Mittleman Gains On Buys From April Lows

Mittleman Value Partners commentary for the month ended July 31, 2025.

To the clients of Mittleman Value Partners:

Our representative account gained 21% net of fees YTD through 7/31/25, vs. 8.6% for the S&P 500, 11.9% for the MSCI ACWI, and -0.1% for the Russell 2000; all total returns. After a weak Q1 (-4.14%), we outperformed in Q2 (+23.75%) and added another 2% in July. Our low point YTD was -15% on the Apr. 8th market low of the tariff tantrum, around which time new buys were made as shown below.