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.