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.

Global Equity

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Adam Steffanus, CFA

Managing Director, Portfolio Manager

Adam Steffanus serves as Managing Director of Advisory Research and co-lead Portfolio Manager for the Global Equity team. Previously, Adam was a co-lead PM at Credit Suisse Asset Management where he managed a similar strategy set. Adam joined Credit Suisse in 2005 after receiving his MBA from The University of Chicago Booth School of Business. Prior to business school, Adam worked in private equity structuring leveraged buyout transactions. Adam is a CFA charterholder and an active member of the CFA institute and the CFA Society of Chicago.

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Michael Valentinus, CPA

Managing Director, Portfolio Manager

Michael Valentinus serves as Managing Director of Advisory Research and co-lead Portfolio Manager for the Global Equity team. He was formerly responsible for leading the development of Credit Suisse HOLT’s stock selection framework and researching global trends in the equity markets. He joined HOLT Value Associates in 2001 after spending three years as a tax and compensation consultant for Arthur Andersen. Mike is a CPA and is a graduate of DePaul University in Chicago, IL.

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Heather Kidde, CFA

Senior Vice President, Research Analyst

Heather Kidde serves as Senior Vice President of Advisory Research and Research Analyst for the Global Equity team. Prior to joining Advisory Research, Heather was a Senior Analyst at Credit Suisse Asset Management focused on fundamental company analysis. Heather also worked as a Credit Suisse HOLT Sector Specialist covering the Energy & Materials Sectors. Heather joined Credit Suisse HOLT in 2010 after spending 3 years in the Private Banking division. Heather is a CFA charterholder and an active member of the CFA Institute and the New York Society of Security Analysts (NYSSA). She holds a BA in Economics and Psychology from Colgate University.

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Sean Burns

Vice President, Research Analyst

Sean Burns serves as Vice President of Advisory Research and Research Analyst for the Global Equity team. Prior to joining Advisory Research, Sean was a Research Analyst at Credit Suisse Asset Management focused on fundamental company analysis and portfolio risk management. Sean holds a BBA with a concentration in Finance from Northeastern University.

The Global Equity team manages all-weather strategies, allocated across various cross-sections of the global equity markets, with the ultimate goal of generating superior risk-adjusted returns for their clients.

Investment Philosophy

With a focus on long-term, superior risk-adjusted returns, the Global Equity team’s philosophy is rooted in their ability to produce portfolios of equities that participate in up markets while also limiting downside exposure. Their strategies are designed to identify the following types of companies:

  • High quality, blue chip companies with sustainable competitive advantages.
  • Cash-rich companies with the ability and commitment to return to shareholders.
  • Companies with moderate sustainable growth levels.
  • Companies with attractive valuations.

Investment Process

The combination of systematic, fundamental, and quantitative elements is the basis for the Global Equity team’s investment process. The team utilizes a rigorous screening process for each strategy to determine company eligibility. The goal of the screening process is to identify high quality companies with sustainable competitive advantages. Fundamental analysis on top of the screening criteria helps to determine the viability and strength of a company’s competitive advantage. Additionally, to evaluate management strengths, the team reconciles management comments with historical and projected metrics. Finally, the team uses robust optimization and risk analysis to determine portfolio weights.