Advisory Research Investment Management

The Focus of Specialized Teams

Reflecting the broad scope of our research capabilities,
we have assembled an array of niche-specific investment talent to monitor conditions and seize opportunities within their sphere of expertise.



Matthew Dougherty, CFA

Managing Director, Portfolio Manager & Research Analyst

Matt Dougherty, with 15 years of investment experience, serves as Managing Director of Advisory Research. He began his career an an intern with the firm. He currently serves on the Board of Directors at Epsilon Energy and is the Chairman of the Compensation, Nominating and Corporate Governance Committee. Matthew holds a B.A. in religious studies from St. Lawrence University.


Justin Perucki, CFA

Vice President, Research Analyst

Justin Perucki, with 14 years of investment experience, serves as Managing Director of Advisory Research. Prior to joining the firm, he served as a senior analyst and equities strategist with Morningstar in Chicago, where he was primarily responsible for the coverage and oversight of large- and mid-cap exploration and production companies beginning in 2004. Justin began his career at Huntington National Bank, where he worked in commercial lending. Justin holds a B.S. in finance from Miami University of Ohio and an M.B.A. from the University of Chicago.

Investment Philosophy and Process

The Advisory Research Energy team utilizes a fundamental, asset-level analysis of public energy firms in order to find the best investments from the complex and inefficient energy industry. The team spends their time and resources gathering asset-level data from sources that are often overlooked and ignored by the investment community in order to determine the quality of a company’s assets, which they believe drives net asset value and earnings growth in energy companies over the long term.