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.

Today is Friday, October 9th 2026. They say every dog has his day, and the value dogs had several good days this week. In fact, on just Thursday and Friday alone, my fund, the Frank Value Fund, outperformed the NASDAQ by a large enough amount to negate the last two plus weeks of pain. Now, a couple of good days for value do not make a trend, but there are several positive signs.

More investors are questioning the ultimate returns on AI infrastructure while rotating towards AI beneficiaries like healthcare. The S&P 500 healthcare sector returned nearly 3% this week while the memory ETF lost over 7%.

In my opinion, fundamentals are far more important than short-term flows, and we had major fundamental developments in our Independent Power Producers this week. First, the Department of Energy announced a $4 billion loan to Vistra, ticker VST to further develop their nuclear assets.

Next up is On the Hunting Trail for Value

I mentioned last week I had deployed nearly 100% of our cash. Obviously, this was good timing given the bounce this week, but I was prepared to continue rotating aggressively into better opportunities. When value bounces, it is hard to find these additional opportunities, but that is a good thing - we are making money.

Wrapping Up:

Staying the course for value paid off this week. While it is nice to have the bounce, I am reluctant to call it a trend just yet. Good fundamental developments on IPPs and other stock repurchases add to the long-term case for value. Stay tuned for earnings season, my favorite four times of the year! 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 Saturday, October 3rd 2026. The rotation from value to momentum not only continued this week, but accelerated.

What Worked in Value:

Nothing! Nothing worked in value this week. But I am only half joking, as management teams are seeing the same thing I am. Value has become incredibly compelling relative to growth. We had two management teams this week announce significant, accelerated repurchases of their company's stock.

What didn't work?

In a week where nothing worked for value it is hard to pick one thing, but I will frame this from a long-term perspective. When the spread between growth and value becomes this wide, I think the worst thing value investors can do is chase technology here. When the long-term these imbalances correct, all the pain I have experienced in the past months could reverse in a matter of days.

Next up is On the Hunting Trail for Value

I deployed the rest of my cash this week in this bear market for value. Now, with more ideas than cash, I will slowly rotate out of the ideas we own that have the lowest upside, and redeploy into even more phenomenal opportunities.

Wrapping Up:

The rally in technology at the expense of value is reaching a fevered pitch. It could continue for longer, or it could end soon as interest rates are still marching higher and AI models converge. Meanwhile, keep an eye on management teams doing something about their unfairly low valuations like announcing aggressive stock repurchases. Finally, though it is the harder thing to do, staying fully invested while value is out of favor usually works out long-term. 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, September 25th 2026.

Cash production is one of the major reasons why value investing works over the long-term and doesn't require a bigger fool to purchase your shares. For example, if you bought a company at 100x earnings and it is only growing at 10% per year, it would be decades before you got your initial investment back in cash. Unless, of course, you convince someone else to buy it at 150x earnings. Eventually, the music stops and valuations must be supported by fundamentals.

The hard part about being a value investor is the math is typically most compelling when value investing is eating dirt. It is psychologically difficult to buy a company at 5x earnings when it was trading at 7x earnings just a few weeks ago and has lost over 10% of its value.

What didn't work?

Despite the compelling math I just mentioned, investors are doing exactly that, shunning value stocks for momentum. The pain has continued for several weeks now, but if you look out 12 to 18 months, I think value is going to come roaring back into favor. The cash produced at these companies will become too big to ignore, repurchases will eat up too many shares, and dividends will be too high. Sometimes, buying what didn't work leads you to great returns. I believe now is one of those times.

Next up is On the Hunting Trail for Value

It is a smorgasbord of opportunities out there from consumer discretionary, consumer staples, materials, and more.

Wrapping Up:

The rally in high beta stocks continued this week, while disciplined value investors should be ignoring the pain and stuffing portfolios with opportunities in the forgotten low volatility names. Value investing works long term because there are no bigger fools required! Pain points like high oil and gas prices make for good places to look for long-term returns. 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, September 18th 2026. Investors often say "I've seen this movie before" for a series of events that reminds them of years ago. A long career isn't required for this action though, as we saw AI infrastructure relentlessly rally through June 2026, only to plummet in July as leverage unwound. Apparently investors liked that movie because we're doing it again here in September.

In my portfolio are companies like H&R Block, which pays a 4.2% dividend, repurchases over 7% of its shares annually, and is growing profits at mid single digits. HRB trades at 6 times next years earnings per share. That's right, a single digit P/E ratio for a growing company.

What didn't work?

Clearly the short-term is against value, so investors' patience is being tested. As I mentioned, the same trades happened in June of this year, with AI infrastructure going up while value went down. I called it a black hole - the gravity of AI infrastructure is attracting capital away from other stocks. It didn't end well in July and I don't think it will end well this time. Until then, value is not working.

Next up is On the Hunting Trail for Value

If you're on the hunting trail, know that you can leave the trail, put your feet up, and make 5% risk free in the US ten year bond. For companies that have little to no profits today but expected to grow significantly in the future, this higher discount rate means their shares should trade lower today. That is not happening and that is the danger I see on the trail.

Wrapping Up:

The AI Infrastructure trade kicked back into high gear this week, but investors who lived through this summer know what happens when the trap door opens. If you let the numbers guide you, there is certainly opportunity in value, but it will take some guts to avoid the FOMO from the growth stocks. 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, 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.