Robert Olstein

Robert Olstein

Last Update: 05-13-2015

Number of Stocks: 117
Number of New Stocks: 11

Total Value: $926 Mil
Q/Q Turnover: 19%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

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.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Olstein All Cap Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201415.0313.691.3
201336.4132.394.0
201215.316-0.7
3-Year Cumulative80.9 (21.9%/year)74.6 (20.4%/year)6.3 (1.5%/year)
2011-4.32.11-6.4
201016.1715.061.1
5-Year Cumulative101.1 (15%/year)105.1 (15.5%/year)-4 (-0.5%/year)
200937.0126.4610.5
2008-43.8-37-6.8
2007-3.435.49-8.9
200614.4415.79-1.4
20052.794.91-2.1
10-Year Cumulative75.9 (5.8%/year)109.4 (7.7%/year)-33.5 (-1.9%/year)
200411.0510.880.2
200336.1928.687.5
2002-19.27-22.12.8
200117.25-11.8929.1
200012.93-9.122.0
15-Year Cumulative184.4 (7.2%/year)86.4 (4.2%/year)98 (3%/year)
199934.8921.0413.8
199815.0128.58-13.6
199734.8333.361.5
199624.3622.961.4

Top Ranked Articles

Robert Olstein: We are finding value in many sectors; on Citigroup, JC Penney and Cisco
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?
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.
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
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-_http://www.nytimes.com/2010/09/12/business/12stra.html?src=busln

http://www.valuewalk.com/

Disclosure: Long Ingersoll Rand Read more...
Robert Olstein on Gap Stores (GPS)
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...
» More Robert Olstein Articles

Commentaries and Stories

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Robert Olstein Adds 11 Stakes to Portfolio in First Quarter Robert Olstein - Robert Olstein Adds 11 Stakes To Portfolio In First Quarter
Regarded as an expert in corporate financial disclosure and reporting practices, guru Robert Olstein (Trades, Portfolio), chairman and chief investment officer of the Olstein Financial Alert Fund, pays close attention to the numbers when making investment decisions. He prefers to look behind the numbers of a financial statement to assess a company's financial strength and assess potential downside risk. More...

Robert Olstein


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Robert Olstein's Top 5 New Q1 Stocks After Beating Index Robert Olstein - Robert Olstein's Top 5 New Q1 Stocks After Beating Index
For 2014 Robert Olstein (Trades, Portfolio)’s All Cap Value Fund beat the S&P 500, returning 15.03% compared to 13.69% for the index. More...

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Robert Olstein Comments on Aegion Corp
The Fund eliminated its position in industrial goods/infra- structure company Aegion Corp. (AEGN), after we lost confidence in company management and its ability to effectively implement a clear, consistent strategy. We were initially attracted by the company’s prospects, approximately three years ago, as it transitioned from a company whose earnings were dominated by municipal sewer servicing to being a well-rounded pipeline service provider with increased exposure to energy and mining and structural and construction businesses. During the recent stages of this transition, however, management has continued to provide excuses for underperforming business segments and overall poor company performance without articulating a clear strategy for moving forward. More...

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Robert Olstein Comments on CareFusion Corp
Similarly, on October 5, 2014, Becton Dickinson (BDX) announced that it had entered into a definitive agreement to acquire CareFusion (CFN) for $58 per share. The Fund sold its holdings in CareFusion as the price of the company’s stock approached the announced acquisition price representing a substantial premium to the Fund’s average cost for the company’s stock. More...

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Robert Olstein Comments on PetSmart
On December 14, 2014, PetSmart (PETM) announced that it had entered into definitive agreement to be acquired by private equity firm BC Partners for $83 per share in cash. The Fund sold its holdings in PetSmart as the price of the company’s stock approached the announced acquisition price representing a substantial premium to the Fund’s average cost for PetSmart. More...

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The Olstein Strategic Opportunities Fund’s Q4 2014 Letter to Shareholders
Dear Fellow Shareholders: More...

