Our search for value focuses on identifying significant deviations between a stock's current price and our assessment of its intrinsic value. Since we believe that long-term investment success is influenced more from the quantity and severity of our errors rather than in picking “big winners,” it is critical that our analytical process rely on unbiased information to assess downside risk. READ MORE +
The Olstein Funds:
The Value of Active Investment Management
Olstein Capital Management follows an accounting-driven, value-oriented investing philosophy based on the premise that the price of a common stock may not reflect the true value of a company's underlying business.
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 EARNINGSWe assess a company's Quality of Earnings to identify factors affecting future cash flow that may not be recognized by the market. READ MORE
FREE CASH FLOWWe value companies based on their ability to grow free cash flow and intelligently use that cash to benefit shareholders. READ MORE
ACTIVELY MANAGEDWe believe in active investment management as a source of superior long-term returns. READ MORE
SOURCES OF VALUEWe pursue value unrecognized by the market, obscured by economic uncertainty or overshadowed by temporary, but solvable, problems. 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
Before making a decision to invest, it is imperative to look for specific financial, competitive and structural characteristics that signal that the problems are temporary. READ MORE +
It is an investment analyst's job to determine the economic realism of management's assumptions and to eliminate management biases by making the appropriate adjustments to reported earnings data. READ MORE +
A careful reading of the letter not only focuses on what management chooses to emphasize but also what management chooses to omit or minimize. READ MORE +
Only traders and speculators should be concerned about short-term stock price movements measured in months, days, or hours. READ MORE +
Comparing depreciation schedules to economic reality is a must for any investor when analyzing financial statements. READ MORE +
As a result of this emphasis on avoiding short-term volatility, investors have become more focused on short-term price movements. READ MORE +
We read for "heat," looking for subtle phrases or trigger words that, in our experience, may signal a significant change in an industry or company that could unlock or create significant long-term value for shareholders. READ MORE +
The Olstein Difference
We don't talk to company management. We listen to what management says and we focus on what management does.Learn Why Our Approach Matters
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+