Robert Olstein - Olstein Capital Management Portfolio Q3'2025: Top Holdings & Recent Changes
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Robert Olstein - Olstein Capital Management continues to exemplify patient value investing through precise portfolio adjustments. His $529.6M portfolio in Q3 2025 shows low turnover and a broad diversification across 103 positions, with notable reductions in select names alongside targeted additions in healthcare and industrials that signal confidence in undervalued opportunities.
Portfolio Snapshot: Diversified Discipline with Long-Term Focus
Portfolio Highlights (Q3’2025): - Market Value: $529.6M - Top 10 Holdings: 18.8% - Portfolio Size: 103 +2 - Average Holding Period: 23 quarters - Turnover: 5.8%
Olstein Capital Management's Q3 2025 portfolio maintains its signature broad diversification, with the top 10 holdings representing just 18.8% of the total value—a hallmark of risk management in value investing. The addition of two new positions brings the total to 103, reflecting ongoing opportunity hunting without chasing market fads. This structure allows for meaningful exposure to high-conviction ideas while mitigating single-stock risk.
The impressively long average holding period of 23 quarters underscores Robert Olstein's commitment to buy-and-hold discipline, only making changes when valuations or fundamentals shift. With turnover at a modest 5.8%, the portfolio avoids excessive trading costs and taxes, prioritizing intrinsic value over short-term momentum. Tracking these metrics via the Olstein Capital portfolio page reveals a strategy built for compounding over market cycles.
This approach contrasts with more concentrated superinvestors, emphasizing a diversified basket of undervalued small- and mid-cap names where Olstein's forensic accounting expertise uncovers hidden value. The low top-10 concentration enables nimble adjustments, as seen in the quarter's mix of trims and adds.
Key Positions: Healthcare Builds and Media/Industrial Tweaks
Recent changes highlight Olstein's active management within a diversified framework, starting with reductions in top holdings like The Walt Disney Company (DIS) at 2.4% after a Reduce 2.68% move, Vontier Corporation (VNT) at 2.0% following a significant Reduce 13.22%, and Sensata Technologies Holding plc (ST) at 2.0% with a Reduce 5.72%. These trims suggest profit-taking or valuation discipline in industrials and media.
On the addition side, Avantor, Inc. (AVTR) grew to 1.9% via Add 16.94%, Becton, Dickinson and Company (BDX) reached 1.8% with Add 1.96%, and LKQ Corporation (LKQ) hit 1.8% after a bold Add 40.21%. Smaller reductions include ABM Industries Incorporated (ABM) at 1.8% (Reduce 1.42%) and a sharp Johnson & Johnson (JNJ) trim to 1.7% (Reduce 20.49%), while Omnicom Group Inc. (OMC) holds steady at 1.7% with No change.
Further healthcare conviction appears in new builds like Baxter International Inc. (BAX) at 1.6% (Add 35.69%) and Medtronic plc (MDT) at 1.6% (Add 3.57%), signaling bets on medical devices amid sector rotations. These 12 positions with changes, combined with stable top names, illustrate Olstein's focus on tweaking exposures in cyclicals and defensives.
What the Portfolio Reveals
Olstein Capital's Q3 moves reveal a strategy rooted in bottom-up value hunting with sector-agnostic flexibility: - Healthcare Emphasis: Adds in AVTR, BDX, BAX, and MDT suggest viewing the sector as undervalued post-market volatility, prioritizing resilient cash flows. - Industrial and Media Pruning: Reductions in VNT, ST, DIS, and JNJ indicate profit-taking as valuations normalized. - Diversification as Risk Control: 103 positions and low top-10 weight 18.8% balance bold adds like LKQ 40.21% without overexposure. - Long-Horizon Patience: 23-quarter average hold and 5.8% turnover favor quality at reasonable prices over growth speculation.
This thematic mix positions the portfolio for economic uncertainty, blending defensives with opportunistic industrials.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| The Walt Disney Company | $12.5M | 2.4% | Reduce 2.68% |
| Vontier Corporation | $10.7M | 2.0% | Reduce 13.22% |
| Sensata Technologies Holding plc | $10.6M | 2.0% | Reduce 5.72% |
| Avantor, Inc. | $9,909.0K | 1.9% | Add 16.94% |
| Becton, Dickinson and Company | $9,733.0K | 1.8% | Add 1.96% |
| LKQ Corporation | $9,720.0K | 1.8% | Add 40.21% |
| ABM Industries Incorporated | $9,638.0K | 1.8% | Reduce 1.42% |
| Johnson & Johnson | $8,993.0K | 1.7% | Reduce 20.49% |
| Omnicom Group Inc. | $8,968.0K | 1.7% | No change |
The table underscores Olstein Capital's intentionally low concentration, with no single position exceeding 2.4% and the top 10 totaling just 18.8%. This structure—evident in balanced values from $12.5M down to $8.97M—allows for aggressive moves like the 40.21% add in LKQ without portfolio disruption.
Such diversification, paired with precise changes (six adds/reduces among the top 10), demonstrates sophisticated position sizing. Reductions in overweights like VNT and JNJ free capital for healthcare bets, maintaining equilibrium in a volatile market.
Investment Lessons from Robert Olstein's Value Approach
- Diversify Thoughtfully: 103 positions with low top-10 concentration 18.8% prove broad exposure reduces risk while enabling high-conviction tweaks like LKQ's 40% add.
- Hold for the Long Haul: A 23-quarter average holding period emphasizes patience, waiting for intrinsic value realization over market noise.
- Trim Winners, Add Value: Reductions in DIS, VNT, and JNJ after gains, contrasted with healthcare adds, show discipline in reallocating to undervalued names.
- Low Turnover Wins: 5.8% turnover minimizes costs, letting compounding work in quality businesses like stable OMC.
- Forensic Fundamentalism: Olstein's changes reflect deep analysis, favoring sectors like healthcare where margins and cash flows align with value principles.
Looking Ahead: What Comes Next?
With portfolio size expanding to 103 +2 and turnover at 5.8%, Olstein Capital appears poised for further opportunistic adds in undervalued industrials and healthcare amid potential 2026 economic softening. The trims in top holdings have likely built dry powder for deployments, especially if market pullbacks create entry points in names like AVTR or BAX.
Current positioning—heavy on defensives like BDX, MDT, and JNJ—sets up well for uncertainty, while industrials like LKQ offer cyclical upside. Watch for continued healthcare rotation and small-cap value plays, trackable via the Olstein Capital portfolio.
FAQ about Robert Olstein Portfolio
Q: What are the most significant changes in Robert Olstein's Q3 2025 13F filing?
A: Key moves include sharp reductions like Vontier (Reduce 13.22%) and Johnson & Johnson (Reduce 20.49%), alongside aggressive adds such as LKQ (Add 40.21%), Baxter (Add 35.69%), and Avantor (Add 16.94%), reflecting reallocation to healthcare and auto parts.
Q: Why does Olstein maintain such low portfolio concentration in top holdings?
A: At 18.8% for the top 10 across 103 positions, this diversification controls risk while allowing nimble adjustments, aligning with Olstein's value strategy of broad exposure to undervalued small/mid-caps.
Q: What sectors does Olstein favor based on recent changes?
A: Healthcare stands out with adds in AVTR, BDX, BAX, and MDT (totaling ~6.9% combined), while trimming industrials (VNT, ST) and media (DIS), betting on defensive resilience.
Q: How can I track Robert Olstein's Olstein Capital portfolio?
A: Follow quarterly 13F filings on the SEC site (with a 45-day lag) or use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/olstein-capital for visualizations, change alerts, and historical analysis.
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