Welcome to episode 23 of Let's Be Frank the weekly podcast that gives a quick take on US stocks from the perspective of a value investor.

Today is Friday, October 30th 2026 and the NASDAQ faceplanted its way into the weekend today, with a jaw-clenching 3.5% decline. Investors had tried again at the beginning of this week to reignite the AI rally, but for the third week in a row their efforts failed while value prevailed.

Both Google and Amazon declined on news they would continue to spend full blast in 2027.

With value stocks being ignored for so long they trade at much more attractive valuations, and yet their earnings streams are much more predictable and steady. For the third week in a row investors are learning this lesson and paying with brain damage on AI.

That brings us to What Worked in Value:

Portfolio holding Icon Plc ticker ICLR had a spectacular week, appreciating over 15% from a fantastic earnings report.

What didn't work?

Portfolio holding Opera Ltd ticker OPRA lost over 10% this week on what I think is good news. Opera owns about 10% of Opay, which will start trading as an IPO in the US next week.

Next up is On the Hunting Trail for Value

During earnings season I try to comb through as many reports as I can. This gives me a breadth of valuation knowledge on the market as well as insights I can use from one sector to another.

Wrapping Up:

Dip buyers are wounded after several failed attempts. I expect this push and pull to continue until perhaps a large washout and regime change to value. This will change the narrative from the AI economy to the value economy. 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.

Today is Friday, October 23rd 2026 and it was a big week for value.

Tech and momentum investors attempted to buy this dip this week, but ultimately they are giving up more of their year-to-date returns. I am hearing all kinds of commentary of the value in AI and semiconductor stocks, which typically quotes a low forward price to earnings ratio. I think this commentary is seriously missing the mark because a P/E ratio is merely a shortcut for discounting all the future cashflows of a company. If the cash flows in year 5 will be 80% lower than year 1, a P/E ratio is hiding most of the story.

That brings us to What Worked in Value:

I think value stocks are working because they have far more predictable earnings streams than most AI infrastructure companies. Defense contractors, with most of their revenue and profits coming from the biggest, most deep-pocketed customer in the world, the US government, had a phenomenal week.

Next up is On the Hunting Trail for Value

With so many people on my feeds complaining about losses and touting the value of their beaten up AI infrastructure stocks, I did a lot of digging this week. I'm afraid to say the average investor in AI infrastructure has no idea what kind of value is outside of their world.

Wrapping Up:

Investors attempted to buy the dip in the AI momentum trade this week but have so far been unsuccessful as serious concerns arose over spending continuing the next few years. AI investors need to consider the whims of hyperscaler companies and the limiting factors like restricted access to capital. Defense, on the other hand, wins championships, and value seems to be on its way for a multi year dynasty. 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.

Today is Friday, October 16th 2026 and it was another eventful week. The value rotation accelerated, with money coming out of momentum trades.

Here is my thinking on this type of market action. There aren't enough value lifeboats on the Tech Titanic. Tech companies have become so incredibly large while value companies have been starved of capital. Growth, tech, momentum, AI, however you define it, is one extreme concentrated bet that represents well over 30% of the S&P 500 and even more of the NASDAQ 100.

While there will be bounces and reversals along the way, I am gaining confidence to call this a trend because of the source of the liquidation: a neo-cloud company called Coreweave ticker CRWV and its loss of access to capital.

That brings us to What Worked in Value:

Constellation Brands ticker STZ had a good earnings report this week, showing depletions for beer down only 0.5%.

What didn't work?

Investors focusing on headline valuation metrics like market cap / GDP have been on the sidelines. At least this week, that did not work. Staying in cash and missing out on stock picking has been the wrong move.

Next up is On the Hunting Trail for Value

With value outperforming and momentum declining this week, I naturally looked at some momentum stocks. I was only somewhat surprised that most don't even pass a cursory valuation check despite much lower prices.

Wrapping Up:

The rotation from momentum to value accelerated this week, and fundamental developments like Coreweave losing access to the bond market could add longevity to the trend. Beware the the deadcat bounce and stay tuned for more earnings season next week! 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.