Olstein Capital Management Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

Robert Olstein and his team at Olstein Capital Management have long been recognized in the investment community for their rigorous, accounting-focused approach to value investing. As of the first quarter of 2026, the firm manages a portfolio with a total reported market value of approximately $458.07 million. This valuation represents the culmination of a disciplined investment philosophy that prioritizes "quality of earnings" and the ability of a company to generate sustainable free cash flow. Olstein’s methodology is famously rooted in the belief that a company's financial statements often mask its true economic reality. By deconstructing balance sheets and income statements to find "hidden" assets or liabilities, the firm seeks to identify undervalued securities before the broader market recognizes their intrinsic worth.

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II. Sector Allocation Analysis

The top three sectors—Industrials, Technology, and Healthcare—account for approximately 55.86% of the total portfolio. This level of concentration indicates a focused but not overly aggressive stance. The fact that no single sector exceeds 22% suggests that Olstein is wary of "sector-specific shocks" and prefers to find value across different economic engines. However, the dominance of Industrials at 21.94% remains the hallmark of the portfolio. Industrials often serve as the "backbone" for value managers because they offer tangible assets, clear cash flow cycles, and often trade at multiples that are easier to justify through fundamental analysis than high-flying growth sectors.

Within the Technology and Healthcare sectors, the allocation changes point to a specific theme: the move toward "essential services." In Technology, the additions to Microsoft and Adobe, alongside financial tech players like SS&C Technologies, show a focus on software-as-a-service (SaaS) and mission-critical enterprise tools. In Healthcare, the heavy addition to Avantor, Inc. and the continued holding of Zimmer Biomet suggest a focus on the "picks and shovels" of the life sciences and medical device industries.

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III. Top 10 Holdings Deep Dive

The slight trim this quarter should not be viewed as a loss of faith, but rather as "active weight management." As Disney’s stock price fluctuates, Olstein often adjusts the position to keep it within a specific risk bucket. From a fundamental perspective, Disney has been undergoing a massive transformation, shifting from a linear-television-dependent giant to a streaming-first powerhouse. Olstein likely sees the "hidden value" in Disney’s ability to raise prices at its theme parks and the eventual profitability of Disney+, which acts as a recurring revenue stream. The firm’s willingness to keep Disney at the top of the list despite the volatility of the media sector underscores a belief in the "enduring moat" of the Disney brand.

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IV. Major Buys/Additions

From a value perspective, Booz Allen represents "certainty of demand." Government spending on cybersecurity, artificial intelligence, and defense modernization is largely insulated from the broader economic cycle. Olstein likely views BAH as a "high-quality defensive" play with a massive backlog of contracts. The timing of this entry suggests a desire to add "non-correlated" growth to the portfolio—assets that will perform regardless of whether the private sector consumer is feeling the pinch of inflation or high interest rates.

Similarly, SS&C Technologies provides the mission-critical software that runs the world’s hedge funds, private equity firms, and asset managers. With a 90% increase in share count, Olstein is leaning into a "toll-bridge" model. SS&C has incredibly high retention rates because switching fund administration software is a logistical nightmare for financial institutions. This is a classic "valuation trough mining" operation—buying a dominant player while its multiple is compressed, betting on the long-term durability of its cash flows.

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V. Major Sells and Exits

Deere and Cummins are the quintessential "heavy industrials." They are highly sensitive to the agricultural and construction cycles. By liquidating these positions, Olstein is effectively saying that the "industrial super-cycle" for heavy machinery is over, or at least that the valuations no longer provide a sufficient margin of safety. This is "mission accomplished" selling—realizing gains after a long holding period and moving on before the cyclical downturn hits. It is a classic "value discipline" move: selling when the story is well-known and the price is "fair," rather than waiting for the peak.

The exits from Integra LifeSciences and Graham Corporation represent "tail cleanup." These were smaller positions (0.31% and 0.09% of the portfolio, respectively) that had been held for several years. Exiting these names allows the firm to focus its research efforts on higher-conviction ideas like Avantor or Booz Allen. In the case of Integra, which had been held for nearly 7 years, the exit might be an "error correction" or a response to fundamental deterioration in its specific niche of the med-tech market.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

This quarter marks a clear transition in the firm's logic. For years, Olstein was heavily invested in the "physical" economy—the machines (Deere, Cummins), the energy services (SLB), and the big-box retail (Target) that drive tangible growth. However, the data from Q1 2026 shows a decisive pivot toward "intangible infrastructure." By aggressively adding to SS&C Technologies, Nasdaq, Equifax, Microsoft, and Booz Allen Hamilton, Olstein is betting on the "toll-collectors" of the modern era.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.