Required Disclosures
S&P GLOBAL™ is used under license. The owner of these trademarks is S&P Global Inc. or its affiliate, which are not affiliated with CFRA Research or the author of this content.
This report is for informational purposes only. Neither the publisher nor its sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage. When using this report, investors are advised to consult the accompanying glossary of investment terms.
Throughout this report, total return performance shown is historical, and assumes reinvestment of all dividends and capital gain distributions. Total Return, Peer Rank and Category Rank do not take into account loads or any other sales charges. An investment in a fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Past performance is no guarantee of future results, and investment return and principal value will fluctuate so that, when redeemed, an investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted; performance current to the most recent month-end or calendar quarter- end is included in the report and can also be obtained from the fund company’s website.
The data and information shown in this report is intended for use by financial professionals and/or sophisticated investors who should verify that all data, assumptions, and results are accurate before making any investment decision or recommendation. Before acting on any information in this document, an investor should consider whether the fund is suitable for their particular circumstances and, if necessary, seek professional advice.
CFRA’s Mutual Fund Rankings provide a quantitative and holistic assessment of the performance, risk profile, and relative costs of a given fund compared to other mutual funds in its category. Rankings range from ««««« (highest) to ««««« (lowest) and follow a normalized distribution curve.
Fund Rank in Category CFRA Ranking
Top 10% «««««
Next 20% ««««
Middle 40% «««
Next 20% ««
Bottom 10% «
Risks disclaimers
Investors should read the fund’s prospectus and consider the fund’s investment goals, risks, charges and expenses before investing. The Fund may be subject, but not limited, to the following investment risks:
Equity Investing Risk
While stocks have historically outperformed other asset classes over the long term, they tend to fluctuate more dramatically over the short term. There are special risks associated with significant exposure to a particular sector, including the possibility of increased economic, business or other developments affecting the sector, which may result in increased volatility to the fund’s share price.
Small and midsize company risk. Small and midsize companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable, and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the Fund’s ability to sell these securities.
Large cap stock risk. Stocks of large cap companies may underperform the stocks of lower quality, or smaller capitalization companies during periods when the stocks of such companies are in favor.
Growth securities risk. Growth companies generally seek to achieve high earning growth regardless of market conditions. Growth stocks usually have high price-to-earnings and price-to-book ratios, which means that these stocks are relatively high-priced in comparison with the companies’ Net Asset Values (NAVs). Stocks of growth companies or “growth securities” have market values that may be more volatile than those of other types of investments. Growth securities typically do not pay a dividend, which can help cushion stock prices in market downturns and reduce potential losses.
Value securities risk. Value stocks are those that generally have fallen out of favor in the marketplace and are considered bargain-priced compared with book value, replacement value, or liquidation value. Typically, value stocks are priced much lower than stocks of similar companies in the same industry. The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth.
International Equity Risk
Foreign investment risk. Fund’s investments in foreign securities may be subject to political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.
Foreign currency risk. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency exchange rates may fluctuate significantly over short periods of time. Foreign currencies are also subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government intervention and controls.
Emerging market risk. The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more developed economies, and emerging markets generally have less diverse and less developed economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
Fixed Income Investing Risk
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties.
Lower-quality (high yield bonds or junk bond) debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.
Credit and default risk. Corporate bonds are subject to credit risk. It’s important to pay attention to changes in the credit quality of the issuer, as less creditworthy issuers may be more likely to default on interest payments or principal repayment. If a bond issuer fails to make either a coupon or principal payment when they are due, or fails to meet some other provision of the bond indenture, it is said to be in default. To the extent the fund invests in high yield, its portfolio is subject to heightened credit risk.
Liquidity risk. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the Fund’s share price may fall dramatically, even during periods of declining interest rates. The secondary market for certain bonds tends to be less well developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell such bonds at attractive prices.
Derivatives risk. Investments in derivatives could have a potentially large impact on the Fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value.
Collateralized bond obligation risk. Collateralized Bond Obligations are structured financial products that pool together high yield bond obligations and repackages into separate groupings called tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater risk, pay higher interest rates.
