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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Global value fund trading at 6.0x EBITDA added six new positions during Iran war dislocations. Manager sees AI fears creating opportunities in misperceived victims."
Mittleman Value Partners delivered 19% net returns in 2025 versus 17.9% for the S&P 500, but declined 4.59% in Q1 2026 due to USD strength and lack of commodity exposure. The highly global portfolio (82% non-U.S.) trades at an extraordinarily cheap 6.0x weighted average EBITDA. Manager Christopher Mittleman added six new positions totaling 19% of portfolio value during Q1, taking advantage of dislocations caused by the Iran war that began February 28, 2026. Key holdings include AMA Group, trading at 3.1x EBITDA despite being Australia's largest collision repair firm, and Aimia, where asset sales reduced NAV estimates but still offer 47% upside. The manager views AI fears as creating opportunities in misperceived victims that will actually benefit from AI adoption. Insider buying across multiple holdings including Mattel and AMA Group provides additional conviction. Portfolio positioning reflects preparation for continued opportunistic deployment during market volatility.
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