Bob Olstein's fund returned 2.8%, which trailed the S&P 500 Index by about 2%, because "We choose not to participate with crowds in widespread and widely-known segment moves which can produce outstanding upside potential, but leave us uncomfortable with potential downside risk. The energy sector was the major contributor to the broad index returns in 2005. We only had a small percentage of our portfolio in energy related stocks." He eliminated Tribune and Pier 1 "as our expectations of future free cash flow were too optimistic." He likes Xerox (XRX, Financial) and Marsh McLennan (MMC, Financial).
http://www.olsteinfunds.com/TOFAF-Semi2005.pdf
http://www.olsteinfunds.com/TOFAF-Semi2005.pdf
