Hedge Fund - Nierenberg Investment Management
David Nierenberg Bio, Returns, Net Worth
David Nierenberg is both the founder of the D3 Family Funds, a family of funds managed by Nierenberg Investment Management Company, and the fund's largest investor. Nierenberg graduated summa cum laude from Yale College before earning his law degree from Yale Law School. Prior to founding D3 Funds, he worked for seven years at Bain & Company. The D3 Family Funds focuses on micro-cap stocks with market capitalizations below $1.5 billion, giving the firm better access to upper-level management, though the firm prefers “friendly persuasion” in its discussions with management over a more aggressive “activist” approach. Additionally, micro-cap stocks are less liquid and often neglected by analysts and the financial press, allowing the fund to make timely trades on mispriced stocks. A growth-at-the-right-price investor, the fund's website explains that an ideal value scenario would involve “a 15% grower, with extra cash on its balance sheet, bought at a forward net price-earnings ratio of only eight because the company missed a quarter or because investors disliked or misunderstood its industry.”
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