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.

What Worked in Value:

Defense contractors had a great week, bolstered unfortunately by another flare up in the middle east conflict, but also by encouraging earnings reports from Booz Allen ticker BAH.

What didn't work?

Buying the dip worked as a trade but certainly did not work as of the end of this week.

On the Hunting Trail for Value

I found an interesting IPO to research this week, and no, it was not Spacex. Especially when markets become more volatile, IPOs can breakdown quickly and trade below their IPO price.

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.

Momentum stocks led by memory, declined significantly this week while value stocks appreciated. Investors are attempting to buy the dip with millions of new money piling into memory companies. Adding money to an overvalued stock is how investors can lose more than 100% on one investment. Momentum attempted to rally and it won't be the last time this cycle.

What worked.

The rotation from momentum to value accelerated this week. With earnings season picking up next week, fundamentals may entice more value investors.

What didn't work.

Stocks like Sandisk and Micron are 30%+ off their highs. Buying what has been working no longer works!

On the Hunting Trail for Value

When value stocks outperform it is more difficult to find new ideas. The declining momentum stocks have not declined enough to justify a value investment. Things are changing rapidly.

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.

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.

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.

The week ending June 27, 2026 had a tug-of-war between momentum stocks and value stocks. Brian thinks this is a topping process and the market is searching for new leaders. This leadership could come from value.

What worked: Consumer Staples like Hershey (HSY), JM Smucker (SJM), and Edgewell Personal Care (EPC).

What didn't work: Celsius Holdings (CELH).

On the Hunting Trail: Alcohol companies are looking interesting, but investors should beware of using valuation metrics on businesses under pressure.

Website: www.frankfunds.com

Brian X Account: https://x.com/bfrankvalue

Anthropic IPO delayed and memory stocks tumble double digits. Meanwhile, value and low volatility stocks have a good week. This week we talk about the importance of process and fundamentals, especially during market volatility. Process tells you when to buy and sell, not the strength of the company's story. Learn the meaning behind the bouncer logo and how investors should operate their own velvet rope. On the Hunting Trail for Value talks about healthcare stocks with their favorable demographics and defensive nature.

Website: www.frankfunds.com

Brian X Account: https://x.com/bfrankvalue