Government securities risk. The U.S. Treasury does not back in full all obligations of the U.S. government, its agencies and instrumentalities. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. The U.S. government or its agencies or instrumentalities cannot guarantee the market value of a security and they can guarantee only the timely payment of interest and principal when held to maturity. U.S government securities may increase or decrease in value based on global demand and changes in global economic conditions affect the demand for these securities.
Municipal securities risk. Public information available about municipal securities is in general limited and less available than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund’s investments in municipal securities. Fund’s investments in municipal projects of a municipality or a state may impact the Fund’s value, if economic, business or political conditions change for the municipality or state.
Blended Funds & Fund of Funds Risks
Allocation risk. The ability of a fund to achieve its investment goal depends, in part, on the ability of the fund’s portfolio manager to allocate effectively the fund’s assets among equity and fixed-income securities. There can be no assurance that the actual allocations will be effective in achieving the fund’s investment goal.
Correlation risk. Although the prices of equity securities and fixed-income securities, as well as other asset classes, often rise and fall at different times so that a fall in the price of one may be offset by a rise in the price of the other, in down markets the prices of these securities and asset classes can also fall in tandem. Because the fund allocates its investments among different asset classes, the fund is subject to correlation risk.
Fund of Funds Risk. The Fund pursues its investment objective by investing in assets in the underlying sector fund rather than investing directly in stocks, bonds, cash or other investments. The Fund’s investment performance, because it is a fund of funds, depends on the investment performance of the underlying sector fund in which it invests. The Fund will indirectly pay a proportional share of the asset-based fees of the underlying sector fund in which it invests.
Equity Investing Risk
While stocks have historically outperformed other asset classes over the long term, they tend to fluctuate more dramatically over the short term. There are special risks associated with significant exposure to a particular sector, including the possibility of increased economic, business or other developments affecting the sector, which may result in increased volatility to the fund’s share price.
Small and midsize company risk. Small and midsize companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable, and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the Fund’s ability to sell these securities.
Large cap stock risk. Stocks of large cap companies may underperform the stocks of lower quality, or smaller capitalization companies during periods when the stocks of such companies are in favor.
Growth securities risk. Growth companies generally seek to achieve high earning growth regardless of market conditions. Growth stocks usually have high price-to-earnings and price-to-book ratios, which means that these stocks are relatively high-priced in comparison with the companies’ Net Asset Values (NAVs). Stocks of growth companies or “growth securities” have market values that may be more volatile than those of other types of investments. Growth securities typically do not pay a dividend, which can help cushion stock prices in market downturns and reduce potential losses.
Value securities risk. Value stocks are those that generally have fallen out of favor in the marketplace and are considered bargain-priced compared with book value, replacement value, or liquidation value. Typically, value stocks are priced much lower than stocks of similar companies in the same industry. The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth.
Growth Funds
Growth funds focus on stocks that may not pay a regular dividend but have the potential for large capital gains.
Growth securities risk. Growth companies generally seek to achieve high earning growth regardless of market conditions. Growth stocks usually have high price-to-earnings and price-to-book ratios, which means that these stocks are relatively high-priced in comparison with the companies’ Net Asset Values (NAVs). Stocks of growth companies or “growth securities” have market values that may be more volatile than those of other types of investments. Growth securities typically do not pay a dividend, which can help cushion stock prices in market downturns and reduce potential losses.
Income Funds
Income funds invest in stocks that pay regular dividends.
Risks of stock investing. While stocks have historically outperformed other asset classes over the long term, they tend to fluctuate more dramatically over the short term. There are special risks associated with significant exposure to a particular sector, including the possibility of increased economic, business or other developments affecting the sector, which may result in increased volatility to the fund’s share price.
Preferred stock risk. Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer’s ability to make payments on the preferred stock.
Index Funds
Index funds aim to achieve the same return as a particular market index by investing in all or perhaps a representative sample of the companies included in the particular index.
Indexing strategy risk. Funds that use an indexing strategy generally do not attempt to manage market volatility, but use defensive strategies or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund’s expenses, changes in securities markets, changes in the composition of the index and the timing of purchases and redemptions of fund shares.