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Guru Stocks at 52-Week Lows: XOM, BABA, CVX. HSBC, IBM
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

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David Swensen bought PBPB and GE
David Swensen (Trades, Portfolio) has been the chief investment officer at Yale University since 1985. He is responsible for managing and investing the university's endowment assets and investment funds, which total over $22 billion. Realizing an annual return of more than 17.2% on his investments over the last ten years, Swensen has added more than $16 billion to Yale's coffers. Swensen also outperformed 99% of U.S.-based mutual funds. More...

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Guru Stocks at 52-Week Lows: XOM, RDS.A, HSBC, COP, AMX
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

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Robert Olstein's Annual Letter to Shareholders 2014
For the year ended December 31, 2014, Class C shares of the Olstein All Cap Value Fund appreciated 15.03% compared to total returns of 13.69% and 12.56% for the S&P 500® Index and the Russell 3000® Index, respectively. For the six-month reporting period ended December 31, 2014, Class C shares of the Olstein All Cap Value Fund returned 9.81% compared to total returns of 6.12% for the S&P 500® Index and 5.25% for the Russell 3000® Index. Since the Fund’s inception date of September 21, 1995 thru December 31, 2014 (19 plus years), the Fund has appreciated at an annualized rate of 11.09% compared to 8.78% and 8.86% for the S&P 500® Index and the Russell 3000® Index, respectively. More...

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Guru Stocks at 52-Week Lows: XOM, AXP, DISCA, RL, SNI
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

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A Giant in the Television Industry Robert Olstein, Ken Fisher, James Barrow - A Giant In The Television Industry
In this article, let's take a look at AT&T, Inc. (T), a $179.68 billion market cap company, which provides telephone and broadband service. More...

STOCKS, TELEVISION, PHONE


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Olstein Sticks With the Snoozers...Boring Generates Profit Robert Olstein - Olstein Sticks With The Snoozers...Boring Generates Profit
Robert Olstein (Trades, Portfolio) of Olstein Capital Management, L.P. looks for the "boring stocks" that all have a common theme to add to his portfolio of 118 stocks, with a quarter-over-quarter turnover of 16%. More...

OLSTEIN CAPITAL MANAGEMENT, STOCKS, Robert OIstein


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Avery Dennison Continues to be a Market Leader
In this article, let's take a look at Avery Dennison Corporation (AVY), a $4.54 billion market cap company that is a leading worldwide manufacturer of pressure-sensitive adhesives and materials, labels and retail systems. More...

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Robert Olstein Comments on Ann Inc
The Fund also eliminated its position in specialty retailer Ann Inc (ANN). The disclosure of significant positions in Ann Inc. by a private equity firm and activist investors stoked considerable interest in the company’s stock, causing it to rise to our valuation level in a relatively short period of time. On March 20, 2014, Golden Gate Capital (a private equity firm that specializes in the retailing sector) disclosed a 9.5% equity stake in Ann Inc. Additionally, in August, activist hedge fund Engine Capital, along with hedge fund Partner Red Alder LLC, began a public campaign to push management to conduct a strategic review and possible sale of the company. More...

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The Olstein Strategic Opportunities Fund Q3 2014 Letter to Shareholders - Value Investors That Think Like Business Owners
Dear Fellow Shareholders: More...

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Robert Olstein Comments on TRW Automotive Holdings
Positions eliminated during the past quarter include: ABB Ltd. (ABB), Ann Inc. (ANN), Baxter International (BAX), International Game Technology (IGT), TRW Automotive Holdings (TRW), and URS Corporation (URS). More...

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The Olstein All Cap Value Fund Q3 2014 Letter to Shareholders - When Boring Becomes Exciting
Dear Fellow Shareholders: More...

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Sealed Air's Businesses Remain Attractive
In this article let's take a look at Sealed Air Corporation (SEE), a leading global manufacturer of a wide range of food and protective packaging materials and systems. More...

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TE Connectivity Is Going to Double Revenue Growth Jean-Marie Eveillard,Robert Olstein,Steven Romick, - TE Connectivity Is Going To Double Revenue Growth
In this article, let's take a look at TE Connectivity Ltd (TEL), a $24.74 billion market cap company, which is a company which designs, manufactures and markets engineered electronic components and network solutions for the automotive, appliances, aerospace and defense, telecommunications, computers and consumer electronics industries. More...

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