Rob Olstein Trims Major Holdings in Tech, Industrials, and Financials Amid Valuation Discipline

In the most recent Q3 2025 13F, Rob Olstein’s Olstein Capital Management L.P. made a series of sizable reductions across its equity portfolio, signaling a disciplined repositioning after a strong market run. Known for his focus on intrinsic value, free cash flow, and accounting quality, Olstein appears to have trimmed positions where valuations have stretched or near-term catalysts have matured.

Below are the top five reductions by percentage change in common stock holdings:

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Corning Inc (GLW) – ↓54.04% (Technology Hardware)
Olstein sold 53,500 shares, retaining 45,500. The significant cut suggests profit-taking in the tech hardware space amid concerns over demand softness in consumer electronics and industrial optical products.

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Wesco International Inc (WCC) – ↓53.81% (Industrials)
A reduction of 24,700 shares leaves 21,200 remaining. The move likely reflects portfolio balancing after strong appreciation in industrial distributors benefiting from infrastructure spending tailwinds.

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Blue Bird Corp (BLBD) – ↓51.38% (Consumer Discretionary)
The fund trimmed 26,203 shares, now holding 24,797. After a major rally in electric school bus manufacturing, Olstein may be moderating exposure to cyclical demand swings and policy-sensitive revenue.

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Goldman Sachs Group Inc (GS) – ↓50.00% (Financials)
Olstein sold half of his 7,000-share stake, leaving 3,500. The reduction could indicate caution on capital markets volatility and trading-driven earnings variability among large financial institutions.

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L3Harris Technologies Inc (LHX) – ↓49.60% (Defense & Aerospace)
A sale of 12,400 shares leaves 12,600. The near halving of the position may signal valuation discipline in a sector that has seen strong investor inflows following elevated defense budgets.

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Overall, Olstein’s activity this quarter reflects tactical pruning across a range of sectors—industrial, defense, and financials—while maintaining a diversified core of high-quality companies. The consistent theme remains valuation discipline and balance sheet prudence amid a higher-for-longer rate environment.

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Exits

Olstein Capital Management also made several full exits this quarter, fully liquidating positions in Eastman Chemical (EMN) and Shyft Group (SHYF). The Eastman sale (74,000 shares) marks a complete withdrawal from specialty chemicals, while the Shyft Group divestment (193,000 shares) ends exposure to small-cap vehicle manufacturing. These exits highlight Olstein’s continued emphasis on redeploying capital into stronger free-cash-flow opportunities with greater downside protection.