Non-diversification risk. Generally funds that have an indexing strategy tend to be non-diversified, which means that the fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, the fund’s performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.
Sector Funds
Sector funds may specialize in a particular industry segment, such as technology or consumer products stocks.
Market sector risk. Sector funds may significantly overweight or underweight certain companies, industries or market sectors, which may cause the fund’s performance to be more or less sensitive to developments affecting those companies, industries or sectors.
Money Market Risks
Compared to other mutual funds, Money Market funds have relatively low risks. By law, Money Market funds can invest only in certain high-quality, short-term investments issued by the U.S. Government, U.S. corporations, and state and local governments. Money market funds try to keep their net asset value (NAV) at a stable $1.00 per share. However, the NAV may fall below
$1.00 if the fund’s investments perform poorly. Money Market funds pay dividends that generally reflect short-term interest rates, and historically the returns for Money Market funds have been lower than for either bond or stock funds.
Inflation risk. The risk that inflation will outpace and erode investment returns over time.
Interest rate risk. Prices of fixed-income securities may accompany a rise in the overall level of interest rates. A sharp and unexpected rise in interest rates could cause a money market fund’s share price to drop below a dollar.
Credit and default risk. Corporate bonds are subject to credit risk. It’s important to pay attention to changes in the credit quality of the issuer, as less creditworthy issuers may be more likely to default on interest payments or principal repayment. If a bond issuer fails to make either a coupon or principal payment when they are due, or fails to meet some other provision of the bond indenture, it is said to be in default. To the extent the fund invests in high yield, its portfolio is subject to heightened credit risk.
Liquidity risk. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the Fund’s share price may fall dramatically, even during periods of declining interest rates. The secondary market for certain bonds tends to be less well developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell such bonds at attractive prices..
Tax risk. To be tax-exempt, municipal obligations generally must meet certain regulatory requirements. If any such municipal obligation fails to meet these regulatory requirements, the interest received by the fund from its investment in such obligations and distributed to fund shareholders will be taxable.
Structured notes risk. Structured notes, a type of derivative instrument, can be volatile, and the possibility of default by the financial institution or counterparty may be greater for these instruments than for other types of money market instruments. Structured notes typically are purchased in privately negotiated transactions from financial institutions and, thus, an active trading market for such instruments may not exist.
Municipal securities risk. Public information available about municipal securities is in general limited and less available than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the Fund’s investments in municipal securities. Fund’s investments in municipal projects of a municipality or a state may impact the Fund’s value, if economic, business or political conditions change for the municipality or state.
Municipal lease risk. Municipal leases generally are backed by revenues from a particular source or depend on future appropriations by municipalities and are not obligations of their issuers; therefore they are less secure than most municipal obligations.
Non-diversification risk. Money Market funds tend to be non-diversified, which means that the fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, the fund’s performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.
Mutual Fund Ranking Methodology and Inputs
The overall Mutual Fund ranking is based on a weighted average computation of three components – performance analytics, risk considerations and cost factors that evaluate, relative to its peers, a fund’s underlying holdings, its historical performance, and characteristics of the fund. For blended funds investing in individual securities, CFRA incorporates the following inputs:
Performance Analytics. The component score is a weighted average of up to four inputs:
Holdings-Based Inputs: STARS and 12-Month Yield (weighted average value of holdings)
Fund Inputs: trailing 1-year and 3-year performance vs. peers
Risk Considerations. This component score is a weighted average of up to four inputs:
Holdings-Based Inputs: Weighted Average Credit Rating
Fund Inputs: Manager Tenure, Standard Deviation and Debt Exposure
Cost Factors. This component score is a weighted average of up to three inputs: Expense Ratio (Net), Sales Load and Portfolio Turnover of the fund.
The component rankings are represented as Positive, Neutral or Negative indications, following the same methodology of a normalized distribution curve:
Positive component rankings are assigned to funds whose weighted-average score is in the top quartile of its asset category’s universe, applying a normalized distribution curve.
Neutral component rankings are assigned to funds whose weighted-average score is in the second or third quartiles of its asset category’s universe, applying a normalized distribution curve.
