Please read this important information. For purposes of this document, "Century Management" includes Van Den Berg Management Inc. I. and CM Fund Advisors. This Site is not directed toward any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the Site is prohibited. Persons in respect of whom such prohibitions apply must not access the Site.

Privacy Notice

At Century Management, we respect your personal financial privacy. We realize that you have entrusted us with private personal financial information, and it is important to us that you know our policy concerning what we do with that information.

We collect personal financial information about you from the following sources:

  • Information you provide us in investment advisory agreements, brokerage account applications, and other documents you complete in connection with the opening and maintenance of your accounts with us; and
  • Information you provide us orally; and
  • Information we receive from third parties, such as brokerage firms, about your transactions with us or with others.
  • We do not disclose any nonpublic personal financial information about you to anyone, except in the following circumstances:
  • When required to execute transactions for your account or otherwise to provide services you have requested; or
  • When you have specifically authorized us to do so in writing; or When permitted or required by law.

Within our firm, we restrict access to your personal financial information to the employees who need to know that information to provide services to you. To ensure security and confidentiality, we maintain physical, electronic, and procedural safeguards to protect your privacy.

FACTS: What Does Century Management Do With Your Personal Information.

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Who is Century Management?

Century Management is a registered investment advisor. The firm maintains a complete list and description of composites, which is available upon request. A complete description of Century Management's fee schedule can be found under Part 2 of its FORM-ADV. Additional information regarding policies for valuing portfolios, calculating performance and preparing compliant presentations is available upon request.

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Products and Services

Nothing contained in the Site is intended as, or constitutes, an offer to buy or sell or is in any way a solicitation of any offer to buy or sell any securities, investments or other property. Any decision to invest should not be made solely on the basis of the information contained in this Site.

Please remember that the value of your investments and any income they produce may go down as well as up, and you may lose principal value. As part of the discretionary management arrangement in which separate account clients engage Century Management, investments in Century Management Strategies will have varying amounts of exposure to securities and cash or cash equivalent holdings. These investment and portfolio management decisions are at the sole discretion of Century Management. Therefore, depending on individual investments and overall market conditions, Century Management's Investment Strategies may not track movements in the overall stock and bond markets, particularly over the short term.  As a result, there may be times that client investment objectives will not be achieved. 

While the intent of Century Management's Investment Strategies may include one or more objectives, including, without limitation, long-term capital appreciation, total return, current income, or conservation of capital, the investment return and principal value of each Strategy may fluctuate or deviate from overall market returns to a greater degree than other investment products and services that do not employ these Strategies. For example, if an Investment Strategy has taken a defensive posture and the market advances, the return to investors will be lower than if the portfolio had not been defensive. Alternatively, if an Investment Strategy has taken an aggressive posture, a market decline will magnify the Strategy's investment losses.

Century Management reserves the right to modify its current investment strategies and investment techniques based on changing market dynamics or client needs.

Past performance is not necessarily a guide to future results. Many factors and risks, including, without limitation, investment risk, market risk, interest rate risk, management style risk, business and sector risk, small company risk, non-diversified strategy risk, foreign securities risk, bond interest rate risk, and credit risk may affect the value of your investments. Furthermore, levels and bases of taxation are subject to change and will depend on your personal circumstances. Moreover, specific risks may arise in relation to specific investments and you should review the risk factors very carefully before investing. 

Prospective investors should consult their own professional advisors on the tax implications of making an investment in securities, holding or disposing of securities, investments in other property, or distributions of income in these respective holdings.

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Market and Performance Information

Any market, price or performance data provided on this Site is for informational purposes only. Century Management believes that the information which may be viewed on this Site is accurate as of the date of publication, and where a particular page is dated the information on such page is believed to be accurate as of that date. However, although the information sources are deemed to be reliable, Century Management does not guarantee or make any warranty regarding the accuracy, suitability or completeness of such information, or any information available through any site to which you may link through this Site.

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GIPS® Verification and Performance Examination

Century Management claims compliance with the Global Investment Performance Standards (GIPS®). The U.S. dollar is the currency used to express the returns presented in the GIPS® verification. The year-by-year performance returns cover the period September 16, 1974, through December 31, 2016, on a firm-wide basis. 

