Mittleman Value Partners LLC

The firm provides discretionary investment management for separately managed accounts focused on domestic and foreign equity securities, serving high‑net‑worth individuals and a range of institutional clients, including private registered foreign funds, endowments, ERISA plans, foundations, corporations and accounts of other advisers. The brochure notes the firm does not offer non‑discretionary services and generally implements a single, consistent strategy rather than tailoring separate retail solutions for non‑HNW individual clients.

The investment approach is a concentrated, long‑term deep‑value strategy that typically holds about 10–20 securities, invests globally (with foreign holdings historically around 50% of portfolios), and is unconstrained by market capitalization so it often targets smaller companies where valuation disparities appear largest. The firm may employ transitory margin or other leverage in SMAs and, for Qualified Clients, may charge performance‑based fees (disclosed ranges of 5–15% of net profits), arrangements the firm describes as aligning interests but that can create allocation and risk incentives.

Distinctive features include a meaningful non‑U.S. client presence and a material institutional client base combined with the adviser’s willingness to use borrowing in client SMAs and to accept performance fees—characteristics that are relatively uncommon for small independent advisers. The firm also discloses the potential for side letters or special terms with certain investors and a settled legal matter involving a management person, items prospective clients may consider alongside the firm’s investment process and fee arrangements.