The Fund sold its position in Dunkin’ Brands Group (NASDAQ:DNKN) as it reached its valuation in a relatively short period of time. The Fund built a position in Dunkin Brands beginning in November 2017, at an average price of $51.66 per share. As the company’s stock reached our valuation level, the Fund liquidated its position by early June 2019, within an average sale price of $73.31 per share. Over a period of a little more than nineteen months, the Fund’s holding in Dunkin Brands appreciated approximately 42%. By way of comparison, the broad Russell 3000® Index appreciated 10.51% and the Russell 3000® Value Index appreciated 6.52% over the Fund’s holding period for Dunkin Brands (September 5, 2017 to June 7, 2019).
From Robert Olstein (Trades, Portfolio)'s All-Cap Value Fund 2019 annual letter.
