Robert Olstein Olstein Capital Management
Robert Olstein is the founder of Olstein Capital Management and a long-time advocate of forensic accounting and quality-of-earnings analysis in equity investing. His process looks beyond headline multiples to assess earnings sustainability and balance-sheet risk. Olstein’s work is frequently referenced by investors who prioritize accounting diligence.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Zebra Technologies
ZBRA
|
+$11.9M |
| 2 |
JOY
Joy Global Inc
JOY
|
+$10.9M |
| 3 |
OneSpan
OSPN
|
+$6.55M |
| 4 |
Designer Brands
DBI
|
+$6.1M |
| 5 |
The Greenbrier Companies
GBX
|
+$4.61M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Macy's
M
|
+$12.2M |
| 2 |
Smith & Wesson
SWBI
|
+$10.9M |
| 3 |
FNFG
FIRST NIAGARA FINANCIAL GROUP INC
FNFG
|
+$7.93M |
| 4 |
Dorman Products
DORM
|
+$7.48M |
| 5 |
SEE
Sealed Air
SEE
|
+$7.06M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 23.11% |
| 2 | Technology | 20.43% |
| 3 | Consumer Discretionary | 19.28% |
| 4 | Financials | 16% |
| 5 | Healthcare | 9.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Johnson Controls International
JCI
$86.7B
| $5.13M | 0.64% |
118,420
+42,020
| +55% | +$1.94M |
|
77
TE Connectivity
TEL
$58.9B
| $5.09M | 0.63% |
85,000
+3,000
| +4% | +$183K |
|
78
United Parcel Service
UPS
$86.8B
| $4.84M | 0.6% |
49,000
+4,000
| +9% | +$395K |
|
|
PBPB
79
DELISTED
Potbelly
PBPB
| $4.62M | 0.58% |
420,000
+70,000
| +20% | +$839K |
|
80
Stryker
SYK
$126B
| $4.61M | 0.57% |
49,000
-27,000
| -36% | -$2.67M |
|
81
Daktronics
DAKT
$927M
| $4.59M | 0.57% |
530,000
+28,000
| +6% | +$287K |
|
|
GSIG
82
DELISTED
GSI GROUP INC COM STK (CDA)
GSIG
| $4.41M | 0.55% |
346,000
| – | – |
|
83
CVS Health
CVS
$119B
| $4.34M | 0.54% |
45,000
-12,000
| -21% | -$1.26M |
|
84
Standard Motor Products
SMP
$863M
| $4.31M | 0.54% |
123,600
-7,400
| -6% | -$258K |
|
85
eBay
EBAY
$46.3B
| $4.23M | 0.53% |
173,000
-169,144
| -49% | -$4.55M |
|
86
Ceco Environmental
CECO
$4.19B
| $4.14M | 0.51% |
505,000
+63,000
| +14% | +$590K |
|
87
Tapestry
TPR
$26B
| $4.08M | 0.51% |
+141,000
| New | +$4.36M |
|
88
MSC Industrial Direct
MSM
$6.69B
| $4.03M | 0.5% |
66,000
+6,000
| +10% | +$409K |
|
89
Fox Factory Holding Corp
FOXF
$918M
| $3.77M | 0.47% |
223,800
-15,200
| -6% | -$239K |
|
|
BLT
90
DELISTED
BLOUNT INTERNATIONAL (NEW)
BLT
| $3.72M | 0.46% |
668,000
+355,000
| +113% | +$2.62M |
|
91
Lifetime Brands
LCUT
$211M
| $3.66M | 0.46% |
262,000
+4,000
| +2% | +$58.3K |
|
|
DD
92
DELISTED
Du Pont De Nemours E I
DD
| $3.62M | 0.45% |
+75,000
| New | +$4M |
|
93
ExxonMobil
XOM
$679B
| $3.57M | 0.44% |
48,000
+3,000
| +7% | +$231K |
|
94
Wabash National
WNC
$490M
| $3.44M | 0.43% |
325,000
+15,000
| +5% | +$184K |
|
95
American Express
AXP
$227B
| $3.34M | 0.42% |
+45,000
| New | +$3.46M |
|
|
FNFG
96
DELISTED
FIRST NIAGARA FINANCIAL GROUP INC
FNFG
| $3.32M | 0.41% |
325,000
-836,000
| -72% | -$7.93M |
|
97
Federal Signal
FSS
$7.48B
| $3.17M | 0.39% |
231,000
| – | – |
|
|
SEE
98
DELISTED
Sealed Air
SEE
| $3.06M | 0.38% |
65,300
-136,700
| -68% | -$7.06M |
|
|
CYNO
99
DELISTED
Cynosure, Inc. Class A
CYNO
| $3.03M | 0.38% |
101,000
| – | – |
|
100
Lands' End
LE
$375M
| $2.92M | 0.36% |
108,000
-14,000
| -11% | -$351K |
|
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Robert Olstein's Q3 2015 Portfolio in Review
As of Q3 2015, Robert Olstein held 124 positions worth $803M, down 17% from $962M the previous quarter. Its ten largest holdings account for 18% of the portfolio.
Robert Olstein withdrew a net $27.4M in Q3 2015, closing 16 positions and reducing 30 holdings. Its most notable exit was Macy's, an estimated $12.2M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 23% of assets, down from 26% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, Robert Olstein opened a new position in Zebra Technologies worth $9.64M.
- Robert Olstein's largest Q3 2015 buy was Zebra Technologies: 126,000 shares worth $9.64M.
- Robert Olstein added most to Joy Global Inc in Q3 2015, an estimated $10.9M increase.
- Robert Olstein's biggest Q3 2015 reduction was FIRST NIAGARA FINANCIAL GROUP INC, cutting an estimated $7.93M.
- Robert Olstein fully exited Macy's in Q3 2015, selling an estimated $12.2M.
- Robert Olstein's ten largest holdings make up 18% of its $803M portfolio in Q3 2015.
- Robert Olstein opened 4 new positions and closed 16 in Q3 2015.
- Robert Olstein's portfolio value fell 17% quarter-over-quarter to $803M.
Based on Olstein Capital Management's 13F filing for Q3 2015, filed 10 Nov 2015.