The STARS performance chart represents the results of CFRA’s model portfolios. Model performance has inherent limitations. CFRA maintains the model and calculates the model performance shown, but does not manage clients’ funds or securities. The U.S. STARS model performance charts are presented only as an illustration of CFRA’s equity research; it shows how U.S. common stocks, ADRs (American Depositary Receipts) and ADSs (American Depositary Shares), (collectively “equities”), that received STARS rankings performed. STARS ranking categories are models only; they are not collective investment funds. The STARS performance does not show how any actual portfolio has performed over time. STARS model performance does not represent the results of actual trading in an investor’s account. Thus, the model performance shown does not reflect the impact that material economic and market factors might have had on decision-making if actual investor money had been managed by CFRA. Performance is calculated using a time-weighted rate of return using daily valuations. While model performance for some or all STARS ranking categories performed better than the S&P 500 for the period shown, the performance during any shorter period may not have, and there is no assurance that they will perform better than the S&P 500 in the future. STARS does not take into account any particular investment objective, financial situation or need and is not intended as an investment recommendation or strategy. An investor should be aware that an individual’s investments based on the STARS methodology may lose money. Past model performance of STARS is no guarantee of future performance.Effective February 3, 2014, CFRA’s predecessor, S&P GLOBAL MARKET INTELLIGENCE, introduced a new qualitative analyst workflow process (the “Process”). Compared to the prior qualitative Process, the new Process includes an expanded set of quantitative tools, data and analytics. The new Process includes a new STARS recommendation model which suggests STARS rankings based on a quantitative methodology. The new Process is used by analysts as an analytical tool to inform their qualitative determination of STARS rankings. The STARS performance chart reports performance since January 31, 2014 to measure performance after introduction of the new Process. All other performance periods in the chart include performance for the period after introduction of the new Process. There is no assurance that the new Process had a favorable impact on performance for the periods shown.
The equities within each STARS category at December 31, 1986, the inception date of US STARS, were equally weighted. Thereafter, additions to the composition of the equities in each STARS category are made at the average value of the STARS category at the preceding month end with no rebalancing. The average value of the equity equals the total market value of the STARS category at the prior month-end divided by the number of equities in the STARS category at the prior month-end. The number of shares of the new equity added equals the average value of an equity in the STARS category at the preceding month-end divided by the price of the added equity at the close of the day it was added. The number of shares remains fixed unless there is a subsequent distribution. Subsequent to the addition of the equity, the performance calculation is based on the number of shares and the daily closing prices. An equity is deleted in its entirety, and the deletion is made at the closing price of the day that the deletion is made. Since December 31, 2004, performance includes dividends. Equities in a STARS ranking category will change over time, and some or all of the equities that received a STARS ranking during the time period shown may not have maintained their STARS ranking during the entire period.
Model performance does not consider taxes and brokerage commissions, nor does it reflect the deduction of any advisory or other fees charged by advisors or other parties that investors will incur when their accounts are managed in accordance with the models. The imposition of these fees and charges would cause actual performance to be lower than the performance shown. For example, if a model returned 10 percent on a $100,000 investment for a 12-month period (or $10,000) and an annual asset-based fee of 1.5 percent were imposed at the end of the period (or $1,650), the net return would be 8.35 percent (or $8,350) for the year. Over 3 years, an annual 1.5% fee taken at year end with an assumed 10% return per year would result in a cumulative gross return of 33.1%, a total fee of $5,375 and a cumulative net return of 27.2% (or $27,200). Fees deducted on a frequency other than annual would result in a different cumulative net return in the preceding example.
Benchmark Disclosure: The S&P 500 Total Return Index is the benchmark for U.S. 5-STARS – Total Return and U.S. STARS – Total Return. The S&P 500 Index is the benchmark for U.S. STARS – Price Return. The S&P 500 Total Return Index and S&P 500 Index are calculated in U.S. dollars and include dividends. Indexes are unmanaged, statistical composites and their returns do not include payment of any sales charges or fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. Both the S&P 500 Total Return Index and the S&P 500 Index include a different number of constituents and have different risk characteristics than the STARS equities. Some of the STARS equities may have been included in either the S&P 500 Total Return or S&P 500 Index for some (but not necessarily all) of the period covered in the chart, and some such equities may not have been included at all. The S&P 500 indices exclude ADRs and ADSs. The methodology for calculating the return of the S&P 500 Total Return Index and S&P 500 Index differs from the methodology of calculating the return for STARS. Past performance of the S&P 500 Total Return Index and the S&P 500 Index is no guarantee of future performance.
An investment based upon the STARS methodology should only be made after consulting with a financial advisor and with an understanding of the risks associated with any investment in securities, including, but not limited to, market risk, currency risk, political and credit risks, the risk of economic recession and the risk that issuers of securities or general stock market conditions may worsen, over time. Foreign investing involves certain risks, including currency fluctuations and controls, restrictions on foreign investments, less governmental supervision and regulation, less liquidity and the potential for market volatility and political instability. As with any investment, investment returns and principal value will fluctuate, so that when redeemed, an investor’s shares may be worth more or less than their original cost.
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.
