Edward I. Lefferman
Edward Lefferman joined First Manhattan in 1984 as an Analyst focusing on the oil and gas industries, as well as the metals industry. Today, Edward is a Portfolio Manager with over 40 years of investment research and investment management experience. In addition to managing individual accounts, he is also the Co-Portfolio Manager of the FMC Strategic Value Fund, a mutual fund organized by the firm in 1998.
Portfolio Construction and Management
Edward favors diversified portfolios with total concentrated holdings of 30 – 35 positions. When constructing a portfolio for a client, Edward:
- Buys asset-light companies where free cash flow amounts to 100% or more of net income
- Tries to buy hard assets at a meaningful discount to replacement value
- Puts an emphasis on patient, long-term holdings in order to maximize tax efficiency
- Looks for companies where management has significant ownership