Senior Portfolio Manager at Newton Investment Management, part of BNY Mellon Investment Management– in Boston. Joined BNY Mellon in 1997.
Describe your background.
I’ve been in the investment business roughly 30 years, 25-and-a-half have been with BNY Mellon Investment Management companies. I’ve been a portfolio manager since 2000 and specifically for the US Dynamic Large Cap Value Strategy since 2003. I studied at Bucknell University for undergrad where I started the investment club. I went on to earn my MBA at Columbia Business School. Early in my career I had the luxury to work for John Neff – often considered one of the best value portfolio managers in the industry and author of John Neff on Investing.
What influenced you to choose a career in investment management?
At a very early age I developed a passion for financial markets and equity investing. I got the bug from my grandfather, who was an investor. He is really the one I credit with igniting that fire in me.
At that early age, I took interest in investment books and Warren Buffett’s annual letters to shareholders.
What made you choose value investing?
The people that really influenced me along the way and looked up to in this business early on were value investors. It’s just something that really resonated with me throughout my investment career. To this day I am in awe and always eager to consume what Warren Buffett, John Neff and others have said or written.
How would you characterize your style as a portfolio manager?
From pretty much the start of my career, I’ve been intrigued with the investment philosophy that starts with value but doesn’t stop there. I firmly appreciate supplementing value with an analysis of business fundamentals and business momentum. The power of that combination can help avoid getting tangled up with the value trap. It also helps find companies that can maintain and enhance their value per share.
How do you think about risks?
I believe that risk is something that is very important. My job isn’t just to seek good investment returns, but it’s also to seek good risk-adjusted returns. One of the best ways to manage portfolio risks starts at the individual stock level by adhering to a process of populating the portfolio with the best risk-reward opportunities.
I believe that one of the great aspects of value investing is buying a stock at a discount to what it’s worth. That discount is often referred to as the margin of safety, thus, the bigger the discount, the bigger the margin of safety. In addition, I have a myriad of internal portfolio risk analytics that are instrumental in the pursuit of strong risk-adjusted returns.
What is your favorite metric?
There are so many, but if I had to call out one favorite it would be uncovering and identifying underappreciated improvements in returns on and of capital for a given company.
Is there a connection between your passions (outside of investing) and value investing?
I feel blessed my hobby and my passion is also my livelihood. I’ve been an investor for decades and it’s just something I really enjoy. I think country singer Luke Combs says it best in his song, Doin’ This: “I’d still be doing this if I wasn’t doing this.”
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Past performance is no guarantee of future results.
All investments involve some level of risk, including loss of principal. Certain investments have specific or unique risks. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others.
Views expressed are those of the author stated and do not reflect views of other managers or the firm overall. Views are current as of the date of this publication and subject to change. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Forecasts, estimates and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product, and should not be used as the primary basis for any investment decisions. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Please consult a legal, tax or financial professional in order to determine whether an investment product or service is appropriate for a particular situation.
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