Investment Philosophy

Seeking to Generate Attractive Long-Term Returns with Lower Volatility

Corbyn has always applied a value-oriented investment discipline across our fixed income and equity strategies. Key to our approach is individual security selection, grounded in our rigorous fundamental research.

We believe our goal of providing attractive, but less volatile, long-term returns is key to helping our clients achieve their investment goals.

Fixed Income Strategies

Corbyn navigates the fixed income markets seeking consistent, attractive, risk-adjusted returns. We prioritize the preservation of capital during challenging market conditions and aim for investment results that are less volatile than the broader fixed income market. Our fixed income strategies employ a conservative approach to the higher-yielding segment of the corporate bond market. This is achieved through stringent, bottom-up, independent credit analysis and targeted security selection.   

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Equity Strategies

Corbyn seeks to identify value-oriented equity securities that deliver strong long-term returns with less downside volatility than the broader equity market. Our research-intensive approach focuses on uncovering attractive securities, with an overriding emphasis on a company’s balance sheet strength, its prospects for free cash flow generation, the demonstrated capability of its management team, and company-specific or secular tailwinds. We evaluate these factors within a robust, holistic valuation framework.

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As investors, we spend a tremendous amount of time analyzing a company’s balance sheet, cash flow and capital structure. In fixed income investing, for instance, different levels of the capital structure have different risk profiles. By drilling down into a company’s capital structure, we target the specific bonds that have clear paths to repayment and low correlation to broader market risk.

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Charles (Chip) vK. Carlson, CFA

President, Portfolio Manager

Chip joined Corbyn in 1983 and serves as Chairman, President and Portfolio Manager of Corbyn Investment Management. Mr. Carlson graduated from The Johns Hopkins University with a B.A. in Political Economy. He has been a CFA charterholder since 1986.

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Michael J. Fusting, CFA

Portfolio Manager – Equities

Michael Fusting joined Corbyn in 1989 and serves as a Portfolio Manager. Prior to joining Corbyn, Mr. Fusting worked in the finance division of a real estate and aggregates company where he was responsible for accounting, strategy and project finance. Prior to that, he worked for a regional public accounting firm. Mr. Fusting is a Certified Public Accountant (not active) and he earned the right to use the CFA designation in 1994. He graduated from Loyola University Maryland in 1983 with a B.A. in Accounting.

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Michael A. Goodman, CFA

Senior Investment Analyst
Corporate Secretary

Michael Goodman joined Corbyn in 2009, and serves as a Senior Investment Analyst and a Portfolio Manager of the Cromwell Greenspring Mid Cap Fund, and its predecessor Fund, the Greenspring Fund. Prior to joining Corbyn, he was a Senior Equity Analyst at Memphis-based boutique asset manager, Skyhawk Capital Management, from 2005 to 2009 and an Equity Analyst at Strong Capital Management in Milwaukee from 2003 to 2005. Mr. Goodman graduated magna cum laude from Carleton College in 2003 with a B.A. in Psychology and earned the right to use the CFA designation in 2006.

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Michael J. Pulcinella

Portfolio Manager – Fixed Income
Head Trader

Michael Pulcinella joined Corbyn in 2012 after over a decade of experience in the institutional fixed income capital markets in several sales and trading roles. At Corbyn, he is a Portfolio Manager of the firm’s fixed income separately managed account strategies and has been a Portfolio Manager of the Greenspring Income Opportunities Fund since its inception in 2021.

Prior to joining Corbyn, Mr. Pulcinella was a Director of Fixed Income Sales at Stifel Financial Corp, where he was responsible for sales of high yield and investment grade fixed income securities to institutional clients. Prior to that, he was a Vice President of High Yield Trading at Miller Tabak Roberts, which was a premier boutique broker-dealer in New York City. In this role, he was responsible for trading of high yield corporate bonds with institutional clients. He began his career as a trader on the preferred stock desk at Legg Mason in Baltimore. Mr. Pulcinella graduated from Fairfield University with a B.S. in Finance.

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George A. Truppi, CFA

Senior Investment Analyst

George Truppi serves as a Portfolio Manager of the Greenspring Income Opportunities Fund since its inception in December 2021. He is also a Senior Investment Analyst of Corbyn.

Prior to joining Corbyn in 2019, Mr. Truppi was a Director in the investment banking divisions of ABN AMRO from 2017 to 2019 and Credit Suisse from 2013 to 2017 and a Vice President at Deutsche Bank from 2011 to 2013, responsible for executing transactions for basic materials and industrial companies, primarily in the leveraged capital markets. From 2008 to 2011, Mr. Truppi was a credit analyst at Whippoorwill Associates, focused on investments in stressed and distressed credit. Prior to that, he was an investment banking analyst at Deutsche Bank, from 2005 to 2008. Mr. Truppi graduated from Rutgers University with a degree in Finance. He has been a CFA charterholder since 2015.

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William “Bill” White

National Sales Director

Bill thrives on building relationships with independent advisors, institutions, and corporations. His focus on finding win/win opportunities allows him to build trust with clients and prospects alike. By thinking outside the box, and constantly trying to add value along the way, Bill is able to forge deep and valuable client/partner relationships for Corbyn. Bill is a graduate of Washington and Lee University, has been in the investment industry since 1999, and joined the Corbyn team in 2002. Outside of the office, Bill enjoys playing golf, squash, and pickle ball, and following his favorite baseball team, the Baltimore Orioles. He has two wonderful adult children, so now loves taking long walks most evenings with his wife, Blair, and their French Bull Dog named Skylar.

  

Phones: 410.832.5500  |  410.307.1512

Check the background of this investment professional on FINRA’s BrokerCheck.

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Heather Karaolis

Manager, Client Relations

Heather joined the Corbyn team in 2011 and has worked in the financial services industry since 2006. She is our “go to” person for Corbyn clients, advisors and third-party custodians. Her extensive knowledge of client accounts, combined with an outgoing personality, allows her to quickly fulfill client and advisor needs in addition to providing consistent and exceptional service. In her free time, Heather loves to spend time with her children and Mini Australian Shepherds. She is an avid traveler who can’t wait to visit friends and family across the globe.

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Moira Donovan

Chief Compliance Officer

Moira Donovan serves as the Chief Compliance Officer since August 2023. Prior to joining Corbyn, Moira Donovan had over twenty years of investment management industry experience with a focus on compliance and regulatory issues including serving as a past CCO and Compliance Officer for various registered investment advisors and broker-dealers. Moira Donovan has her undergraduate degree and her M.BA. in finance from Loyola University Maryland.

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Donna Palumbo

Director, Investment Operations

Donna Palumbo joined Corbyn in 2015 and serves as Director, Investment Operations. Her role encompasses all operations functions including client accounting, trade settlement, and reconciliation. Donna’s expertise in process efficiency and organization contribute across many departments within the organization.

Prior to joining Corbyn, Donna worked on the broker dealer side of the industry as Vice President at Lombard Securities from 1996 to 2015. Donna graduated magna cum laude from The American University with a B.S.B.A. in International Business and Finance.

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Joclyne Gonzales

Operations and Technology Support

Joclyne Gonzales joined Corbyn in 2019. She provides administrative and operational support, effectively collaborating with others across the entire Company. Joclyne also leads important aspects of Corbyn’s digital presence, including website maintenance and communications, and plays a vital role in marketing initiatives and compliance efforts. Joclyne graduated from The Johns Hopkins University in 2014 with a B.A. in Psychology.

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