Mittleman Brothers Investment Management Q3 2018 Performance

Mittleman Brothers Investment Management commentary for the third quarter ended September 30,2018.

Dear Investors,

I’ve had conversations with some of you recently that lacked the usual holiday cheer for this time of year, clearly due to our weak results YTD, which have us still stuck in negative territory after hitting our high water mark on August 30, 2014, just over 4.25 year ago, having slid back down from a strong Q3 2018 performance that had us break-even to up slightly for the year.

Exclusive: York Capital to wind down European funds, spin out Asian funds

Jeffrey Aronson Crossroads CapitalYork Capital Management has decided to focus on longer-duration assets like private equity, private debt and collateralized loan obligations. The firm also plans to wind down its European hedge funds and spin out its Asian fund. Q3 2020 hedge fund letters, conferences and more York announces structural and operational changes York Chairman and CEO Jamie Read More

But over 10 years and longer, our performance remains outstanding. As shown below for the most recently available comparisons (as of Q3 2018, obviously we’re down a bit since then but so are most of our peers), we were ranked by Broadridge/Lipper as #3 out of 426 investment managers in their International Equity category. That’s 40 quarters which is 10 years, inclusive of the past 5 years.

Get The Full Warren Buffett Series in PDF

Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q3 hedge fund letters, conference, scoops etc

Mittleman Brothers Investment Management

We also took a look at how we’ve done against the best known publicly traded investment vehicles over 5 years, 10 years, and since the 12/31/02 inception date of our composite performance (nearly 16 years). So while the 5 year numbers are terrible, the 10 year and 15.75 year results look very good. So it is about perspective and time horizon. But what’s interesting to note here is that while someone who started 10 years ago should still be very happy with his or her results, if we went back in time to 9/30/08 and that investor had been with us for any time immediately prior to 9/30/08, whether it be 1, 3, or 5 years, they would have been miserable at that moment, because the months and years leading up to 9/30/08 were atrocious. And yet 10 years later, quite a different story. So it’s the same old lesson, patience usually pays off.

Mittleman Brothers Investment Management

I wanted to send these comparisons along to remind you all of the longer term history we’ve had together, and in hopes of cheering you up a bit. Hopefully we’ll close out the year on an positive note, and I look forward to updating you on our progress and prospects in early January. Until then, have a happy holiday season and feel free to call or email me anytime.

Best regards,


Christopher P. Mittleman

Chief Investment Officer | Managing Partner

Mittleman Brothers LLC

[email protected]

This article first appeared on ValueWalk Premium