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Lemley Yarling Management Co
Lemley Yarling Management Co runs concentrated US equity portfolios with a multi-year holding horizon, emphasizing underfollowed financial services...
Lemley Yarling Management Co
Lemley Yarling Management Co operates as an independent investment partnership in Chicago, managing concentrated public equity portfolios and select private placements. Founded by Kelly Lemley and David Yarling, the firm reflects a classic value-investing orientation shaped by a research-intensive approach to small- and mid-capitalization US stocks. Its low-profile structure and limited external fundraising define a partnership model that aligns manager and investor interests through significant personal capital commitment. Disclosed equity holdings, as captured in quarterly 13F filings, consistently concentrate in the financial services sector—including regional and community banks, specialty lenders, and insurance carriers—alongside select real estate-related and consumer names. Representative positions have included Greene County Bancorp, a community-focused New York institution, and Chicago Rivet & Machine Co., a micro-cap manufacturer. The portfolio betrays an emphasis on companies with tangible book value, durable deposit franchises, and underfollowed float. The partnership does not disclose allocation to private investments or venture-stage exposures. Team size and total capital managed remain undisclosed. There is no public evidence of separate foundation vehicles, co-investment clubs, or formal sectorial carve-out funds. The firm has no known offices beyond its Chicago base. Regulatory records show no recent enforcement actions or public ownership changes. The partnership's principal structural differentiator is its near-absence of institutional mediation: it runs a concentrated, conviction-weighted book sourced through direct fundamental research rather than manager screens or consultant gateways. This lean architecture—long holding periods, few intermediaries, deep principal alignment—positions Lemley Yarling outside the standard RIA and family-office continuum, closer in operating philosophy to a private investment trust than a marketed asset-gatherer.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Principals
Kelly Lemley
Principal
David Yarling
Principal
Sector focus
Frequently asked questions
What is Lemley Yarling Management Co's investment strategy?
The firm pursues a concentrated, long-only equity strategy with a value orientation, emphasizing small- and mid-cap US financial services companies. Publicly reported holdings show low turnover and multi-year holding periods. The partnership prioritizes tangible book-value metrics, deposit-franchise durability, and companies where management's incentives align closely with outside shareholders.
Does Lemley Yarling manage outside capital?
Yes, the firm manages capital for external investors through a privately offered partnership structure. It does not appear to market itself to institutional allocators via intermediaries or public fund vehicles. The partnership is not registered as a mutual fund or ETF sponsor, and its capital-raising activity appears limited.
In which sectors does Lemley Yarling concentrate its equity book?
Quarterly 13F filings consistently show an overweight to financial services: community and regional banks, specialty lenders, and select insurance carriers. The portfolio also includes small allocations to real estate and consumer names, but financials represent the core thematic emphasis.
How does Lemley Yarling's structure differ from a hedge fund or family office?
The firm operates as an independent investment partnership without a continuous-fundraising apparatus, performance-fee waterfall typical of multi-strategy hedge funds, or the multi-generational wealth-preservation mandate of a family office. Its lean structure and principal-capital emphasis place it closer to a private investment trust.
Does Lemley Yarling report its total assets under management?
No. The firm does not publicly disclose total AUM, and it is not required to do so given its regulatory filing status. Estimates cannot be reliably constructed from 13F data alone, as those filings exclude non-US securities, private placements, and short positions.
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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