Max Heine

Max Heine (1908-1988) was a German-born American fund manager and investor. He is best known as a value investor who emphasized purchasing undervalued securities, often of companies facing financial distress.

Heine founded the Mutual Shares Corporation in 1949. This fund, later renamed the Mutual Series Fund, became highly successful by focusing on distressed securities, bankruptcies, and restructurings. His investment philosophy centered on thorough research and a contrarian approach, seeking out opportunities overlooked by other investors. He was known for his patience and willingness to hold investments for the long term.

Heine's approach often involved actively engaging with company management and creditors to influence the restructuring process and maximize returns. He believed in understanding the underlying value of assets even when market sentiment was negative.

After Heine's death in 1988, the Mutual Series funds were acquired by Franklin Templeton Investments. The funds continue to operate under the same value-oriented principles established by Heine. His legacy continues to influence value investing strategies worldwide.