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CORBYN INVESTMENT MANAGEMENT INC/MD — 13F Holdings & Portfolio

CIK 919538 · latest 13F-HR filed 2026-08-06

Backtest portfolio

CORBYN INVESTMENT MANAGEMENT INC/MD manages $346.2M in 13F-reported U.S. long-equity assets across 66 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are MYRG (6.84%), EME (6.00%), RSG (5.29%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 7 new positions and exited 3; 34 existing positions rose in reported value and 11 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$346.2M

Long-equity book

Holdings
66

Distinct positions

Period
2026-06-30

Filed 2026-08-06

Q/Q Activity
+7 / −3 / ↑34 / ↓11

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
MYRG6.8% · -22%EME6.0% · -6%RSG5.3% · -0%MGPI4.5% · +6%BXMT4.2% · +0%GOOG3.9% · +1%JCI3.8% · -3%PEB3.7% · -2%RKT3.0% · -2%SRPT3.0% · +0%KBR2.8% · -0%PRMB2.8% · -0%FLEX2.7% · -16%WRB2.6% · -0%BAND2.4% · -1%NXT2.3% · -2%Q2.0% · -0%XYL1.6% · +509%EOG1.5% · -0%SNAP1.5% · -3%USFD1.4% · +97%FUBO1.4% · newAMZN1.4% · -0%SPB1.4% · newCDRE1.3% · +60%FRST1.3% · 0%CB1.3% · -0%NEE1.2% · -1%V1.2% · -0%SMCI1.2% · newNVT1.1% · 0%DD1.1% · -67%EMR1.1% · -0%PMT1.0% · newTMUS1.0% · -0%ZD1.0% · -30%LCID1.0% · +9%AMH0.9% · -1%LEVI0.9% · -2%DOX0.9% · +6%ZBH0.8% · -0%MDT0.8% · -0%ABT0.8% · +94%BLKB0.8% · +82%SHBI0.7% · -19%WMS0.7% · 0%MTX0.6% · -0%WH0.6% · -0%RUSHA0.6% · -0%WSFS0.5% · -0%UPS0.4% · -0%SHW0.4% · 0%AKAM0.4% · -14%RUSHB0.4% · 0%P0.3% · 0%BFMHF0.3% · newCNNE0.3% · -2%NVDA0.2% · newPSX0.2% · 0%OCFC0.2% · 0%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 44.1%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Jun 29, 2026.

