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 ...