Corbyn Investment Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, and portfolio management for institutions.
Corbyn Investment Management reports 444 clients. They include 273 individual clients, 106 high-net-worth individuals, and 32 corporations and other businesses. Of its assets, 100.0% ($1.01B across 512 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 61% | 14% |
| High-net-worth individuals | 24% | 23% |
| Investment companies | <1% | 51% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | 5% | 5% |
| Other client typesInsurance companies; Corporations and other businesses; Other | 8% | 7% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 273 | $136M | 13.5% | $499K |
| High-net-worth individuals | 106 | $230M | 22.9% | $2.17M |
| Investment companies | 2 | $508M | 50.5% | $254M |
| Pension and profit-sharing plans | 4 | $4.3M | 0.4% | $1.08M |
| Charitable organizations | 24 | $53.1M | 5.3% | $2.21M |
| Insurance companies | 1 | $849K | 0.1% | $849K |
| Corporations and other businesses | 32 | $72.2M | 7.2% | $2.25M |
| Other | 2 | $721K | 0.1% | $361K |
| Total | 444 | $1.01B | 100% | $2.26M |
- Clients
- 273
- Regulatory AUM
- $136M
- AUM share
- 13.5%
- Avg. per client
- $499K
- Clients
- 106
- Regulatory AUM
- $230M
- AUM share
- 22.9%
- Avg. per client
- $2.17M
- Clients
- 2
- Regulatory AUM
- $508M
- AUM share
- 50.5%
- Avg. per client
- $254M
- Clients
- 4
- Regulatory AUM
- $4.3M
- AUM share
- 0.4%
- Avg. per client
- $1.08M
- Clients
- 24
- Regulatory AUM
- $53.1M
- AUM share
- 5.3%
- Avg. per client
- $2.21M
- Clients
- 1
- Regulatory AUM
- $849K
- AUM share
- 0.1%
- Avg. per client
- $849K
- Clients
- 32
- Regulatory AUM
- $72.2M
- AUM share
- 7.2%
- Avg. per client
- $2.25M
- Clients
- 2
- Regulatory AUM
- $721K
- AUM share
- 0.1%
- Avg. per client
- $361K
Total
- Clients
- 444
- Regulatory AUM
- $1.01B
- AUM share
- 100%
- Avg. per client
- $2.26M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
Corbyn Investment Management is paid through a percentage of assets under management; its fees and minimums are set out in its brochures on the SEC website.
Michael Pulcinella owns 25% to 50% of Corbyn Investment Management. The leadership team of Corbyn Investment Management includes President Michael Goodman and Chief Compliance Officer Thayne Gould. It has 10 employees, 7 of them in advisory roles.
Leadership
- Michael GoodmanPortfolio Manager, Senior Vice President, Secretary, Director
- Michael PulcinellaPortfolio Manager, President, Director
- George TruppiPortfolio Manager, Senior Vice President, Director
- William WhiteVice President, National Sales Director, Director
- Thayne GouldChief Compliance Officer
- Michael FustingPortfolio Manager
- Charles CarlsonPortfolio Manager
Investment adviser representatives
7 representatives listed in the SEC register as of 9 October 2026.
- Charles Von Kapff Carlson
- Michael Joseph Fusting
- Michael Andrew Goodman
- Donna Jane Palumbo
- Michael Joseph Pulcinella
- George A Truppi
- William Earle White III
Staff
- 10 employees
- 7 in advisory functions
- 7 state-registered reps
- 2 broker-dealer reps
- Owns 25% to 50% of Corbyn Investment Management Inc
Michael Pulcinella
Control person · since January 2021
- Owns 25% to 50% of Corbyn Investment Management Inc
George Truppi
Control person · since August 2023
- Owns 10% to 25% of Corbyn Investment Management Inc
Michael Goodman
since September 2009
- Owns 5% to 10% of Corbyn Investment Management Inc
Charles Carlson
since January 1994
- Owns 5% to 10% of Corbyn Investment Management Inc
William White
since December 2002
Corbyn Investment Management’s regulatory assets grew from $914M (February 2021) to $1.01B (June 2026); clients fell from 767 to 444 and employees from 11 to 10.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| June 2026 | $1.01B | 444 | 10 | 1 |
| July 2025 | $976M | 456 | 11 | 1 |
| March 2024 | $939M | 612 | 11 | 1 |
| February 2023 | $1.03B | 744 | 10 | 1 |
| March 2022 | $1.02B | 739 | 11 | 1 |
| February 2021 | $914M | 767 | 11 | 1 |
Besides its headquarters, Corbyn Investment Management has 0 offices, with 1 listed address in Maryland.