Negative component rankings are assigned to funds whose weighted-average score is the bottom quartile of its asset category’s universe, applying a normalized distribution curve.
In cases where sufficient analytical measures are not available on underlying assets, the component ranking will not be displayed.
For more details, including definitions, of the individual inputs to the Mutual Fund Ranking, see the Glossary section of this report. CFRA does not receive fees from funds for their inclusion in this report.
Analyst Certification
STARS Stock Reports are prepared by the equity research analysts of CFRA and its affiliates and subsidiaries. Quantitative Stock Reports are prepared by CFRA. All of the views expressed in STARS Stock Reports accurately reflect the research analyst’s personal views regarding any and all of the subject securities or issuers; all of the views expressed in the Quantitative Stock Reports accurately reflect the output of CFRA’s algorithms and programs. Analysts generally update STARS Stock Reports at least four times each year. Quantitative Stock Reports are generally updated weekly. No part of analyst, CFRA, CFRA affiliate, or CFRA subsidiary compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in any Stock Report.
About This Report’s Distributors:
This Report is published and originally distributed by Accounting Research & Analytics, LLC d/b/a CFRA (“CFRA US”), with the following exceptions: In the UK/EU/EEA, it is published and originally distributed by CFRA UK Limited (“CFRA UK”), which is regulated by the Financial Conduct Authority (No. 775151), and in Malaysia by CFRA MY Sdn Bhd (Company No. 683377-A) (formerly known as Standard & Poor’s Malaysia Sdn Bhd) (“CFRA Malaysia”), which is regulated by Securities Commission Malaysia, (No. CMSL/A0181/2007) under license from CFRA US. These parties and their subsidiaries maintain no responsibility for reports redistributed by third parties such as brokers or financial advisors.
General Disclaimers
Notice to all jurisdictions
Where reports are made available in a language other than English and in the case of inconsistencies between the English and translated versions of a Research Report, the English version will control and supersede any ambiguities associated with any part or section of a Research Report that has been issued in a foreign language. Neither CFRA nor its affiliates guarantee the accuracy of the translation.
The content of this material and the opinions expressed herein are those of CFRA based upon publicly-available information that CFRA believes to be reliable and the opinions are subject to change without notice. This analysis has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. While CFRA exercised due care in compiling this analysis, CFRA AND ALL RELATED ENTITIES SPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, to the full extent permitted by law, regarding the accuracy, completeness, or usefulness of this information and assumes no liability with respect to the consequences of relying on this information for investment or other purposes. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of CFRA. The Content shall not be used for any unlawful or unauthorized purposes. CFRA and any third-party providers, as well as their directors, officers, shareholders, employees or agents do not guarantee the accuracy, completeness, timeliness or availability of the Content.
Past performance is not necessarily indicative of future results. This document may contain forward-looking statements or forecasts; such forecasts are not a reliable indicator of future performance.
This report is not intended to, and does not, constitute an offer or solicitation to buy and sell securities or engage in any investment activity. This report is for informational purposes only. Recommendations in this report are not made with respect to any particular investor or type of investor. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors and this material is not intended for any specific investor and does not take into account an investor’s particular investment objectives, financial situations or needs. Investors should seek independent financial advice regarding the suitability and/or appropriateness of making an investment or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such investments, if any, may fluctuate and that the value of such investments may rise or fall. Accordingly, investors may receive back less than they originally invested. Investors should seek advice concerning any impact this investment may have on their personal tax position from their own tax advisor. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make an investment decision. Unless otherwise indicated, there is no intention to update this document.
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For residents of Malaysia: Research reports are originally produced and distributed by CFRA MY Sdn Bhd (Company No. 683377-A) (formerly known as Standard & Poor’s Malaysia Sdn Bhd) (“CFRA Malaysia”), a wholly-owned subsidiary of CFRA US. CFRA Malaysia is regulated by Securities Commission Malaysia (License No. CMSL/A0181/2007).
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CFRA and STARS are registered trademarks of CFRA.
Tomas Perez is currently a Bespoke Analyst at CFRA research.
Previously he was a Senior Associate at KPMG, LLP focused on the insurance industry, on a variety of projects in audit and advisory services for multiple Fortune 500 clients.
