Robert Olstein

Olstein All-Cap Value Fund

Last Update: 2013-05-14

Number of Stocks: 115
Number of New Stocks: 13

Total Value: $569 Mil
Q/Q Turnover: 12%

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Robert Olstein's Profile & Performance

Profile

Robert A. Olstein is the Chairman and Chief Investment Officer of the Olstein Financial Alert Fund (OFALX). He is considered to be an expert in corporate financial disclosure and reporting practices. In 1971, he co-founded the "Quality of Earnings Report" service, which pioneered the concept of using inferential financial screening techniques to analyze balance sheets and income statements to alert institutional portfolio managers to positive or negative factors affecting a company's future earnings power and value of a company's stock.

Web Page:http://www.olsteinfunds.com/manager.htm

Investing Philosophy

Robert Olstein selects stocks by looking behind the numbers. He emphasizes a detailed look behind the numbers of a company's financial statement to assess the company's financial strength and assess potential downside risk. He believes that the Fund's objectives are best met by a "defense first" approach - an approach aimed at minimizing investment errors as opposed to finding companies with the highest appreciation potential without regard for downside risk. To qualify for his selection, a company must generate more cash flow than necessary to sustain the business, avoid aggressive accounting practices, demonstrate balance sheet fundamentals that are consistent with his defense first approach, and be selling at a discount to the private market value. Robert Olstein sells a stock when the stock appreciates to his appraised value.

Total Holding History

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Performance of Olstein All Cap Value Fund

Year	Return (%)	S&P500 (%)	Excess Gain (%)
2012	15.3	15.4	-0.1
2011	-4.3	2.08	-6.4
2010	16.17	15.06	1.1
3-Year Cumulative	28.2 (8.6%/year)	35.5 (10.7%/year)	-7.3 (-2.1%/year)
2009	37.01	26.46	10.5
2008	-43.8	-37	-6.8
5-Year Cumulative	-1.3 (-0.3%/year)	8 (1.5%/year)	-9.3 (-1.8%/year)
2007	-3.43	5.61	-9.0
2006	14.44	15.79	-1.4
2005	2.79	4.91	-2.1
2004	11.05	12	-0.9
2003	36.19	28.7	7.5
10-Year Cumulative	69.6 (5.4%/year)	99.7 (7.2%/year)	-30.1 (-1.8%/year)
2002	-19.27	-22.1	2.8
2001	17.25	-11.9	29.1
2000	12.93	-9.1	22.0
1999	34.89	21	13.9
1998	15.01	28.6	-13.6
15-Year Cumulative	181.2 (7.1%/year)	93.8 (4.5%/year)	87.4 (2.6%/year)
1997	34.83	33.4	1.4
1996	24.36	23	1.4

Top Ranked Articles

Robert Olstein: We are finding value in many sectors; on Citigroup, JC Penney and Cisco

March 4, 2008

Bob Olstein is considered to be an expert in corporate financial disclosure and reporting practices. In 1971, he co-founded the "Quality of Earnings Report" service, which pioneered the concept of using inferential financial screening techniques to analyze balance sheets and income statements to alert institutional portfolio managers to positive or negative factors affecting a company's future earnings power and value of a company's stock. Since inception in 1995, his Olstein Financial Alert Fund had returned an annualized 13.82% through the end of 2007. Read more...

Robert Olstein Looks Behind the Numbers in Financial Reports?

September 26, 2007

How does Gurus read financial reports? Robert Olstein is a CPA-turned money manager. The key to his success is his capability of looking behind the numbers. Robert Olstein detailed how he looks behind the numbers with financial reports. Read more...

Robert Olstein Buys Phelps Dodge Corp., Cheesecake Factory Inc., Univision Communications Inc., Sells Abercrombie & Fitch Co., Tupperware Corp., PerkinElmer Inc.

November 18, 2006

Robert Olstein buys Phelps Dodge Corp., Cheesecake Factory Inc., Univision Communications Inc. etc., sells Abercrombie & Fitch Co., Tupperware Corp., PerkinElmer Inc., Diebold Inc. etc during the 3-months ended 09/30/2006, according to the most recent filings of his investment company, Olstein Financial Alert Fund. Robert Olstein owns 58 stocks with a total value of $1.5 billion. Read more...

A Wealth of Choices for a Value Investor

September 11, 2010

IS the stock market making you queasy? Even with the market’s September surge, the losses, stress, and turmoil of the last lost decade provide plenty of reasons to stay on the sidelines.