The GIPS® verification was prepared by Century Management and presented to and examined by the independent accounting firm Ashland Partners & Company, LLP. Ashland Partners continues to verify that each quarter Century Management is in compliance with the GIPS® standards on a firm-wide basis. Typically, quarterly verifications run one to two quarters in arrears of the most recent performance information presented. 

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. Verification does not ensure the accuracy of any specific composite presentation.

The verification report and a complete list of all Century Management composites are available upon request. 

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Limitation of Liability

Century Management shall not be liable for any loss (direct or consequential) arising from the use of, or reliance on, any part of this Site, except for any liability it may have under applicable securities laws. Further, you should be aware that the Internet is not a completely reliable transmission medium. Century Management shall not accept liability for any losses, costs, or expenses arising from your inability to access the Site for any reason or any delay in, or failure of, the transmission or the receipt of any instructions or notifications sent through the Site.

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Anti-Money Laundering Information

This policy addresses the Century Management's efforts to prevent money laundering.

Money laundering is generally defined as engaging in acts designed to conceal or disguise the true origins of criminally derived proceeds so that the unlawful proceeds appear to have derived from legitimate origins or constitute legitimate assets. Generally, money laundering occurs in three stages.

  1. Cash first enters the financial system at the "placement" stage, where the cash generated from criminal activities is converted into monetary instruments, such as money orders or traveler's checks, or deposited into accounts at financial institutions.
  2. At the "layering" stage, the funds are transferred or moved into other accounts or other financial institutions to further separate the money from its criminal origin.
  3. At the "integration" stage, the funds are reintroduced into the economy and used to purchase legitimate assets or to fund other criminal activities or legitimate businesses.

Terrorist financing may not involve the proceeds of criminal conduct, but rather an attempt to conceal the origin or intended use of the funds, which will later be used for criminal purposes.

Century Management does not accept cash from clients. It is Century Management's policy to decline to accept possession of clients' securities. If the firm were ever to inadvertently acquire a stock certificate from a client, Century Management would forward the certificate to the client's account custodian within three business days.

Century Management will instruct a custodian to deduct cash or a cash equivalent from a client's account only in the following limited circumstances:

  • To pay Century Management's investment advisory fees, as authorized in the written investment advisory agreement between Century Management and the client; or
  • When the proceeds are directly transmitted to another account held in the client's name.

Century Management will only accept clients whose accounts are maintained at brokerage firms subject to the USA Patriot Act.

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Information for Foreign Investors

Each of the investment products (including all separate account investment strategies, as well as all mutual funds that are part of the CM Advisors Family of Funds) or services referred to in the Century Management website may be offered only to persons in the United States. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States. Persons outside of the United States may contact us for more information about the products and services available to them.

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Forward-Looking Statements

Certain statements included herein contain forward-looking statements, comments, beliefs, assumptions, and opinions that are based on Century Management's current expectations, estimates, projections, assumptions and beliefs. Words such as "expects," "anticipates," "believes," "estimates," and any variations of such words or other similar expressions are intended to identify such forward-looking statements.

These statements, beliefs, comments, opinions and assumptions are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements.

Viewers of this website are cautioned not to place undue reliance on these forward-looking statements, which reflect Century Management's judgment only as of the date the material was published. Published dates are specific to each individual video, audio, written document, investment strategy, and other similar expressions. Century Management disclaims any responsibility to update its views, as well as any of these forward-looking statements to reflect new information, future events or otherwise.

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Webcasts, Podcasts, Streaming Video, Streaming Audio

Century Management webcasts, podcasts, streaming video, or streaming audios are provided free of charge solely for use by individuals for personal, noncommercial uses, and may be downloaded for such uses only, provided that the content is not edited or modified in any way and provided that all copyright and other notices are not erased or deleted.

All webcasts, podcasts, streaming video, or streaming audios are subject to and protected by U.S. and international copyright laws and may not be sold, edited, modified, used to create new works, redistributed or used for the purpose of promoting, advertising, endorsing or implying a connection with Century Management.

Century Management reserves the right, at any time and for any reason, to stop offering webcasts, podcasts, streaming video, or streaming audios and to stop access to or use of webcasts, podcasts, streaming video, or streaming audio and any content contained therein. Century Management shall not be liable for any loss or damage suffered as a result of, or connected with, the downloading or use of the webcasts, podcasts, streaming video, or streaming audios.

