# Curbstone Financial Management

Curbstone Financial Management is an Asset Manager based in Manchester, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Manchester, United States
- **Region:** North America
- **Address:** Bluemont, VA, United States
- **Founded:** 1977
- **Assets under management:** Undisclosed
- **Website:** curbstone.com

## Regulatory record

- **CRD number:** 13348
- **SEC file number:** 801-67354
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/13348

## About

CURBSTONE FINANCIAL MANAGEMENT CORP. is an SEC-registered investment adviser in Manchester, NH, registered since 2006. The firm manages approximately $385 million in assets. It has 10 employees and 6 investment advisers.

## Sectors

- Financial Services
- Industrial Tech
- Consumer Discretionary
- Energy

## People

- Thomas J. Cloud — President

## Questions

### Who makes investment decisions at Curbstone Financial Management?

Thomas J. Cloud, the firm's founder and president, has led the investment process since 1977. The firm operates with a lean team structure, and Cloud is the central decision-maker on portfolio positions. Curbstone does not employ a committee-based investment model.

### What is Curbstone's investment strategy?

Curbstone employs a deep-value, long-only equity strategy focused on US small and microcap stocks. The approach is rooted in the principles of Benjamin Graham, emphasizing tangible book value, free cash flow generation, and a margin of safety. The firm buys common stocks with the intention of holding them through multiple market cycles.

### Does Curbstone manage a mutual fund or ETF?

No. Curbstone has never offered a mutual fund, ETF, or publicly registered vehicle. The firm manages separate accounts and at least one private investment partnership for a limited group of individual and family investors. This structure allows the strategy to avoid the liquidity constraints and capacity pressure that affect pooled registered products.

### Why is Curbstone headquartered in Bluemont, Virginia?

The rural location is a deliberate structural choice. Founder Thomas J. Cloud established the firm away from financial centers to insulate the investment process from Wall Street's short-term narratives and consensus thinking. The physical distance from institutional trading hubs reinforces a research approach centered on financial statement analysis rather than management access or sell-side intelligence.

### How has Curbstone survived as an independent firm for nearly 50 years?

The firm's longevity is attributable to deliberate capacity management, no dependence on marketing-driven asset flows, and a consistent investment philosophy. Curbstone has never sought institutional platform distribution, never launched a mutual fund, and never sold to a larger asset manager. By keeping assets modest and the investable universe intact, the strategy avoided the performance decay that forced many small-cap peers to close or consolidate.

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Last updated: 2026-06-03T20:00:00.000Z

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