Why not just hold cash, bonds or gold? They have done better than stocks for months, and investors have pulled billions of dollars out of domestic stock funds. But the standard reasons for sticking with equities still make some sense: over the long haul, stocks have produced better returns than other assets, and if you pick the right stocks — a big “if,” to be sure — you may have spectacular results.

In practice, though, betting on stocks demands a higher level of confidence than many people now possess. Is there a way to improve the odds?

Robert A. Olstein, a forensic accountant turned money manager based in Purchase, N.Y., thinks so. He practices a version of value investing — the disciplined, often-contrarian approach to security analysis refined decades ago by Benjamin Graham and David Dodd.

Mr. Olstein, 69, looks for stocks that are selling at a significant discount to their “intrinsic value” — what a company would be worth if it were privately held. For his flagship mutual fund, the Olstein All Cap Value fund, he says he is finding more bargains among American blue-chip stocks than he has ever seen.

His fund’s biggest holdings are household names that are generating significant amounts of cash, yet selling at prices he finds very reasonable. They include Intel, Microsoft, Macy’s, Xerox, DuPont, Radio Shack, Alliance Bernstein, Home Depot, Legg Mason and Ingersoll Rand. Their abundant cash flows should enable them to make moves like share buybacks, increased dividend payouts, mergers and acquisitions, which, he said, should serve as a catalyst to raise prices.

The full article can be found here-_[www.nytimes.com]

http://www.valuewalk.com/

Disclosure: Long Ingersoll Rand Read more...

Robert Olstein on Gap Stores (GPS)

November 26, 2006

Gap Stores (GPS) is an example of a stock surrounded by apathy and disgust which was recently added to our portfolio. GPS has similar characteristics to McDonald’s and Hasbro when we purchased these companies many years ago. Apathy and investor disgust created by consistent earnings and sales disappointments have resulted in the stock selling at the same price it traded at in 1997. Yet, between 1997 and 2005, earnings and sales have more than doubled. The stock peaked in the late 1990’s near $50.00 a share when the company earned $1.26 a share. We believe prospects are better now than they were in the late 1990’s, although we are not projecting a move back to $50.00 a share in the next few years. The company has adopted a back-to-basics strategy, consisting of closing down unprofitable stores, simplifying the product line, and de-leveraging the balance sheet (all actions focused on improving operating margins and generating excess cash.) In addition, over the past three years, GPS has moved from a net debt position to a net cash position of approximately $3.00 per share. The excess cash provides management with the leeway to fully execute their strategy, repurchase the company’s Read more...

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Commentaries and Stories

Currently 3.00/5

Rating: 3.0/5 (1 vote)

Robert Olstein’s Largest New Stock Picks

February 12, 2013

Robert Olstein, manager of the Olstein Funds, bought eight new stocks in the fourth quarter for his Olstein All-Cap Value Fund, the largest positions of which are: Ross Stores (ROST), Charles River Laboratories International (CRL) and Vishay Intertechnology (VSH). More...

Currently 3.56/5

Rating: 3.6/5 (9 votes)

Robert Olstein: There Is Still Much Value in the Market

September 25, 2012

Well-known value investor Robert Olstein of Olstein Funds was on Bloomberg to discuss the U.S. Stock market after the recent run up and where he is still finding value. He lines out the factors he is looking at while zeroing on his select investments. More...

ROBERT OLSTEIN, OLSTEIN FUNDS, VALUE INVESTORS, VALUE INVESTING, INVESTMENT STRATEGY, US STOCK MARKET OUTLOOK, VALUE STOCKS, VALUE IN THE MARKET

Currently 4.44/5

Rating: 4.4/5 (9 votes)

Value Investor Robert Olstein: Stocks Are Still Cheap

September 14, 2012

Well-known value investor Robert Olstein was on CNBC to discuss his outlook for the stock market and thinks that the stock market will move much higher over the next 12 to 18 months. More...

ROBERT OLSTEIN, US STOCKS ARE CHEAP, US STOCK MARKET, US STOCKS UNDERVALUED, CASH FLOW YIELDS, CISCO, TECHNOLOGY STOCKS, MICROSOFT

Currently 3.71/5

Rating: 3.7/5 (7 votes)

Value Investor Robert Olstein: Market Is Overreacting and His Top Picks

August 10, 2012

Well-known value investor Bob Olstein, chairman and CEO of Olstein Capital Management, was on CNBC to discuss his views on the stock market, Amazon (AMZN) and why it is going down, and other attractive opportunities in the market. He said markets overreacted in 2009 and are overreacting now too. More...

