Morningstar Rating

Fund Research and Analysis

by Greg Carlson
Olstein All Cap Value doesn't fit easily into any category, but it's a compelling investment.

This fund lands in the mid-blend category, but Bob Olstein--lead manager since its September 1995 inception--casts a wide net. He buys companies of all sizes (primarily large- and mid-cap firms) that sell at sharp discounts relative to his estimate of their ability to generate cash in the future.  Read more 

Kudos

Solid returns over the very long term.
Experienced manager backed by an impressive analyst team. Read more 

Risks

High expenses.
Poor recent performance.
Olstein's willingness to dive into out-of-favor industries has made for substantial volatility. Read more 

Strategy

Bob Olstein looks across the market-cap spectrum for firms with conservative accounting that can generate excess cash flow. He uses discounted cash-flow models to estimate private market values and buys those names selling at discounts to his valuation estimates.  Read more 

Management

In the early 1970s, Bob Olstein cofounded the "Quality of Earnings Report" service that alerted institutional investors to firms using accounting tactics to mask earnings troubles. He launched this fund in 1995 and rolled out an advisor share class in 1999.  Read more 

Inside Scoop

This fund's name changed in 2007, but its new moniker reflects the strategy that its lead manager has always used. Veteran skipper Bob Olstein seeks out companies of all sizes that trade at a discount to his estimate of their private market values, have the ability to generate plenty of cash, and keep reliable books.  Read more 

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