Kirk Sims is an opportunity builder. With a career shaped by seizing the right moments at the right time, Kirk works every day to create valuable opportunities for emerging managers. His multifaceted background cultivated guiding principles that spearhead his current investment approach. With the goal of leaving the industry better than he found it, Kirk works diligently to embark some of his hard-earned wisdom on the next generation of investment professionals.

Kirk now heads the Emerging Manager Program at the Teacher Retirement System (TRS) of Texas, an initiative that focuses on building relationships with outperforming managers at the beginning of their life cycle. Sourcing top talent involves crossing paths with numerous up-and-coming managers. Kirk takes this opportunity to offer advice and mentorship—including to managers that are not currently positioned for an investment. Through supporting these managers in their early stages, Kirk is able to help the next generation navigate this industry, all while ensuring the retirement of Texas’ beloved teachers.

“You're finding talent early, you build that talent, you build that relationship, and those relationships are valuable for years. No matter how big that manager is, they remember that their early capital came from you.”

In this episode we discuss:

• Guiding emerging managers
• Shaping the next generation
• Why execution supersedes intention

Kirk was raised in a small town in Georgia but eventually moved to the nation’s capital of Washington D.C. to complete a Bachelor of Business Administration at Howard University. Kirk then earned an MBA from the Columbia University Graduate School of Business. Prior to TRS of Texas, Kirk oversaw a manager of manager’s retirement platform as well as an open architecture investment platform at Prudential Retirement. He was also responsible for the Emerging Manager Program at Teacher Retirement System of Illinois.

Resources:

• Teacher Retirement System of Texas | 2024 Emerging Manager Conference
• Teacher Retirement System of Texas | Emerging Manager Program

Listen to Other Successful Investors:

• Katherine Molnar (Fairfax County PORS) | Diversification 101
• Charmel Maynard (University of Miami) | Paying It Forward
• Aoifinn Devitt (Moneta Group) | Finding Clarity

Chapter Summaries:

[00:02:21]

A Business-Oriented Education

[00:04:40]

Starting at Brinson Partners

[00:11:46]

A Multifaceted Background

[00:16:05]

TRS of Illinois

[00:21:48]

Emerging Manager Program

[00:24:55]

TRS of Texas

[00:29:00]

A Day in the Life of Kirk Sims

[00:37:41]

Tips for Emerging Managers

[00:39:32]

Emerging Manager Conference

[00:42:10]

The Value of Mentorship

Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest(s) on this episode did not have a client relationship with SEI Novus at the time of recording.

Intellectual curiosity is a guiding principle for Katherine Molnar, CIO at Fairfax County Police Officers Retirement System (PORS). Katherine began investing as a teenager with the money she earned from summer jobs. She regularly questioned the critical elements of investing and often explored deep technical details in search of an answer. Eagerness for knowledge is a through line in Katherine’s career, motivating her to find innovative methods to strengthen portfolios.

Prior to working at Fairfax County PORS, Katherine spent a decade at AIG Investments (later Pinebridge Investments) where she became deeply acquainted with hedge funds and how they respond to various environments. This experience made for a seamless transition into her role at Fairfax County PORS, where the team was developing all-weather portfolios. Largely dependent on risk parity, this all-weather approach seeks to balance risks between numerous factors and maintain adequate performance regardless of the current state of economic growth and inflation.

“So whether that is expansion, contraction, trough or peak, we try to have a portfolio where something is always working.”

In this episode we discuss:

• Risk parity and building all-weather portfolios
• Intellectual curiosity
• The power of liquidity

After graduating from the University of North Carolina-Chapel Hill with a Bachelor of Science in Business Administration/Finance, Katherine spent two years in Frankfurt, Germany where she worked as an intern for J.P. Morgan. Katherine continued to expand her global perspective in Warsaw, Poland and London, England. In the former, she helped launch the first retail mutual fund in the polish market; in the latter, she worked as Vice President, Senior Research Analyst for AIG. She then transitioned to her current position of Chief Investment Officer at Fairfax County Police Officers Retirement System. 

