This week SK Hynix raised $25 billion listing an ADR while momentum stocks were choppy. AI stocks struggle to make new highs as capital raises absorb liquidity. Value has the cashflow to support stock prices.

What worked? Staying the course, focusing on fundamentals, and refusing to have FOMO.

What didn't work? Traditional value investing continues to suffer. Instead, demanding a catalyst like an opportunistic stock repurchase has yielded better results over the past five years.

On the Hunting Trail for Value

Companies with 10% free cash flow to market cap yields are better able to reward shareholders than momentum stocks trading at 5x higher valuations. This difference compounds as high free cash flow companies return cash to shareholders and investors are able to reinvest.

Website: www.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.

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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.