How Century Management Got Started:


arnoldoldUpon receiving his securities license in 1968, Arnold Van Den Berg began his investment career selling mutual funds first for John Hancock Insurance, and later for Capital Securities. It was during this same time, from 1968 to 1974, that the U.S. stock market was experiencing its worst decline since the Great Depression. Arnold spent these six difficult years studying Wall Street, the market, and various investment philosophies. He concluded that the managers who used a value-based investment strategy, a discipline founded by Benjamin Graham (commonly referred to as the father of security analysis), both protected their clients' capital better and provided more consistent investment results than managers using other investment strategies.

This led Arnold to make two life-changing decisions: First, he would own his own business. Second, he would become a value investor. As a value investor, he would practice an investment discipline that had a proven history of producing sound results. In addition, he would embrace a philosophy that was consistent with how he lived his personal life. Thus, in 1974, Arnold founded Van Den Berg Management I, Inc., dba Century Management.

From humble beginnings, Arnold, a Holocaust survivor, learned at an early age what it means to work hard, to sacrifice, and to be a self-starter. Although Arnold had no formal education beyond high school, he possessed an intellectual curiosity, a desire to help others, and an entrepreneurial spirit that has helped shape the way he has lived his life and runs the business. In doing so, he set the tone and the culture of Century Management.

arnoldpodium"When it comes to achieving goals, only a deep commitment, a burning desire, and a sacrificial attitude towards accomplishing your goal will make a deep enough impression to influence your subconscious mind. If this is accomplished along with the faith that your goal can be achieved, you will never lack drive or energy. You will be pulled by a force that will drive you relentlessly towards realizing your goals."

~Arnold Van Den Berg

The Following are Important Moments in our History:


1974 In Century City, California, Arnold Van Den Berg starts Century Management, where he begins managing separate accounts using one of two investment strategies. The first is our all-cap value strategy, called CM Value I. The second is our traditional balanced strategy, called CM Moderate Allocation.
1979 The Company moves to Northridge, a Los Angeles suburb.
1984 Century Management enjoys its 10-year anniversary.
1993 The Company relocates to Austin, Texas.
1994 Century Management completes an independent, third party performance examination with Ernst & Young, LLP. The firm is verified to be in compliance with the industry's highest standards as outlined by GIPS® (Global Investment Presentation Standards) from 1974 inception to present. Current verification performed by Ashland Partners & Company, LLP.
1994 Century Management enjoys its 20-year anniversary.
1996 Arnold Van Den Berg has his first of several interviews with the widely respected publication, Outstanding Investor Digest.
1999 In the Company newsletter, The CM Value Investor, CM predicts that over the next 10 years the S&P 500 will provide little to no return. Ten years later the analysis proves to be correct.
1999 Adding to its separate account strategies, Century Management begins to manage a balanced strategy with higher equity exposure called CM Moderate Plus. The equities, managed similarly to our all-cap value strategy, typically range between 60% and 80% of the portfolio, while fixed income securities and cash equivalents make up the difference.
2001 Century Management wins its first major institutional account from one of the largest fire and police pension plans in the state of Texas.
2002 The Company begins to manage stand alone fixed income portfolios as part of its separate account investment strategies.
2003 Jim Brilliant, Century Management's Co-Chief Investment Officer, is interviewed by BusinessWeek in the article titled "The Best Unknown Managers" by Lewis Braham.
2003 Century Management creates a mutual fund family called CM Advisors Family of Funds. In addition, Van Den Berg Management I, Inc. dba Century Management files a second registered investment adviser name with the dba CM Fund Advisors. CM Fund Advisors is the official registered investment adviser to the CM Advisors Family of Funds.
2003 CM Advisors Fund (symbol: CMAFX), the first mutual fund in the CM Advisors Family of Funds, begins operations in May. The Fund's investment strategy is all-cap value. Its objective is to provide long-term growth of capital by investing in companies the Fund believes are selling at deep discounts to their intrinsic values.
2004 The Company publishes a 72 page expanded issue of its CM Value Investor newsletter. In this issue, we describe in detail how, financially speaking, we are living in historic times. This newsletter discusses how it is extremely unusual for the three major asset classes (stocks, bonds, and real estate) to be bid up to what we predict are unsustainable levels. This newsletter also talks about many of the imbalances that exist in the market place and the economy.
2004 Century Management enjoys its 30-year anniversary.
2006 CM Advisors Fixed Income Fund (symbol: CMFIX), the second mutual fund in the CM Advisors Family of Funds, begins operations in March. The Fund's investment category is Multi-Sector Bond. Its objective is to preserve capital and maximize total return using fixed income securities.
2008 As part of its separate account strategies, Century Management begins to manage a balanced strategy with lower equity exposure called CM Conservative Allocation. The equities, managed similarly to our all-cap value strategy, typically range between 20% and 40% of the portfolio, while fixed income securities and cash equivalents make up the difference.
2011 CM Advisors Small Cap Fund (symbol: CMOVX), the third fund in the CM Advisors Family of Funds, begins operations in April. The Fund's investment strategy is small-cap value. Its objective is to provide long-term growth of capital by investing in the stocks of small-cap companies that the Fund believes are undervalued, as measured by assets, earnings, cash flow, and/or business franchises.
2014 Century Management celebrates its 40-year anniversary.  Arnold is highlighted as one of the greatest investors in the book The World's 99Greatest Investors, written by Magnus Angenfelt. 

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