Maryland · 1 listed address
- 2330 W Joppa RD Ste 108, LuthervilleHQ
Contact and registration details
- Legal name
- Corbyn Investment Management Inc
- Headquarters
- 2330 W Joppa RD Ste 108, Lutherville, MD 21093
- Website
- corbyn.com
- Phone
- 410-832-5500
- SEC file
- 801-9139
- Structure
- Maryland corporation
- Fiscal year end
- December
Corbyn Investment Management uses Charles Schwab ($240M, 55%), Fidelity ($141M, 32%) and Wilmington Trust Investment Management ($58.4M, 13%) as custodians for its separately managed accounts. Corbyn Investment Management does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · Orlando, FL · $240M55%
- FidelityNational Financial Services LLC · Cincinnati, OH · $141M32%
- Wilmington Trust Investment ManagementWilmington Trust Investment Management, LLC · Wilmington, DE · $58.4M13%
At year end, Corbyn Investment Management’s separately managed accounts were mostly in bonds (68%) and stocks (18%). Its reported 13F holdings for the quarter ended 30 June 2026 total $346M across 66 positions; the largest are Myr Group, Inc.. (myrg) (6.8%), Emcor Group, Inc.. (eme) (6.0%) and Republic Services, Inc.. (rsg) (5.3%).
What the accounts hold
- Stocks18%
- Funds7%
- Bonds68%
- High-yield corporate bonds60%
- U.S. government and agency bonds4%
- Investment grade corporate bonds4%
- Cash7%
Reported 13F holdings
- $346M
- Reported 13F value
- 66
- Positions
- 44.1%
- In the 10 largest
- +15.3%
- Value vs. prior quarter
- Myr Group, Inc.. (myrg)6.8%
- Emcor Group, Inc.. (eme)6.0%
- Republic Services, Inc.. (rsg)5.3%
- Mgp Ingredients, Inc.. · Conv4.5%
- Blackstone Mortgage Trust · Conv4.2%
- Alphabet, Inc.. - CL C (goog)3.9%
- Johnson Controls Int'l PLC (jc3.8%
- Pebblebrook Hotel Trust · Conv3.7%
- Redfin Corp.. · Conv3.0%
- Sarepta Therapeutics Inc. · Conv3.0%
Together, the ten largest are 44.1% of reported value.
How many clients does Corbyn Investment Management have?
Corbyn Investment Management has 444 clients and manages $1.01 billion for them, as of June 2026. They include 273 individual clients, 106 high-net-worth individuals, and 32 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 29 June 2026
What services does Corbyn Investment Management offer?
Corbyn Investment Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Corbyn Investment Management use?
Corbyn Investment Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (Orlando, FL), with $240M, National Financial Services LLC (Cincinnati, OH), with $141M and Wilmington Trust Investment Management, LLC (Wilmington, DE), with $58.4M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 29 June 2026
How many financial advisors does Corbyn Investment Management have?
Corbyn Investment Management has 7 investment adviser representatives registered with state securities authorities, out of 10 employees, and 7 perform investment advisory functions. 2 employees are registered representatives of a broker-dealer and 0 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Corbyn Investment Management invest in?
At the end of its last fiscal year, Corbyn Investment Management’s separately managed accounts held 60% high-yield corporate bonds, 18% exchange-traded equities, 7% registered funds (mutual funds, ETFs, BDCs), 7% cash and equivalents, 4% U.S. government and agency bonds and 4% investment grade corporate bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Corbyn Investment Management?
Corbyn Investment Management’s direct owners are Charles Carlson, Michael Goodman, Michael Pulcinella, William White and George Truppi, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 29 June 2026
How does Corbyn Investment Management get paid?
Corbyn Investment Management is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Corbyn Investment Management?
Corbyn Investment Management’s main office is at 2330 W Joppa RD Ste 108, Lutherville, MD 21093. Its phone number is 410-832-5500. Its website is corbyn.com.