Resources:

• Top Traders Unplugged | 7 Allocator Series: Learnings from Fairfax County ft. Katherine Molnar and Andrew Spellar

Listen to Other Successful Investors:

• Charmel Maynard (University of Miami) | Paying It Forward
• Aoiffin Devitt (Moneta Group) | Finding Clarity
• Ari Bergmann (Penso Advisors) | The Edge in Hedges

Chapter Summaries:

[00:03:00]

An Early Start to Investing

[00:04:00]

Studying at UNC

[00:09:02]

Hedge Funds at AIG

[00:14:11]

Liquidity and Financial Crises

[00:27:28]

Risk Parity and All-Weather Portfolios

[00:40:38]

Relationships with Managers

[00:48:30]

Transitioning to Fairfax County PORS

[00:58:39]

Intellectual Curiosity

Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest(s) on this episode did not have a client relationship with SEI Novus at the time of recording.

Growing up in Trinidad, Charmel Maynard was exposed to a wide array of cultures and backgrounds—an experience that taught him the sky’s the limit. Now, as CIO and Treasurer at the University of Miami, Charmel utilizes data-driven and DEI-focused methods to strengthen his investment processes. Throughout his career, Charmel stressed the importance of context when it came to investing, focusing on the “why” rather than just the numbers. 

Charmel attributes much of his success to the mentors who guided him throughout his career. Now, as a seasoned investment professional, Charmel works to empower the next generation of talent in the investment world. The inherent value of different perspectives and various backgrounds can offer unique insights in the investment arena—a principle that Charmel practices in his day-to-day. Charmel brings humility and critical thinking to his leadership approach, with a focus on enabling his team to reach its full potential.

Sidebar Quote:

“No matter how busy you get, you always have enough time to give back.”

”Too many people get caught up with the outcome instead of looking at the process. We are very, very focused on the process, because we are really endeavoring to produce consistent outcomes over time.”

In this episode we discuss:

• Charmel’s transition from mentee to mentor
• Diversity as a performance driver
• Building an investment office similar to “the greats”

Charmel began his professional career as an intern at J.P. Morgan. After graduating from Amherst College with a Bachelor of Arts in Political Science, he returned to the firm, progressing to the vice president position. Following a decade-long career with J.P. Morgan, Charmel made his way to the sunshine state as the Chief Investment Officer and Treasurer at the University of Miami. He remains an active member in and around his community, serving various organizations such as Mead Art Museum Board and Black Angels Miami Board. He also offers mentorship to University of Miami students through his program, Coffee with Charmel.

Resources:

• University of Miami | Investments
• Knight Foundation | Summary of Knight Foundation Women-and-Minority-Owned Managers
• Knight Foundation | Knight Diversity of Asset Managers Research Series: Philanthropy 2022

Listen to Other Successful Investors:

• Aoifinn Devitt (Moneta Group) | Finding Clarity
• Shannon O’Leary (Saint Paul & Minnesota Foundation) | Saying It Out Loud
• Karim Jetha (Longdean Capital) | Frontier Markets

Chapter Summaries: 

[00:02:21]

Growing up in Trinidad

[00:03:45]

Journey to Amherst

[00:08:03]

Interning at J.P. Morgan

[00:10:42]

Working Through the Financial Crisis

[00:20:09]

The Impact of Mentors

[00:27:18]

Transitioning to University of Miami

[00:32:19]

A Data-Driven and DEI-Focused Process

[00:41:58]

Mentoring Students

Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest(s) on this episode did not have a client relationship with SEI Novus at the time of recording.

Aoifinn Devitt compares her career journey to a “patchwork quilt”, each with a unique meaning and purpose. Her continual quest for knowledge is evidenced in her approach to investing, community-building, and continuing education. Aoifinn currently serves as CIO at Moneta Group. She also founded The Fiftyfaces Podcast in 2020, a series dedicated to sharing the untold stories of individuals in the investment world. 

As an avid learner, Aoifinn approaches life with a healthy dose of curiosity. Whether she is performing manager due diligence, interviewing a guest on her podcast, or exploring the role of psychological safety in decision-making, Aoifinn keeps asking questions until clarity is found. Her astute listening abilities help her to identify inconsistencies and uncover truth. 

“I don't want to hear all about the wins, I want to hear about the losses, I want to hear about the lessons learned. I want to see some humility in that manager's discussion of what went wrong. I want to see realism.”