Tomas is also a graduate of the Ohio State University, having received a Bachelor’s of Science in Business Administration with a Specialization in Accounting and a minor in Economics. He is also a licensed CPA in the state of Ohio.
Nick Rodelli is the founder and head of CFRA’s Legal Edge, an institutional investor research product focused on legal and regulatory risk.
Prior to joining the firm, Nick was a litigator and corporate governance counselor at Wilson Sonsini Goodrich and Rosati, a Palo Alto, CA technology sector-focused law firm, and Jenner & Block in Chicago, IL, and a merger arbitrage and special situations analyst at a multi-strategy hedge fund, where he performed merger antitrust, litigation, SEC Enforcement, and regulatory risk assessments, and fundamental analysis. Nick has appeared on CNBC and has been quoted in Barron's, Bloomberg, The New York Times, and other major publications.
Nick holds a Juris Doctor degree from the University of North Carolina at Chapel Hill.
Veronica Mercier is a Junior Analyst on the Bespoke Team within Forensic Research Services. She conducts in-depth financial analysis and qualitative review of public-facing companies to produce custom reports for clients. Prior to joining CFRA in May of 2019, Veronica worked as a Student Economist in the Division of Insurance and Research at the FDIC where she conducted banking research.
Veronica holds an MA in Economics from George Mason University as well as a BS in Mathematics and BA in Economics from the University of Tampa.
Sel Hardy joined CFRA in October 2019 and is a Fundamental Equity Research Analyst covering several segments within the Healthcare industry including Pharmaceuticals, Managed Health Care, Life Sciences Tools & Services, Health Care Distributors and Services.
Prior to joining CFRA, Sel worked in Equity and Fixed Income Research at Is Investment, the leading investment bank in Turkey. She analyzed stocks and corporate bonds traded on the Istanbul Stock Exchange. As an equity analyst she focused on stocks of Hospital Operators, Pharmaceuticals, Industrials, and Hospitality companies and initiated coverage on several new listings, some of which ranked among the top equity investments of the year. Sel started her career in Finance at Credit Agricole Group as an Analyst in the Corporate and Investment Banking division with a focus on M&A and Credit Analysis.
Sel holds a BA in Economics and Politics from Brandeis University. She also holds a MS in Finance from Cass Business School, City University London.
Garrett Nelson is a Senior Equity Research Analyst primarily responsible for coverage of the U.S. Automotive and Beverages industries. He covers the entire Auto supply chain from manufacturers such as Tesla, Ford, and GM to parts and equipment suppliers, retailers, dealerships, distributors, and tire manufacturers. Garrett also follows the Beverage and Tobacco industries, including companies such as Coca-Cola, PepsiCo, Molson Coors, Constellation Brands, Altria, and Philip Morris. Finally, he follows a handful of large-cap retailers such as Walmart, Target, and Costco.
Garrett has been with CFRA since July 2018. Prior to joining CFRA, Garrett spent over a decade as a sell-side equity research analyst. He was a Senior Equity Research Analyst at BB&T Capital Markets, where he covered the Metals & Mining industry. Prior to that, Garrett was at an Equity Research Analyst at Davenport & Company LLC where he followed the energy sector, including utilities, oil & gas and coal companies. Prior to that, he worked as a proprietary equity trader for three years.
Garrett holds a B.A. Economics and History from the University of Virginia. He has also passed the FINRA Series 7, 55, 66, 86 & 87 exams
Colin Scarola is a Vice President of equity research at CFRA. His responsibilities include fundamental research and recommending investments within the Industrials sector, with emphasis on the aerospace & defense, airlines, logistics, and transportation industries.
Before joining CFRA in 2018, Colin spent three years in real estate private equity investing with Pennybacker Capital in Austin, Texas. This was following Colin’s initial transition into the investment field after four years as a mechanical engineer within the aerospace and building automation industries.
Colin is a CFA charter holder and has an undergraduate degree from the University of Notre Dame, earning a Bachelor of Science in Mechanical Engineering, cum laude. He also holds a Master of Science in Finance from The University of Texas at Austin, where he graduated at the top of his class.
