Mittleman Investment Management, LLC

Overview

Mittleman Investment Management, LLC is a New York-based investment firm specializing in global value equity portfolios for high-net-worth and institutional investors. The firm focuses on long-term investments in significantly undervalued securities, primarily in equity markets, aiming to achieve superior returns while managing risk. Their investment strategy is unconstrained by market capitalization, industry sector, or geographic location, allowing them to invest globally in companies with durable economic advantages and substantial free cash flow generation. The firm's investment approach is characterized by a concentrated portfolio, typically consisting of 10 to 20 holdings, and a private equity mentality applied to public equity investments. This strategy seeks to mitigate risk by investing in businesses with major market share, durable economic advantages, and balance sheets capable of enduring economic cycles. The firm emphasizes a low valuation at the time of investment to provide a significant margin of safety. Mittleman Investment Management, LLC is a wholly owned subsidiary of Mittleman Brothers, LLC, which was acquired by Aimia Inc. in June 2020. Following the acquisition, Christopher Mittleman, the firm's Chief Investment Officer, joined Aimia's board of directors and became the chair of the investment committee. The firm's assets under management as of December 31, 2021, were approximately $161.8 million. The firm's investment philosophy is influenced by notable value investors such as Benjamin Graham, Warren Buffett, and John Templeton, among others.

Investment Focus

• High Net-Worth Individuals
• Institutional Investors
• Investment Horizon: Long-Term
• Focus on Undervalued Securities
• Global Investment Scope
• Concentrated Portfolio Strategy
• Private Equity Approach to Public Markets
• Emphasis on Durable Economic Advantages
• Significant Insider Ownership in Portfolio Companies
• Margin of Safety in Valuation at Investment Entry
• Ability to Endure Economic Cycles
• Diversified Across Multiple Industries
• Flexible Across Market Capitalizations
• Unconstrained by Geographic Location
• Focus on Companies with Substantial Free Cash Flow
• Risk Mitigation Through Concentrated Holdings
• Alignment of Interests with Shareholders
• Contrarian Investment Approach
• Influenced by Value Investing Principles