Oberweis International Opportunities Fund (OBIOX)
wins two prestigious 2014 Lipper Awards


CHICAGO, IL (April 8, 2014) – Named "Best Fund" by Lipper in the International Small/Mid-Cap Growth Funds classification for both the three-year and five-year periods ending December 31, 2013.***    Press Release>

President's Letter
July 2014

Dear Fellow Shareholder of The Oberweis Funds:

The first half of 2014 was volatile for higher-growth stocks, particularly in technology. Still, the ups and downs of the market netted to relatively muted overall returns. In the United States, the Russell 2000 Growth Index returned 2.22% and the Russell Micro-Cap Growth Index returned 1.17%. International small-caps outperformed, with a 6.07% return for the MSCI World ex-US Small-Cap Growth Index. In China, small-cap stocks were flattish, as measured by the -0.44% return on the MSCI Zhong Hua Small-Cap Growth Index. Still, for small-cap growth stocks around the world, the modest returns of the first half of 2014 came on the heels of outstanding gains in 2013.

During much of the past five years, small-caps traded for below-average price/earnings (P/E) ratios, likely due to lingering fear associated with the financial crisis of 2008. By the beginning of this year, however, valuations had rebounded back to their normal historical ranges in most geographies. The notable exception was China, where valuations were below-average amid slower (but still fast) growth and overly negative sentiment among non-Chinese investors.

When stocks are no longer obviously cheap by historical standards, earnings growth (or, to be precise, the difference between true earnings growth and expected earnings growth) becomes all the more important. That brings us to Buddha, who noted: “Three things cannot hide for long: the Moon, the Sun and the Truth.” The aforementioned “truth” is the misunderstood gap between true earnings and analyst expectations, which only needs time to be flushed out. While an acceleration in GDP drives growth across the board, we believe it to be easier to find individual stocks growing earnings faster than the economy overall and, more importantly, faster than other people anticipated. Many analysts look at GDP statistics, but far fewer are studying unknown companies in Nanjing, China, Platteville, Colorado, or Stockholm, Sweden. In short, it looks to us like the global market has caught up with reality in terms of valuations and forecasted GDP growth, except for China, where stocks are still really cheap. In all cases, there remain a plethora of under-followed individual stocks with misunderstood company-specific fundamentals.

Of course, the other key “Buddha truth” that will become clearer in months to come is the rate of return on other competing asset classes such as bonds. Despite widespread calls for interest rates to rise in the first half, the annual yield on the benchmark ten-year U.S. Treasury bond has declined instead, dropping from 3.0% at year-end to 2.5% by the end of June.

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  Oberweis In The News

September 20, 2014
Ralf Scherschmidt and the Oberweis International Opportunities Fund (OBIOX) are featured in the Barrons article “Greater Expectations” by Sarah Max
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August 21, 2014
The Oberweis China Opportunities Fund (OBCHX) is highlighted in the AP - The Big Story article “Unexpected Summer Blockbuster: Chinese Stock Funds” by Stan Choe
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August 4, 2014
Ralf Scherschmidt is featured in the Financial Advisor article “Fast Lane” by Marla Brill
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July 29, 2014
John Wong is featured in the Bloomberg article “China Consumer Spurs 32% Oberweis Fund Gain Amid Slowdown”
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June 13, 2014
John Wong is featured in the China Money Network article “Expect A Better Second Half For Chinese Stocks”
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May 17, 2014
Jim Oberweis is interviewed by CBS News MoneyWatch Executive Editor Amey Stone “Is this a good time to invest in China?”
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March 24, 2014
Jim Oberweis and John Wong are featured in the Crain's article by Lynne Marek “Oberweis Wins, With Mutual Fund Investors”
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March 3, 2014
John Wong is featured in the Forbes.com interview with Wallace Forbes “500.com And 2 Other Alluring Chinese Growth Stocks”
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February 17, 2014
Jim Oberweis is featured in the Moneyshow.com interview with Steve Halpern “Insights from the #1 China Fund”
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February 11, 2014
Jim Oberweis is featured in the ThinkAdvisor article “Oberweis Plays Chinese Consumer Card With Success” by Savita Iyer-Ahrestani
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January 10, 2014
Ralf Scherschmidt is featured in the New York Times article
“In a Stellar Quarter, Three Funds That Went Over the Top”
by Tim Gray

View Now>


The Oberweis Funds Net Asset Values as of September 30, 2014

Symbol
Fund Name
Current
NAV
Prior Day NAV
Change
Year-To-Date Return
OBEGX
27.35
27.96
-0.61
-11.32%
OBMCX
18.11
18.46
-0.35
-9.68%
OBSOX
15.53
15.86
-0.33
-8.86%
OBCHX
16.53
16.68
-0.15
-1.78%
OBAOX
9.84
9.89
-0.05
-0.91%
OBIOX
19.04
19.09
-0.05
-2.11%
OBIIX
9.25
9.27
-0.02
-7.50%**
RUO
Russell 2000 Growth*
657.25
667.45
-10.20
-4.49%
Average Annual Total Returns
September 30, 2014
Fund   OBEGX OBMCX OBSOX OBCHX OBAOX OBIOX OBIIX
Inception Date   1/7/87 1/1/96 9/15/96 10/1/05 2/1/08 2/1/07 3/10/14
One Year   -1.16% 1.91% 0.19% 12.21% 5.81% 10.28% N/A
Five Years   12.76% 12.08% 13.87% 10.56% 6.81% 19.73% N/A
Ten Years   4.24% 6.65% 6.68% N/A N/A N/A N/A
Since Inception   8.60% 9.26% 6.05% 15.65% -0.24% 9.60% -7.50%
 
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so that you may have gain or loss when shares are sold. Current performance may be higher or lower than quoted. Visit us online at oberweisfunds.com for most recent month-end performance.

Before investing, consider the fund’s investment objectives, risks, charges, and expenses. To obtain a copy of the prospectus or summary prospectus containing this and other information please visit our website at oberweisfunds.com or call 800-323-6166. Read it carefully before investing. The Oberweis Funds invest in rapidly growing smaller and medium sized companies which may offer greater return potential. However, these investments often involve greater risks and volatility. Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations. There is no guarantee that the funds can achieve their objectives.

*Measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell 2000 Growth Index is unmanaged and investors cannot actually make investments in this index.

**For the period beginning March 10, 2014.

***The Lipper Fund Awards program honors funds that have excelled in delivering consistently strong risk-adjusted performance, relative to peers. In addition, the Lipper Fund Awards program recognizes fund families with high average scores for all funds within a particular asset class or overall. The Lipper Fund Awards take place in 23 countries in Asia, Europe, MENA, and the Americas. The awards winners are formally announced between January and April.

Lipper designates award-winning funds in most individual classifications for the three-, five-, and ten-year periods and fund families with high average scores for the three-year time period. Please review the Lipper Fund Awards methodology document to learn more about how the awards are calculated. Lipper Award designations are not intended to constitute investment advice or predict future results and Lipper does not guarantee the accuracy of this information.

Lipper Fund Awards are part of the broader Thomson Reuters Awards for Excellence program. Please visit the Awards for Excellence website for more details about the Lipper Fund Awards. If you have specific questions about please send an email to markets.awards@thomsonreuters.com.