Investment Philosophy

Key Tenets of The Berwyn Funds' Investment Philosophy

  • VALUE – For over 46 years, The Berwyn Funds and its predecessor advisor have focused on value investing.  In effect, we attempt to advantageously use the emotions of the marketplace to purchase publicly traded securities at discounted prices.  Our goal is to purchase assets at prices below that, which would be agreed upon, in a less emotional, private transaction.
  • CONTRARIAN – Our investment process often leads us towards companies that are out-of-favor with Wall Street’s sell side analysts and general public sentiment.  We have a willingness to think differently than most market participants and consequently, the portfolio’s sector weightings and individual holdings can be counter to the consensus points of view.
  • BOTTOM-UP – The portfolio is built from the “bottom up” and not the “top down.”  Our screening process identifies securities that are trading inexpensively relative to certain financial parameters.  From this starting point, we execute our research on a company-by-company basis, in a search for true value.  We do not attempt to position the portfolio based upon forecasts of macroscopic factors, such as predictions for economic growth, or the direction of interest rates.  Our top down view, if we develop one, is derived from the perspective of our bottom-up research.  Nonetheless, we are cognizant of the broader economic and financial trends that affect the value of the securities we own and their underlying business models.
  • INDEPENDENT RESEARCH – All investment research is performed internally.  As an independently owned investment boutique, we have one goal – to add value to our clients’ investment portfolios.  Although our research  is focused on bottom-up factors that will impact a company’s return on capital, the overall process is comprehensive and includes the following: a thorough review of the company’s financial statements and other publicly released documents, evaluation of management, competitive position, insider activity and other technical factors.
  • LONG TERM POINT OF VIEW – We believe that many security analysts and individual investors form their opinions from a short term perspective, often resulting in impulsive and incorrect decision making.  In contrast, once we have made a commitment to accumulate a position in a security, even though its price is under pressure, we remain confident in doing so, unless future developments prove our longer term assessment to be in error.  Frequently, a company’s stock, or fixed income instrument, is held for three, or more, years.

Funds Snapshot

As of the close of trading March 23, 2017

Berwyn Fund




Berwyn Income Fund




Berwyn Cornerstone Fund




Meet our team

Meet our team

Our seasoned investment professionals take the long-term view and put our shareholders first.

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