“The objective of our analysis is to understand a company's business model and how its operations generate free cash flow.”

Where do we find value in the market?

We pursue unrecognized value, obscured by economic uncertainty or overshadowed by temporary, but solvable, problems. Ask Us

Eric R. Heyman

President, Lead Portfolio Manager and Director of Research


Eric Heyman is a recognized leader in the financial community who oversees our collaborative, forensic approach to value investing.

Eric was named President of Olstein Capital Management in 2022. Having joined Olstein Capital Management's investment research team within months of its inception, Eric provides valuable firm-wide leadership with his pragmatic, collaborative approach that keeps us nimble and relevant in an evolving market. He has served as co-lead Portfolio Manager of the Olstein Strategic Opportunities Fund since its launch on November 1, 2006 and as co-lead Portfolio Manager of the Olstein All Cap Value Fund since October 31, 2008.  In June 2005, Eric was appointed Director of Research overseeing the ongoing generation of investment ideas, sector and company coverage, and the orderly flow of information throughout the research department.

Eric has written articles on investing for Investment News and Financial Week and the American Association of Individual Investors, AAIII Journal and has been quoted or featured in numerous business media outlets such as The Wall Street Journal, The New York Times, Barron's, Bloomberg News, Value Investor Insight, GuruFocus, Wall Street Transcript, and The Associated Press.

Eric earned a B.B.A. in Accounting from Pace University.

Why do we focus on Free Cash Flow?

It's the lifeblood of a business. Here's how it affects a company's value. Ask Us

Recent Insights


Investing involves risk including possible loss of principal. 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.  For a copy, click the prospectus link below.  

Fund holdings are subject to change at any time.  

Please click here for fund holdings for Olstein All Cap Value Fund.
Please click here for fund holdings for Olstein Strategic Opportunities Fund.

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow. Free cash flow represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets. Unlike earnings or net income, free cash flow is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet.

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. Click here to read the disclaimer+