Last year, Eric Cinnamond, portfolio manager of the small-cap fund Aston/River Road Independent Value (ARIV X) discussed some of the top holdings in his portfolio. Cinnamond favors companies that have low levels of debt and generate consistent free cash f low. Here is how his selections have fared:

Core-Mark Holding Co (NSDQ: CORE) is a distribution company servicing over 24,000 convenience stores nationwide. The company’s fourth-quarter sales increased 14.6 percent to $2.1 billion from a year ago, while net income grew 28 percent to $7.5 million. This growth was driven by new contracts and the company’s acquisition of Forrest City Grocer y Company in May 2011. Core-Mark’s shares have gained 17 percent since recommendation.

Arden Group (NSDQ: ARDNA) owns and operates 18 Gelson’s full-service supermarkets in Southern California. The company does not grow its store base and relies on existing store sales for growth. In 2011, revenue increased 3 percent from the prior year to $429.5 million, while gross profit declined to 37.5 percent from 38.3 percent. Management is working to maintain stable prices while covering rising operational costs. Arden Group’s shares are up 12.5 percent since recommendation.