The Greenspring Fund's principal investment objective is to provide its shareholders with long-term capital appreciation through a total return approach to investing.
Current income is an important, but secondary, factor in the selection of our investments.
We invest in small, mid, and large cap companies. The Greenspring Fund employs a strong value investing approach in selecting the securities it purchases. Consequently, the risks of short-term disappointment are often diminished by the fact that investors' expectations are not that lofty to begin with. Free cash flow can be used to benefit shareholders through growth opportunities, debt reduction, stock repurchases, or dividend increases. Companies that are more concerned with managing their balance sheets and meeting debt obligations are a lot less likely to be successful investments than those that are well-capitalized and whose managements can focus on growth opportunities.