Robert Olstein - Olstein Capital Management Portfolio Q2'2025: Top Holdings & Recent Changes
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Robert Olstein, founder of Olstein Capital Management, continues to showcase his disciplined value investing approach amid a volatile market landscape. His Q2’2025 portfolio reflects a nuanced blend of defensive positioning and selective conviction, with $533.4 million allocated across 101 positions and a focus on companies undergoing significant change.
Portfolio Overview: Contrarian Value in a Diversified Framework
Portfolio Highlights (Q2’2025): - Market Value: $533.4M - Top 10 Holdings: 18.6% - Portfolio Size: 101 +3 - Average Holding Period: 23 quarters - Turnover: 5.0%
Olstein Capital’s Q2’2025 portfolio stands out for its broad diversification—101 positions, with the top 10 accounting for just 18.6% of assets. This approach contrasts sharply with the ultra-concentrated style of many headline-grabbing superinvestors, reflecting Robert Olstein’s belief in risk mitigation through wide exposure and a willingness to hold smaller weights in numerous undervalued names.
The average holding period of 23 quarters (nearly six years) underscores a patient, long-term orientation. Despite the large number of positions, turnover remains low at 5.0%, indicating that Olstein prefers incremental adjustments over wholesale portfolio shifts. This steady hand is evident in the measured adds and trims across the portfolio, as the fund seeks to capitalize on market inefficiencies while avoiding excessive trading costs.
Top Holdings Analysis: Incremental Bets and Defensive Shifts
The Q2’2025 portfolio features a dynamic mix of established blue chips and lesser-known value plays, with several notable adjustments this quarter. Disney Walt Co remains a core holding at 2.6% of assets, though Olstein trimmed the position by 19.71%, likely reflecting concerns over near-term headwinds or a desire to rebalance after recent volatility. Sensata Technologies 2.1% was also reduced by 17.71%, signaling a cautious stance on cyclical industrials.
On the other hand, Olstein added to several positions, including Vontier Corporation +1.03%, ABM Industries +8.15%, and Avantor Inc +19.54%, each representing a calculated bet on operational improvement or valuation upside. Becton Dickinson saw a substantial 18.60% increase, suggesting renewed confidence in the healthcare sector’s defensive qualities.
Other significant moves include a 6.06% reduction in General Dynamics and a 5.84% trim in Aptiv PLC, both likely reflecting tactical adjustments rather than a wholesale shift in sector outlook. Meanwhile, Schlumberger Ltd +0.40% and Wesco International +11.95% were incrementally increased, hinting at selective optimism in energy and industrial distribution.
Rounding out the top positions, Johnson & Johnson 1.7% remained unchanged, serving as a stable anchor in a portfolio otherwise characterized by active management. The overall composition blends large-cap defensives with mid-cap value opportunities, each sized to reflect conviction and risk.
What the Portfolio Reveals About Olstein’s Current Strategy
- Diversification as Risk Management: With 101 positions and a modest 18.6% in the top 10, Olstein prioritizes broad exposure to minimize idiosyncratic risk.
- Incremental Positioning: The portfolio’s low turnover and measured adds/reductions indicate a preference for gradual rebalancing over aggressive swings.
- Sector Rotation: Recent increases in healthcare (Becton Dickinson, Avantor) and industrials (Wesco, ABM) suggest a tilt toward defensive and operationally resilient sectors.
- Contrarian Value: Significant trims in Disney and Sensata reflect a willingness to lock in gains or cut exposure when valuations run ahead of fundamentals, even in popular names.
- Long-Term Focus: The 23-quarter average holding period highlights a commitment to compounding through patience, rather than chasing short-term trends.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| DISNEY WALT CO | $13.9M | 2.6% | Reduce 19.71% |
| SENSATA TECHNOLOGIES HLDNG P | $11.1M | 2.1% | Reduce 17.71% |
| VONTIER CORPORATION | $10.9M | 2.0% | Add 1.03% |
| ABM INDS INC | $10.0M | 1.9% | Add 8.15% |
| JOHNSON & JOHNSON | $9,318.0K | 1.7% | No change |
| AVANTOR INC | $9,139.0K | 1.7% | Add 19.54% |
| GENERAL DYNAMICS | $9,041.0K | 1.7% | Reduce 6.06% |
| APTIV PLC | $8,800.0K | 1.6% | Reduce 5.84% |
| BECTON DICKINSON & CO | $8,785.0K | 1.6% | Add 18.60% |
The table above highlights Olstein’s commitment to diversification, with no single position exceeding 2.6% of the portfolio. Even the largest holdings are sized conservatively, reflecting a risk-aware approach that seeks to avoid overexposure to any one company or sector. The frequent, but modest, adjustments across the top 10 further reinforce a philosophy of incrementalism and disciplined rebalancing.
Investment Lessons from Robert Olstein’s Value Discipline
- Diversification is a Core Principle: Spreading risk across 100+ positions can protect against unexpected shocks and reduce portfolio volatility.
- Incremental Adjustments Trump Drastic Moves: Small, regular changes allow for nimble responses to market conditions without incurring excessive trading costs.
- Patience Pays Off: A long average holding period enables the compounding of returns and allows value theses to play out.
- Valuation Discipline: Willingness to trim or add based on valuation, not popularity, is key to long-term outperformance.
- Sector Flexibility: Rotating between sectors as fundamentals shift can capture new opportunities while managing risk.
Looking Ahead: What Comes Next?
With a diversified base and low turnover, Olstein Capital is well-positioned to weather market volatility and capitalize on emerging value opportunities. The fund’s incremental adds in healthcare and industrials suggest a defensive tilt, while the willingness to trim winners like Disney signals ongoing valuation discipline. Investors should watch for further sector rotation and potential new positions as market dislocations create fresh bargains. With cash available from recent trims and a patient, value-driven process, Olstein Capital remains poised to deploy capital opportunistically in the quarters ahead.
FAQ about Olstein Capital Portfolio
Q: Why did Olstein Capital reduce its position in Disney and Sensata Technologies this quarter?
Olstein trimmed both holdings by nearly 20%, likely reflecting a combination of valuation discipline and risk management after periods of strong performance or increased uncertainty.
Q: How does Olstein Capital manage risk with such a large number of positions?
By holding 101 stocks and keeping the top 10 to under 20% of assets, Olstein minimizes the impact of any single company’s performance on the overall portfolio.
Q: What is the average holding period for Olstein Capital’s investments?
The average holding period is 23 quarters—almost six years—demonstrating a long-term, patient approach to value investing.
Q: Which sectors saw the most activity this quarter?
Healthcare and industrials were areas of incremental additions, while consumer discretionary and industrials also saw notable trims.
Q: How can investors track Olstein Capital’s moves?
You can follow Olstein Capital’s portfolio and quarterly 13F filing updates on ValueSense, which provides timely analysis and tools for monitoring superinvestor strategies. Keep in mind that 13F filings are reported with a 45-day lag.
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