Second Quarter 2010 Shareholder Letter

Portfolio Management

Charles (“Chip”) vK. Carlson (left) is the Portfolio Manager of Greenspring Fund. Chip began his career as an analyst in 1983 and started co-managing the Fund in 1987. He is a 1982 graduate of The Johns Hopkins University with a B.A. in Political Economy, and he earned the right to use the CFA designation in 1986. Chip is married, has three children, and enjoys coaching lacrosse, playing Masters lacrosse, playing tennis and skiing. 

Michael J. Fusting (right) is Senior Vice President and Chief Financial Officer of the Greenspring Fund. Mike graduated from Loyola College of Maryland in 1983 with a B.A. in Accounting and joined the Greenspring Fund as an analyst in 1989. He earned the right to use the CFA designation in 1994. Mike is married, has three children, and enjoys fly fishing, skiing, biking and reading.

Both are members of the CFA Institute and the Baltimore Security Analysts Society. Chip and Mike are Co-Chief Investment Officers of the Fund's advisor, Corbyn Investment Management.