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Olstein All Cap Value Fund emphasizes investments in the undervalued equity securities of companies with discernible financial strength, unique business fundamentals, a competitive edge and an ability to generate free cash flow. When evaluating an investment opportunity, the Fund first considers downside risk, (determined by the quality of a company's balance sheet; quality of its earnings and conservatism of its reporting practices) before considering any potential for capital appreciation.

  • Analysis focuses on how a company's operations generate sustainable free cash flow; how much of that cash is available to investors and the level of ongoing investment required to maintain and grow free cash flow.
  • Valuations based on free cash flow. Reliable valuations require: determining if a company's accounting policies reflect business reality; assessing a company's Quality of Earnings; accounting adjustments to eliminate management bias, and identifying positive or negative factors that may affect future free cash flow.
  • Forensic analysis of financial statements reveals the success of a company's strategy, sustainability of its performance and impact of management decisions on future cash flow and is more useful to an investor than management forecasts or earnings guidance.
As of July 31, 2014
Portfolio Holdings 106
Portfolio Turnover (12-months ended 6/30/2014) 51.46%
Net Assets $676 million
Weighted Average Market Cap $52.59 billion
Market Capitalization Breakdown (% of equity)  
Mega Cap (>$100Bn)
Large Cap (>$10bn – $100bn)
Mid Cap (>$2bn – $10bn)
Small Cap ($200MM – $2bn)
14.49%
49.05%
26.97%
  9.49%
(Class C shares without sales charge and with dividends and capital gain distributions reinvested)
Year
All Cap Value Fund
S&P 500
Index
Russell 3000
Index
 
Class C
Adviser Class
   
1996
24.36%
           –
22.96%
21.82%
1997
34.83%
           –
33.36%
31.78%
1998
15.01%
           –
28.58%
24.14%
1999
34.89%
           –
21.04%
20.90%
2000
12.93%
13.80%
–9.10%
–7.46%
2001
17.25%
18.13%
–11.89%
–11.46%
2002
–19.27%
–18.68%
–22.10%
–21.54%
2003
36.19%
37.22%
28.69%
31.06%
2004
11.05%
11.85%
10.88%
11.95%
2005
2.79%
3.59%
4.91%
6.12%
2006
14.44%
15.26%
15.79%
15.71%
2007
–3.43%
–2.67%
5.49%
5.14%
2008
–43.80%
–43.43%
–37.00%
–37.31%
2009
37.01%
38.16%
26.46%
28.34%
2010
16.17%
17.04%
15.06%
16.93%
2011
–4.30%
–3.55%
2.11%

1.03%

2012
15.30%
16.13%
16.00%
16.42%
2013
36.41%
37.54%
32.39%

33.55%

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted; to obtain performance data current to the most recent month-end please click here.

The Standard & Poor's 500® Index is an unmanaged index that includes a representative sample of 500 leading companies in leading industries of the U.S. economy and is considered to represent overall U.S. stock-market performance. The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, and represents approximately 98% of the investable U.S. Equity market. Investors cannot actually make investments in either index.
Performance data quoted represents past performance. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Value stocks can continue to be undervalued by the market for long periods of time.  Current performance may be lower or higher than performance quoted; to obtain performance data current to the most recent month end please click here

The Standard & Poors 500® Index is an unmanaged index that includes
a representative sample of 500 leading companies in leading industries of
the U.S. economy and is considered to represent overall U.S. stock-market performance. The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, and represents approximately 98% of the investable U.S. Equity market. Investors cannot actually make investments in either index.

This information should be preceded or accompanied by a current prospectus, which contains more complete information, including investment objectives, risks, and charges and expenses of the Fund, and should be read carefully before investing. A current prospectus may be obtained by calling (800) 799-2113 or clicking here. Do not make investments based on the securities referenced above. Holdings are subject to change. Distributed by Olstein Capital Management, L.P. - Member FINRA. Not FDIC insured / No bank guarantee / May lose value.








  Class C Adviser Class
Ticker Symbol OFALX OFAFX
CUSIP 681383105 681383204
Inception Date 9/21/1995 9/21/1999
Expense Ratio 2.31% 1.31%
NAV (7/31/2014) $19.58 $22.58
Minimum Initial Investment $1,000 $1,000
As of July 31, 2014 (% of equity)
Petsmart Inc 2.05%
Bed Bath & Beyond Inc 1.86%
Comcast Corp Cl A 1.73%
Invesco Ltd 1.67%
Zimmer Holdings Inc 1.66%
Franklin Resources Inc 1.63%
Teradata Corp 1.61%
Du Pont (E.I.) De Nemours 1.53%
US Bancorp 1.52%
General Electric Co 1.46%
Top Ten Holdings Total 16.72%
As of July 31, 2014 (Annualized Returns)
Class C
 
OFALX
w/o sales
charge
w/ sales
charge
S&P 500
Index
Russell 3000
Index
One Year
 14.37%
13.37%
16.94%
16.37%
Three Years
16.60%
16.60%
16.84%
16.58%
Five Years
15.78%
15.78%
      16.79%
17.08%
Ten Years
5.73%
5.73%
8.00%
8.43%
Since
Inception
(9/21/95)
10.72%
10.72%
8.56%
8.66%
There is a 1% contingent deferred sales charge (CDSC) imposed if an investor redeems Class C shares within the first year of purchase.

As of 10/31/13, the expense ratio for the Class C was 2.31%.

Adviser Class
  OFAFX S&P 500
Index
Russell 3000
Index
One Year
15.44%
16.94%
16.37%
Three Years
17.55%
16.84%
16.58%
Five Years
16.70%
16.79%
17.08%
Ten Years
6.55%
          8.00%
8.43%
Since
Inception
(9/21/99)
7.93%
4.61%
5.30%
As of 10/31/13, the expense ratio for the Adviser Class was 1.31%.
Robert A. Olstein, Co-Portfolio Manager
  • Founded Olstein Capital Management in 1995
  • Engaged in various aspects of equity research and portfolio management since 1968
  • Cofounded Quality of Earnings Report in 1971, which pioneered inferential screening of financial statements to identify early warning alerts of potential changes in a company's future earnings power
  • Senior member of New York Society of Securities Analysts
  • Graham & Dodd Scroll Award, Financial Analysts Federation (now CFA Institute)
  • BA in Mathematical Statistics, Michigan State University
  • MBA in Accounting, Michigan State University
Eric R. Heyman, Co-Portfolio Manager
  • Serves as Co-Portfolio Manager of Olstein Strategic Opportunities Fund
  • Joined Olstein in 1996, within months of the firm's founding
  • With Robert Olstein, developed firm’s investment approach to activist situations
  • BBA, Accounting, Pace University
Robert A. Olstein 46   
Eric R. Heyman 18   
Timothy S. Kang 18   
Joan K. Tong 18   
John D. Sullivan, Jr. 9   
Richard J. Vitale 21   
Clark B. Thompson 24