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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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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: 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. Key holding AMA...
Growth Outlook
Market outlook remains moderate conviction: 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. Key holding AMA...
Risk Appetite
Risk appetite posture is above average conviction: 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. Key holding AMA...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. 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. Key holding AMA...
Forward Guidance
Forward guidance signal: 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. Key holding AMA...
Language Signal
Tone analysis indicates moderate conviction language: 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. Key holding AMA...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. 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. Key holding AMA...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. 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. Key holding AMA...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. 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. Key holding AMA...
