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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Frank Value Fund slightly underperformed in Q1 but maintains strong long-term outperformance through disciplined value investing."
Frank Value Fund returned 3.58% in Q1 2026, slightly underperforming the Russell Midcap Value Index at 3.68%, but maintaining strong long-term outperformance with 67% total returns since 2022 versus 28% for the benchmark. Manager Brian Frank continues his value-focused strategy, highlighting Microsoft's 20% decline and plummeting free cash flow estimates as validation of his previous warnings about technology valuations. The fund recently purchased a healthcare company with an 8% FCF yield and AI-enabled growth opportunities, contrasting with Microsoft's 3.5% projected FCF yield. Frank criticizes the upcoming SpaceX IPO and its fast-track inclusion in major indices, arguing this represents wealth transfer from public to private investors through index rule manipulation. With SpaceX targeting a $2 trillion valuation at 129x sales, Frank sees this as another example of overvalued companies exploiting passive investors. The fund maintains its strategy of finding opportunities outside popular indices, expecting this competitive advantage to strengthen as more capital flows into passive strategies.
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