Edward I. Lefferman, CFA
Managing Director, Portfolio Manager
Years at First
Edward Lefferman is a Managing Director and Portfolio Manager with more than 40 years of investment research and investment management experience. He joined First Manhattan Co. in 1984 as an Analyst focused on the oil and gas and metals industries.
Ed holds a BS from Boston University and is a Chartered Financial Analyst (CFA).
Portfolio construction and management
Ed favors diversified portfolios with total concentrated holdings of approximately 30 – 35 positions. When constructing a portfolio for a client, he:
- Buys asset-light companies where free cash flow amounts to 100% or more of net income.
- Seeks to buy hard assets at meaningful discount to replacement value.
- Places an emphasis on patient, long-term holdings in order to maximize tax efficiency.
- Looks for companies where management has significant ownership.