As a child, my mother and grandmother created dishes that no restaurant could match, and they inspired my love of cooking as an adult. Gathering ingredients at the market, mise en place in the kitchen, or pan frying a carefully chosen piece of fish all provide opportunities to find innovative ways to prepare a meal. I have to manage my time well, multitask, and focus on showcasing the key ingredient. Kind of like investing.
My parents both work in the hospitality industry, and their influence led me to Cornell University’s School of Hotel Administration. The Hotel School is often described as a hands-on business degree in an intimate academic environment. My education introduced me to many aspects of business — I took classes ranging from finance and real estate development to marketing and business law. While at Cornell, I most enjoyed finance classes and learning about companies. I became interested in investment banking as a way to learn more about a company’s strategic vision while working with multibillion dollar companies on transformational deals.
After graduation I completed two years as an investment banking analyst at Lazard and Goldman Sachs, working on financing and M&A projects primarily in the consumer retail and industrial space. My banking experience taught me the art and science of financial modeling, and also allowed me to witness firsthand the rationale behind major company management decisions. In the process, I discovered that I was more interested in picking stocks than driving deals. Investing gets closer to the long-term ins and outs of a company and understanding what really matters in relation to what the market cares about.
I joined Daruma in the spring of 2012, after searching for a firm that emphasizes in-depth analysis and allows time for an investment to realize its value. I am excited to be part of a company with a truly long-term investment strategy, a concentrated portfolio and a team-oriented, supportive culture. I am constantly learning new things, regularly monitoring outcomes, refining old techniques, and trying my best to avoid foreseeable mistakes. Just like in the kitchen.
Past performance is not a guarantee of future results. Many factors affect performance, including changes in market conditions and interest rates, as well as other economic, political and financial developments. You should not assume that investment decisions we make in the future will be profitable or will equal the investment performance of the past.
The portfolio is actively managed, so holdings, sector weightings and other portfolio characteristics may have changed since the date shown. They should not be considered recommendations to buy or sell any security or of a particular allocation. You should not presume that any holding or allocation shown has been or will be profitable. The information in the Small-Cap and SMid-Cap commentaries supplements the related Composite Presentations available on our website (click here for the Equity Composite Presentation: Small-Cap, here for the Equity Composite Presentation: SMid-Cap).
The information in each commentary is current as of the date of the commentary, and may have changed by the time you read this. Daruma has obtained some of the information in this presentation from third-party sources we believe to be accurate. However, we cannot guarantee the accuracy of such information.
Statements in any commentary that were not historical facts at the date of that commentary reflect our opinions, beliefs or expectations as of that date. Subsequent events will have, or may yet impact whether they prove to be correct.
Charts included in any commentary are included to demonstrate certain information or conclusions. You should not make any investment decision relying only on these charts.
The appropriate comparison benchmark for the Small-Cap Equity strategy is the Russell 2000. The Russell 2000 includes approximately 2000 of the smallest U.S. common stocks based on a combination of their market cap and current membership in the Russell 3000. The Russell 2000 Value Index includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values, while the Russell 2000 Growth Index includes those with higher price-to-value ratios and higher forecasted growth values.
The appropriate comparison benchmark for the SMid-Cap Equity strategy is the Russell 2500. The Russell 2500 includes approximately 2500 of the smallest U.S. common stocks based on a combination of their market cap and current membership in the Russell 3000. The Russell 2500 Value Index includes those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values, while the Russell 2500 Growth Index includes those with higher-price-to-value ratios and higher forecasted growth values.
The Small-Cap and SMid-Cap Equity strategies are concentrated strategies that are not managed to a benchmark, so there are material differences in characteristics, such as the number of holdings and sector and industry weightings. In addition, benchmark performance does not include any fees or expenses. Because of these differences, benchmarks should not be considered a completely accurate comparison.