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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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Lyrical Asset Management's U.S. Value Equity strategy underperformed in 1Q26, declining 6.7% net versus the S&P 500's 4.3% decline. Despite excellent fundamental performance with 92.4% of portfolio companies increasing next twelve months earnings per share by an average of 5.7%, the portfolio suffered from significant valuation compression affecting 75.5% of holdings. Sector allocation was a minor headwind as the portfolio was underweight the best performing sectors. The manager emphasizes that if valuations had remained unchanged, returns would have been 11 percentage points higher. Portfolio positioning appears attractive going forward with a 11.3x NTM P/E ratio that declined 7% during the quarter, combined with average historical growth rates of 10.9% that exceed the S&P 500 by over 4 percentage points. Additionally, the portfolio's earnings are characterized as less economically sensitive than the broader market, providing potential defensive characteristics.
Value investing approach focused on companies trading at attractive valuations with strong earnings growth potential and lower economic sensitivity than the broader market.
Portfolio positioning looks attractive with NTM P/E of 11.3x down 7% over the quarter, average historical growth rate of 10.9% that is 4+ percentage points faster than the S&P 500, and earnings that are less economically sensitive than the S&P 500.
As of Apr 16, 2026
Jeffrey Keswin serves as Founder, CEO, and Managing Partner, bringing a background in economics and engineering from the University of Pennsylvania and experience as a serial entrepreneur. Andrew Wellington serves as Chief Investment Officer and co-founder with over 25 years of value investing experience, including significant roles at Pzena Investment Management and Neuberger Berman. Wellington graduated summa cum laude from the University of Pennsylvania and serves as lead portfolio manager. The firm was founded in 2008 by these long-time friends and University of Pennsylvania classmates. Additional key personnel include John Mullins and Dan Kaskawits who co-manage various strategies under Wellington's supervision. The leadership team combines strong academic backgrounds with extensive practical experience in value investing and investment management.
Lyrical Asset Management employs a 'Back to Basics™ Investing' philosophy focused on value investing. The firm states 'Value investing is not just what we do, it is who we are' and positions itself as an independent investment manager focused purely on value investing. They target companies with low valuations relative to their long-term normalized earnings power, using a proprietary screening model that leverages normalized earnings estimates combined with comprehensive fundamental analysis. The firm emphasizes that the cheapest stocks have outperformed the S&P 500 by over 350 basis points per annum over the past 40+ years, and they focus on the cheapest quintile of large cap stocks to find gems amid the junk. They aim to build portfolios of high-quality businesses, diverging from traditional value investors who may consider any business at the right price.
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