Managing Director, Head of Credit Research

• Jan 2017 - Present

Senior Portfolio Manager/ Head Trader - Global Equities

• Jul 2016 - Jan 2017

Co-portfolio manager of the Shelton International Equity Fund (WHVIX), International, and Diversified Global Equity funds. Strategies were managed using a Lifecycle screen with fundamental analysis and stock picking. In addition to portfolio manager duties, in charge of all equity trading for the mutual fund and separately managed accounts. • Continued coverage of the Deceleration Lifecycle, using the Lifecycle screen and fundamental analysis. • Was responsible for overseeing approximately 400 separately managed accounts that are managed under the International Select strategy in ADR form. • Portfolio maintained target metrics of high active share (>80%), positive alpha, beta < 1.0, and positive Sharpe and Information ratios. • Executed trading through Bloomberg EMS and APL. Researched position sizes across all platforms. Spoke to clients and consultants on strategies. Researched new ideas and constructed DCF models; covered investments that comprised about 35% of the portfolios. Show less

Senior Portfolio Manager - Global Equities

• Sep 2014 - Jul 2016

Co-portfolio manager of the Diversified International, International Select, and Diversified Global Equity funds. Utilized a proprietary Lifecycle analysis using both quantitative screening and fundamental analysis, with a quantitative overlay on portfolio construction. Team took over management of the WHV International Equity fund (WHVIX) in February 2016. • Responsible for the Deceleration Lifecycle; this comprises ~35% of the global universe of ~3,400 stocks. Covered all sectors and countries within Deceleration, with a focus on Consumer Discretionary and Staples, Technology, and some Financials. • Managed position sizes for the portfolios and analyzed risk metrics using fundamental analysis, Axioma, Bloomberg risk analytics. • Also ran the Global Equity Long/Short fund (model portfolio) – a concentrated 30% net exposure hedged portfolio. • Primary trader for all strategies; interfaced with WHV’s traders, middle and back office on trading and settlement • Handled taxes, finances, filings, and compliance of the LLC. Show less

Portfolio Manager - Global Equities

• Sep 2008 - Jul 2014

Co-portfolio manager of the Victory International (VIIFX), International Select Funds (VISIX), and Victory Global Equity (VPGYX) funds, benched to ACWI ex-US and ACWI, respectively. Approx. $250mil AUM. Was also in the process of seeding and launching a Global Select long-only and Global Select long-short fund. Utilized a proprietary Lifecycle cashflow analysis using both quantitative and fundamental analysis. International funds had a 9-year track record with top quartile performance across most time periods; Global has over five years. Top or 2Q IR rankings for all funds with very good downside capture. • Responsible for the Deceleration Lifecycle. Researched, analyzed, and modeled approximately 150 companies/potential ideas per year, with a focus on Consumer Discretionary and Staples, Technology, and Financials. • Performed deep fundamentals analysis on investments, with multiple DCF models. Met with company management in person or through conference calls. Developed investment thesis and milestones, recommended trades, sized positions, and executed on ideas. Mentored and trained junior analysts on the team on financial analysis and modeling. • Analyzed and sized portfolio holdings using APT, Axioma, and fundamental analysis. Analyzed portfolio factor risks weekly to maximize stock specific risk with a tracking error of 2% - 4% (Intl), 3% - 5% (Intl Select), and 2% - 4% (Global). Show less

Portfolio Manager / Analyst - International Equities

• Jan 2006 - Aug 2008

EAFE co-portfolio manager of the DWS International and DWS International Select Funds, with approx. $4bn AUM. Process was CFROI-driven, utilizing quantitative screens and fundamental analysis and modeling. Coverage included both developed and emerging markets. Sector focus was on metals and mining, commodities, financials, energy, and some consumer names. • Met with hundreds of company managements per year; frequent travel to Asia and Europe for this purpose. Monitored position management and daily risk exposure of the various strategies. • Created detailed proprietary DCF models to analyze positions. Mentored and trained junior team analysts on modeling and company analysis. • Actively reciprocated investment ideas and views with Deutsche Bank’s global research team on companies and investment recommendations. • Also created and managed an EAFE 130/30 long/short strategy with the intent of a seeded live launch in the fall of 2008 (right before the world imploded). Team was lifted out of DeAM and moved to Victory Capital. Show less

