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Posts Tagged ‘D3 Funds

David Nierenberg of D3 Funds

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Notes from the Value Investing Congress Twitter feed.

David Nierenberg of D3 Funds

  • D3 invests in microcap growth companies, takes concentrated positions, and engages constructively with management
  • Nierenberg talking about opportunities in emerging markets
  • Six of Nine public companies Nierenberg holds have Emerging Market exposure
  • Nierenberg holds RadiSys (RSYS), a leader in embedded computing
  • Sells into telecomm, multi media, defense, medical mkts
  • RSYS #1 mkt share in Media Server and ATCA
  • RSYS has made 3 acqs since 2006
  • RSYS strong balance sheet
  • $3+ per share net cash
  • RSYS followed by just 2 analysts
  • Revenues have been stagnant, but “next generation” revenue is growing rapidly
  • Sees continual gross margin improvement
  • RSYS will have outsourced 100% production by Q2
  • Sees 39% 3 year earnings CAGR
  • Nierenberg now taking questions with partner Cara Denver
  • Denver says thesis on MOVE is still intact
  • D3 owns 18% of MOVE

Written by latticework01

May 6, 2010 at 9:54 am