Fund Review – Greenspring Fund
This week I thought I would take the time to discuss another one of my favorite funds, the Greenspring Fund. In the interest of disclosure, this fund is another of my personal holdings.
The Greenspring Fund is a balanced fund compromised of stocks and fixed income securities. Greenspring describes their investment philosophy on their website as, “Our analysts seek out securities that are trading at a discount to their historical prices and/or their peers. We focus on inefficiently-followed securities that we believe are undervalued and often possess company-specific catalysts for future appreciation. Our efforts are focused on identifying securities that will provide positive performance regardless of the direction of the overall market.”
The fund has increased its fixed income exposure since the third quarter of 2008. Their recent shareholder letter proclaimed that their recent purchases were priced to yield stock like returns without volatility of stock investments.
The fund is managed by Charles Carlson who is based in Lutherville, MD. Mr. Carlson has managed the fund since the fund’s inception in 1987. Through February 3, 2009 the fund has a three, five and 10 year annualized rate of return of -0.40%, 3.44%, and 6.68%. Those figures are 5.04%, 2.87% and 3.42% better than their peer group respectively. The fund had a superb 2008. It was down but it was only down 11.7% which is 16.3% better than its counterparts. These performance numbers both short-term and long-term put the fund in the top 3% or better of all funds in its peer group.
This article is not a recommendation for the Greenspring Fund, but rather a quick look at one of my personal favorites. Please contact us with any questions regarding the Greenspring Fund or any other fund that you may be consider buying. Please be sure that any fund that you purchase meets your individual needs or circumstances.
Buck Wendel, Investment Advisor
