Olstein at a Glance

Investment Professionals
Years Average Experience
All Cap Value
SMID Value Equity

Who We Are

We are value investors who focus on a company's ability to grow free cash flow and intelligently use that cash flow to benefit shareholders.

QUALITY OF EARNINGS We assess a company's Quality of Earnings to identify factors affecting future cash flow that may not be recognized by the market. We believe that in order to achieve long-term investment success, an investor must first consider the financial risk inherent in each investment opportunity before considering the potential for capital appreciation. Our assessment of risk starts with an analysis of a company's Quality of Earnings. We assess the quality of a company's earnings by answering three important questions: 1. Do financial statements and other filings allow us to understand the reality of the company's unique business fundamentals, competitive edge and ability to generate free cash flow? 2. Does company management engage in conservative or aggressive accounting practices? 3. Is all material information necessary to evaluate the company properly disclosed? We define a high quality of earnings by how realistically we believe a company's financial statements portray what is taking place within the business (especially within the company's core business operations) and how accurately the financial statements characterize the sustainability of the company's earnings from operations.  READ MORE +

FREE CASH FLOW We value companies based on their ability to grow free cash flow and intelligently use that cash to benefit shareholders. Free cash flow is the lifeblood of a business and companies that generate excess cash flow have the potential to enhance shareholder value by increasing dividend payments, repurchasing company shares, reducing outstanding debt, and engaging in strategic acquisitions. Free-cash-flow generating companies often attract private equity investors and/or strategic acquirers. We believe superior investment opportunities are found in companies that: generate sustainable excess cash flow; are led by managements who use that excess cash in ways that will increase shareholder value; and that we can buy at a significant discount to their intrinsic value.  READ MORE +

ACTIVELY MANAGED We believe in active investment management as a source of superior long-term returns. We believe that active management, particularly as practiced by investors focused on the unrecognized or misunderstood value of companies, is not only a rewarding way to achieve above-average long-term investment returns, it is also critical for mitigating the downside risk inherent in equity investing.  READ MORE +

SOURCES OF VALUE We pursue value unrecognized by the market, obscured by economic uncertainty or overshadowed by temporary, but solvable, problems. We are value investors who look for solid businesses whose real economic value is unrecognized by the market, obscured by market or economic uncertainty or overshadowed by temporary, but solvable, problems. We seek good companies that face strategic challenges, often as a result of unrealistic expectations for growth, which are unfairly punished by equity markets. Markets tend to overreact to an earnings miss, poor management decisions, regulatory changes or overall negative market sentiment, and sharply penalize companies that encounter problems or stumble in the face of unrelenting expectations for growth. These overreactions create viable opportunities to buy solid businesses at a significant discount to their true economic value.  READ MORE +

Why do we look behind the numbers?

To understand the economic reality of a business and assess its ability to generate free cash flow. Learn More

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+