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CEVA INC
Steven Braley and Daniel Murphy run CEVA INC from Rockville, MD, deploying concentrated Graham-style value strategies across US public equities.
CEVA INC
Founded in 1973 and operating out of Rockville, Maryland, CEVA INC is a SEC-registered investment adviser built around a singular discipline: purchasing seasoned, publicly traded US companies at discounts to liquidation value. The firm traces its intellectual lineage directly to the value-investing canon of Graham and Dodd, a framework carried forward by managing partners Steven Braley and Daniel Murphy, who co-lead the research and portfolio construction functions. The pair joined in the early 2000s and have since maintained continuity in both strategy and personnel. CEVA's strategy concentrates across fewer than three dozen holdings, spanning energy, industrial cyclicals, consumer staples, and regional financials. The firm avoids technology, growth-stage, and venture exposure entirely, operating solely as a long-only equities manager. Portfolio construction is driven by a proprietary screening model that parses balance sheets for cash, hard assets, and working capital relative to enterprise value. Positions are held for multi-year periods, with turnover frequently below 10% annually. Confirmed disclosed holdings in regulatory filings have included positions such as Berkshire Hathaway and Markel Group, aligning with the firm's preference for asset-heavy compounders. The firm maintains a lean structure consistent with its concentrated research model, with Braley and Murphy constituting the entire portfolio management team. There are no disclosed strategy diversifications, co-investment vehicles, or alternatives allocations, and CEVA does not operate any philanthropic or real-asset subsidiaries. The firm has not publicly announced any staff-level changes or strategic shifts in recent reporting periods. CEVA's structural distinction lies in its refusal to style-drift from a pure asset-value mandate across decades. While most value managers incorporate earnings power or franchise-value considerations, CEVA emphasizes liquidation-value protection as the primary determinant for commitment, producing a portfolio that often diverges sharply from benchmark weightings during periods of growth-stock outperformance.
General information
Firm type
Asset Manager
Year founded
1973
AUM
$500M - $1B (Altss estimate)
Location
Region
North America
Country
United States
City
Rockville
Corporate office
Rockville, MD, United States
Principals
Steven M. Braley
Managing Partner and Senior Portfolio Manager
Daniel J. Murphy
Managing Partner and Senior Portfolio Manager
Sector focus
Frequently asked questions
Who runs investment decisions at 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.
What investment strategy does CEVA INC employ?
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.
Which sectors does CEVA INC avoid?
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.
Does CEVA INC participate in fund commitments or operate more like a hedge fund?
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.
How long is CEVA INC's typical investment holding period?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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