Value Invest

Speakers – December 3 2019

David Samra

David Samra – Artisan Partners

N. David Samra is a managing director of Artisan Partners and founding partner of the Artisan Partners International Value Team. He is lead portfolio manager of the Artisan Non-U.S. Value Strategy, which he has managed since its inception in July 2002. Mr. Samra also was co-portfolio manager for the Global Value strategy from its inception in July 2007 through September 2018. Prior to joining Artisan Partners in May 2002, Mr. Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LP from August 1997 through May 2002. Earlier in his career, he was a portfolio manager with Montgomery Asset Management, Global Equities Division. Under Mr. Samra’s leadership, the team was nominated six times (in 2008, consecutively from 2011-2014 and again in 2016) for Morningstar, Inc.’s International-Stock Fund Manager of the Year award in the US and won the award in 2008 and 2013. The team was also named EAFE Equity Investment Manager of the Year in 2015 and 2016 by Institutional Investor. Mr. Samra holds a bachelor’s degree in finance from Bentley College and a master’s degree in business administration from Columbia Business School.

Thomas Russo

Thomas Russo – Gardner Russo & Gardner

Thomas A. Russo joined Gardner Russo & Gardner LLC as a partner in 1989 and has, since 2014, served as Managing Member of Gardner Russo & Gardner LLC and General Partner to Semper Vic’s “global value,” long-only equity investment partnerships. Mr. Russo oversees more than $11 billion through the Semper Vic partnerships and separate accounts. Mr. Russo favors globally based consumer products companies which possess the “capacity to reinvest” into developing and emerging markets. Mr. Russo frequently invests in family-controlled companies to reduce agency cost and to align shareholder interest for long-term, tax-deferred performance. Such control provides portfolio company managements the “capacity to suffer” Wall Street censure when investments intended to build long-term wealth burden near-term reported profits. Mr. Russo prefers companies which can endure “short-term pain for long-term gain.” Graduate of Stanford Business and Law Schools (MBA/JD, 1984) and Dartmouth College (BA, 1977). Charter member of the Advisory Board for the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School. In May 2017, Mr. Russo was awarded Columbia University/Gabelli’s Graham & Dodd, Murray, Greenwald Prize for Value Investing. Mr. Russo serves as a board member of Storm King Art Center.

Michael Mauboussin

Michael Mauboussin – BlueMountain Capital

Michael J. Mauboussin is Director of Research at BlueMountain Capital Management in New York. Prior to joining BlueMountain in July of 2017, he was a Managing Director and Head of Global Financial Strategies at Credit Suisse. Before rejoining Credit Suisse, he was Chief Investment Strategist at Legg Mason Capital Management from 2004-2012. Mr. Mauboussin is the author of three books, including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is also co-author, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns. Mr. Mauboussin has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. He is also the chairman of the board of trustees at the Santa Fe Institute, a research center devoted to the study of complex systems. He earned an A.B. from Georgetown University.

 

Joel Greenblatt

Joel Greenblatt – Gotham Asset Management

Joel Greenblatt serves as Managing Principal and Co-Chief Investment Officer of Gotham Asset Management, the successor to Gotham Capital, an investment firm he founded in 1985. Since 1996, he has been a professor on the adjunct faculty of Columbia Business School where he teaches “Value and Special Situation Investing.” Mr. Greenblatt is a director of Pzena Investment Management, Inc., a global investment management firm. He formerly served on the Investment Boards of the University of Pennsylvania and the UJA Federation. Mr. Greenblatt is the author of You Can Be A Stock Market Genius (Simon & Schuster, 1997), The Little Book that Beats the Market (Wiley, 2005), The Little Book that Still Beats the Market (Wiley, 2010), and The Big Secret for the Small Investor (Random House, 2011). He is the Former Chairman of the Board (1994-1995) of Alliant Techsystems, a NYSE-listed aerospace and defense contractor. He holds a BS (1979), summa cum laude, and an MBA (1980) from the Wharton School of the University of Pennsylvania.

 

Alex Roepers

Alex Roepers – Atlantic Investment Management

Alex Roepers is the Chief Investment Officer of Atlantic Investment Management, a global equity value-investing firm he founded in 1988. Mr. Roepers applies a differentiated constructive shareholder activist (CSA) investment approach to unlock incremental value in high-quality, undervalued companies in the consumer, industrials and businesses services sectors. Atlantic’s highly experienced investment team has successfully influenced change at many leading companies over the past 30 years in the U.S., Europe and Japan. Mr. Roepers began his investing career in the operations and corporate development departments at multi-billion-dollar conglomerates Thyssen-Bornemisza Group (1984-88) and Dover Corporation (1980-82). He has served on the Board of Dean’s Advisors at Harvard Business School since 2010; The Hotchkiss Investment Committee since 2014; as U.S. Chair for the Compagnie Fonds, Dutch Maritime Museum, since 2007; on Memorial Sloan Kettering’s Special Projects Committee since 1997; and as founder and board member for his charitable foundation, The Alexander J. Roepers Foundation, since 2002. Mr. Roepers has a Bachelor of Business Administration from Nijenrode University, which is the Netherlands School of Business (1980), and an MBA from Harvard Business School (1984).

