Contact Us Sitemap Home Login
Olstein Strategic Opportunities Fund seeks long-term capital appreciation by investing in the undervalued equity securities of small- to mid-cap companies that face unique strategic choices, challenges, or problems. The Fund may also engage in shareholder activism as a form of value investing. As a shareholder activist, The Fund may make significant investments in public companies that it believes are substantially undervalued, often seeking to influence management to undertake specific steps to increase shareholder value.

  • Seeks long-term capital appreciation by investing in the undervalued equity securities of small- to mid-size companies that face unique strategic choices, challenges or problems.
  • 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.
  • Opportunistically pursues an Activist agenda, acquiring a significant position in a company for which Olstein has developed a specific plan for unlocking value; attempts to influence management to adopt changes that may increase shareholder returns.
  • Analysis focuses on identifying alternative strategies that may increase shareholder value. Recommended approaches include: altering a company's strategic direction through changes in governance, management skill, capital allocation, asset deployment or sale/breakup of the company or compelling the company to use excess cash to increase dividends, engage in share buybacks, or improve the balance sheet to achieve greater operating leverage.
STEP ONE – IDENTIFY "DEEP VALUE" SITUATIONS
  • Qualitative and quantitative screening methodologies yields focus list of ideas
  • Intensive forensic analysis of financial statements to evaluate company
    performance, nature of its problems, sources of value and prospects
    for turnaround
  • Valuations based on free cash flow. Seek situations that offer adequate
    margin of safety – companies selling at a significant discount to intrinsic value
STEP TWO – EVALUATE ACTIVIST ELEMENTS
  • Legal Structure
  • Corporate Governance Structure
  • Shareholder Base
  • Corporate Strategy
  • Senior Management Capabilities
STEP THREE – DEVELOP ACTIVIST PLAN
  • Identify catalyst – determine what specific changes, triggering events
    or set of circumstances will get company back on track or unlock value
  • Determine strategy and specific recommendations, including activist
    and nonactivist tactics, for achieving objectives
  • Formulate plan to accumulate ownership position in target company
STEP FOUR – EXECUTE PLAN
  • Accumulate significant ownership position
  • Communicate recommendations to company management
  • Work with company management and Board to implement plan
  • Monitor results of recommended value enhancement measures
As of March 31, 2017
Portfolio Holdings
44
Portfolio Turnover (12-months ended 3/31/17) 63.27%
Net Assets
$157.53 million
Average Market Cap
$4.00 billion
Weighted Average Market Cap
$4.42 billion
Market Capitalization Breakdown (% of equity)
Large Cap (>$10Bn – $100Bn)
Mid Cap (>$2Bn – $10Bn)
Small Cap ($100MM – $2Bn)
Micro Cap (<$100MM)
  8.36%

55.78%
35.86%
  0.00%

An investment in a portfolio containing small- and mid-cap companies is subject to additional risks, as the share prices of small- and mid-cap companies are often more volatile than those of larger companies due to several factors, including limited trading volumes, products, financial resources, management inexperience and less publicly available information.
Growth of Hypothetical $10,000 Investment
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.

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.
Eric R. Heyman, Co-Portfolio Manager
  • Serves as Co-Portfolio Manager of Olstein All Cap Value 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, 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
Robert A. Olstein 49
Eric R. Heyman  21
Timothy S. Kang 21
John D. Sullivan, Jr. 12
Richard J. Vitale 24
Clark B. Thompson 27









  Class A Class C Adviser Class
Ticker Symbol OFSAX OFSCX OFSFX
CUSIP 681383303 681383402 681383501
Inception Date 11/1/2006 11/1/2006 5/11/2015
Expense Ratio 1.60 2.35 1.35
NAV (03/31/17) $16.98 $15.49 $17.06
Minimum Initial
Investment
$1,000 $1,000 $1,000
Maximum Initial
Sales Load
5.50% None None
Maximum CDSC None1 1.00%2 None
Redemption Fees None None None
1. Purchases of $1MM or more, or purchases into account(s) with accumulated value of $1MM or more that were not subject to a front-end sales charge are subject to a CDSC of 1.00% if sold within one year of purchase.
2. There is no CDSC if you redeem Class C shares more than one year after purchase. The CDSC may be waived under certain circumstances. Please refer to the Prospectus for more information.
As of March 31, 2017 (% of equity)
Zebra Technologies Corp CL A Com
4.41%
Vitamin Shoppe Inc Com
3.96%
Zimmer Biomet Holdings Inc Com
3.86%
Legg Mason Inc Com 3.73%
Patterson Companies Inc Com 3.66%
Spirit Airlines Inc Com 3.57%
Owens-Illinois Inc Com 3.50%
Potbelly Corp Com 3.37%
Keysight Technologies Inc Com 3.35%
VWR Corp Com 3.00%
Top Ten Holdings Total 36.41%
   
As of March 31, 2017
Retailing 13.59%
Technology Hardware & Equipment 12.82%
Capital Goods 12.70%
Healthcare Equipment and Services 11.67%
Consumer Services 9.24%
Total Top Five Industry Groups 60.02%
As of March 31, 2017 (Annualized Returns)
Class C
  OFSCX
Russell 2500™
Value Index
Russell 2500®
Index
w/o sales
charge
w/ sales
charge
One Year
20.08%
19.08%
23.13%
21.53%
Three Years
4.85%
4.85%
7.55%
7.43%
Five Years
11.12%
11.12%
12.92%
12.60%
Ten Years
6.51%
6.51%
6.79%
7.71%
Avg. Annual
Since Inception

(11/01/06)
7.13%
7.13%
7.38%
8.28%
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 March 31, 2017 (Annualized Returns)
Class A
  OFSAX
Russell 2500™
Value Index
Russell 2500®
Index
w/o sales
charge
w/ sales
charge
One Year
20.94%
14.27%
23.13%
21.53%
Three Years
5.66%
3.69%
7.55%
7.43%
Five Years
11.96%
10.69%
12.92%
12.60%
Ten Years
7.31%
6.71%
6.79%
7.71%
Avg. Annual
Since Inception

(11/01/06)
7.90%
7.32%
7.38%
8.28%
Standardized returns reflect deduction of the maximum 5.50% sales charge applicable to Class A shares. Class A shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed within 12 months of the purchase. The CDSC is not reflected in the performance with maximum sales charge.

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 share, 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 Russell 2500 Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe.  It includes those Russell 2500 companies that are considered more value oriented relative to the overall market as defined by Russell's leading style methodology. The Russell 2500 Value Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. The Russell 2500 Index is an unmanaged index that measures the performance of the small to mid-cap segment of the U.S equity universe. The Russell 2500 is a subset of the Russell 3000 Index.  It includes approximately 2500 of the smallest securities based on total market capitalization. Investors cannot actually make investments in either index.
ki99