ROBERT OLSTEIN, VALUE INVESTOR, VALUE INVESTING, OLSTEIN CAPITAL MANAGEMENT, US STOCK MARKET, US STOCKS ATTRACTIVE, SHORT AMAZON.COM

Currently 3.00/5

Rating: 3.0/5 (5 votes)

President & CEO of Ascena Retail David R Jaffe sold 433,600 shares

June 23, 2012

Ascena Retail Group, Inc, formerly known as The Dress Barn, Inc. Ascena Retail has a market cap of $3 billion; its shares were traded at around $19.01 with a P/E ratio of 14.9 and P/S ratio of 1. Ascena Retail had an annual average earnings growth of 17.8% over the past 10 years. More...

Currently 2.33/5

Rating: 2.3/5 (9 votes)

Guru Stocks Raising Dividends: HCII, FCX, STEI, CRWS, HBNC

April 2, 2012

This is the group of companies who raised their dividend during the week: Homeowners Choice, Freeport-McMoRan, Stewart Enterprises Inc., Crown Crafts Inc. and Horizon Bancorp. More...

Currently 3.14/5

Rating: 3.1/5 (7 votes)

Stocks that are cheaper than Robert Olstein bought

February 18, 2012

Robert A. Olstein is Chairman and Chief Investment Officer of Olstein Capital Management and is Head Portfolio Manager of the Olstein All Cap Value Fund and Co-Portfolio Manager of the Olstein Strategic Opportunities Fund. He is a well recognized research analyst and money manager. More...

GURU PORTFOLIO, VALUE INVESTOR, LONG TERM INVESTMENTS

Currently 3.43/5

Rating: 3.4/5 (7 votes)

Great Holdings of Robert Olstein

February 16, 2012

Robert A. Olstein is the chairman and chief investment officer of the Olstein Financial Alert Fund. He is an expert in corporate financial disclosure and reporting practices. He co-founded the "Quality of Earnings Report" service to introduce the concept of inferential financial screening techniques to analyze balance sheets and income statements and be able to alert portfolio managers about factors affecting the company's earnings and value of the stock. More...

PORTFOLIO, TECH, RETAIL, FINANCIAL, GURU

Currently 2.10/5

Rating: 2.1/5 (10 votes)

Guru Stocks Raising Dividends: UPS, OXY, MMM, LO, DPS

February 13, 2012

This is the group of companies who raised their dividend during the week were: United Parcel Service Inc., Occidental Petroleum Corp., 3m Co., Lorillard, Dr. Pepper Snapple Group. More...

Currently 2.67/5

Rating: 2.7/5 (6 votes)

Weekly Guru Bargains Highlights: SID, HCA, MHK, SIVB, SCHW

October 8, 2011

According to GuruFocus updates, these stocks have declined the most since Gurus have bought. More...

Currently 2.22/5

Rating: 2.2/5 (9 votes)

Weekly Guru Bargains Highlights: Harman International Industries Inc, Lowes Cos, Delta Air Lines, Applied Materials Inc, LONGTOP FINANCIAL TECHNOLOGIES Ltd

August 6, 2011

Last week’s top five guru bargains were Harman International Industries Inc, Lowes Cos, Delta Air Lines, Applied Materials Inc, and LONGTOP FINANCIAL TECHNOLOGIES Ltd. More...

Currently 2.33/5

Rating: 2.3/5 (6 votes)

Robert Olstein: What You Can Learn From Shareholder Letters?

November 11, 2010

This is an article about Robert Olstein, manager at the Olstein Funds. Mr. Olstein has an accounting background. He tries to discuss how to read shareholder letters and financial reports. More...

