Let's Be Frank | Podcast en RSS.com

Let's Be Frank

por Brian Frank

Temporada 1

Maximus and United Natural Foods - Worth Taking a Look

Today is Friday, September 11th 2026. Macro events dominated this week with the price of Diesel climbing over $6 per gallon, and the US 10-year bond approaching 5%. What Worked in Value: Frank Value Fund just filed its annual report and holdings as of June 30, 2026. We disclosed positions in healthcare companies Icon Plc and Becton Dickinson, as well as defense contractors Maximus, Science Applications International, and Leidos Holdings. Maximus is a compelling idea. The company market cap is around $3 billion and they produce nearly $500 million of free cash flow annually. That is nearly 15% of the company value hitting the balance sheet every year. It won't take long for this cash to materially reduce shares outstanding as repurchases, enrich shareholders as dividends, or reduce the debt significantly. What didn't work? However, even at $45 this week, UNFI is extremely under-valued. The company has a 10% FCF/Mcap yield, announced a $200 million repurchase which is around 7% of shares outstanding, and has a better balance sheet than its publicly traded peers. Next up is On the Hunting Trail for Value As I mentioned last week and in the previous segment, consumer staples are once again the target of the market's disrespect. I added another staples company to my portfolio this week, and it is not only trading at a low valuation, but it also has the ability to grow EBITDA, or pre-tax cash flow, at a low double digit rate. Wrapping Up: The macro is making things a lot more difficult but we have yet to see fear show up in the stock market indices. Value investing in healthcare and defense contractors has so far paid off well in 2026, and consumer staples continue to lead the way in compelling opportunities looking forward. Thanks for listening and have a great weekend. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

No Yoga Pants, No Soup, No Problem. Value Investors Need Growth Too.

Today is Friday September 4th 2026. What is typically a sleepy week before Labor Day weekend had some action. What Worked in Value: I have been on the road, marketing my firm's equity strategy to brokers and investment advisors in the northeast. They are impressed that the Frank Value Fund has returned nearly 90% cumulative from January 1, 2022 to August 31, 2026, compared to 81% for the Nasdaq 100 ETF, ticker QQQ, 72% for the S&P 500 ETF ticker SPY, and 50% the Russell Mid Cap Value ETF ticker IWS. My brand of value has worked in the past five years. It has taken amazing innovation in Artificial Intelligence, one of the largest capital expenditure booms in recorded history, and absolutely unprecedented revenue growth and margin expansion in the biggest companies in the world to drive the CAPE to 40+ Meanwhile, my value portfolio owns companies trading at less than 10x earnings and with the gap between my stocks and the market significantly wider than it was five years ago, I believe my strategy can outperform even more over the next five years than the past five. What didn't work? Value traps like Lulu Lemon ticker LULU had a tough week, down about 20%. Next up is On the Hunting Trail for Value Dare I say I am again looking at some Consumer Staples companies. CPB is expected to have revenue declines though 2028. Still, with indices, ETFs, and investors using factors, similar companies tend to move as a group, so there will be some babies discarded in the consumer staples bathwater. Wrapping Up: Momentum continues to claw back some of its summer losses, and value is again being ignored. With the CAPE over 40x, I believe this is a generational opportunity for active strategies. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

Nvidia and Friends Fail to Make New Highs while JM Smucker Shines

Today is Friday August 28th 2026. The major stock event of this week was Nvidia's earnings report. Though the company continued to grow at rates unprecedented for large companies and guided revenue growth of 70% next year, the stock failed to move meaningfully higher. What Worked in Value: My firm's equity portfolio had a great earnings report this week in JM Smucker, ticker SJM. What didn't work? Momentum stocks again failed to recapture the leverage-driven excitement of earlier this summer. For the second time in three weeks, I found a compelling spinoff idea. I discussed the structural advantage spinoffs enjoy on the August 15th episode, and I am happy to increase our exposure in this area. Additionally, I bought another healthcare company, taking our total healthcare exposure to over 13%. Wrapping Up: Momentum is failing to make new highs on good news. Instead, low valuation stocks are beginning to outperform. However, there's a long way to go to correct the disparity between cycical technology stocks and defensive companies like healthcare with steadier earnings streams. Thanks for lisltening and have a great weekend! Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

AI Cycle Shifts to Healthcare as 5% Yields Should Make Investors Wary

An absolute value invesor looks at the risk free rate available in US treasuries, and uses that as a true north to price risk. With US treasuries yielding more than 5%, that means the hurdle to own risk is far greater than a 5% annual return. This week, Moderna and Merck made an exciting annoucement, showing breakthrough results in treating cancer in a novel way. Though this study has been in the works for years, some participants are expecting further scientific accerlation as these companies implement AI. What didn't work? Independent Power Producers suffered this week on a series of announcements from goverors in Texas and Pennsylvania, making it much more difficult for data center construction. On the Hunting Trail for Value With my portfolio as well as its benchmark index, the Russell Mid Cap Value making YTD highs this week, the urgency to replace fully valued companies with more compelling opportunities is rising. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

