Investment Team | Ironvine Capital Partners

Matt Barnes, CFA

Matt co-founded Ironvine in 2013 with Ryan Mendlik and co-manages the Ironvine Concentrated Equity and Ironvine Core Equity Strategies. Prior to starting Ironvine, Matt was a credit analyst, trader, and portfolio manager at McAdams Wright Ragen. Previously Matt spent seven years at Cascade Investment LLC, the investment manager for the Bill and Melinda Gates Foundation and the private partnership of the William H. Gates III family office, where he held roles spanning credit & equity research, credit trading, and private equity. Matt earned a Bachelor of Arts from the University of Washington’s Foster School of Business in 2002 where he focused on Economics and Finance.

Ryan Mendlik, CFA

Ryan co-founded Ironvine in 2013 with Matt Barnes and co-manages the Ironvine Concentrated Equity and Ironvine Core Equity Strategies. Prior to starting Ironvine, Ryan was a private equity analyst at Tenaska Capital Management. Previously Ryan was an analyst, portfolio manager, and trader at Cascade Investment LLC, the investment manager for the Bill and Melinda Gates Foundation and the private partnership of the William H. Gates III family office. Ryan started his career at Goldman, Sachs & Co. as an analyst in its investment banking division. Ryan earned a Bachelor of Science in Accounting from the University of Nebraska in 2006 with Highest Distinction.

David Perkins, CFA

David joined Ironvine in 2019 and co-manages the Ironvine Concentrated Equity and Ironvine Core Equity Strategies. Previously David spent 15 years as a senior analyst at Weitz Investment Management, including the last six as Co-Portfolio Manager of the Weitz Value Fund. Prior to his time at Weitz, David was a public equity analyst at McCarthy Group Investment Management, where he worked alongside former Ironvine partner Rich Jarvis on the McCarthy Multi-Cap Stock Fund. David earned a Bachelor of Arts in Business Systems from Taylor University in 2001.

Paul Penke, CEBS, CFP®

Paul joined Ironvine in 2021 as Head of Operations and Client Portfolio Manager. Previously, Paul spent 12 years in actuarial consulting at Milliman analyzing large data sets, garnering insights, and presenting solutions to business owners and senior executives. He also has experience recruiting and managing high caliber teams. Paul earned a Bachelor of Science in Finance from the University of Nebraska – Lincoln in 2006 and a Masters in Business Administration from the University of Nebraska – Omaha in 2010.

Eric Ruden, CFA

Eric joined Ironvine in 2022 as a Research Analyst working across the Ironvine Concentrated Equity and Ironvine Core Equity Strategies. Prior to joining Ironvine, Eric was an equity research associate at Robert W. Baird covering the aerospace and defense sector. Eric started his career at Piper Sandler Companies as an analyst in its healthcare investment banking division. Eric earned a Bachelor of Science in Accounting and Finance from Creighton University in 2019.

Finn Lucas

Finn joined Ironvine in 2024 as a Client Services and Operations Associate. Finn grew up in western Nebraska and earned a Bachelor of Science in Finance from the University of Nebraska – Lincoln in 2024. Previously, Finn worked at both Union Bank & Trust as well as NebraskaLand Bank serving in various client-focused roles. Finn also interned at a large independent broker-dealer.

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INVESTMENT PHILOSOPHY

RESEARCH PROCESS

IRONVINE STRATEGIES

SELECTED COMMENTARY

“It’s extremely difficult for humans to forgo a near term reward in exchange for a greater reward at some unknown point in the future. It should be no surprise, then, that it is rare to find a management team with a compensation system that pushes the organization to make rational decisions for long term owners. Incentives are generally centered around the notion of growth—growth in revenue, growth in margins, growth in earnings, or the gold standard—growth in earnings per share. But not all growth is good growth. Some creates value, while other types destroy it.”

Q1 2017 Letter

“We also take great interest in how companies finance themselves. Certain business models have debt-like advantages without interest payments, maturity dates, or covenants. The float generated by a well-run insurance operation, a working capital cycle that generates cash from the timing mismatch between customer collections and supplier payments, and a bank’s market-rate deposits that operate as a perpetual source of cheap capital all provide funding advantages obtainable by only a few businesses.”

Q1 2017 Letter

“Concentrating our capital in outstanding businesses provides an opportunity to produce above average results over time, regardless of the market environment.”

Q4 2019 Letter

“Our aim is to own a collection of businesses that don’t require us to continually sell and reposition. Companies with numerous opportunities of their own to reinvest, that remain in financial position to play offense on our behalf, and that in some cases stand to benefit from near-term disruption.”

Q1 2020 Letter

“The businesses we covet exhibit the ability to grow their earnings power during good times and hold the line during bad. Their fortunes tend not to be dictated by the actions of competitors nor the prevailing economic tides.”

Q2 2020 Letter