In this episode we discuss:

1.     How making the complex clear elevates the quality of communication

2.     The importance of bringing a healthy dose of skepticism to every conversation

3.     The benefits of continually seeking more education and knowledge

4.     How producing The Fiftyfaces Podcast has influenced Aoifinn’s leadership style

Aoifinn Devitt is the Chief Investment Officer at Moneta, a St. Louis-based independent RIA with more than $20 billion in AUM. Her background includes investment banking, consulting, and corporate law. In addition to Aoifinn’s formal education in business and law, she holds an MSc in Applied Neuroscience from Kings College London. She is currently continuing her study of neuroscience through a part-time PhD at King’s College. Aoifinn continues to produce and host The Fiftyfaces podcast; this generous contribution to the investment community includes over 200 interviews with investment professionals. 

Resources:

·       The Fiftyfaces Podcast | Turning the Tables

·       The Fiftyfaces Podcast | On the Pulse of a People-Driven Industry

·       The Fiftyfaces Podcast | Sustainability as a Recurring Theme and Driving Force

Listen to Other Successful Investors:

·       Shannon O’Leary (Saint Paul & Minnesota Foundation) | Saying It Out Loud

·       Ted Seides (Capital Allocators) | Compelling Narratives

·       Matt Earl (Shadowfall) | Policy of Truth

Chapter Summaries:

[00:03:40]

Simplifying Complexity

[00:07:43]

Working in Corporate Law

[00:10:50]

Experiencing Booms and Busts

[00:13:47]

Introducing Skepticism

[00:18:05]

Entering Investment Consulting

[00:23:30]

Launching Clontarf Capital

[00:30:23]

CIO at the Chicago Police Pension

[00:35:45]

Transitioning to Federated Hermes

[00:37:00]

Bringing Neuroscience to the Investment Arena

[00:42:43]

Producing Fiftyfaces

Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest(s) on this episode did not have a client relationship with SEI Novus at the time of recording.

Shannon O’Leary is the Chief Investment Officer of the Saint Paul & Minnesota Foundation, a $2 billion community foundation. Since joining the Foundation in 2019, Shannon has thoughtfully implemented DEI and ESG investment strategies to create a portfolio that supports grant creation and includes investments that are in line with the Foundation's mission.

Shannon will call out the elephant in the room (and the elephant hidden in the room next door). Her emotional acuity and analytical prowess have served her investment teams well throughout her career—from sharing grades on manager DEI surveys to unconventional methods for manager due diligence. Shannon's proactive approach to resolving misalignment is underscored by an acute awareness that there will always be unforeseen challenges.

"Wherever you show up, show up as yourself . . . show up as authentically "you" as you can be. And that generally will bring out a more authentic version of the person that you're speaking to." In this episode, you will learn the following: 1. How the Saint Paul & Minnesota Foundation implements DEI and ESG strategies to maintain a portfolio aligned with the Foundation's mission

2. How the Foundation works with managers to help them grow into true partners of the Foundation's mission

3. What strategies Shannon O'Leary employs to detect when something is "not quite right" in conversations with asset managers

Shannon began her career as an analyst at Dearborn Partners in Chicago after earning a bachelor’s degree in economics with a concentration in high-energy physics from the University of Wisconsin—Madison. She recently started publishing a newsletter, Say it Out Loud, that looks at how to initiate change in the investment industry.

Resources:

·      Say It Out Loud | Have We Reached Peak Stupid?

·      Say It Out Loud | How to Not Get a Second Meeting: A Guide

·      Say It Out Loud | Why (Actually) Looking at Your DEI Survey is a Good Idea

Other Episodes You’ll Enjoy:

·      Jennifer Heller (Brandywine) | Investing Renaissance

·      Dusty Granet (Green Trading Capital) | Green Trading

·      Patricia Lizarraga (Hypatia Capital) | The Female Factor

Chapter Summaries:

[00:02:57]

Emotional Intelligence

[00:08:21]

Unconventional Due Diligence

[00:12:57]

Diverse Management Teams

[00:16:28]

Journey to CIO

[00:20:59]

Effective Investment Decisions

[00:30:42]

Community Foundations

[00:35:29]

Saint Paul & Minnesota Foundation

[00:43:16]

