15th Annual Wharton Investement Management Conference

Antonio DeSpirito, III

Managing Principal, Portfolio Manager
Pzena Investment Management

Mr. DeSpirito is a Managing Principal, Portfolio Manager for U.S. large cap and all cap strategies as well as Pzena’s Focused Value service, and is a member of the firm’s Executive Committee. Prior to joining Pzena Investment Management in 1996, Mr. DeSpirito was an Associate in the Corporate Department at the Boston based law firm of Ropes & Gray LLP. At Ropes & Gray, he advised clients in the direct television, financial services, fitness, packaging films, retail, software, and wire and cable industries. Mr. DeSpirito earned a B.S. summa cum laude from the Wharton School of the University of Pennsylvania in 1990 and a J.D. magna cum laude from Harvard Law School in 1993.

Rishi Renjen

Principal
Maverick Capital

Mr. Renjen leads Maverick’s effort in Media and Telecom investments. Prior to joining Maverick in 2012, Mr. Renjen was a Partner at TPG-Axon Capital. Prior to this experience, he was a Senior Analyst at Glenview Capital Management LLC, a Private Equity Analyst at Warburg Pincus LLC, and a Financial Analyst at Citigroup Global Markets. Mr. Renjen graduated (Cum Laude) from the Wharton School at the University of Pennsylvania with a B.S. in Economics. Mr. Renjen is an Adjunct Assistant Professor at Columbia Business School in the Value Investment Program.

Mahmoud Sharaf

Research Analyst
Fidelity

Mahmoud Sharaf is a research analyst for Fidelity Asset Management. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. He is currently responsible for coverage of global chemicals and industrial gases and currently manages Select Chemicals Portfolio.

Mr. Sharaf joined Fidelity Investments in 2007 and assumed management responsibilities for Select Chemicals Portfolio in April 2010. Previously, Mr. Sharaf served as a summer equity analyst in 2006, where he initiated coverage of the commercial printing industry.

Prior to joining Fidelity, Mr. Sharaf served in numerous strategic planning roles within IAC/InterActiveCorp, a leading consumer internet conglomerate, from 2002 to 2005. In theses roles, he was responsible for executing the firm’s merger and acquistion transactions in the Local Services division and for developing and driving strategic, operational and financial initiatives. Mr. Sharaf began his finance career in 2000 as an analyst in the Investment Banking division of Merrill Lynch & Co.

Mr. Sharaf received his bachelor of science in business administration from the University of Southern California in 2000 and his MBA from The Wharton School at the University of Pennsylvania in 2007. He currently holds his FINRA Series 7 and 63 licenses.

Dan Sobol

Co-Founder and Managing Partner
SkyTop Capital

Dan Sobol is Co-Founder and Managing Partner of SkyTop Capital, an opportunistic special situations fund. Previously, Mr. Sobol was a Portfolio Manager with Loews Corporation, the holding company controlled by the Tisch family. At Loews, Mr. Sobol and his team focused on distressed and special situations, searching for value across a firm's capital structure. Prior to joining Loews, Mr. Sobol held positions with Dreyfus, American Express and Wegmans. He earned a BS in Agricultural Economics from Cornell University in 1992 and an MBA in Finance from the Wharton School of the University of Pennsylvania in 2002.

Keith Lin

(Moderator)

Keith Lin is a second year MBA student at Wharton. Prior to Wharton, Keith worked as a private equity associate at Thomas H. Lee Partners in Boston and as an investment banking analyst at Credit Suisse in New York. This summer, he was worked as an associate at York Capital Management. He is currently the Head Fund Fellow for the Wharton Investment Management Fund, a student-run equity value fund with $1.6 million under management. Keith graduated with distinction from Cornell University.

Charles de Vaulx

Chief Investment Officer, Partner, and Portfolio Manager
International Value Advisers

Charles de Vaulx joined International Value Advisers, LLC (IVA) in May 2008 as a partner and portfolio manager, and serves as chief investment officer, partner, and portfolio manager.

