We assess value in relationship to earning power, stated asset value, and off the balance sheet value such as natural resources and timber properties.

A company's balance sheet and its ability to generate cash above and beyond its needs for everyday operations are very important to us.

A company generating free cash flow (which we define as earnings, depreciation and deferred income taxes in excess of needs for capital expenditures and dividends) is attractive to us because the excess funds can be used to pay down debt, retire shares, acquire other businesses, or increase the dividend.

Although the balance sheet of a company is important to our analysis, we will buy financially troubled companies if we have reason to believe that the underlying assets are worth far more than the market price of the shares.

We invest in companies, large or small, with little premium in their price for investor expectation. We try to anticipate why perceptions might change for the better in the future. We hold our investments until they appreciate to a point where we judge there is an unacceptable degree of market risk or until something happens to change our view that the company is an attractive investment. There can be no assurance that the investments will appreciate in value.

We search for complicated companies that are misunderstood.

We scan the new low list for ideas. We are always looking for companies where a third party has a major interest, or where management has announced a reorganization, or where equity is being retired.

Management's philosophy is also important to us, as we wish to invest in companies that are managed for the benefit of their shareholders and not by a management team that believes the most important measure of a company's success is its size.

In summary, investments generally fall within five categories:

1. Cheap, depressed, well-known companies
2. Companies where a third party involvement may exert a significant influence on that company's future
3. Companies where change is expected to take place
4. Companies where management has stated the intention to improve shareholder values
5. Companies that are extremely strong financially, but remain depressed in price

Our ideal is to buy the true, special situation, which we define as a company within which something is happening, which can cause it to prosper regardless of the economy or stock market.

There are risks associated with investing and there is no guarantee that any investment style or strategy will be successful.

The Delafield Fund may invest in the stocks of smaller companies which carry special risks including, narrower markets, limited financial and management resources, less liquidity, and greater volatility than the stocks of larger companies. The Fund's investments, which are often value or special situations, are likely to not correlate with the overall market averages. Hence, there may be periods when the Fund's performance may lag behind these measures.

Delafield Fund, Inc. is distributed by Natixis Distributors, L.P. (member FINRA),
399 Boylston Street, Boston, MA 02116

If you are a shareholder and want to learn more about the investment approach of the Delafield Fund, please contact your financial advisor or the Delafield Fund's Transfer Agent at 800-221-3079. If you are a financial advisor or a registered investment advisor, please contact Natixis Global Associates at 800-862-4863 and ask for a free prospectus, which contains more information including charges and other ongoing expenses. Investors should consider a fund’s objective, risks, and expenses carefully before investing.

Investment Products Offered:
Are Not FDIC Insured | May Lose Value | Are Not Bank Guaranteed

Delafield Fund, Inc. and other Reich & Tang funds may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside of the United States.