Partnering with Managers

[00:47:53]

Saying It Out Loud

As host and founder of the internationally recognized Capital Allocators podcast, Ted Seides gathers insights from an elite group of asset owners and asset managers. Ted’s own story encompasses a wealth of stories. His unique skillset includes capturing the essence of a firm or person in a genuine and compelling narrative. During his 20 years on the investment side, Ted listened to numerous manager presentations at Yale and worked with a subset of managers at Protégé to help them build their story. Recognizing the unique value in developmental discussions with both CIOs and managers, he decided to capture similar conversations and spread the insights he so valued with the broader community—via podcasting. Capital Allocators was born. This well-connected and well-nurtured approach to learning about investing leaves Ted with a substantial knowledge on current industry trends, best practices, and new developments. In this episode we cover: lessons Ted has learned from Capital Allocators how hosting a podcast is similar to investing capital what motivated Ted to build the multi-faceted Capital Allocators ecosystem Ted Seides, CFA is the founder of Capital Allocators, an ecosystem that includes podcasts, events, education, and advisory. Ted launched the Capital Allocators podcast in 2017. From 2002 to 2015, Ted was a founder of Protégé Partners LLC and served as President and Co-Chief Investment Officer. Ted began his career in 1992 under the tutelage of David Swensen at the Yale University Investments Office. Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest(s) on this episode did not have a client relationship with SEI Novus at the time of recording.

Marcello Sallusti leaves very little up to chance. His success as an investor comes from an incredibly principled and methodical approach to investing. Decisions are qualitatively evaluated and quantitatively researched during the consideration stage, then reconsidered before execution. While data collection is a necessity, Marcello finds the most meaningful insights come from connecting the dots.

Adding to the challenge, the ever-accelerating information cycle leaves little time for evaluation before a decision must be made. In Marcello’s own words, “Not taking action would be to double up on your mistake.”

In this episode, we discuss:

• hard and soft factors to consider in due diligence
• the fine line between conviction and stubbornness
• the evaluation and evolution of a strong investment thesis

Marcello Sallusti is founder and CIO at Engadine Partners, an alternative investment advisory firm based in London. Prior to his role at Engadine, Marcello spent 16 years at Egerton Capital, concluding as Deputy CIO.  He earned his Master’s degree in Accounting and Finance from Università Bocconi in Milan.

Disclaimer: Information provided by SEI through its affiliates and subsidiaries. This information is for educational purposes only and should not be considered investment advice. The strategies discussed herein are complex and are not suitable for all investors.

All content in this podcast reflects the opinions and views of the speakers. The guest(s) on this episode did not have a client relationship with SEI Novus at the time of recording.

Short specialist fund manager, Matthew Earl, unearths companies with suspicious or unreliable business practices. Putting his money where his mouth is, Matt shorts these snaky companies—sometimes sharing his research when there’s a strong public interest.

Matt’s career is filled with research projects in which he delineated what many others struggled to see, from identifying flawed business models to recognizing signs of aggressive accounting. Among the most public of Matt’s endeavors lies Wirecard; he started raising concerns about the payment processing company in 2015—five years before Wirecard filed for insolvency. Matt dealt with repeated cyber hacking attempts and ongoing surveillance due to his publicly shared research opposing the company.

In this episode, Matt shares and expands upon the three key elements to short selling:

• have great thesis

• utilize strong risk management
• identify the catalysts

Combining his skill in research with his ability to identify a good short, Matt founded ShadowFall Capital & Research LLP in 2017. The “Capital” portion of the firm is a single strategy pan-European market neutral fund that exclusively focuses on short alpha. The “Research” portion publishes and sells investigative reports; the most recent publicly available publication raises concerns about Civitas Social Housing PLC. 

Matthew Earl is Managing Partner and CIO at ShadowFall. Prior to this role, Matt managed funds at a family office. He began his career as a junior economist at the Royal Bank of Scotland, followed by working on the equity research side at Investec Securities. Matt supported the research offering at Charles Stanley Securities and also conducted research at Matrix Capital Markets Group, an investment bank in London.

Please note that this episode was recorded on April 28, 2022.

Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest on this episode had a client relationship with SEI Novus at the time of recording.