Until March 2007, Charles was portfolio manager of the First Eagle Global, Overseas, U.S. Value, Gold and Variable Funds, together with a number of separately managed institutional accounts. He was solely responsible for management of the Sofire Fund Ltd. when it won an Absolute Return Award for “Fund of the Year” in the global equity category in 2005 and 2006.

In addition to sharing Morningstar’s "International Stock Manager of the Year" Award in 2001 with his co-manager, Charles was runner-up for the same award in 2006.

From 2000 to 2004, Charles was co-portfolio manager of the First Eagle Funds. He was named associate portfolio manager in August 1996. In 1987, he joined the SoGen Funds, the predecessor to the First Eagle Funds, as a securities analyst. He began his career at Societe Generale Bank as a credit analyst in 1985.

Charles graduated from the Ecole Superieure de Commerce de Rouen in France and holds the French equivalent of a Master's degree in finance.

Thomaz Malavazzi

Investment Officer
Tarpon Investimentos

Thomaz joined Tarpon in 2009 and is currently an Investment Officer. Thomaz is leading the initiatives of Tarpon’s New York office. Prior to joining Tarpon, he was a strategist at HSBC Investments, in São Paulo, an associate at the Principal Investments desk at Merrill Lynch NY, and also an auditor at PricewaterhouseCoopers. Thomaz majored in Economics at Fundação Armando Álvares Penteado (FAAP), in São Paulo, and holds an MBA from The University of Chicago.

Robert Robotti

Founder and CIO
Robotti & Company

Mr. Robotti is the founder and CIO of Robotti & Company Advisors LLC, a registered investment adviser, and president of Robotti & Company LLC, a registered broker/dealer. He started his career as an accountant and CPA, and served as CFO of Gabelli & Company. Building on his exposure to other prominent value investors, Bob founded Robotti & Company in 1983. The firm’s success over time has been due to his and his team’s ability to identify companies trading at a significant discount to intrinsic value. While investing across a wide range of industries, Bob has been particularly active in the energy industry for his entire career. Bob currently serves on the boards of Panhandle Oil & Gas Inc. (NYSE:PHX) and Pulse Seismic Inc. (TSX:PSD). He was a member of the Securities and Exchange Commission’s Advisory Committee on Smaller Public Companies, established to examine the impact of Sarbanes-Oxley Act and other aspects of the federal securities law. Bob graduated from Bucknell University and holds an MBA from Pace University.

Soo Chuen Tan

Managing Member
Discerene Value Advisors

Soo Chuen Tan is Managing Member of Discerene Value Advisors LLC, a private firm which invests globally pursuing a concentrated, contrarian, long-term, deep value investment philosophy for several leading endowments, foundations, and families. Before founding Discerene, Soo Chuen was at Deccan Value Advisors, the Baupost Group, Halcyon Asset Management, and McKinsey & Company. Soo Chuen has an MBA from Harvard Business School where he was a Baker Scholar, and a BA/MA (double first class honors) in Jurisprudence from Oxford University, where he won the Martin Wronker Prize.

Robert Genkin

(Moderator)

Robert Genkin is a second year MBA student at Wharton. Prior to Wharton, Robert worked as an emerging markets private equity investor at Leopard Capital. He worked at Cleargate Capital this summer in NYC. Rob graduated from the Leonard N. Stern School of Business at New York University.

Michael C. Craft, CFA

Municipal Bond Credit Analyst

Mr. Craft joined the Fixed Income Division of Fidelity Investments in August 1997 where he held roles as Senior Trader, Head Trader on the Municipal Bond desk, Business Manager responsible for managing fixed income portfolios for high net worth individuals, and Quantitative Desk Analyst. For the last 11 years, Mr. Craft was a Fixed Income Credit Research Analyst focusing on the transportation, resource recovery, higher education, and MSA tobacco sectors.

Prior to joining Fidelity, Mr. Craft was a Municipal Bond Strategist at Lehman Brothers, responsible for researching and analyzing the municipal bond market, developing forecasts of market trends, and managing the Lehman Brother’s Municipal Bond Index. In addition he was Trader at Shearson Lehman Hutton with responsibility for managing $11 billion commercial paper and floating rate note programs for large municipal bond issuers and marketing securities to the internal sales force and external investors. Mr. Craft started his career in financial services as an Assistant Trader at E.F. Hutton, responsible for administering $7 billion floating rate remarketing programs.

