Boyar Asset Management

Founder Mark Boyar and his son, Principal Jonathan Boyar, lead the investment process. Mark Boyar established the firm's sum-of-the-parts methodology, and Jonathan has increasingly become the public face of the strategy through media appearances. The firm's small team structure means that research, portfolio construction, and client communication are highly integrated under a single investment committee.

Asset Analysis Focus is Boyar's proprietary research publication, launched before the firm began managing outside capital. It provides deep fundamental appraisals of publicly traded companies, emphasizing intrinsic value calculations that often rely on sum-of-the-parts analysis. The same research process that produces the publication directly informs the firm's managed portfolios, making publication and investing a single, continuous workflow.

Boyar Asset Management focuses on publicly traded US equities. The firm's research method requires detailed financial disclosures to construct its sum-of-the-parts valuation models, which generally limits the opportunity set to listed companies. There is no public record of the firm running dedicated private equity, venture capital, or direct private company investment programs.

The firm sources ideas primarily through its own fundamental research. Analysts screen for conglomerates, holding companies, and businesses trading at wide discounts to what a private buyer would pay for their individual components. The research process often identifies companies before announced spinoffs or restructurings create catalysts that force the market to recognize underlying asset values.

Jonathan Boyar's increasing visibility and operational role within the firm indicate a deliberate generational succession from founder Mark Boyar. Jonathan has assumed a public-facing role on behalf of the research and investment strategy, maintaining continuity of the firm's value philosophy while representing its next chapter. No formal succession announcement has been made, but the multi-decade father-son overlap provides continuity.

Boyar's sum-of-the-parts methodology distinguishes its approach. Rather than screening on simple price-to-book or price-to-earnings ratios, the firm constructs a private-market valuation for each business line within a company, then compares the sum of those parts to the prevailing stock price. This approach is particularly suited to holding companies, conglomerates, and businesses with discrete, separable assets that conventional multiples fail to capture.