Exclusive Interview with Eileen Segall

We are pleased to bring you the following interview with Eileen Segall, founder and portfolio manager of Tildenrow Partners, LP.

Eileen Segall has twelve years of experience in the investment industry and has managed Tildenrow Advisors, LLC since November 2006. She is a value investor and employs fundamental analysis and a disciplined investment process to research equities mis-priced by the market. She is a member of 100 Women in Hedge Funds, the New York Society of Security Analysts, and has served as a mentor in Columbia Business School’s Value Investing program.

MOI Global: Please tell us about your background and the genesis of your firm. What motivated you to set up Tildenrow and what operating principles have guided you?

Eileen Segall: I was motivated to start Tildenrow to prove out an investment process. I felt I had a strategy for screening and evaluating stocks that was different, and that could potentially outperform over many years. As a result, I wanted to begin a long-term, independent track record as soon as possible. I was inspired by value investors like Warren Buffett, Seth Klarman, David Einhorn, an Eddie Lampert who started funds in their twenties with investing records now spanning decades. In November 2006, I launched Tildenrow Advisors, LLC to provide investment management services to a fund of funds and then in January 2008, I opened the private investment partnership, Tildenrow Partners, LP.

Prior to starting Tildenrow I was the Assistant Portfolio Manager and Director of Research at Nicusa Capital Partners, LP, where I helped to develop the fund’s value oriented investment strategy as the fund’s first employee in 2003. Before then I was an Equity Research Associate covering the telecom equipment industry at the investment bank Robertson Stephens. My undergraduate degree is in Materials Science and Engineering from MIT.

Tildenrow’s operating principles are very much guided by my engineering background. I have a “checklist” of criteria, based on finding great businesses at cheap prices. The numbers are always a starting point before launching into extensive fundamental due diligence—speaking to management, customers, competitors, etc. I don’t deviate from that process although it has been refined over time. When people suggest possible investments for Tildenrow, even if compelling, my usual response is that they doesn’t fit the fund’s criteria. You won’t see Tildenrow invested in natural gas futures.

MOI: You embrace a concentrated investment strategy, with 6-12 long positions comprising 70 to 100% of capital and 0-20 short positions comprising 0% to 30% of capital. How did you determine that this was the optimal level of concentration for your fund?

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