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.

International Value Equity

Close

Drew Edwards

Managing Director, Portfolio Manager & Research Analyst

Drew Edwards, with 18 years of investment experience, serves as Managing Director of Advisory Research. Prior to joining the firm, he was an investment professional at Taiyo Pacific Partners, an activist fund backed by CalPERS and W. L. Ross that focuses on Japanese equities. Previous to Taiyo, he worked as an investment banker at Lehman Brothers and as a finance executive in the healthcare industry. Drew holds a B.A. in International Business from Sophia University (Tokyo) and an M.B.A. and J.D. from Northwestern University. Drew is proficient in Japanese.

Close

Marco Priani, CFA, CPA, FRM

Managing Director, Portfolio Manager & Research Analyst

Marco Priani, with 16 years of investment experience, serves as Managing Director of Advisory Research. Prior to joining the firm, he worked for more than 10 years as a partner in the corporate bankruptcy firm of Priani, Claps & Caamaño in Buenos Aires, Argentina. He also worked as a risk manager intern for Deutsche Postbank in Bonn, Germany. Marco holds a J.D. from the Universidad de Buenos Aires, an M.A. in law and finance from the Universidad del CEMA, an M.B.A. in analytic finance and accounting from the University of Chicago, and an LLM from the Northwestern University School of Law. Marco is fluent in Spanish and proficient in Italian, German, French and Portuguese.

Close

Fumie Kikuchi, CMA

Associate, Research Analyst

Fumie Kikuchi, with 12 years of investment experience, serves as Associate of Advisory Research. Prior to joining the firm, she was a client relationship manager at J.P. Morgan Asset Management in Tokyo. Fumie holds a B.A. in policy management from Keio University in Tokyo, Japan. Fumie is fluent in Japanese.

Close

Kevin Ross, CFA

Vice President, Research Analyst

Kevin Ross, with 11 years of investment experience, serves as Vice President of Advisory Research. Prior to joining the firm, Kevin was an international equity analyst at Driehaus Capital Management in Chicago. He also worked as a senior research associate at Raymond James with a focus on the real estate industry. Kevin holds a B.S.B.A. in finance and international business from Washington University – St. Louis and an M.B.A. from the University of Chicago Booth School of Business with concentrations in finance, international business, and economics.

Close

Masa Matsumura, Ph.D.

Associate, Research Analyst

Masa Matsumura, with 8 years of investment experience, serves as an Associate of Advisory Research.  Prior to joining the firm, Masa was a summer associate at Credit Suisse and at the University of Tokyo Edge Capital.  He also worked as a commercial manager at General Electric International, Inc.  Masa holds a B.A. in Physics and Mathematics, an M.S. and Ph.D. in Physics from the University of Alabama at Birmingham and an M.B.A. from the University of Chicago. Masa is fluent in Japanese.

Close

Doris Shujia Huang, CFA, ACCA

Associate, Research Analyst

Doris Huang, with 7 years of investment experience, serves as an Associate of Advisory Research. Prior to joining the firm, Doris worked as a financial consultant at IBM Global Business Services in Shanghai and New York. She also worked as an equity research intern at Franklin Templeton Investments in Shanghai. Doris holds a B.M. B.M. in accountancy from Shanghai Jiao Tong University and an M.B.A. in analytic finance and economics from the University of Chicago. Doris is fluent in Mandarin.

We analyze non-U.S. companies using the same value-based approach that has been utilized in our U.S. strategies for over 25 years and in the international markets for nearly a decade. Our team has firsthand experience living and working in many international countries, affording meaningful cultural and business practice insights to the management of our strategies.

Investment Philosophy

The Advisory Research international investment philosophy follows a disciplined, bottom-up, value approach. We focus on international securities that we believe are undervalued, have minimal downside risk and have significant upside potential. We seek out investment opportunities with undervalued assets or stocks that have been abandoned by the institutional investment community.

We identify investment opportunities by performing comprehensive bottom-up analysis and due diligence, which allows us to assess company-specific risk and long-term upside potential. We then construct portfolios that are broadly diversified yet focused enough to allow for excess returns. Our general holding period is between one and three years. Our disciplined approach to value investing guides our thinking and frames our decision making through every step of the investment process. We believe our approach to investing in value securities in the international markets has the potential to create long-term value for our clients and to protect capital through market downturns.

Process

We apply our value-based philosophy through a disciplined and consistent investment process. We utilize a bottom-up, fundamental investment approach and invest in stocks that we believe are trading at a discount to net asset value and that have, in our opinion, minimal downside risk.

Bottom-up research is the foundation of our process, with a focus on balance sheet analysis. Our investment team seeks to identify companies that trade at attractive valuations relative to net asset value, with low probability of financial distress (measured in terms of low net debt/equity or net debt/EBITDA), with adequate liquidity, and that are profitable. We perform extensive quantitative financial and business analysis to determine the possible downside risk of an investment. To do so, we convert the accounting statements from “accounting” to “economic” reality. Significant time is spent revaluing both the assets and the liabilities to determine the net asset value of the company. Then, we research the company to see if it has an identifiable path to unlock and enhance value. We are focused on determining the upside of a particular company and emphasize senior management interviews, company visits and competitor analysis to do so.