Mittleman Investment Management Q3 Investor Letter

New York-based Mittleman Investment Management recently released its Q3 investor letter. You can download a copy below. The fund’s composite gained 3.7% net of fees in the third quarter, versus gains of 4.5% in the S&P 500 Total Return Index and 5.7% in the Russell 2000 Total Return Index.

The top three contributors to the fund’s third-quarter performance were International Game Technology: $18.30 to $24.55 (+36% with dividend), Sberbank of Russia: $10.39 to $14.27 (+40% with dividend), and Revlon: $23.70 to $24.55 (+4%).

The three most impactful detractors from the fund’s third-quarter performance were AMC Entertainment Holdings: $22.75 to $14.70 (-34% with dividend), KT Corporation: $16.64 to $13.87 (-17%), and Rallye SA: $20.58 to $18.51 (-10%).

You can download the letter here.