Michael Dowd is head of global account management at CFRA. He is responsible for leading a global team of dedicated account managers to deliver best-in-class service for CFRA clients, developing the go-to-market strategy for client accounts, and driving user adoption of CFRA research.
Prior to joining CFRA, Mike served as the Director of Client Services and a member of the Senior Management Team at SNL Financial before the firm was acquired by McGraw-Hill in 2015. Following the acquisition, he built a Global Renewal Operations Team at S&P Global to facilitate a shift to avalue-based commercial pricing model, and led successful Relationship Management Teams in the non-financial Corporate client segment.
Mike holds aBachelor of Science, Business Administration from the University of Vermont, and a Master of Business Administration from Union College, with a concentration in Finance and International Business.
Ken Leon is Director of Equity Research at CFRA, responsible for analytical research as well as client servicing. As a subject matter expert, his research industries include Diversified Banks and the Housing Market, with coverage of Homebuilding, Home Improvement Retail, Home Furnishings and Real Estate Investment Trusts (REITs).
Ken is a thought leader that provides ongoing in-depth research and communications to key customer segments. He is active with most media networks and leading print media, and is sought for his investment views on the large banks and housing market trends.
Ken previously held the position of Global Director of Research and Industry Analyst for S&P Global Market Intelligence. Prior to joining CFRA, Ken spent over two decades in equity research with research leadership responsibilities at ABN Amro, Bear Stearns, and Lehman Brothers. He was a three-time Institutional Investor All-Star for his coverage of Wireless Telecommunications Services.
Ken holds both a Bachelor of Science degree and an MBA from New York University. He was also licensed in the State of New Jersey as a Certified Public Accountant.
Kevin Huang is an equity research analyst and is primarily responsible for providing analytical coverage of several industries within health care, which includes biotechnology, medical devices, health care providers and services, and health care technology. His role involves keeping up-to-date with health care policy and regulation, industry trends, and technological advancements.
Prior to joining CFRA in 2016, Kevin worked at PricewaterhouseCoopers as a senior associate in Risk Assurance.
Kevin holds a BSBA in Finance and Accounting from the Olin Business School, Washington University in St. Louis, Missouri. He is also a CFA Charterholder.
Colin Scarola is a senior analyst at CFRA. His responsibilities include fundamentalresearch and recommending equity investments within the Health Care sector, with emphasis on the pharmaceutical supply chain, health plan providers, and the life sciences industry.
Before joining CFRA in 2018, Colin spent three years as an investment analyst in real estate private equity with Pennybacker Capital in Austin, Texas. He transitioned into the investment field following four years as a mechanical engineer within the building automation and aerospace industries.
Colin has completed the CFA curriculum and holds an undergraduate degree from the University of Notre Dame, earning a Bachelor of Science in Mechanical Engineering, cum laude. He also holds a Master of Science in Finance from The University of Texas at Austin, where he graduated at the top of his class.
Chris Kuiper is a senior equity analyst at CFRA, conducting fundamental analysis and valuation assessments within the Consumer Finance, Capital Markets, and REITs areas.
Prior to joining CFRA in 2017, Chris worked as an analyst for a large-cap value fund. Chris also worked as a fundamental analyst for Calamos Investments, and a credit analyst for TCF Bank. He also previously worked as a research fellow for the Mercatus Center, a research center at George Mason University, where he wrote and published on public policy issues.
Chris holds a bachelor’s degree from Dordt College and a master’s degree in economics from George Mason University. Chris Kuiper holds the Chartered Financial Analyst designation.
Stewart Glickman is head of the Energy sector team and senior equity analyst at CFRA. He is responsible for analytical coverage of the Energy sector across the value chain. Stewart has held the positions of Sector Head of the Energy and Materials teams and Industry Analyst for S&P Global Market Intelligence.
Prior to joining S&P Global, Stewart worked in strategic consulting with Monitor Company and in economic consulting with Law and Economics Consulting Group and National Economic Research Associates, Inc.
Stewart holds a Bachelor of Arts degree in Economics from the University of Western Ontario, a Master of Arts degree in Economics from the University of Victoria, and an MBA in Finance and Accounting from the Stern School of Business at New York University. Stewart is a CFA charterholder.
