Funds Overview

Olstein All Cap Value Fund

Olstein Strategic Opportunities Fund



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Eric R. Heyman

Executive Vice President, Portfolio Manager, and Director of Research

Robert A. Olstein

Chairman and Chief Investment Officer


Current Fund Fact Sheet

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Fund Holdings

Most recent quarter-end. DOWNLOAD

Olstein Strategic Opportunities Fund

Highlights & Facts

Olstein Strategic Opportunities Fund seeks long-term capital appreciation by investing primarily 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.


Investment Process Highlights

  • Seeks long-term capital appreciation by investing primarily 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.
 

Fund Facts

Adviser Class Class A Class C
Ticker Symbol OFSFX OFSAX OFSCX
CUSIP 56167N571 56167N597 56167N589
Inception Date 5/11/2015 11/1/2006 11/1/2006
Gross Expense Ratio 1.48% 1.73% 2.48%
Net Expense Ratio3 1.35% 1.60% 2.35%
NAV (3/31/20) $12.07 $11.92 $10.63
Minimum Initial Investment $1,000 $1,000 $1,000
Maximum Initial Sales Load None 5.50% None
Maximum CDSC None None1 1.00%2
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.
3. Olstein Capital Management, the Adviser, has contractually agreed to waive certain fees/expenses until October 28, 2020. Performance would have been lower without waivers in effect.


 

Portfolio Statistics

As of March 31, 2020
Portfolio Holdings 38
Portfolio Turnover (12-months ended 3/31/2020) 44.03%
Net Assets $47.25 million
Average Market Cap $3.77 billion
Weighted Average Market Cap $3.93 billion
Market Cap Breakdown (% of equity)
Mega Cap (>$100Bn)
Large Cap (>$10Bn - $100Bn)
Mid Cap (>$2Bn - $10Bn)
Small Cap ($200MM - $2Bn)
 
11.29%
40.01%
48.70%
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.

 

Top Ten Holdings
Subject to change

As of March 31, 2020 (% of equity)
Spartan Motors Inc 4.43%
Zimmer Biomet Holdings Inc 3.95%
Wesco International Inc 3.92%
Prestige Consumer Healthcare Inc 3.62%
Greenbrier Companies Inc 3.48%
Citizens Financial Group 3.47%
Discovery Inc 3.35%
Sensata Technologies Holding 3.31%
Wabash National Corp 3.27%
Blue Bird Corp 3.22%
Top Ten Holdings Total 36.03%
 

Top Five Industry Group Classifications (% of equity)

As of March 31, 2020
Capital Goods 37.20%
Consumer Services 9.59%
Banks 8.76%
Health Care Equipment and Services 7.07%
Technology Hardware and Equipment 6.69%
Total Top Five Industry Groups 69.31%

The Fund is actively managed and may not meet its investment objective or may underperform the market. Small- and mid-sized companies may be more vulnerable to adverse business or economic events than larger, more established companies. Value stocks may not increase in price as anticipated by OCM (and may actually decline in price) if other investors fail to recognize the stock’s value or if a catalyst that OCM believes will increase the price of the stock does not occur or does not affect the price of the stock in the manner or to the degree anticipated. Investing in foreign companies typically involves more risks than investing in U.S. companies which can increase the potential for losses and may include risks related to currency exchange rate fluctuations, country or government specific issues, unfavorable trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility. 

LEGAL DISCLOSURES AND OTHER IMPORTANT INFORMATION

The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.

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.  

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+