The Board of Directors of the Valley Forge Fund last month terminated the fund’s investment advisory agreement with Valley Forge Management Corporation, effective as of October 31.

According to a filing, the fund’s directors are “actively identifying, and performing due diligence reviews of a number of investment advisory firm candidates” and anticipate that the fund will enter into an interim investment management agreement close to November 1.

The fund, which began trading on March 14, 1972, bets on value stocks. Its lead portfolio manager is Craig Aronhalt, president and portfolio manager with Aronhalt Capital Management. Despite being in business for some 40 years, the fund currently manages some $18 million in assets.

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