Paige Meyer is an equity research analyst at CFRA. She is responsible for providing differentiated and actionable research and recommendations on equities in the Energy and Utility sectors. Paige’s areas of focus include: exploration and production, energy equipment and services, drilling, midstream, and gas utilities. She also authors two top-down industry primers: Energy Equipment & Services, and Gas Utilities.
Prior to joining CFRA in 2017, Paige gained her broad experience in the integrated oil and gas industry, working for Royal Dutch Shell. She had the opportunity to work across multiple business lines, including the upstream (onshore natural gas production), downstream (refinery), and global trading businesses.
Paige also has experience in consulting, focusing on credit risk.Paige holds a Bachelor of Business Administration degree from University of Michigan’s Ross School of Business.
Tim is a forensic equity analyst, covering Asia-Pacific compannies. Tim is responsible for helping CFRA’s clients better understand underappreciated differences between financial results and underlying economic reality. Tim joined CFRA as a member CFRA’s bespoke research team, and after spending a little over a year with this team, he transitioned to CFRA’s proactive idea generation team.
Prior to joining CFRA in 2017, Tim spent four years at KPMG in their Deal Advisory and Audit practices. Tim holds a master’s degree in Accounting and a B.S. in Business from Ohio State University. He is also a CFA and a licensed CPA.
John is Vice President of Equity Research. He joined CFRA in April 2019. He is responsible for fundamental equity research and analysis covering several segments within the Information Technology and Communication Services sectors, including enterprise software and SaaS/cloud providers, Internet advertising/social media platforms, and game developers.
Prior to joining CFRA, John co-founded Samadhi Capital Partners, an investment advisor and equity research firm where he developed an investment process and framework targeted at tech sector equities, with a particular emphasis on gauging the impact of and identifying the long-term winners from artificial intelligence, machine learning, deep learning, neural networks, and related developments categorized under the larger “cognification of software” mega-trend. Before his entrepreneurial stint, he served as Senior Analyst and Portfolio Manager at Sands Capital Management, responsible for the firm’s investments within the tech sector.
John began his career in equity research with an independent equity research firm, Precursor, where he was ranked as the top analyst covering network equipment stocks among independent research firms. He also spent the first dozen years of his career in various roles within the tech industry. During this time, he published dozens of white papers and research reports on topics ranging from network processors, Virtual LAN (VLAN) technology, and the historical evolution of enterprise application architecture.
John graduated from Harvard University with a BA in East Asian Studies.
Matthew is Vice President of Equity Research at CFRA. He is responsible for providing differentiated and actionable research and recommendations on equities in the Materials and Industrials sectors. Matthew’s areas of focus include: metals & mining, construction materials, containers & packaging, and building products. Matthew previously held the position of Industry/Equity Analyst at S&P Global Market Intelligence.
Matthew joined CFRA in 2016 and S&P Global in 2014, after working on the buy-side as an Equity Analyst at London Capital Management in London, Canada, where he covered North American stocks in the Energy and Consumer Staples sectors. Prior to joining the equity research industry, Matthew worked as a Financial Analyst for companies in both the retail and fitness areas.
Matthew holds his Bachelor of Business Administration degree from Colorado State University and his MBA from Concordia University in Montreal, Canada. He is also a CFA charterholder.
As Chief Investment Strategist, Sam Stovall serves as analyst, publisher, and communicator of CFRA’s outlooks for the economy, market, and sectors. He is the author of The Seven Rules of Wall Street and The S&P Guide to Sector Investing. He also writes weekly “Sector Watch” and “Investment Policy” reports on CFRA’s MarketScope Advisor platform, and maintains the Industry Momentum and Seasonal Rotation portfolios. His work is also found in CFRA’s flagship weekly newsletter The Outlook.
Prior to joining CFRA, Sam was Managing Director and Chief Investment Strategist at S&P Global for more than 27 years and served as Editor-in-Chief at Argus Research, an independent investment research firm in New York City.
He received an M.B.A. in Finance from New York University and a B.A. in History/Education from Muhlenberg College, in Allentown, Pa. Sam is also a Certified Financial Planner.