H&R Block and Spinoffs Help Value Investors Outperform

Today is Saturday, August 14th 2026 and I am a day late but not a dollar short. Before July, in the last runup of momentum stocks, good earnings reports lacked follow through on value stocks. What Worked in Value: Frank Value Fund holdings H&R Block had a great week, appreciating over 16% on a fantastic earnings report. What didn't work? While my portfolio had a nice week, it still feels like we are running against the wind with momentum stocks regaining excitement. Next up is On the Hunting Trail for Value The Lion had a good meal this week as I found a compelling idea for a chunk of my clients' capital. This time we bought a spinoff company. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

Momentum Bounce and Earnings Season Reactions

Today is Friday, August 7th 2026 and you wanted a rebound in momentum, you got a rebound in momentum this week. What Worked in Value: Defense contractors worked well this week despite the excitement in momentum stocks. Frank Value Fund portfolio holdings Science Applications International ticker SAIC and Leidos Holdings, ticker LDOS, increased 6.9% 17.0%, respectively this week on solid earnings reports. What didn't work? Higher on the frustration scale were earnings reactions in Independent Power Producers or IPPs, Vistra ticker VST and Talen Energy ticker TLN. Due to hedging programs and a mild winter, these companies have noisy earnings per share numbers, but usually investors look past that and at the bright future for electricity demand. Next up is On the Hunting Trail for Value The Hunting Trail is always busy during earnings season, and this week was no exception. I found a spinoff company suffering a large pullback in the Industrials sector, and I am eager to dive deeper into this name. Wrapping Up: We definitely got our momentum bounce this week and growth investors are feeling good and think things are back to normal. We will see if this bounce continues next week. There are also many more earnings reports to go through as earnings season continues next week. Thanks for listening and have a nice weekend! Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

Star Managers Fail but Disciplined Investors Carry On

Today is Friday, July 31st 2026 Investors and the media love the idea of the visionary fund manager, proliferating the story throughout social media and helping these star managers raise even more capital. What Worked in Value Reversals are many, and Thursday and Friday took some of the shine off staples prices, but to me, the fundamentals still look way more solid than momentum. What didn't work? I continue to believe we will see many attempts to rally momentum, but I think for many of the AI infrastructure companies, the top for this cycle has already been achieved. On the Hunting Trail for Value Outsized volatility creates opportunities in fundamentally sound companies, and although it can be difficult to act on days when your target stock is plummeting, the long-term value for some of these names looks great. Wrapping Up: Momentum has been extremely volatile while value got some respect this week. Earnings season has been kind to consumer staples so far, and I am grateful for consistent process to navigate these large moves. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

Defense Contractors and Value Win the Week

What Worked in Value: Defense contractors had a great week, bolstered unfortunately by another flare up in the middle east conflict, but also by encouraging earnings reports from Booz Allen ticker BAH. What didn't work? Buying the dip worked as a trade but certainly did not work as of the end of this week. On the Hunting Trail for Value I found an interesting IPO to research this week, and no, it was not Spacex. Especially when markets become more volatile, IPOs can breakdown quickly and trade below their IPO price. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

Momentum and Memory Declines as Value Shines

Momentum stocks led by memory, declined significantly this week while value stocks appreciated. Investors are attempting to buy the dip with millions of new money piling into memory companies. Adding money to an overvalued stock is how investors can lose more than 100% on one investment. Momentum attempted to rally and it won't be the last time this cycle. What worked. The rotation from momentum to value accelerated this week. With earnings season picking up next week, fundamentals may entice more value investors. What didn't work. Stocks like Sandisk and Micron are 30%+ off their highs. Buying what has been working no longer works! On the Hunting Trail for Value When value stocks outperform it is more difficult to find new ideas. The declining momentum stocks have not declined enough to justify a value investment. Things are changing rapidly. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

AI Capital Raises Absorb Liquidity While Value Free Cash Flow Repurchases Stock

This week SK Hynix raised $25 billion listing an ADR while momentum stocks were choppy. AI stocks struggle to make new highs as capital raises absorb liquidity. Value has the cashflow to support stock prices. What worked? Staying the course, focusing on fundamentals, and refusing to have FOMO. What didn't work? Traditional value investing continues to suffer. Instead, demanding a catalyst like an opportunistic stock repurchase has yielded better results over the past five years. On the Hunting Trail for Value Companies with 10% free cash flow to market cap yields are better able to reward shareholders than momentum stocks trading at 5x higher valuations. This difference compounds as high free cash flow companies return cash to shareholders and investors are able to reinvest. Website: www.frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

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