In 2007, Dr. Ari Bergmann saw an iceberg approaching. Looking at the housing market, Dr. Bergmann’s firm (then called Sentinel Advisors) noticed the leverage of the banks increasing and the banks’ exposure to the housing market increasing—but no one seemed to be hedging the risk. After recognizing the house-of-cards situation, the team decided to open their own overlay, betting against the banks.

Dr. Bergmann is adamant that a strong hedging strategy is not designed to be an “insurance policy.” After all, the insurance companies are the only ones making the money, not the policy owners. The ideal strategy must also make money over the market cycle—a criteria that many hedge funds fail to meet.

Always a student of the market, Dr. Bergmann shares, “The market is greater than you, and that is something that always informs you. If the market tells you that you're wrong, get out. Reassess.”  

Ari Bergmann is Founder and Managing Principal/CIO at Penso Advisors, LLC. He leads the firm’s investment committee and manages various Penso funds and clients’ mandates. Starting his professional career at Price Waterhouse as an accountant, Dr. Bergmann then worked in precious metals and commodity training at Drexel Lamber Trading Crop, followed by a twelve-year tenure at Bankers Trust. Prior to his current role, Dr. Bergmann served as CEO of Sentinel Advisors, LLC; this involved management of multiple funds with strategies including derivatives arbitrage, fund of funds, and risk overlay. Dr. Bergmann holds a master’s degree in Liberal Studies and a Ph.D. in Comparative Religion, both from Columbia University.

Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest interviewed on this podcast was not a client of SEI Novus at the time of recording.

As a bond analyst with AIG Investments, David “Dusty” Granet was charged with hedging the insurer’s risks associated with the European carbon markets. He quickly became hooked with the asset class. His passion for geopolitical supply and demand, as well as the environmental attributes of these up-and-coming markets, inspired a new career path.

The shift in social and investor expectations towards climate action requires companies to confront and adopt measures to mitigate the impact of greenhouse gases to our planet. Investors in this space aim to use the potential of carbon and renewable energy to combat climate change, protect the environment, and direct capital to investment opportunities correlated with the most substantial impact. Green Trading Capital is at the forefront of investment firms identifying uncorrelated investment opportunities in the environment commodities space.

Started by Dusty, Green Trading Capital allocates capital across environmental markets, using an opportunistic, active portfolio management approach. The firm’s exposures include regulated carbon markets, renewable markets, and voluntary markets. Factors such as regulatory arbitrage, supply and demand, relative value, and liquidity play a large role with regards to investment decisions.

While discussing the opportunities in the nature-based offsets space, Dusty shared, “What is best has probably not been created yet. The frameworks are always changing. We're always getting better in this space, so we think the offset market is really still in its infantile stage.”

Prior to his role as Chief Investment Officer at Green Trading Capital, Dusty worked at BGC Partners / Cantor Fitzgerald, Evolution Markets, and AIG Investments.

Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest interviewed on this podcast was not a client of SEI Novus at the time of recording.

With Tanzanian heritage, a UK education, and a deep interest in emerging markets, Karim Jetha founded Longdean Capital. Karim’s early career focus on MENA, and his experience living in the region, informs his current investing strategy. Longdean has the operational infrastructure to invest primarily in companies solely listed on local exchanges, which Karim believes gives them access to the best opportunities.

In addition to its focus on frontier and emerging markets, Longdean invests with a bias towards companies with a positive social impact, such as Leejam Sports. Recognizing the increasing participation of females in the workforce facilitated by changing social norms, this chain of fitness centers opened up the first set of female gyms in Saudi Arabia.

Karim’s deep understanding of the nuances in the MENA market inform his appreciation for the diversity and quality of businesses within the region. He shares, “In order to make outsized long-term returns, you have to think differently.” Though this contrarian way of thinking may not appeal to all, Karim values remaining true to your own convictions and trusting that the right investors will follow.

Karim Jetha is founder and Chief Investment Officer at Longdean Capital. Before founding Longdean Capital in 2018, Karim spent nine years at Blakeney Management, where he was Partner, Portfolio Manager, and Head of MENA Coverage. Prior to Blakeney, Karim was an Associate at Goldman Sachs in the Investment Banking Division with stints in London and Dubai. Karim has an MA from the University of Cambridge where he read Economics.