Robert Olstein

Across Robert Olstein’s registered funds — $522M disclosed in SEC Form N-PORT — just 79.5% sits in US-listed equity, the only slice a 13F reports. The other $107M is cash and foreign listings — none of which a 13F can show.

From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 2 funds. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $0 for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.

About Robert Olstein

Robert Olstein founded Olstein Capital Management in 1995 after building his reputation as a forensic accountant — most visibly through his long-running Financial Analysts Journal series and the "Quality of Earnings" report he co-authored with Thornton O'Glove in the early 1970s, work that made him one of the more rigorous earnings-quality analysts of his generation before he moved into portfolio management. His style is bottom-up value with an explicit accounting-skepticism overlay: the edge, in theory, is identifying companies where GAAP earnings overstate or understate economic reality, then acting on the gap. In practice, the current 13F reflects a highly diversified book — 99 positions with top-5 concentration around 10% and largest single weight near 2% — which is more consistent with a broad-screen value approach than a high-conviction concentrated one. Readers should note that the 12-year clone backtest shows roughly 5 percentage points of annual underperformance versus SPY on a disclosed-holdings basis, the standard caveat being that 13F filings capture long equity positions only, with a 45-day lag, and say nothing about hedges, cash levels, or timing of entries and exits within a quarter.