A graduate of Amherst College he holds a Bachelor of Arts in Economics and Russian Studies and an MBA in Finance from Stern School of Business at New York University and is a CFA charterholder.

Gary Herbert, CFA

Portfolio Manager
Brandywine Global

Gary is a portfolio manager for Fixed Income, with a concentration in Global Credit securities. Gary joined Brandywine Global in March 2010, bringing with him over 20 years of Global Credit experience. Previously, Gary was a Managing Director, Portfolio Manager with Guggenheim Partners, LLC (2009-2010); a Managing Director, Portfolio Manager with Dreman Value Management, LLC (2007-2009); and an Executive Director, Portfolio Manager (1999-2007) and Associate (1994-1998) with Morgan Stanley Investment Management. Gary earned his M.B.A. with Honors from Columbia University, and a Bachelor Degree from Villanova University. He also holds his Chartered Financial Analyst certification and is a member of the Philadelphia Scholars Program Investment Committee.

Chris Kemp

Vice President and Portfolio Manager
PIMCO

Mr. Kemp is a vice president and portfolio manager in the Newport Beach office. Prior to joining PIMCO in 2008, he worked in corporate bond research, focusing most recently on high-yield bonds, at Lehman Brothers. He has 11 years of investment experience and holds an MBA from the Wharton School of the University of Pennsylvania. He also holds a master's degree in international studies with an emphasis on Latin America from the University of Pennsylvania and an undergraduate degree from Brigham Young University.

Edward P. Massaro

Chief Operating Officer
Knighthead Capital Management

Mr. Massaro has responsibility for managing various activities of Knighthead Capital Management, including business development, strategic planning and certain investment responsibilities. Prior to joining Knighthead, Mr. Massaro was a Managing Director in the Leveraged Finance and Sponsor Coverage group at HSBC Securities. Prior to joining HSBC, Mr. Massaro was the head of High Yield and Loan Markets at RBS Greenwich Capital where his responsibilities included the coordination of RBS’s origination, distribution and trading activities relating to high yield securities, leveraged loans, CDS and distressed loans. Prior to joining RBS, Mr. Massaro was a Managing Director and Global Head Leveraged Finance at UBS Investment Bank. His responsibilities included: (i) capital commitments and firm strategy for non-investment grade loans, bridge loans, high yield bonds and mezzanine securities, (ii) business origination, deal structuring and underwriting and, (iii) managing the department’s marketing and execution resources. Additionally, Mr. Massaro was a member of the Investment Banking Operating Committee, Fixed Income Operating Committee, and Global Syndicated Finance Commitments Committee. He was also a member of the UBS Investment Bank Board of Directors. Prior to joining UBS, Mr. Massaro worked for Lehman Brothers where he was a Senior Vice President in High Yield Capital Markets, Salomon Smith Barney and J.P. Morgan. Mr. Massaro received a B.A. in Chemical Engineering from Yale University in 1988 and an M.B.A. from the Wharton School of Business at the University of Pennsylvania in 1992.

Bryan Shapiro

Managing Director
Stone Lion Capital Partners

Bryan Shapiro is a Managing Director of Stone Lion Capital Partners. At Stone Lion, Mr. Shapiro is responsible for a portfolio of US and European Distressed Debt investments. Prior to joining Stone Lion, Mr. Shapiro was a Research Director for the Alden Global Distressed Opportunities Fund, which is a division of Smith Management LLC. Prior to his time at Alden Global, Mr. Shapiro was a Managing Director in the Distressed Debt/Special Situations Investing Group at Bear, Stearns in New York and London. During his time at Bear Stearns, Mr. Shapiro started and oversaw the firm’s European Distressed Debt Investing Group in London. Mr. Shapiro received an A.B. from Cornell University and an M.B.A. from the Wharton School of the University of Pennsylvania.

