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Changes at the Walthausen Funds

https://www.sec.gov/Archives/edgar/data/1418191/000141304221000667/smallcapsaisup080621.htm

497 1 smallcapsaisup080621.htm

WALTHAUSEN FUNDS

Walthausen Small Cap Value Fund (WSCVX and WFCIX)

Supplement dated August 6, 2021
to the Statement of Additional Information dated June 1, 2021

Effective immediately John B. Walthausen is no longer a portfolio manager, trustee or officer of the Fund. Any information to the contrary in the Prospectus and the Statement of Additional Information should be disregarded.

This supplement and the Statement of Additional Information dated June 1, 2021 provide the information a prospective investor ought to know before investing and should be retained for future reference. The Statement of Additional Information has been filed with the Securities and Exchange Commission and can be obtained without charge by calling the Fund at 1-888-925-8428 or by visiting the Funds' website at www.walthausenfunds.com.




https://www.sec.gov/Archives/edgar/data/1418191/000141304221000669/focusedsaisup080621.htm

497 1 focusedsaisup080621.htm


WALTHAUSEN FUNDS

Walthausen Focused Small Cap Value Fund (WSVIX)

Supplement dated August 6, 2021
to the Statement of Additional Information dated June 1, 2021

Effective immediately John B. Walthausen is no longer a trustee or officer of the Fund. Any information to the contrary in the Prospectus and the Statement of Additional Information should be disregarded.

This supplement and the Statement of Additional Information dated June 1, 2021 provide the information a prospective investor ought to know before investing and should be retained for future reference. The Statement of Additional Information has been filed with the Securities and Exchange Commission and can be obtained without charge by calling the Fund at 1-888-925-8428 or by visiting the Funds' website at www.walthausenfunds.com.

Comments

  • Thanks for sharing Shadow.... Kind of a terse statement....
  • edited August 6
    It is strange he is stepping back from his namesake funds.
  • edited August 6
    Walthausen I believe is fairly up there age wise. His site describes him as having been in the business over 40 years. Here's a photo from ten years ago:

    image
  • edited August 6
    Thanks for the info. I knew he was somewhat older; I thought he may stay on as an officer and/or trustee.

    It appears that he is still a manager/co-manager of the Walthausen Focused Small Cap Value Fund.
  • I might be letting my imagination run away with me here, but a sudden announcement regarding a person getting along in years does NOT sound encouraging from a health pov. I would tend to suspect that he is unable to continue rather than unwilling.
  • @racqueteer. My imagination is running in the same direction. I hope I'm wrong.

    I thought I'd offer the following, just for you, just because I just remembered it.

  • That IS a good song, Crash; haven't heard it before. Naturally, that was THE racquet back in the day (along with the Dunlop Maxply Fort). Semi-replaced by the Wilson Prostaff/Prostaff II and the Bancroft (Winner?). Owned them all for many years; good times!
  • edited August 15
    Bizarre announcement: "Any information to the contrary in the Prospectus and the Statement of Additional Information should be disregarded." . OK then.
  • edited October 2
    Mr. Walthausen has retired. Investors received a new proxy agreement concerning investment advisory agreements:

    https://www.sec.gov/Archives/edgar/data/0001418191/000141304221000838/walthdef14a.htm

    Excerpt:

    The enclosed Proxy Statement contains information about a proposal to approve new investment advisory agreements between Walthausen Funds and Walthausen & Co., LLC on behalf of the Walthausen Small Cap Value Fund and Walthausen Focused Small Cap Value Fund. The new advisory agreements are required because John Walthausen, the founder of Walthausen & Co., LLC, has retired and along with that retirement comes a planned internal change in ownership of the firm. We are pleased that the current management team will assume the responsibilities of Mr. Walthausen and carry forward the traditions and values established by Mr. Walthausen. His dedication to the firm and its clients, his unwavering commitment to independent research, and his insistence on excellence are ingrained in the culture of the firm and will serve the firm well into the future.

    ...Presently, 56% of the voting interests of the Adviser are held by John B. Walthausen, 12% by Paul T. Nichols, 10% by DeForest R. Hinman, 8% by Stanley M. Westhoff, 7% by Mark L. Hodge, 3% by Gerard S.E. Heffernan, and 3% by Curtis J. Lasek. Mr. Walthausen intends to withdraw as a member of the Adviser, and upon withdrawal his membership interests will convert to non-voting financial interests in the Adviser (the "Transaction").

    From Walthausen's website:

    http://www.walthausenfunds.com/wp-content/uploads/2021/08/20180214_Walthausen_PM_Announcement_FINAL.pdf

  • Succession planning is always tricky, but especially so at boutique firms where the manager's name is on the door. But more disclosure well in advance of retirement generally helps.
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