Assets Under Management
$1.01B
Discretionary
$1.01B
Employees
10
Accounts
512
Address
2330 W JOPPA RD STE 108
LUTHERVILLE, MD 21093
Phone
(410) 832-5500
Website
Name Title / Status Ownership Type
PULCINELLA, MICHAEL, JOSEPH ControlPORTFOLIO MANAGER, PRESIDENT, DIRECTOR
since Jan 2021
25–50%Individual
TRUPPI, GEORGE, A ControlPORTFOLIO MANAGER, SENIOR VICE PRESIDENT, DIRECTOR
since Aug 2023
25–50%Individual
CARLSON, CHARLES, VON KAPFFPORTFOLIO MANAGER
since Jan 1994
5–10%Individual
FUSTING, MICHAEL, JOSEPHPORTFOLIO MANAGER
since Jan 2021
Less than 5%Individual
GOODMAN, MICHAEL, ANDREWPORTFOLIO MANAGER, SENIOR VICE PRESIDENT, SECRETARY, DIRECTOR
since Sep 2009
10–25%Individual
Gould, Thayne, ECHIEF COMPLIANCE OFFICER
since Oct 2025
Less than 5%Individual
WHITE, WILLIAM, EARLEVICE PRESIDENT, NATIONAL SALES DIRECTOR, DIRECTOR
since Dec 2002
5–10%Individual
Ownership & leadership changes · 14 filings with changes since Mar 20, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Oct 1, 2025 filing
  • No longer listedDonovan, Moira, Melloy · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Aug 2023
  • AddedGould, Thayne, E · CHIEF COMPLIANCE OFFICER · Less than 5%
Jul 16, 2025 filing
  • ChangedCARLSON, CHARLES, VON KAPFF · title PRESIDENT → PORTFOLIO MANAGER; ownership 25–50% → 5–10%; no longer a control person
  • ChangedFUSTING, MICHAEL, JOSEPH · title PORTFOLIO MANAGER-EQUITIES; SR. VP → PORTFOLIO MANAGER; ownership 10–25% → Less than 5%
  • ChangedGOODMAN, MICHAEL, ANDREW · title SENIOR INVESTMENT ANALYST, SECRETARY → PORTFOLIO MANAGER, SENIOR VICE PRESIDENT, SECRETARY, DIRECTOR
  • ChangedPULCINELLA, MICHAEL, JOSEPH · title PORTFOLIO MANAGER - FIXED INCOME; TRADER → PORTFOLIO MANAGER, PRESIDENT, DIRECTOR; ownership 10–25% → 25–50%; now a control person
  • ChangedTRUPPI, GEORGE, A · title SENIOR INVESTMENT ANALYST → PORTFOLIO MANAGER, SENIOR VICE PRESIDENT, DIRECTOR; ownership 5–10% → 25–50%; now a control person
  • ChangedWHITE, WILLIAM, EARLE · title VICE PRESIDENT → VICE PRESIDENT, NATIONAL SALES DIRECTOR, DIRECTOR
Mar 27, 2025 filing
  • ChangedGOODMAN, MICHAEL, ANDREW · title SENIOR INVESTMENT ANALYST → SENIOR INVESTMENT ANALYST, SECRETARY
Mar 28, 2024 filing
  • No longer listedCORBYN INVESTMENT MANANGEMENT EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST · TRUST · 10–25% · control person · listed since Dec 1985
  • AddedTRUPPI, GEORGE, A · SENIOR INVESTMENT ANALYST · 5–10%
  • ChangedCARLSON, CHARLES, VON KAPFF · title PRESIDENT / TRUSTEE, CORBYN INVESTMENT MANAGEMENT EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST → PRESIDENT
  • ChangedGOODMAN, MICHAEL, ANDREW · title ANALYST → SENIOR INVESTMENT ANALYST
Aug 18, 2023 filing
  • No longer listedSwam, Elizabeth, Agresta · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Dec 2016
  • AddedDonovan, Moira, Melloy · CHIEF COMPLIANCE OFFICER · Less than 5%
Feb 21, 2023 filing
  • ChangedGOODMAN, MICHAEL, ANDREW · ownership 5–10% → 10–25%
  • ChangedPULCINELLA, MICHAEL, JOSEPH · ownership 5–10% → 10–25%
Feb 25, 2022 filing
  • ChangedCORBYN INVESTMENT MANANGEMENT EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST · ownership 25–50% → 10–25%
Feb 25, 2021 filing
  • ChangedCARLSON, CHARLES, VON KAPFF · title PRESIDENT → PRESIDENT / TRUSTEE, CORBYN INVESTMENT MANAGEMENT EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST
  • ChangedFUSTING, MICHAEL, JOSEPH · title SR. VICE PRESIDENT → PORTFOLIO MANAGER-EQUITIES; SR. VP
  • ChangedPULCINELLA, MICHAEL, JOSEPH · title TRADER → PORTFOLIO MANAGER - FIXED INCOME; TRADER
Feb 27, 2020 filing
  • ChangedCARLSON, CHARLES, VON KAPFF · ownership 10–25% → 25–50%
Feb 20, 2019 filing
  • AddedPULCINELLA, MICHAEL, JOSEPH · TRADER · 5–10%
  • AddedWHITE, WILLIAM, EARLE · VICE PRESIDENT · 5–10%
Older changes (5 more filings)
Feb 21, 2017 filing
  • No longer listedMOORE, KARLA, KELLER · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since May 2004
  • AddedSwam, Elizabeth, Agresta · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ChangedCORBYN INVESTMENT MANANGEMENT EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST · ownership 50–75% → 25–50%
Feb 16, 2016 filing
  • AddedGOODMAN, MICHAEL, ANDREW · ANALYST · 5–10%
Feb 3, 2015 filing
  • ChangedFUSTING, MICHAEL, JOSEPH · ownership 5–10% → 10–25%
Jan 22, 2013 filing
  • No longer listedTRUMP, DAVID, ALLEN · ANALYST · 10–25% · listed since Aug 1975
Mar 20, 2012 filing (earliest on record)
  • ListedCARLSON, CHARLES, VON KAPFF · PRESIDENT · 10–25% · control person
  • ListedCORBYN INVESTMENT MANANGEMENT EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST · TRUST · 50–75% · control person
  • ListedFUSTING, MICHAEL, JOSEPH · SR. VICE PRESIDENT · 5–10%
  • ListedMOORE, KARLA, KELLER · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ListedTRUMP, DAVID, ALLEN · ANALYST · 10–25%

