Evermore Global Advisors, LLC was established in 2009 by David Marcus and Eric LeGoff.
Our founders bring the teachings of their mentor, renowned value investor Michael F. Price, together with their 50+ years of collective experience as entrepreneurs, business operators, and asset managers to provide investment management services to investors.
David began his investment management career in the late 1980s at Mutual Series Fund, and later founded two European special situations hedge funds and a family office for a wealthy Swedish family. While managing these organizations, David gained significant operating experience as a board member of public and private companies where he led strategic initiative, management change, restructuring, recapitalization, and business and asset sale efforts.
Eric also started his investment management career in the 1980s at Mutual Series, where he held senior compliance and operations positions. Prior to co-founding Evermore, Eric launched three successful financial technology firms that focused on pre-trade compliance systems for the investment management industry, software integration, and institutional global equity trading, respectively. The many years spent leading these businesses serve as the foundation for Eric’s emphasis on implementing strong operational and compliance processes.
Evermore is a Registered Investment Adviser with the U.S. Securities and Exchange Commission.
Employees own a majority of Evermore, have interests in the firm, and are investors in the Evermore Global Value Fund.
Evermore is based in Summit, New Jersey (about 35 minutes from New York City).
Frequently Asked Questions
We define “special situations” investing as the investment in companies that have the two following characteristics:
- They trade at substantial discounts from their intrinsic values. We define “intrinsic value” as our estimate of the price a reasonable buyer would pay for all of a company’s assets. We refer to this substantial discount as a “deep value” investment or one that has “a margin of safety.”
- Catalysts currently exist to drive strategic change. Catalysts are integral to value creation and may include operational and financial restructurings (e.g., cost-cutting, asset sales, breakups, spinoffs, mergers, acquisitions, liquidations, share buybacks, recapitalizations), management changes and shareholder activism, etc.
We believe the following elements of our investment approach give us a competitive edge over other global value investors:
- Our firm is independent and largely employee-owned, which gives us the flexibility to close to new investors when appropriate, and also makes it easier to attract and retain talent.
- Our ability to leverage our Founders’ significant business operating experience (e.g. running companies and sitting on private and public company boards) in evaluating investment opportunities.
- The proprietary methods we have developed to identify and evaluate companies in our focus area earlier than our competitors.
- Our investment team is solely comprised of generalists, ensuring we see the big picture and only invest in what we believe are the best opportunities, irrespective of industry.
- Investing globally over multiple decades has resulted in an extensive network of industry and local contacts, and, resources in foreign markets that we believe provide us a significant informational edge.
- We maintain investment focus by typically being concentrated in 20 to 40 positions with a high percentage of investments in our Top 10 holdings.
- Our robust operational infrastructure enables comprehensive oversight and risk controls in a highly scalable business structure.
- Our culture of intellectual honesty (i.e. knowing what we don’t know), patience, compliance and dedication to process.
We currently offer investors our special situations strategy across three geographies: Global, European and International. Global portfolios are available in mutual fund (the Evermore Global Value Fund) and separate account products. European and International portfolios are available in institutional separate account products.
Investment with Evermore may play a complementary role in almost every long-term investment plan. Our products can be good fits for Global, European, International, and Alternative allocations. They may be a good source of investment alpha as our portfolios and investment performance profiles tend to look different from those of our competitors.
An investor in Evermore can expect lumpy returns that behave differently from benchmark (market) returns given our non-correlated investment approach. Our goal is to produce superior risk-adjusted absolute returns over a complete market cycle of seven to ten years with an unwavering emphasis on capital preservation.