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Delphi Management Inc. /ma/
Delphi Management, Inc. is an independent investment adviser based in Brookline, Massachusetts, founded in 1980 by renowned investor Scott Black. The firm specializes in equity securities, offering all cap value and small/midcap value portfolio management. Delphi primarily serves institutional clients such as pension and retirement plans, endowments, investment companies, and high net worth individuals and trusts. The firm is led by Scott Black, who is the principal owner, President, Chief Investment Officer, and Chief Compliance Officer. Delphi typically has a small employee base aligned with its boutique asset manager status.
Investment Strategy
Delphi Management employs a disciplined, absolute value investment approach, focusing on companies with clearly articulated business strategies and definable competitive strengths. The firm categorizes opportunities as either 'earnings power plays'—companies showing consistently high returns on equity—or 'asset plays,' and invests only if shares can be purchased at a price not exceeding 13.9 times the forthcoming year's conservatively estimated earnings. Delphi does not follow relative valuation and expects target companies’ management to maintain strategic plans over a 3–5 year time frame, considering business fundamentals like marketing, finance, production, and manpower.
Latest 13F Filing Activity
Delphi Management Inc. /ma/ filed their most recent 13F report on Sep 30, 2025 disclosing 80 equity positions with a total 13F market value of $108M. The fund increased holdings in Bar Harbor Bankshares Inc., Insight Enterprises, Abbvie Inc. among other positions. Delphi Management Inc. /ma/ reduced exposure to Advansix Inc., Schlumberger, Integral Ad Science HLDG Corp. among others.
Top Holdings
Equity Positions (80)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC CL B | 2.41% | $2.6M | 5,171 | $343.81 | $502.74 | -$128.0K | |
A AAPL | APPLE | 1.99% | $2.1M | 8,412 | $193.97 | $254.63 | +$397.0K |
K KLAC | KLA CORP COM | 1.62% | $1.7M | 1,621 | $492.52 | $1078.60 | +$164.0K |
S SNX | TD SYNNEX CORP | 1.59% | $1.7M | 10,486 | $98.53 | $163.75 | +$250.0K |
L LRCX | LAM RESEARCH CORP | 1.55% | $1.7M | 12,513 | $72.70 | $133.90 | +$53.0K |
Industry Allocation
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