CEVA INC

Managing Partners Steven M. Braley and Daniel J. Murphy co-lead all portfolio management and research decisions at CEVA. Both hold the title of Senior Portfolio Manager, and the firm has disclosed no other investment personnel with portfolio authority. They have run the strategy jointly since the early 2000s.

CEVA applies a classic deep-value, bottom-up equity strategy focused on US mid-to-large-cap common stocks. The firm targets companies trading below their intrinsic net asset value, often measured by liquidation or replacement cost. The portfolio is concentrated, typically holding 25–35 positions, with extremely low annual turnover.

CEVA avoids technology, biotechnology, and other sectors where asset values are primarily intangible or where earnings growth justifies valuation. The firm does not invest in private companies, venture capital, venture-stage equities, or any illiquid structures. The mandate is strictly long-only US public equities.

CEVA is a registered investment adviser managing separate accounts, not a hedge fund or a fund-of-funds. The firm does not participate in external fund commitments, private credit, or hedge fund allocations. It has offered its core strategy through a mutual fund vehicle in the past but focuses primarily on institutional and high-net-worth separate accounts.

CEVA's holding periods are measured in years, not quarters. Turnover is typically below 10% annually, reflecting the firm's patience in waiting for the market to recognize the intrinsic value of deeply discounted balance sheets. A position may persist for five years or longer if the discount remains.