Jesalyn Shen

(Moderator)

Jesalyn Shen is a second year MBA student at Wharton. This summer, she was a portfolio management intern at PIMCO. Prior to Wharton, Jesalyn was a Vice President at ZAIS Group, a structured credit fund, and worked on the trading desk at Lehman Brothers/Barclays Capital.  Jesalyn holds a bachelor’s degree in Finance from MIT. She is a CFA charterholder.

Peter Ammon

Chief Investment Officer, Office of Investments
University of Pennsylvania

Peter Ammon serves as Penn’s Chief Investment Officer. Prior to joining Penn in July 2013, Peter worked at the Yale Investments Office, where his responsibilities included the oversight of all marketable asset classes (domestic equity, foreign equity, and absolute return), timber, and asset allocation. He previously worked at the Princeton University Investment Company.

At Yale, Peter was a Senior Faculty Fellow at the Yale School of Management, where he co-taught a class on endowment management. He formerly served on the Investment Advisory Sub-Committee for MCIC, a captive insurance company for teaching hospitals and medical schools, and as Treasurer of the Edith B. Jackson Child Care Program in New Haven.

Peter graduated from Princeton with an A.B. in Politics. He earned an M.A. in International Relations and an MBA from Yale.

Ed Heilbron

Portfolio Manager
Pyramis Global Advisors

Ed Heilbron is a portfolio manager at Pyramis Global Advisors, a Fidelity Investments company. He manages custom multi-asset class portfolios for clients of the Institutional Solutions group. Additionally, he leads asset allocation policy discussions with defined benefit clients.

Before joining Fidelity in 2006, Ed was a principal for seven years with Mercer Investment Consulting, where he chaired their U.S. Strategic Asset Allocation Committee and focused on asset allocation for the defined benefit plans of some of the firm’s largest clients. Prior to Mercer, Ed held investment, corporate finance, and actuarial positions in the annuity and life insurance industry. He has been in the industry since 1979.

Ed earned his bachelor of arts degree in mathematics from Dartmouth College and his master of business administration degree in finance, with distinction, from the Wharton School at the University of Pennsylvania.

Dr. James Moore, Ph.D.

Managing Director
PIMCO

Dr. Moore is a managing director in the Newport Beach office. He leads the global liability driven investments product management team and is co-head of the investment solutions group. He is also PIMCO's pension strategist. Prior to joining PIMCO in 2003, he was in the corporate derivative and asset-liability strategy groups at Morgan Stanley and responsible for asset-liability, strategic risk management and capital structure advisory work for key clients in the Americas and Pacific Rim. Dr. Moore also taught courses in investments and employee benefit plan design and finance while at the Wharton School of the University of Pennsylvania, where he earned his Ph.D. with concentrations in finance, insurance and risk management. He has 18 years of investment experience and holds undergraduate degrees from Brown University.

Daniel Wallick

Principal, Investment Strategy Group
The Vanguard Group

Daniel develops solutions for institutional clients. He has published extensively on endowment and foundation related topics, including portfolio construction, alternative investments, and risk. Mr. Wallick is responsible for establishing the Vanguard Capital Markets Model®, Vanguard Target Retirement Funds, and the use of tender option bonds. Mr. Wallick also holds a financial patent for work in connection with Vanguard Managed Payout Funds. Before joining Vanguard, Mr. Wallick worked in public finance, where he was responsible for the issuance of more than $10 billion worth of debt. Mr. Wallick earned a B.A. in history from the University of Pennsylvania and an M.B.A. from Harvard University. He currently serves on the University of Pennsylvania basketball alumni board.

Nicole Hui

(Moderator)

Nicole Hui is a second year MBA student at Wharton. Prior to Wharton, Nicole worked at J.P. Morgan Asset Management for 4 years for the Global Institutional Investments division responsible for the business development efforts with investment consultants and institutional pension plans as well as performing asset allocation and risk budgeting studies. This summer, Nicole interned at T. Rowe Price International LTD with the firm’s investment strategy and product management team where she crafted a customized multi-asset solutions strategy for the U.S. Institutional Business.

Nicole graduated with a Bachelor of Arts in Economics from the University of California, Berkeley in 2008, and holds the NASD Series 7 & 63.