Who We Are

Value investing is not just what we do, it is who we are

Founded in 2008, we are an independent investment manager, purely focused on value investing. We manage concentrated portfolios with low turnover and little overlap with peers or benchmarks. Our strategies include U.S. Value, International Value, Global Value and Global Impact. We also offer a passive value ETF.



Jeff Keswin and Andrew Wellington graduate from the University of Pennsylvania’s Management & Technology Program


Jeff establishes Lyrical Partners


Jeff and Andrew launch Lyrical Asset Management (LAM), in the midst of the Global Financial Crisis


Lyrical opens its first client portfolio, with $5 million


LAM launches its first UCITS vehicle


LAM launches its first mutual fund, LYRIX


LAM launches International, Global, and GIVES portfolios


LAM launches passive value ETF, USVT


LAM manages $6.5 billion

A Foundation of Friendship

Lyrical Asset Management (LAM) continues a thirty-plus-year friendship of its founders, Jeffrey Keswin and Andrew Wellington. Jeff and Andrew met as classmates in the University of Pennsylvania’s Management and Technology Program, where they studied finance, management, and systems engineering in Penn’s Wharton School and School of Engineering. They became apartment-mates as they launched their careers in New York City, toiling first as junior analysts in investment banking and management consulting, respectively. Little did they know that some 18 years later they would launch an asset management firm together.

LAM embodies Jeff and Andrew’s entrepreneurial spirit and unconventional perspectives on the practice and business of investment management.

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A Culture Grounded in Excellence

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LAM’s processes, portfolios and people reflect our desire to think independently. Stocks are selected on their investment merit, not their benchmark weight, resulting in a very high active share, typically 95% or higher. The investment team is staffed with smart, curious, experienced analysts who are business generalists and value investing specialists. Most firms divide research responsibilities among their analysts, but at LAM we duplicate. Our portfolio concentration and low turnover enable everyone on the team to analyze and opine on every stock. This approach is not efficient, but it is effective, as we invite informed debate on portfolio decisions.

We aspire to excellence in our investment performance and, likewise, LAM’s client relations, operations, and administrative teams aspire to that same standard.

LAM is committed to a supportive, kind workplace, to diversity and respect, and to continuously growing and improving, however we can. We derive tremendous joy and satisfaction from the culture that pervades LAM.