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Third Party Research, News, Information, and Content

The third-party financial information that is presented, displayed, expressed, or that is accessible through this website, including general news and information, commentary, quotes, price charts, financial market and securities data, research reports, estimates, projections, analysis and opinions (i.e. "Information") is provided by Interactive Data Corporation®, Factset®, Morningstar®, Bloomberg Finance, LP., Compustat®, Standard and Poors®, Russell Investments®, among others. These information providers are independent of Century Management. Century Management has not been involved in the preparation of the Information from third-party providers and does not explicitly or implicitly endorse or approve such Information.

Century Management is in no way responsible for the content of any site owned by a third party that may be linked to Century Management's website via hyperlink, whether such hyperlink is provided by Century Management or by a third party. No judgment or warranty is made with respect to the accuracy, timeliness, or suitability of the content of any site to which Century Management may link.

Third-party content is provided for informational and/or educational purposes only. It is not intended to provide tax, legal, or investment advice, and should not be construed as an offer to buy or sell, a solicitation of an offer to buy or sell, or a recommendation for any security by Century Management or any third-party provider. Century Management does not guarantee the suitability or potential value of any particular investment or information source. User requests for information are unsolicited and shall neither constitute, nor be considered, investment advice by Century Management. Users are responsible for determining whether any investment, security or strategy is appropriate or suitable for them. Neither Century Management nor any third-party provider has made any determination that any recommendation, investment, or strategy in any content is suitable or appropriate for individual users based on their investment objectives and financial situation.

Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment or investment strategy made reference to directly or indirectly by Century Management on this website, or indirectly via a link to an unaffiliated third-party website will be profitable. 

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Business Continuity Plan

Our business continuity plan (i.e. disaster recovery plan) describes how data is backed-up and retrieved in the event of a disaster or business interruption.

The goal of this plan is to protect client information and any information considered mission critical. Mission critical information is the information considered necessary to keep the business running. Not all functions within the firm are considered mission critical, so a priority list has been established. The order of precedence for supplying optimal functionality and key business functions to Century Management are:

  1. Trading Functionality
  2. Access to Research & Analysis
  3. Client Services

If our main server was no longer able to operate due to a disaster or business interruption, Century Management is able to operate without interruption via our on-site backup server. In the event of a power outage or power surges that may affect all on-site electronic equipment, power will be maintained by an on-site battery backup system that will provide an uninterruptible power supply for a minimum of 30 to 45 minutes. This will allow sufficient time for our Cummins diesel generator to begin operation (typically it takes three seconds for the generator to power-up). Once operational, the generator will provide an uninterrupted and continuous power supply for an estimated range of three to five days.

In addition to the on-site backup servers and power supply, Century Management also has an off-site backup server. This off-site server is located in a specially designated disaster recovery facility that has been structurally reinforced. This server continuously backs up all of Century Management's on-site servers every 15 minutes. Century Management employees will have access to this server should the need arise.

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Tax Information

Internal Revenue Service Circular 230 Notice

Century Management and its associates DO NOT provide legal or tax advice. Any tax-related discussion, including all linked pages and documents, contained in the Century Management website is not intended or written to be used, and cannot be used, for the purpose of: 1. avoiding any tax penalties; or 2. promoting, marketing, or recommending to any person any transaction or matter addressed herein. Please consult your independent legal counsel and/or professional tax advisor regarding any legal or tax issues raised in any discussion in the Century Management website.

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Copyright Policy

The contents of the Century Management website are protected by applicable copyright laws. No permission is granted to copy, distribute, modify, post, or frame any text, graphics, video, audio, software code, or user interface design or logos, or take any other action inconsistent with Century Management's copyrights.

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  • Adobe®, Acrobat®, Acrobat® Reader, and the Acrobat logo are trademarks of Adobe Systems Incorporated.
  • CUSIP® is a trademark of American Bankers Association.
  • Lipper is a trademark of Reuters Funds Information Limited (a United Kingdom corporation).
  • Microsoft®, Internet Explorer®, Windows®, and Windows NT® are trademarks of Microsoft Corporation.
  • Morningstar®,,®, and Morningstar Mutual Funds are trademarks of Morningstar, Inc.

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Third Party Websites

The Century Management website contains external links to third party content (content hosted on sites unaffiliated with Century Management). The policies and procedures governing these third party sites may differ from those effective on the Century Management company website. Linking to these third party sites in no way implies an endorsement or affiliation of any kind between Century Management and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to either entity.

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