Today is Saturday, August 14th 2026 and I am a day late but not a dollar short.

Before July, in the last runup of momentum stocks, good earnings reports lacked follow through on value stocks.

What Worked in Value:

Frank Value Fund holdings H&R Block had a great week, appreciating over 16% on a fantastic earnings report.

What didn't work?

While my portfolio had a nice week, it still feels like we are running against the wind with momentum stocks regaining excitement.

Next up is On the Hunting Trail for Value

The Lion had a good meal this week as I found a compelling idea for a chunk of my clients' capital. This time we bought a spinoff company.

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, August 7th 2026 and you wanted a rebound in momentum, you got a rebound in momentum this week.

What Worked in Value:

Defense contractors worked well this week despite the excitement in momentum stocks. Frank Value Fund portfolio holdings Science Applications International ticker SAIC and Leidos Holdings, ticker LDOS, increased 6.9% 17.0%, respectively this week on solid earnings reports.

What didn't work?

Higher on the frustration scale were earnings reactions in Independent Power Producers or IPPs, Vistra ticker VST and Talen Energy ticker TLN. Due to hedging programs and a mild winter, these companies have noisy earnings per share numbers, but usually investors look past that and at the bright future for electricity demand.

Next up is On the Hunting Trail for Value

The Hunting Trail is always busy during earnings season, and this week was no exception. I found a spinoff company suffering a large pullback in the Industrials sector, and I am eager to dive deeper into this name.

Wrapping Up:

We definitely got our momentum bounce this week and growth investors are feeling good and think things are back to normal. We will see if this bounce continues next week. There are also many more earnings reports to go through as earnings season continues next week. Thanks for listening and have a nice 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, July 31st 2026

Investors and the media love the idea of the visionary fund manager, proliferating the story throughout social media and helping these star managers raise even more capital.

What Worked in Value

Reversals are many, and Thursday and Friday took some of the shine off staples prices, but to me, the fundamentals still look way more solid than momentum.

What didn't work?

I continue to believe we will see many attempts to rally momentum, but I think for many of the AI infrastructure companies, the top for this cycle has already been achieved.

On the Hunting Trail for Value

Outsized volatility creates opportunities in fundamentally sound companies, and although it can be difficult to act on days when your target stock is plummeting, the long-term value for some of these names looks great.

Wrapping Up:

Momentum has been extremely volatile while value got some respect this week. Earnings season has been kind to consumer staples so far, and I am grateful for consistent process to navigate these large moves.

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.