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

CORBYN INVESTMENT MANAGEMENT INC/MD Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 MYR Group, Inc. (MYRG) MYRG 55405W104 $23.7M 6.84% 47,358 SH
2 EMCOR Group, Inc. (EME) EME 29084Q100 $20.8M 6.00% 25,052 SH
3 Republic Services, Inc. (RSG) RSG 760759100 $18.3M 5.29% 85,998 SH
4 MGP Ingredients, Inc. MGPI 55303JAB2 $15.5M 4.48% 15,990,000 PRN
5 Blackstone Mortgage Trust BXMT 09257WAE0 $14.5M 4.20% 14,607,000 PRN
6 Alphabet, Inc. - Cl C (GOOG) GOOG 02079K107 $13.6M 3.93% 38,530 SH
7 Johnson Controls Int'l plc (JC JCI G51502105 $13.1M 3.78% 89,633 SH
8 Pebblebrook Hotel Trust PEB 70509VAA8 $12.6M 3.65% 12,768,000 PRN
9 Redfin Corp. RKT 75737FAE8 $10.3M 2.97% 10,714,000 PRN
10 Sarepta Therapeutics Inc SRPT 803607AD2 $10.3M 2.96% 10,877,000 PRN
11 KBR, Inc. (KBR) KBR 48242W106 $9.6M 2.78% 279,167 SH
12 Primo Brands Corporation Class PRMB 741623102 $9.5M 2.75% 390,106 SH
13 Flex Ltd. (FLEX) FLEX Y2573F102 $9.5M 2.74% 58,616 SH
14 W. R. Berkley Corp. (WRB) WRB 084423102 $9.0M 2.61% 127,987 SH
15 Bandwidth, Inc. BAND 05988JAD5 $8.4M 2.44% 9,022,000 PRN
16 Nextpower Inc. Class A (NXT) NXT 65290E101 $8.1M 2.33% 67,570 SH
17 Qnity Electronics Inc. (Q) Q 74743L100 $6.8M 1.96% 41,498 SH
18 Xylem Inc. (XYL) XYL 98419M100 $5.7M 1.64% 48,117 SH
19 EOG Resources (EOG) EOG 26875P101 $5.3M 1.54% 41,111 SH
20 Snap Inc. SNAP 83304AAF3 $5.2M 1.50% 5,474,000 PRN
21 US Foods Holding Corp. (USFD) USFD 912008109 $5.0M 1.43% 48,508 SH
22 fuboTV, Inc. FUBO 35953DAC8 $4.9M 1.42% 5,000,000 PRN
23 Amazon.com, Inc. (AMZN) AMZN 023135106 $4.8M 1.37% 19,961 SH
24 Spectrum Brands — 84762LAZ8 $4.7M 1.37% 4,554,000 PRN
25 Cadre Holdings, Inc. (CDRE) CDRE 12763L105 $4.5M 1.31% 158,936 SH
26 Primis Financial Corp. (FRST) FRST 74167B109 $4.4M 1.28% 270,282 SH
27 Chubb Limited (CB) CB H1467J104 $4.4M 1.26% 12,787 SH
28 Nextera Energy Inc. (NEE) NEE 65339F101 $4.3M 1.25% 49,231 SH
29 Visa Inc. - Class A (V) V 92826C839 $4.2M 1.21% 12,258 SH
30 Super Micro Computer, Inc. SMCI 86800UAB0 $4.1M 1.20% 4,500,000 PRN
31 nVent Electric plc (NVT) NVT G6700G107 $3.8M 1.10% 22,454 SH
32 DuPont de Nemours, Inc. (DD) DD 26614N201 $3.8M 1.08% 27,658 SH
33 Emerson Electric (EMR) EMR 291011104 $3.7M 1.08% 26,023 SH
34 Pennymac Corp — 70932AAH6 $3.6M 1.03% 3,495,000 PRN
35 T-Mobile USA, Inc. (TMUS) TMUS 872590104 $3.5M 1.01% 20,897 SH
36 Ziff Davis, Inc. (ZD) ZD 48123V102 $3.4M 0.98% 64,909 SH
37 Lucid Group Inc. LCID 549498AA1 $3.3M 0.96% 3,495,000 PRN
38 American Homes 4 Rent REIT (AM AMH 02665T306 $3.2M 0.92% 95,134 SH
39 Levi Strauss & Co. Class A (LE LEVI 52736R102 $3.2M 0.92% 128,356 SH
40 Amdocs Ltd (DOX) DOX G02602103 $3.1M 0.90% 61,780 SH
41 Zimmer Biomet Holdings, Inc. ( ZBH 98956P102 $2.9M 0.84% 33,944 SH
42 Medtronic plc (MDT) MDT G5960L103 $2.8M 0.82% 36,343 SH
43 Abbott Laboratories (ABT) ABT 002824100 $2.8M 0.82% 31,203 SH
44 Blackbaud, Inc. (BLKB) BLKB 09227Q100 $2.8M 0.80% 93,466 SH
45 Shore Bancshares (SHBI) SHBI 825107105 $2.6M 0.75% 112,560 SH
46 Advanced Drainage Systems (WMS WMS 00790R104 $2.4M 0.69% 15,263 SH
47 Minerals Technologies Inc. (M MTX 603158106 $2.2M 0.65% 30,299 SH
48 Wyndham Hotels & Resorts (WH) WH 98311A105 $2.0M 0.57% 23,508 SH
49 Rush Enterprises Class A (RUSH RUSHA 781846209 $1.9M 0.55% 26,254 SH
50 WSFS Financial (WSFS) WSFS 929328102 $1.6M 0.46% 20,764 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-06 $346.2M 66 0001999371-26-017146
2026-03-31 2026-04-28 $300.2M 62 0002000324-26-001733
2025-12-31 2026-01-13 $342.3M 69 0001999371-26-000774
Filer Information
Address
2330 WEST JOPPA RD
SUITE 108
LUTHERVILLE, MD 20193
Phone
(410) 832-5500
Filing Manager
CORBYN INVESTMENT MANAGEMENT INC/MD
Lutherville, MD
Signatory
Thayne Gould
Chief Compliance Officer