AIMFF - Mittleman Brothers Q4 2020 Investor Letter

• Mittleman Investment Management, LLC is an SEC-registered investment adviser that provides discretionary portfolio management to institutional investors and high-net-worth individuals.
• Mittleman Investment Management, LLC’s composite gained 31.0% net of fees in the fourth quarter of 2020, versus gains of 12.1% in the S&P 500 Total Return Index and 31.4% in the Russell 2000 Total Return Index.
• The top three contributors to our Q4 2020 performance were Village Roadshow (+44%), Revlon (+88%), and Greatview Aseptic Packaging (+52%). There was only one meaningful detractor from Q4 2020 performance, which was AMC Entertainment (-55%).
• A couple of new entrants to the portfolio came in after Village Roadshow was sold, those were Newmark Group (NMRK $7.29) and Bayer AG ADR (BAYRY $14.84).

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