Portfolio Manager – Global Energy, Utilities, & Commodities L/S Strategies

• Dec 2004 - Sep 2005

Portfolio manager under the US Equity long/short group focused on global energy, utilities, coal, and base metals with a value approach. Portfolio weighting was 50/50 developed/GEM, covering US, Latam, Europe, Russia/CIS, Asia Pac, Japan, & Australia. Some distressed fixed income investing. Scaled portfolio from $0 to $220m in ten months. Book was ±10% net long or short at any given time. • Sole sector PM actively managing the portfolio, including direct trading, position sizing, trade settlement, commission allocation, and some f/x for trades. Had a dedicated day trader for the US and Canada. • Detailed company modeling and valuation scenario analysis. Rigorous industry, regulatory, and commodity work in global oil, gas, LNG, coal, and steel. Constantly met with company management, government officials, and industry specialists. • Worked with other Proprietary Trading groups in New York and London on joint investment ideas. Show less

Equity Analyst - Global Emerging Markets Group

• Mar 2000 - Nov 2004

$2.5bn equity long/short absolute return relative value hedge fund. Targeted annual return of 12% absolute, gross. Team of eight analysts and two PMs. Sector analyst covering GEM electric utilities, mid- and downstream energy, capital equipment and infrastructure. Managed a carve-out sector portfolio ($150m) of long/short positions within the fund. Stock selection was primarily DCF based. Extensive financial modeling and maintained company contacts on our positions. Facilitator on risk arbitrage deals when we did them. Have also done credit and capital structure analysis for both developed and EM. Considerable travel through the emerging markets region meeting with company management, local officials, and industry contacts. • Built detailed earnings and DCF valuation models. Wrote daily internal research comments and reports, investment thesis, and developed industry data books. Mentored and trained junior analysts on fundamental analysis and modeling. • Risk arbitrage. Teamed with fundamental analysts on select large trades in the fund (STTS/ChipPAC, SingTel/Optus, Citigroup/Banamex, Newmont/Franco Nevada, HSBC/HI, etc.). Followed many more deals for potential trades. • Worked with Oaktree’s Distressed Debt and High Yield teams covering the US independent power producers, gas pipelines, and energy traders during the Enron crisis. Extensive credit, liquidity, capital structure, and cashflow analysis. Received special recognition in 2004 from the principals for successful efforts in Distressed Debt. • Developed the proprietary standard valuation model for the firm, valuation matrixes, as well as pair trading and standard deviation models. Show less

Analyst - US Equity Research

• Mar 1999 - Mar 2000

Analyst on the US sell-side research team (pre-JPM/Chase merger) covering independent power producers and integrated electric utilities. Responsible for primary coverage of companies in the South and Western US. • Detailed valuation models, writing research comments (FirstCall notes) and comprehensive investment reports. Kept constant relations with company management on business and earnings newsflow. • Initiated focus on the electric utilities’ brief diversion into strategic developments in e-business, telecom and fiber optic networks. Also did extensive work and published reports on fuel cells and alternative energy, as those became investor favorites for a time. • Worked with Investment Banking on pitches, ideas, and numerous secondary debt and equity deals. • Communicated daily with the sales force on company news (noise) and best investment ideas. Show less

Equity Research Analyst - Global Equity Group

• Aug 1997 - Mar 1999

Equity analyst with sector coverage and support for launch of the Scudder Healthcare Fund (SCHLX). Style was long-only value. Followed US medical devices, healthcare IT, pharmaceuticals, REITs, consumer products, European autos and suppliers, and emerging markets cyclicals – pulp and paper and steel. • Valuation model building: financial statements, cash flow, DCF models. • Met with company management on quarterly basis. Writing, editing, and publishing internal research reports. • Scudder Healthcare Fund. Creation and tracking of real-time portfolio, fund performance vs. peer group, organizing weekly meetings, and fund administration. Show less