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.

U.S. Value Equity

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Matthew K. Swaim, CFA, CPA

Managing Director, Portfolio Manager

Matt Swaim, with 17 years of investment experience, serves as Managing Director of Advisory Research. Prior to joining the firm, he worked in the assurance and business advisory group at PricewaterhouseCoopers LLP. While pursuing his master’s degree in business, he worked as an equity analyst with a mutual fund company. Matt holds a B.S. in accounting and business administration from the University of Kansas and an M.B.A. from the Kelley School of Business – Indiana University.

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Chris Harvey, CFA

Managing Director, Portfolio Manager

Chris Harvey, with 17 years investment experience, serves as Managing Director of Advisory Research. Prior to joining the firm, he was the Director of Research and a member of the Investment Committee at Zuckerman Investment Group. Previous to that, Chris was a vice president at Legg Mason Investment Counsel and senior equity analyst at William Harris Investors. Chris holds a B.A. from Clark University and an M.B.A. from the University of Chicago.

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Bruce Zessar, J.D., CFA

Managing Director, Portfolio Manager

Bruce Zessar, with 15 years of investment experience, serves as Managing Director of Advisory Research. Prior to joining the firm, Bruce was a co-founder and principal of Oasis Legal Finance, LLC, a specialty finance company. Bruce is a former partner in the law firm of Sidley Austin, where he practiced financial markets-related law, including securities, antitrust and intellectual property for 12 years. Bruce holds an A.B. magna cum laude in economics from Harvard University and a J.D. with distinction from Stanford Law School.

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James M. Langer, CFA

Managing Director, Portfolio Manager

Jim Langer, with 25 years of investment experience, serves as Managing Director of Advisory Research. Prior to joining the firm, he served as an investment analyst at Marquette Capital for five years. Jim’s career in finance began at the Center for Research in Security Prices at the University of Chicago, where he worked on several academic research projects. Jim holds a B.A. in economics from the University of Chicago and an M.B.A. from the Kellogg School of Management – Northwestern University.

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William Florida, CFA

Vice President, Research Analyst

William Florida, with 14 years of investment experience, serves as Vice President of Advisory Research. Prior to joining the firm, he served as an executive in Japan and Europe for 13 years in pharmaceutical manufacturing firms. Previous to that, William served for three years as a Japanese commercial banker. William holds an A.B. in public policy and an A.M. in social science from the University of Chicago and an M.P.P. from Harvard University. William is fluent in Japanese and German.

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Justin A. Perucki, CFA

Managing Director, 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.

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Adam M. Dabrowski, CFA, FRM

Vice President, Research Analyst

Adam Dabrowski, with 15 years of investment experience, serves as Vice President of Advisory Research. Prior to joining the firm, he served as a senior developer for a financial services and trading firm. Adam holds a B.S. in computer science from DePaul University and an M.B.A in analytic finance from the University of Chicago.

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Ohi I. Akhigbe, CFA

Vice President, Research Analyst

Ohi Akhigbe, with 12 years of investment experience, serves as Vice President of Advisory Research. Prior to joining the firm, he was an investment professional at Great Hill Partners, a Boston-based private equity firm. Ohi began his career as an investment banker for Goldman, Sachs & Co. Ohi holds a B.S. in accounting and finance from Boston College and an M.B.A. from Northwestern University.

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David Manger, CFA

Vice President, Research Analyst

David Manger, with 9 years of investment experience, serves as an Vice President of Advisory Research.  Prior to joining the firm, he worked as an investment professional at AMI Investment Management.  David began his career as a research analyst at Morningstar.  David holds a B.A. in economics and management from Albion College.

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Christine Altermatt

Associate, Research Analyst

Christine Altermatt, with 5 years of investment experience, serves as Associate of Advisory Research. Christine holds a B.S. in biology and history from the University of Michigan, Ann Arbor.

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Ellen D. Freeman

Vice President

Ellen Freeman, with 12 years of investment experience, serves as Vice President of Advisory Research. Ellen holds a B.A. in art history from Saint Mary’s College, Indiana. Ellen was awarded the Claritas® Investment Certificate.

To fulfill our mandate, we rely on the deep experience and independent thinking of our expert research team – not research from outside sources. With their intimate knowledge of the markets, our team members search out untapped opportunities, including those that fly under the radar of larger firms with a more formulaic research approach.

Investment Philosophy

Advisory Research adheres to a disciplined, bottom-up, value approach to investing. By focusing on securities that are selling at a discount to our assessment of their net asset value, Advisory Research seeks to generate competitive long-term returns while minimizing investment risk. The companies that provide us the best opportunities are those 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. The strength of our conviction in each security translates to investments being held for the long term.

Our highly disciplined approach to value investing guides our thinking and frames our decision making through every step of the investment process. We believe that investing in these securities 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 searches for profitable, asset-rich companies with appropriate leverage that are trading at a discount to our assessment of net asset value. We perform extensive quantitative financial and business analysis to determine the possible 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.