| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The Olstein Strategic Opportunities Fund returned 0.10% for the fiscal year ended June 30, 2025, underperforming the Russell 2500 Value Index (10.47%) and Russell 3000 Index (15.30%). The underperformance was primarily attributed to stock selection in Consumer Discretionary, Consumer Staples, Health Care, and Information Technology sectors. However, the fund's Industrials, Materials, and Real Estate holdings contributed favorably by outperforming their respective benchmark sectors. The managers maintain a long-term value investing approach, using market volatility to acquire companies with outstanding liquidity that were affected by short-term problems. They focus on companies with excellent financial liquidity, sound balance sheets, and trading at discounts to intrinsic value based on normalized free cash flow generation. Notable positioning changes included decreased Consumer Discretionary exposure and increased allocations to Industrials and Information Technology. The fund holds 37 equity positions with 24% portfolio turnover and maintains a concentrated approach with top 10 holdings representing approximately 39% of net assets.
Long-term value investing approach targeting companies with excellent financial liquidity, sound balance sheets, and trading at discounts to intrinsic value based on normalized free cash flow generation ability.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Sep 3 2025 | 2025 Q2 | ABM, BLBD, CENT, DIN, GTES, IVZ, SHYF, ST, VNT, VSH | consumer, industrials, small caps, technology, value | - | Value-focused fund underperformed benchmarks with 0.10% return due to poor stock selection in consumer and technology sectors. Managers used market volatility to acquire discounted companies with strong balance sheets and free cash flow generation. Portfolio repositioned with reduced consumer discretionary exposure and increased industrials and technology allocations. |
| Feb 8 2024 | 2023 Q4 | AAPL, AMZN, CFG, CWK, FA, FITB, GHM, GNRC, GOOGL, HRL, INTC, KTB, LKQ, LUV, META, MSFT, NVDA, RTX, SHYF, TPG, TSLA, USB, VNT, VSH, WRK, ZBH | financials, free cash flow, industrials, Magnificent Seven, undervalued, value | HRTX | Olstein believes market leadership is rotating from overvalued Magnificent Seven stocks to undervalued companies across financials, industrials, and materials. The firm is deploying cash into discounted opportunities while reducing growth stock exposure. Their RTX case study demonstrates capitalizing on temporary issues creating price dislocations. Expected rate cuts and economic improvement should benefit their undervalued holdings. |
| Aug 9 2023 | 2023 Q2 | AMZN, AVTR, BAX, CSCO, CW, DAL, DE, DIS, DOV, FIS, GNRC, GOOGL, IFF, KFY, KLIC, META, NFLX, ORCL, TGT, USB, WESCO | Banking, discount, Entertainment, free cash flow, fundamentals, technology, value |
DIS CSCO |
Olstein All Cap Value Fund gained 9.57% in fiscal 2023 by purchasing quality companies at discounts to intrinsic value. The manager sees abundant opportunities created by negative sentiment driving stock prices below fundamental values. Key positions include Disney and Cisco, both believed undervalued relative to long-term free cash flow potential. |
| Jun 30 2022 | 2022 Q2 | NFLX | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q2 |
ValueThe fund focuses on companies selling at discounts to their intrinsic value based on their normalized ability to produce free cash flow. Market volatility enabled filling the portfolio with companies that had outstanding liquidity but were affected by short-term problems. |
Intrinsic Value Free Cash Flow Discounted Normalized Liquidity |
| 2023 Q4 |
ValueManager believes market leaders are about to change from high-growth Magnificent Seven stocks to undervalued companies selling at large discounts to intrinsic value. Focus on companies with strong fundamentals trading below normalized free cash flow calculations. |
Undervalued Intrinsic Value Free Cash Flow Discounts Fundamentals |
FinancialsSignificant exposure to regional banks and financial services companies that have underperformed due to interest rate concerns. Manager sees compelling value opportunities as economic outlook improves and inflation drops. |
Banks Regional Banks Interest Rates Financial Services | |
IndustrialsHeavy weighting in industrial companies, machinery, and aerospace & defense names that have been underperforming due to interest rate speculation. Manager believes these represent future market leaders as economy improves. |
Machinery Aerospace Defense Industrial Equipment | |
| 2023 Q2 |
ValueThe fund emphasizes buying companies at significant discounts to intrinsic value based on normalized future free cash flow. The manager believes current negative sentiment has created opportunities to purchase good companies whose stock prices have fallen to levels that no longer accurately represent their future fundamentals. |
Intrinsic Value Free Cash Flow Discount Fundamentals Valuation |
EntertainmentDisney represents a major position with long-term earnings power of at least $6.00 per share. The manager believes investors are too focused on losing basic television subscribers and missing the long-term value of Disney's content library, theme parks business, and streaming profitability potential. |
Disney Streaming Content Theme Parks Media | |
CybersecurityCisco is highlighted as participating in the growth of needed cyber security solutions. The manager notes increasing risks from sophisticated computers and cybercrime, creating opportunities for companies providing secure network solutions. |
Cisco Network Security Cybercrime Infrastructure Digital Transformation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 8, 2024 | Fund Letters | The Olstein Strategic Opportunities Fund | HRTX | RTX Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, contrarian, Crisis, Defense, manufacturing, Overreaction, turnaround, Value | Login |
| Jun 30, 2023 | Fund Letters | The Olstein Strategic Opportunities Fund | DIS | The Walt Disney Company | Communication Services | Entertainment | Bull | NYSE | content library, direct-to-consumer, entertainment, Free Cash Flow, media, Streaming, theme parks, turnaround, Value | Login |
| Jun 30, 2023 | Fund Letters | The Olstein Strategic Opportunities Fund | CSCO | Cisco Systems, Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | Communications Equipment, cybersecurity, Digital transformation, growth, infrastructure, Internet of Things, Networking, technology | Login |
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