The opportunity

The Fund’s ability to invest wherever there is the best risk/reward, in companies small and large, in developed and emerging markets, gives an advantage over other fund managers who operate within a more constrained investment universe. With a high degree of selectivity and patience, superior returns are targeted through a concentrated portfolio of undervalued businesses that are often unpopular or under-followed, where investment is often made before the institutional herd arrives.

About the manager

Based in New York, Mittleman Investment Management is one of the highest ranked global equity managers over the past 10 years (Informa Investment Solutions’ PSN Manager Database). Mittleman’s Chief Investment Officer, Chris Mittleman, has utilised the same strategy since the early 1990s. He has developed a strong following in the United States from endowment, foundation and family office investors for his highly contrarian approach to value investing6.

About the strategy

Mittleman applies a private equity mentality to public equities investing by analysing each stock as if it is buying the entire company, focusing on its cash-on-cash returns. It favours businesses with high barriers to entry and resilient free cash flows, led by strong management teams with a proven track record and a significant personal stake in the company. Mittleman has a highly contrarian strategy that is often at odds with consensus views. With holdings scarcely found in other portfolios, Mittleman invests wherever there is greatest disparity between fair value and price, with minimal interest in benchmarks. The portfolio is diversified globally and by industry, yet concentrated in Mittleman’s 15-20 highest conviction ideas.

Unit price as at 30 June 2022 - Class P

Download unit price history

Issue price (ex)


Redemption price (ex)


Download unit price history

1. Mittleman Investment Management's ("MIM") ranking level for shorter periods of time may vary. Rankings provided through Informa Informa Investment Solutions’ PSN Global Equity Universe database. Comparisons are represented as gross of investment management fees. Rankings are not a guarantee of future results. Rankings are for periods ending 30 June 2022. Return to the reference

2. Performance is in USD and net of fees, as at 30 June 2022. The Mittleman Investment Management Composite includes all fully discretionary separately managed accounts which follow the firm’s investment strategy. Inception date is 31 December 2002. Past performance is no guarantee of future results. Performance is presented net of fees and includes the reinvestment of all income. Net of fee performance was calculated using actual management fees. Effective 1 January 2015 all new SMA account relationships of below USD10 million are subject to performance fees. The performance based fee is 20% of the cumulative net positive annual performance in excess of the S&P 500 Total Return Index. Return to the reference

3. Since inception of the track record of the strategy in January 2003, as at 30 June 2022. GIPS verified performance. The firm was established in 2005. Return to the reference

4. Client retention rate is the historical annual average for the annual (or shorter) periods beginning on 31 December 2002 through 30 June 2022 and is calculated based on each year’s (or period’s) beginning assets under management (“AUM”) less outflows attributable to closed accounts for such year (or period) over total Firm beginning AUM for each such year (or period). Return to the reference

5. While this is the typical allocation, the Fund may hold more or less securities at various times. Return to the reference

6. Mittleman Investment Management, LLC holds an Australian Financial Services License (#528365) to provide certain client financial services to Wholesale Clients and is not licensed to provide financial services to retail clients in Australia. Mittleman Investment Management is regulated by the Securities and Exchange Commission of the United States of America (US) under US laws, which differ from Australian laws. Return to the reference