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Michael J. Kelter

Michael’s goal is to help his clients protect and build their wealth by buying a basket of high quality businesses and steadily compounding with them over time. With this strategy, he helps his clients save for retirement and/or accumulate assets to eventually pass on to their heirs, while minimizing risk and volatility. Rather than track “the market,” Michael seeks to invest in the best companies with the best business models and best management teams, and then own them for extended periods of time. He believes strongly in the power of compounding and he does not believe in chasing the latest fads.

Before making an investment, Michael thoroughly evaluates each company’s fundamental business, financial prospects, and management quality. He meets regularly with the CEOs and CFOs of the companies in which he invests to understand how they approach their business, stay on top of recent developments, and ensure that cash flows are being reinvested wisely.

Michael customizes his clients’ portfolios, taking into account individual circumstances such as age, tax bracket, and family situation. He also focuses on risk tolerance and helping his clients invest with peace of mind.

Michael J. Kelter

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Michael J. Kelter

212-756-3253 View Bio
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Portfolio Construction and Management

Michael generally constructs client portfolios with 15 – 25 high quality companies. While no two investments are exactly the same, Michael looks for stable compounders, shrewd capital allocators, and deep value investments. He favors companies that:

  • Have a sustainable business model with a strong moat, limited competitive threats, and a long future runway to compound. These compounders form the bedrock of a strong equity portfolio.
  • Generate consistently strong cash flows and have a management team with a proven track record in deploying that capital in a disciplined manner. Michael looks at cash flow metrics as core to his valuation approach.
  • Have good businesses, but are trading at a significant discount to their underlying value. This may be due to a temporary decline in their business and/or market overreaction.

Michael J. Kelter

Managing Director Portfolio Manager Research Analyst
Michael J. Kelter

Michael Kelter is a Managing Director at First Manhattan. He handles individually-managed accounts for clients of the firm and is tasked with identifying new investment ideas for the firm more broadly. To date, First Manhattan clients have purchased more than $500 million of stocks identified by Michael through his due diligence.

Prior to joining First Manhattan, Michael spent six years in Goldman Sachs’ Global Investment Research division where he covered consumer businesses. Previously, Michael held operating roles within the consumer product industry, primarily at Reckitt Benckiser, a $60 billion market cap public company. His last role at that company was as a Senior Brand Manager for Lysol.

Michael has an MBA in marketing and management from New York University’s Stern School of Business and graduated summa cum laude from the University of Richmond with a dual major in finance and economics. Michael lives in New York with his wife and three children.

Contact

212-756-3253