Penfield Investments

Michael Price, the renowned value investor who built the Mutual Series funds. He ran Heine Securities, the investment advisor to Mutual Series, until selling the firm to Franklin Templeton in 1996. Price is known as a disciple of the Graham-and-Dodd school of deep-value investing and specialized in distressed securities, bankruptcies, and spinoffs.

The primary wealth source is the 1996 sale of Heine Securities, manager of the Mutual Series mutual funds, to Franklin Templeton. The transaction was valued at roughly $600 million. Price received a combination of cash and Franklin Templeton stock for the business, and his personal stake in the Mutual Series funds themselves further augmented his net worth.

Penfield pursues a value-oriented, opportunistic mandate rooted in Price's mutual fund experience. The office invests across public equities, fixed income, real estate, and private opportunities. It does not market a fund to outside investors, giving it a permanent capital base that can hold concentrated positions through market cycles without redemption pressure.

Penfield's portfolio spans public equities, with a historical emphasis on financial services companies and banks, alongside fixed-income positions, real estate concentrated in the New York area, and select private investments. The office favors out-of-favor, complex, or post-distressed situations where structural selling pressure has created pricing dislocations.

Price maintains a low public profile but has occasionally spoken at value-investing conferences and university forums. He has been a benefactor to his alma mater, the University of Oklahoma, including significant gifts to the business school. He does not manage public mutual funds and does not market Penfield's investment activities.