Fund Spy

A Wide-Ranging Income Fund for Contrarians

Patricia Oey
The following is our latest Fund Analyst Report for Berwyn Income (BERIX). Morningstar Premium Members have access to full analyst reports such as this for more than 1,000 of the largest and best mutual funds. Not a Premium Member? Gain full access to our analyst reports and advanced tools immediately when you try Morningstar Premium free for 14 days.

Berwyn Income is a solid option for investors comfortable with a flexible and contrarian conservative-allocation strategy. The fund has a disciplined process, below-average fees, and good downside protection. But a slim team of three, key-person risk, and a Neutral-rated parent in Chartwell slightly offset these positives. On balance, this fund earns a Morningstar Analyst Rating of Bronze.

George Cipolloni and Mark Saylor comanage the fund and receive help from one analyst. That's a small group, especially considering the fund's vast investment universe, which includes dividend-paying global equities across the market-cap spectrum, convertibles, preferreds, investment-grade and high-yield corporate bonds, and Treasuries. But long tenures, marked by strong performance, speak to the managers' skill. Cipolloni has worked on the fund since 2002 and has been a manager since 2006. Saylor has worked alongside Cipolloni since 2007 and has comanaged the fund since January 2014. Over Cipolloni's tenure as manager, the fund has turned in impressive results, outpacing the allocation--15% to 30% equity Morningstar Category by 2.7%, annualized, through November 2018. And over the past decade, the fund's risk-adjusted returns landed in the category's top decile. This performance was achieved through asset allocation and security selection, which illustrates the capabilities of this small team.

Patricia Oey does not own shares in any of the securities mentioned above. Find out about Morningstar's editorial policies.