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INVESTMENT STRATEGY

Investment Strategy: Feature

While BAM invests across market capitalization/sectors, it typically specializes in the media/telecom, financial service and consumer discretionary sectors.  BAM is comfortable owning names that are underfollowed or underowned because of perceived complexity issues.  BAM typically focuses on investing opportunities and special situations with documented inefficiencies including spinoffs, bank/thrift conversions and the Liberty Media complex.

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Brennan has closely followed the Liberty Media complex for the past 15 years and subsequent to recent selected Liberty weakness, BAM has meaningfully increased its exposure to multiple names within the Liberty family.  While the exact targeted return will vary by investment, BAM typically seeks securities offering 15-20+% internal rate of returns (IRRs).

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Concentrated

Value Strategy

  • 12-20 total names

  • Top 10 names 50-70% of total portfolio

  • 3-5 year holding period – tax efficient investment process

  • Hold cash when attractive opportunities unavailable

  • Position limit of 20% in one single name

  • Volatility creates opportunity:  Risk=Permanent Loss of Capital

  • Maintain active dialogue with management teams

  • Detailed financial models on all investments

  • Invest personal capital alongside clients

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