C.T. Fitzpatrick

C.T. Fitzpatrick – Vulcan Value Partners

C.T. Fitzpatrick serves as Chief Executive Officer and Chief Investment Officer of Vulcan Value Partners. C.T. founded Vulcan Value Partners in 2007 to manage his personal capital. Since inception, two strategies have peer rankings in the top 1% of value managers in their respective categories, two are in the top 3%, and the fifth is in the top 6%. Prior to founding Vulcan Value Partners, C.T. worked as a principal and portfolio manager at Southeastern Asset Management. During his 17 year tenure, the team at Southeastern Asset Management achieved double digit returns well ahead of inflation and was ranked in top 5% of money managers over five, ten, and twenty year periods according to Callan and Associates. C.T. earned his MBA in Finance from the Owen Graduate School of Management at Vanderbilt University. He also has a BS in Corporate Finance from the University of Alabama.

Mark Pearson

Mark Pearson – Arcus Investment

Mark Pearson, ACA, CFA, co-founded Arcus Investment in 1998. Prior to founding Arcus, Mark was a director and portfolio manager responsible for Japanese equities at Buchanan Partners Limited in London from 1992 to 1998. From 1990 to 1992 Mark was General Manager of Japanese equity fund management in Kleinwort Benson Investment Management in Tokyo. From 1986 to 1989, Mark was an investment analyst at Kleinwort Benson Securities in Tokyo, and from 1981 to 1986, at Coopers & Lybrand, London as a Chartered Accountant. Mark graduated from Emmanuel College (University of Cambridge) with MA in Economics in 1981. Mark lives in Hong Kong.

Richard Chilton

Richard L. Chilton Jr. – Chilton Investment Company

Richard L. Chilton, Jr. is the founder, Chairman, CEO & CIO of Chilton Investment Company. Since founding Chilton Investment Company with his Flagship Strategy in 1992, Mr. Chilton has built a team of investment professionals focused on long term capital growth seeking to capture upside during favorable markets and preserve capital in declining markets. The Chilton Flagship Strategy has generated impressive and consistent returns with moderate volatility since inception. Prior to forming Chilton Investment Company, Mr. Chilton was a managing director at Allen & Company and a vice president and equity portfolio manager at Alliance Capital Management. Mr. Chilton began his career in the Mergers and Acquisitions group at Merrill Lynch and received his B.S. in Finance from Alfred University.

Bernard Horn

Bernard R. Horn Jr. – Polaris Capital

Bernard R. Horn, Jr. is president and portfolio manager of Polaris Capital Management, LLC (www.polariscapital.com), a leading Boston-based global value equity manager serving the investment needs of institutions and individuals. Mr. Horn founded Polaris in 1995 to expand his existing client base from the 1980s. Polaris has one of the longest global and international equity track records of any firm presently in operation and continuously managed by the same individuals. The value-oriented strategy has been strictly applied by Mr. Horn over the past 30+ years, producing admirable risk-adjusted returns since inception. A forerunner in global and international investing, Mr. Horn has been profiled in national media outlets, a guest lecturer at conferences and his written works have been published throughout the investment industry. Previously, Mr. Horn worked for MDT Advisers, Inc., Freedom Capital Management and Horn & Company. Mr. Horn is a graduate of Northeastern University and holds a master’s degree in management from the Alfred P. Sloan School of Management at M.I.T.

Robert Hagstrom

Robert Hagstrom – EquityCompass Strategies (Moderator)

Robert Hagstrom is Chief Investment Officer of Equity Compass Investment Management and Senior Portfolio Manager of the Global Leaders Portfolio. He joined Equity Compass in April 2014 and launched the Global Leaders Portfolio in July 2014. Robert was appointed Chief Investment Officer in March 2019. Robert has more than 30 years of investment experience. Prior to joining Equity Compass, he was Chief Investment Strategist of Legg Mason Investment Counsel, and before that, the Portfolio Manager of the Growth Equity Strategy at Legg Mason Capital Management for 14 years where he managed $7 billion assets. Robert was the recipient of the “Honorable Mention” as Morningstar’s U.S. Equity Manager of the Year in 2007. Robert is the author of nine investment books including the New York Times best seller, The Warren Buffett Way, widely considered to be the definitive book on the investment approach and strategies of Warren Buffett. The book has sold over 1 million copies worldwide and is translated into seventeen foreign languages. In addition, Robert wrote The Warren Buffett Portfolio a book on concentrated portfolio management and Investing: The Last Liberal Art a multidiscipline examination of markets and investing. Robert earned his Bachelor’s and Master’s of Arts degrees from Villanova University. He is a Chartered Financial Analyst, a member of the CFA Institute and the CFA Society of Philadelphia.

David Shapiro

David Shapiro – Willis Towers Watson (Moderator)

David is the Portfolio Manager for the Global Equity Focus Fund at Willis Towers Watson and for Alliance Trust, a quoted Investment Trust listed on the London Stock Exchange. Alongside his portfolio management responsibilities David provides regular research input to a number of clients. David joined from Stamford Associates where he was Deputy CIO responsible for devising and implementing investment strategies for a range of its largest investment clients. Prior to Stamford Associates, David established Greentrees Partners LLP as a joint venture with Collins Stewart before which he gained broad investment experience as a UK equity portfolio manager with UBS Global Asset Management (formerly Phillips and Drew) from 1998 and then as a UK equity portfolio manager with Morley Fund Management from 2003. In total David has 30 years of portfolio management and investment analyst experience. David is a member of the Chartered Institute for Securities and Investment (CISI)

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