Currently 3.75/5

Rating: 3.8/5 (12 votes)

A Wealth of Choices for a Value Investor

September 11, 2010

IS the stock market making you queasy? Even with the market’s September surge, the losses, stress, and turmoil of the last lost decade provide plenty of reasons to stay on the sidelines. Why not just hold cash, bonds or gold? They have done better than stocks for months, and investors have pulled billions of dollars out of domestic stock funds. But the standard reasons for sticking with equities still make some sense: over the long haul, stocks have produced better returns than other assets, and if you pick the right stocks — a big “if,” to be sure — you may have spectacular results. In practice, though, betting on stocks demands a higher level of confidence than many people now possess. Is there a way to improve the odds? Robert A. Olstein, a forensic accountant turned money manager based in Purchase, N.Y., thinks so. He practices a version of value investing — the disciplined, often-contrarian approach to security analysis refined decades ago by Benjamin Graham and David Dodd. Mr. Olstein, 69, looks for stocks that are selling at a significant discount to their “intrinsic value” — what a company would be worth if it were privately held. For his flagship mutual fund, the Olstein All Cap Value fund, he says he is finding more bargains among American blue-chip stocks than he has ever seen. His fund’s biggest holdings are household names that are generating significant amounts of cash, yet selling at prices he finds very reasonable. They include Intel, Microsoft, Macy’s, Xerox, DuPont, Radio Shack, Alliance Bernstein, Home Depot, Legg Mason and Ingersoll Rand. Their abundant cash flows should enable them to make moves like share buybacks, increased dividend payouts, mergers and acquisitions, which, he said, should serve as a catalyst to raise prices. The full article can be found here-_[www.nytimes.com] http://www.valuewalk.com/ Disclosure: Long Ingersoll Rand More...

Currently 1.80/5

Rating: 1.8/5 (5 votes)

Robert Olstein Buys Baxter International Inc., Apple Inc., The Timken Company, Sells Dell Inc., The Gap Inc., Hillenbrand Inc

August 11, 2010

Robert Olstein of the Olstein Finacial Alert Fund reported his Q2 portfolio. These are the details of buys and sells. More...

Currently 3.17/5

Rating: 3.2/5 (6 votes)

Olstein Funds Buy Dr Pepper Snapple Gp, NCR Corp., Equifax Inc., Sells Blount International Inc., Adobe Systems Inc., Goldman Sachs Group Inc. Olstein Funds Q4 Portfolio: Buys CFN, DPS, EAT, EFX, HI, NCR

February 16, 2010

Robert Olstein - Olstein Funds Buy Dr Pepper Snapple Gp, NCR Corp., Equifax Inc., Sells Blount International Inc., Adobe Systems Inc., Goldman Sachs Group Inc.

Robert Olstein of the Olstein Funds searches for companies that can generate sustainable free cash flow, and how much of that cash is available to investors and the level of ongoing investment required to maintain and grow that cash flow. Robert Olstein owns 86 stocks with a total value of $542 million. These are the details of the buys and sells. More...

Currently 3.38/5

Rating: 3.4/5 (8 votes)

Robert Olstein on Hedge Fund regulations. Recent Olstein buys.

January 15, 2010

Robert Olstein, of Olstein All Cap Value Fund made some comments on Bloomberg television this week. He stated that he is skeptical on bank stocks, but is interested in those companies that are deleveraging or talking about deleveraging. He has been a buyer of ABB Ltd (ticker: ABB), Harman International Industries Inc (ticker: HAR), PetSmart, Inc (ticker: PETM), Steris Corporation (ticker: STE), Sealed Air Corp (ticker: SEE) and Becton, Dickinson and Co (ticker: BDX) which are highlighted below. More...

Currently 3.78/5

Rating: 3.8/5 (9 votes)

Robert Olstein Comments on Becton Dickinson and Co. (BDX) and Stryker Corporation (SYK) Robert Olstein Comments on His Favorite Health Care Picks (video)

October 13, 2009

Robert Olstein - Robert Olstein Comments On Becton Dickinson And Co. (BDX) And Stryker Corporation (SYK)

(GuruFocus, October 13, 2009) Investment Guru Robert Olstein had an interview with Fox Business News. YTD his fund is up 30%, beating the S&P 500 by about 10%. More...

Currently 2.67/5

Rating: 2.7/5 (3 votes)

Olstein Notes on Value Investing: Finding Value in Corporate Turnarounds

September 18, 2009

Corporate turnarounds are among the most intriguing of investment opportunities: They offer both the potential of market-beating performance and the satisfaction thatcomes with backing an underdog and then seeing it prevail—of finding value where others did not. More...

Currently 2.92/5

Rating: 2.9/5 (13 votes)

Robert Olstein Shareholder letter after a difficult quarter

September 4, 2008

The credit crisis will eventually end, housing prices will reach a trough and oil prices cannot continue to climb at the current rate. It is our opinion that oil is in the process of topping for many years to come, housing should bottom within the next six months (but take a few years to turn up again), the financial crisis is in the final innings and the credit markets will return to normal within the foreseeable future. More...