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 December 31, 2011 | |
| Portfolio Holdings | 76 |
| Portfolio Turnover (12-months ended 9/30/2011) | 38.84% |
| Net Assets | $517 million |
| Weighted Average Market Cap | $50.13 billion |
| Market Capitalization Breakdown (% of equity) | |
|
Mega Cap (>$100Bn)
Large Cap (>$10bn – $100bn) Mid Cap (>$2bn – $10bn) Small Cap ($200MM – $2bn) |
15.58% 47.81% 33.45% 3.16% |
| (Class C shares without sales charge and with dividends and capital gain distributions reinvested) | |||||
| Year |
|
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% |
|
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.
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. 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. 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.
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 | 2.30% | 1.55% |
| NAV (1/31/2012) | $12.99 | $14.67 |
| Minimum Initial Investment | $1,000 | $1,000 |
| As of December 31, 2011 (% of equity) | |
| Harman International | 2.34% |
| Microsoft Corp | 2.31% |
| Intel Corp | 2.26% |
| Xerox Corp | 2.17% |
| Du Pont (E.I.) De Nemours | 1.84% |
| Avery Dennison Corp | 1.84% |
| Walt Disney Co | 1.82% |
| Jones Lang LaSalle Inc | 1.81% |
| Lowe's Companies Inc | 1.72% |
| Newell Rubbermaid Inc | 1.71% |
| Top Ten Holdings Total | 19.82% |
| As of January 31, 2012 (Average Annual Returns) | ||||||||
| Class C | ||||||||
|
S&P 500® Index |
Russell 3000® Index |
||||||
| One Year | 2.61% |
1.61% |
4.22% |
3.86% |
||||
| Three Years | 21.13% |
21.13% |
19.24% |
20.24% |
||||
| Five Years | –2.52% |
–2.52% |
0.33% |
0.60% |
||||
| Ten Years | 2.46% |
2.46% |
3.52% |
4.16% |
||||
|
Since Inception (9/21/95) |
9.67% |
9.67% |
7.01% |
7.13% |
||||
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 10/31/11, the expense ratio for the Class C was 2.30%.
As of 10/31/11, the expense ratio for the Class C was 2.30%.
| Adviser Class | |||
| OFAFX |
S&P 500® Index |
Russell 3000® Index |
|
| One Year | 3.38% |
4.22% |
3.86% |
| Three Years | 22.05% |
19.24% |
20.24% |
| Five Years | –1.79% |
0.33% |
0.60% |
| Ten Years | 3.24% |
3.52% |
4.16% |
|
Since Inception (9/21/99) |
5.85% |
1.87% |
2.69% |
As of 10/31/11, the expense ratio for the Adviser Class was 1.55%.
Robert A. Olstein, Lead 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 Stratgic Oppertunities 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 | 43 |
| Eric R. Heyman | 15 |
| Timothy S. Kang | 15 |
| Joan K. Tong | 16 |
| John D. Sullivan, Jr. | 7 |
| Richard J. Vitale | 18 |
| Clark B. Thompson | 22 |
LEGAL DISCLOSURES AND OTHER IMPORTANT INFORMATION
Investors should carefully consider the investment objectives,
risks, charges and expenses of the Olstein Funds. This and other important information
is contained in the prospectus, which
should be read carefully before investing. Past performance is no guarantee of future
results. This information is not an offer to sell or a solicitation to buy any security,
nor shall any security be offered or sold to any person, in any jurisdiction in
which such offer, solicitation, purchase, or sale may not lawfully be made. Important
legal information - please read the disclaimer before proceeding. Be sure to read
the Olstein Funds Privacy Policy before becoming a shareholder.
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© Copyright 2011 Olstein Capital Management, L.P., Broker–Dealer – Member FINRA and SIPC – Distributor of the Olstein Funds