Sam’s volunteer efforts center on financial literacy. He is a board member of W!SE (Working in Support of Education), an educational not-for-profit that aims to improve the lives of young people through programs that develop financial literacy and readiness for college and careers. He is also a Trustee of Muhlenberg College.
Follow Sam on Twitter: @StovallCFRA
Dan Parker brings to CFRA a distinguished career of more than 20 years working in sales in the financial services industry. Prior to joining CFRA, Dan was the Global Head of Sales at CreditSights. In that role, he helped to significantly grow the revenue and expand the margins, leading to a sale to Fitch Solutions. Leading a team of over 60 employees around the globe, he implemented a value-based and solutions-oriented sales focus, spearheading sales efforts across all client segments.
Prior to joining CreditSights, Dan was a Managing Director at Moody’s Analytics, leading software & analytics sales teams. He was also the Director of Business Development at EDGAR Online. He is a graduate of Boston University with a degree in Marketing.
Prior to joining CFRA, Todd previously served in other financial positions at S&P Global, such as International Mutual Fund Sector Specialist, Large Cap Value and Large Cap Growth Analyst and has served on the Fund Services Asset Allocation Committee. Prior to joining S&P Global in 2001, Todd was managing editor of Value Line Mutual Fund Survey and Senior Large Cap and Small Cap Value Mutual Fund Analyst. He was also a Financial Advisor with Morgan Stanley.
Todd holds a B.G.S in Finance from the University of Michigan and an MBA in Finance from New York University.
Follow Todd on Twitter at: @ToddCFRA
Prior to joining CFRA, Lindsey worked as an Investment Strategist with S&P Global within the Investment Advisory Services division. She worked in several different capacities at TheStreet.com before that, from helping to manage Jim Cramer’s small and mid-cap Charitable Trusts, to leading trader blog conversations and writing research. She learned the ropes as an equity research analyst at J.P Morgan and Deutsche Bank covering retail companies, and began her career in investment banking with Jefferies & Company’s Mergers & Acquisition group.
Follow Lindsey on Twitter: @LBellCFRA
Prior to joining CFRA and S&P Global, Tuna was a Senior Equity Analyst at Lehman Brothers, New York. He participated in key decisions by the firm’s Investment Policy Committee and was highly instrumental in managing a multi-capitalization equity portfolio, with primary focus on the Technology, Media and Telecom (TMT) sectors. Tuna also gained extensive global consulting experience in his previous roles at Arthur Andersen and KPMG.
Tuna earned an MBA in Finance from the Strathclyde University Business School in Scotland, U.K. He also holds a B.Sc. in Accounting from University of Nigeria as well as LL.B. (JD). Tuna is a CFA charterholder and a Certified Public Accountant (CPA).
Theresa is the President & COO at CFRA. Theresa oversees the company’s entire global operations and drives strategic initiatives to maximize CFRA’s strengths and position for the next stage of growth. Theresa is also a key member of CFRA’s Board of Directors.
Theresa was most recently the Senior Director of Finance, Corporate Controller for SNL Financial (now part of S&P Global) where she worked for approximately ten years in helping the business to scale to $250 million in revenues and over 3,000 employees. Prior to SNL Financial, she was Director of Business Management with LexisNexis and a Consulting Manager with Grant Thornton LLP.
Theresa graduated from the University of Virginia with a BA in Mathematics and holds an MBA from the Raymond A. Mason School of Business, William & Mary.
Paurav Lokesh is the Global Head of Technology. Paurav leads a diverse team of IT professionals, establishing a strategy for our technology teams, translating them into sets of client-facing deliverables, and managing them on elastic infrastructure through Agile DevOps processes and continuous delivery workflows.
Prior to joining CFRA, Paurav worked at various financial institutions as Senior Software Development Manager. He also served as a member of the Technical Governance Panel and chaired the internal Web Community that championed best practices for Web and Mobile development.
Paurav graduated from Visvesvaraya Technological University in Belagavi, Karnataka, India, with a BS in Information Science. He also holds an MBA in Computer Science from Old Dominion University, Norfolk, VA.
