Robert Ellsworth Butman

Provides software, IT consulting, cloud and infrastructure services

The objective of the TQA's hedged convertible strategy is to construct and manage a hedged portfolio with a high current return and low volatility. This is accomplished by the simultaneous purchase of a long position in a convertible security and a short sale of the underlying common stock. To minimize risk, the portfolio is hedged on a delta neutral basis and is typically highly diversified among as many as 100 or more positions. While leverage may be employed on a tactical basis, its range is always restricted by the objective of the particular fund and is modest in comparison to industry practice. The goal of their equity market neutral process is to provide a systematic small cap long/short equity strategy with net returns consistently 10% above the cash benchmark and annualized monthly volatility below 6%. TQA exploits anomalies unique to a special group of small-cap stocks that tend to be generally neglected by institutional investors but react to change in their earnings prospects. This strategy utilizes a combination value and growth model that attempts to identify for the long portfolio undervalued stocks which are oversold on a technical basis but possess a strong earnings momentum catalyst which should move the stock higher over a short-term horizon. Stock selection factors include historic relative valuation, discounted cash flow analysis, private market value, earnings estimate revisions, earnings momentum, earnings surprise and both short and long-term price momentum. TQA selection universe is derived from the combined S&P 600 and S&P MidCap indexes. This working set is screened for size, liquidity, analyst coverage and industry.

Cutler specializes in convertible securities, financials sector investments including community banks, and real estate investment trusts (REITs). They seek to optimize each portfolio based on their client’s risk tolerance, time horizon, liquidity needs and tax situation.

Manufactures chocolates and sugar candies.

Functions as a College/University

CCM seeks to generate absolute returns through a hedged investment strategy focused primarily on convertible bonds and other capital structure opportunities. The firm employs a relative value approach that combines deep fundamental research and sophisticated trade construction. They pursue an absolute return objective with a strong focus on capital preservation.

Provides market research and consulting & software development services

Provides investment advice

Functions as a College/University