Lyrical Asset Management merits an Average Parent rating.
Lyrical began in 2008, when CEO Jeff Keswin and CIO Andrew Wellington formed the firm as 50/50 partners. Since then, Wellington has overseen the five-person investment group responsible for the firm’s two concentrated deep value strategies: a domestic stock strategy and a non-US version. The product lineup has always been compact; the firm has shuttered only a long-short strategy (closed in 2018) and a mostly passive exchange-traded fund (closed in May 2024) owing to limited investor interest. By December 2025, the firm managed USD 8.4 billion across its mutual funds and separately managed accounts. Lyrical maintains ample investment capacity.
The investment lineup has some drawbacks. Over multiyear periods, the US strategy has performed wel,l but the international version has struggled. Both have elevated volatility relative to peers. Management fees are above-average, driving elevated expense ratios on the mutual funds that are higher than peers’.
Keswin leads the firm’s business operations and sales efforts while also managing responsibilities within parent company Lyrical Partners, which also manages private investments and hedge funds. The partnership structure creates meaningful key-person risk, but the firm began addressing this in early 2025 by elevating Craig Lifschutz, Gary Faccenda, and David Merklin to senior managing directors. Simultaneously, Lifschutz assumed leadership of a new management committee, establishing a clearer succession path.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Lyrical Partners (Branding Name ID: BN00000EDU), is covered by Morningstar Manager Research.
United States