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Multi-Cap Opportunities

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Institutional Strategy > Equity > Multi-Cap Opportunities

Multi-Cap Opportunities

A fundamental, research-driven strategy that invests across the market capitalization and style spectrum, emphasizing free cash flow and capital structure to identify mispricings and opportunities

  • Seeks most attractive investment opportunities across three distinct categories: Special Situations, Opportunistic, and Classic
  • Bottom-up approach with an emphasis on free cash flow and capital structure analysis
  • Focused portfolio with high active share
  • Experienced investment team with attractive long-term track record

Overview

Investment Philosophy

Portfolio investments are made across three distinct categories: Special Situation, Opportunistic, and Classic. Each category has unique performance attributes and characteristics. Taken together, the three categories enhance return potential and mitigate risk.

  • Special Situations: Companies that require tailored, specific valuation methodologies and investment research.
  • Opportunistic: Companies that have become inexpensive for a tangible reason that we believe is temporary, not permanent.
  • Classic: Companies with proven management teams and consistent long-term performance.
 

Focus on Free Cash Flow

Our analysis considers the potential uses of free cash flow in developing the business and/or optimizing the capital structure. The combination and potential of these choices impacts shareholder value and is an essential part of our investment process.

  • Business Model: On the business side, a company can reinvest in an existing business, enter a new line of business or do a selective acquisition.
  • Capital Structure: In terms of capital structure, a company can accumulate cash, pay down debt, buy back stock or issue dividends.
 

Portfolio Approach

Eight-person team of dedicated investment professionals committed to a disciplined research process, and the ongoing evaluation of current and prospective investments. Portfolios include the best ideas, diversified across market capitalization, style and investment category.

Management

Richard S. Nackenson
Senior Portfolio Manager
29 Years of industry experience
20 Years with Neuberger Berman