Kennedy Capital has nurtured a strong and deep research team in order to perform the intensive, fundamental bottom-up research that has characterized our approach for more than two decades.  Our process first identifies potential investment candidates and then we conduct the fundamental analysis that we believe is required to arrive at sound investment decisions.

At Kennedy Capital, the research team of fourteen industry-specific analysts (including our Director of Research) is organized to support all of our investment portfolios, allowing us to leverage the depth of our experience and industry knowledge in a way that product-specific teams can often struggle to accomplish.  We seek to both "own" our industries - in terms of understanding the important parameters and industry trends - and also seek to answer the important questions (the "why's"). In our opinion, these efforts enable us to evaluate business models and valuations more thoroughly and try to more effectively anticipate change.

	Research:
Michael Bertz, Ph.D., CFA	-Director of Research
Emily D’Agostino	-Financials, Utilities
Douglas Fisher	-Health Care
Brian Hagler	-Financials, Energy
Christopher Jersan, CFA	-Consumer Discretionary, Consumer Staples, Transportation
Thomas Leritz, CFA	-Materials, Special Situations, Metals, Office Equipment & Services
Sean Matlock	-Consumer Services, Automotive
Christian McDonald, CFA	-Industrials: (Aerospace/Defense/Machinery)
Sean McMahon	-Health Care
John Meza	-Information Technology, Telecom Services
Alex Mosman	-Information Technology (Software)
Charles Place	-Financials (REITs)
Stanislav Timofeyev, CFA	-Generalist, Quant. Research, Research Systems
Richard Todaro, CFA	-Financials (Insurance, Asset Management)

Michael Bertz

Michael Bertz, Ph.D., P.E., CFA, is Director of Research.  Mr. Bertz is primarily responsible for the coordination and direction of internal research operations.  Prior to joining KCM in 2006, he was a senior research analyst at WR Hambrecht & Co in San Francisco, California for two years.  Michael has also held previous roles as an analyst at Morgan Keegan & Company, researcher at Georgia Tech, and structural engineer at KPFF Consulting Engineers.  Michael received a Ph.D. in Structural Engineering from the Georgia Institute of Technology in 1998, following a Masters in 1994.  He has also earned a B.E.D. in Architecture and a B.S. in Physics from Miami University in Oxford, Ohio.

Emily D’Agostino

Emily D’Agostino is a Research Analyst at KCM, responsible for selecting and monitoring securities within the financials and utilities sectors of KCM’s universe.  She was formerly a Portfolio Liaison in the Operations Department.  Emily started at KCM as an intern in May 2002.  She received a BS, Cum Laude, in Finance from Saint Louis University as well as her MBA.  Emily has also passed the Uniform Investment Advisor Law examination.

Douglas Fisher

Douglas Fisher is a Research Analyst at KCM, responsible for selecting and monitoring securities within the health care sector of KCM’s universe.  Doug has been engaged in equity research since 1991 and covering health care exclusively since 1993, working with Raymond James & Associates, NatWest Securities, HSBC Securities and most recently Matador Capital Management.  Doug was the sole investment professional covering health care at Matador Capital Management, a value-focused hedge fund with long/short equities and limited distressed debt investments.  He has also passed the General Securities Representative examination. Mr. Fisher received his BA in Management from Eckerd College.

Brian Hagler

Brian Hagler is a Research Analyst at KCM,  responsible for selecting and monitoring securities within the financials and energy sectors of KCM’s universe.  Brian has a BSBA, cum laude, in Finance and an MBA in Business Administration from Southern Illinois University at Edwardsville.  Prior to joining KCM, he worked as an equity research analyst for Bank of America Capital Management specializing in banks and thrifts.  Brian also held previous roles at Bank of America as a senior financial analyst in the finance group and as an underwriter in the wealth management division.

Christopher Jersan

Christopher Jersan, CFA, is a Research Analyst at KCM, responsible for selecting and monitoring securities within the consumer discretionary, consumer staples, and transportation sectors of KCM’s universe.  He joined KCM in January 2006.  Formerly, Chris was an analyst, PM, and Assistant Vice President at Commerce Trust.  He graduated magna cum laude from St. Louis University, earning his BSBA degree in 1998.

Thomas Leritz

Thomas Leritz, CFA, is a Research Analyst at KCM, responsible for selecting and monitoring securities within the materials, special situations, metals, office equipment, and services sectors of KCM’s universe.  From 2004 until February 2008, Tom was a portfolio manager at Argent Capital Management, a large-cap growth manager.  Prior to his tenure at Argent, Tom served as senior research analyst at Bank of America Capital Management (1993-2004) where he focused on equities in the capital goods, basic materials and transportation sectors.  Prior to Bank of America, Tom worked at KCM.  Tom earned a Masters in Finance from St. Louis University and a BS in Finance and Banking from the University of Missouri.

