Douglas Wharton Grey

GMIM provides discretionary investment management services to clients across a range of products and strategies, including investment in return seeking assets (equities, real estate, hedge funds and private equity) and hedging assets (physical high quality bonds and overlays to offset a pension plan’s funded status volatility). Both internal portfolio managers and external investment managers selected by GMIM are employed to implement investment policies for the pension plans.

PFR is a bottom-up value manager with two concentrated portfolios. Unconventional Value employs a discretionary, value equity strategy. 95+ Equity employs the same discretionary, value equity strategy as Unconventional Value, but remains fully invested (cash less than five percent). PFR practices a team approach to investing, assigning two investment professionals to analyze each company. One member is appointed as a 'devil's advocate' to challenge the assumptions and conclusions of the other member. Their research entails gathering industry and company information, visiting companies and meeting with management, talking with customers, competitors and suppliers and discussing key issues with experts in the field. They build computer-based models to calculate the intrinsic value of a company. PFC then compares a detailed discounted cash flow analysis to the price a rational private buyer would pay for a similar business. Intrinsic value is the lower of these two valuations. They then focus on a sensitivity analysis of the key risks inherent in the business to refine their estimate of intrinsic value. If they are unable to completely understand the business fundamentals, they avoid investing in the company. A portfolio manager is responsible for day-to-day administration of each account. Accounts are managed identically, subject to specific client requirements. Although the portfolio manager and client service representative are the primary client contacts, over time PFC introduces each client to all members of the investment staff.

Saddle Peak Asset Management is a value manager that offers two investment strategies: a hedge fund and a traditional long only approach. Though not limited by sector, the firm tends to invest in the stocks of US companies in the electronic technology, finance, industrial services, consumer services and consumer durables sectors. They invest across all market-caps. Saddle Peak maintains a high turnover rate. Saddle Peak manages a long/short equity hedge fund that invests primarily in US common stocks, options and options on broad-based securities indices. The firm employs a concentrated multi-cap value strategy that is biased toward long positions. They seek to acquire positions in undervalued companies in which the value of the company's assets and/or earning power are not accurately reflected in the current market price. In declining markets, the fund may engage in short selling and purchase put options on individual stocks, market indices and industries to offset long equity positions. Saddle Peak's long-only strategy focuses on investments in US common stocks. The firm employs a concentrated multi-cap strategy that seeks to acquire positions in undervalued companies in which the value of the company's assets and/or earning power are not accurately reflected in the current market price.

Functions as a College/University

Functions as a College/University