Mittleman Value Partners ("MVP") is an investment advisory firm led by its Chief Investment Officer, Christopher P. Mittleman.  Chris has over 34 years of experience as a global value investor, most recently serving as CIO of Mittleman Brothers (Mittleman Investment Management) from 12/1/05 to 3/27/23 and as CIO of Aimia Inc. (TSX: AIM) from 6/19/20 to 3/29/22 .  MVP operates a single investment strategy that pursues superior returns through a concentrated (usually 10 to 15 holdings), value-oriented portfolio of long-term investments in primarily equity securities, with a global scope.  The firm serves institutional investors and individuals through fully discretionary seperately managed accounts. 

​

The investment discipline to which we adhere seeks to mitigate risk, defined not as share price volatility (beta), but as the probability of permanent capital loss, by investing mostly in businesses which have major market share in their respective industries, with durable economic advantages evidenced by high free cash flow yields over complete business cycles, and with balance sheets that can endure the depths of such cycles.  Most investments feature sizable insider ownership to mitigate risk through alignment of interests, and a wide margin of safety is sought by a low valuation when the investment is made.

​

Unconstrained as to market capitalization, industry sector (except for ethical or religious carve-outs for certain client investment policy needs), or country of domicile, the investment strategy is able to go anywhere that the best risk / reward ratios appear to be available, in companies large and small, domestic and foreign.  Currency risk is not hedged but is considered as an important part of the investment thesis and natural hedges often mitigate that risk.  The firm applies a private equity mentality to public equity investments, targeting high cash-on-cash returns.

​

The investment strategy seeks to be opportunistic and tends to be contrarian and thus is often at odds with extrapolitive consensus views.  Formative influencers:  Benjamin Graham, Warren Buffett, Charlie Munger, John Templeton, Richard Rainwater, Michael Price, the Rales brothers (Danaher), and Tweedy, Browne Company, among many others.

 

Shareholder activism is not a core aspect of the strategy, but experienced capacity is there if needed to protect an investment.