Delphi Management

Delphi Management

Scott Black, a Harvard MBA and former Xerox corporate finance executive, launched Delphi Management in 1980. The firm began with an original account from Sunkist Growers and has since focused on serving individual investors and financial advisors across the US. Black guest-lectured at Harvard Business School, MIT Sloan, and Stanford GSB, and participated annually in the Barron's Roundtable from 1998 to 2012. Delphi runs a concentrated, all-cap value strategy rooted in bottom-up research. The firm targets businesses with high return on equity, management integrity, and quality of earnings. It avoids market-timing and maintains a fully invested posture. The team covers sectors including homebuilders, small banks, energy, and multi-asset strategies. Confirmed operating history spans over forty years with no publicized external mandates or fund structures beyond the firm's own managed accounts. The team consists of President Scott Black and three analysts: Colin Mansfield (homebuilders, small banks), Tony Barassi (energy, multi-asset), and Adam Smyth (quantitative methods). All are based in Brookline, MA. No additional offices, philanthropic vehicles, or club memberships are disclosed on the firm's website. The firm filed its ADV-2 and Form CRS, indicating regulatory registration. Delphi operates as a traditional RIA rather than a family office or pooled fund. The firm's structural differentiator is its sole reliance on in-house research — it does not use external managers, allocate to hedge funds, or participate in co-investment vehicles. Black's long tenure and direct portfolio management provide continuity rare among small-cap value shops.