For David M. Basten, Managing Director at Yorktown Funds, asset management isn’t just a career — it’s a family tradition that extends back four generations, each shaped by the lessons of market cycles, hard-earned wisdom, and an unwavering commitment to investors. Today, Dave and two of his siblings play pivotal roles in carrying that legacy forward at Yorktown Funds.
Dave’s earliest memories of the family business date back to the 1980s, when his father, Yorktown CIO & President David D. Basten, and grandfather, Aubrey Mason, were building what would become Yorktown Funds. Market talk was ever-present in the Basten home—at the dinner table, family gatherings, and backyard barbecues. But one conversation stands out.
“I was 10 years old,” Dave recalls, “and I snuck out of my bedroom to listen in on a conversation between my dad, granddad, and great granddad. It was October 19, 1987—Black Monday—and the market had just plummeted 22%. They were sitting around the kitchen table discussing what to do when the market reopened the next day.”
It was Dave’s great granddad who eased the tension in the room. An investor since 1927, he’d seen worse—having weathered both the Great Depression and the 1929 market crash. His biggest regret after 1929? Not buying more stock. He wasn’t about to make that mistake again.
“He calmly started listing stocks he planned to buy the next day,” Dave remembers. “He knew markets recover. He saw opportunity in a downturn. That perspective has stuck with me.”
Dave always knew he wanted to join the business, but his employment in 2001 came with conditions. His dad offered him an entry-level role with a $20,000 salary—on the condition that he passed the Series 7 exam before officially being added to the payroll.
“My dad’s a ‘show me what you can do’ kind of guy,” Dave says. “No handouts.”
It wasn’t an easy time to break into the industry. The dot-com bubble had burst, the economy was in recession, and the September 11 attacks cast a long shadow over the markets. But the challenging start reinforced a lesson his great grandfather had learned decades earlier—patience, resilience, and the importance of staying the course.
As Dave found his footing, he took on a sales role, allowing his dad to focus solely on stock selection. Over time, his sister Brentz East and brother Austin Basten, JD, joined the firm as portfolio manager and chief compliance officer, respectively. “Before my brother, sister and I joined the business, my dad did everything—manage the funds, sell the funds, travel nonstop—it was tough,” he recalls. “Now, we’re leading together. All of us have well-defined roles that play to our individual strengths.”
Dave's passion for the business has always been strong, but for a time, it shared the stage with his love for tennis. Through high school and college, he spent hours hitting against the backboard, driven by a relentless desire to improve. He played competitively during college, worked as an assistant tennis pro, and later competed on the USTA circuit, leading teams to multiple national tournaments—including a national championship in 2013.
“Tennis became an obsession,” he admits. But the discipline and mental toughness honed on the court carried over into his professional life. Today, tennis remains a family affair—his wife and son now play competitively, often drawing Dave back onto the court.
The family’s long history in the markets has instilled a deep sense of perspective — one that informs Yorktown’s investment philosophy to this day.
“You learn quickly that nothing is as good or as bad as it seems in the moment,” Dave says. “Markets go through cycles. What matters is how you position yourself to weather those cycles and come out stronger on the other side.”
For the team at Yorktown, that means staying disciplined, investing with conviction, and keeping investors’ long-term interests at heart — the same principles that have guided the firm since for the past four decades.
Recently, Dave has begun bringing his dad along to client meetings again, giving longtime partners the opportunity to meet the man behind many of Yorktown’s core investment ideas. The dynamic blends the best of both worlds—Dave’s energy and storytelling paired with his father’s steady, thoughtful approach. Together, they represent the past, present, and future of Yorktown.
Four generations have navigated markets through booms and busts. And the legacy of Yorktown shows no signs of slowing down.
“It's a family business,” Dave says simply. “Always has been. Always will be.”