Funds Overview

Olstein All Cap Value Fund

Olstein Strategic Opportunities Fund



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


Current Fund Fact Sheet

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Schedule of Investments

Most recent quarter-end. DOWNLOAD


Distribution History

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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.
  • Analysis focuses on how a company's operations generate sustainable free cash flow; how much 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; adjustments to eliminate management bias; and identifying positive or negative factors that may affect future free cash flow.
 

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 (12/31/23) $22.04 $21.60 $18.42
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, 2024. Performance would have been lower without waivers in effect.

 

Portfolio Statistics

As of December 31, 2023
Portfolio Holdings 36
Annualized Portfolio Turnover 29.37%
Net Assets $87.48 million
Average Market Cap $5.26 billion
Weighted Average Market Cap $5.05 billion
Market Cap Breakdown (% of equity)
Large Cap (>$10Bn - $100Bn)
Mid Cap (>$2Bn - $10Bn)
Small Cap ($200MM - $2Bn)
Micro Cap (<200MM)
 
8.12%
65.60%
24.54%
1.74%

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

As of December 31, 2023 (% of equity)
Blue Bird Corp 4.79%
Sensata Technologies Holding 4.00%
Integra LifeSciences Holding 3.99%
Central Garden & Pet Co Class A 3.98%
Gates Industrial Corp plc 3.92%
Dine Brands Global Inc 3.81%
The Shyft Group Inc 3.71%
Invesco Ltd 3.54%
Mohawk Industries, Inc 3.52%
Denny's Corp 3.47%
Top Ten Holdings Total 38.73%
 

Top Five Industry Group Classifications (% of equity)

As of December 31, 2023
Capital Goods 25.82%
Banks 11.30%
Commercial and Professional Services 9.44%
Consumer Services 9.31%
Household & Personal Products 6.49%
Total Top Five Industry Groups 62.36%

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

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+