Sean Matlock

Sean Matlock is a Research Associate at KCM, responsible for selecting and monitoring securities within the consumer services and automotive sectors of KCM’s universe.  He received his BSBA in Finance from St. Louis University. Sean passed Level I of the CFA® program in June 2011.

Christian McDonald

Christian McDonald, CFA, is a Research Analyst at KCM, primarily responsible for selecting and monitoring securities within the industrials (including aerospace, defense, and machinery) sector of KCM’s universe.  He joined KCM in November 2005. Chris also serves as the Assistant Portfolio Manager for the Small Cap Core portfolio.  Formerly, Chris has over six years of experience in various finance functions at The Boeing Company.  He earned a BS in Finance and Operations Management from Washington University in St. Louis and an MBA from the UCLA Anderson School of Business.

Sean McMahon

Sean McMahon is a Research Analyst at KCM, responsible for selecting and monitoring securities within the health care sector of KCM’s universe.  He joined KCM in 2005 after gaining experience in equity analysis through his internship at KCM.  Sean earned a BS in Finance from the University of Missouri – St. Louis. Sean passed Level I of the CFA® program in June 2011.

John Meza

John Meza is a Research Associate with KCM, responsible for selecting and monitoring securities in the information technology and telecommunication services sectors of KCM’s universe.  He joined KCM in January of 2008.  His prior work experience includes running Briefing.com’s semiconductor /tech practice providing proprietary research to their clients and trading desk, as well as previous stints as an associate analyst for a boutique silicon valley research firm Hotovec, Pomeranz & Co, Preferred Capital Markets covering technology and an internship with Barclay’s Global Investors, both in San Francisco.  He earned a Bachelor’s in Political Science from U.C. Berkeley in 1999 and is currently a candidate in the CFA® program.

Alex Mosman

Alex Mosman is a Research Associate at KCM, responsible for selecting and monitoring securities in the information technology (software) sector of KCM's universe. He also manages the intern cooperative learning program. He joined KCM after gaining experience in equity analysis through his two-year internship at KCM. Alex graduated summa cum laude from Saint Louis University with a BSBA in Finance. Alex passed Level II of the CFA® program in June 2011.

Charles Place

Charles Place is a Research Analyst at KCM, responsible for evaluating and monitoring selected companies within the financials (REITs) sector of KCM’s universe.  Prior to joining the firm Charlie was a Vice President at Ferris, Baker Watts, Inc. (FBW), where he worked as an equity analyst covering community banks and then REITs.  Previously, he was an investment banker in FBW’s corporate finance department.  Charlie has also passed the Uniform Investment Adviser Law, General Securities Representative, Uniform Securities Agent State Law, and Research Analyst (RS) Part I & II examinations.  Mr. Place attended the University of Rochester, where he earned an MBA in Finance and Corporate Accounting from the William E. Simon Graduate School of Business Administration as well as a BA in Economics.

Stanislav Timofeyev

Stanislav Timofeyev, CFA, is a Research Analyst at KCM, responsible for various quantitative and research systems tasks including portfolio and benchmark analytics and statistics, risk monitoring, advanced screening and spreadsheet modeling, maintaining and customizing databases used in equity research, research systems integration, and research process optimization.  He also assists in fundamental research.  He gained experience in the investment field through the internship program at KCM.  Stas has earned a BS in Finance from the University of Missouri – St. Louis and an MS in Finance from Saint Louis University.

Richard Todaro

Richard Todaro, CFA, a Vice President, is a Research Analyst at KCM, responsible for selecting and monitoring securities in the financials (insurance and asset management) sector of KCM’s universe.  Rich managed the Small Cap Growth portfolio for 10 years.  He joined Kennedy Capital in 1996 as an analyst and has held several positions, including Assistant Director of Research, Assistant Portfolio Manager, Portfolio Manager and has served as a member of the Board of Directors.  Presently, Rich is a Board Member of the University of Missouri – St. Louis Finance Department.  He also served in the Air National Guard as a SSGT from 1991 to 1997.  Mr. Todaro received a BSBA in Finance from the University of Missouri – St. Louis and an MS in Finance from Saint Louis University.  Rich has also passed the Uniform Investment Advisor Law examination.

Terms: Bus. - Business, I.T. - Information Technology, Quant. - Quantitative, Svcs.- Services, Telecom - Telecommunications

Although the statements of fact and data in this report have been obtained from, and are based upon, sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed. All opinions included in this report constitute the Firm's judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Past performance is not a guarantee of future results.