About PVG - PVG Asset Managementpvgassetmanagement.com/pdf/Large_Cap_Value_Presentation.pdf · Content • About PVG 3 • Philosophy & Process 6 2 • Statistics 17 • Appendix

March 31st 2017

LARGE CAP VALUE STRATEGY

P V G A S S E T

M A N A G E M E N T

L O S S AV E R S E I N V E S T I N G

W W W . P V G A S S E T M A N A G E M E N T . C O M

Content

• About PVG 3

• Philosophy & Process 6

2

• Statistics 17

• Appendix 25

PVG Asset Management LLC

About PVG

3

Overview

International Value Contrarian StyleInternational Value Contrarian StyleInternational Value Contrarian StyleInternational Value Contrarian Style

� Pure large cap value

� Attractively priced

� High conviction

– Sector focused

– High Dividend

– Low Volatility

– Low Portfolio Turnover

Consistent Results

210

260

Gross Performance

PVG

Since Inception

4PVG Asset Management LLC

– Low Portfolio Turnover

Structured to ServeStructured to ServeStructured to ServeStructured to Serve

� 100% employee owned

� $454m AUM as of 3/31/2017

� Serving individual and institutional investors

since 198960

110

160 Russell 1000

Value (tr)

Dedicated Resources

Lean and resourceful Lean and resourceful Lean and resourceful Lean and resourceful

• Clear accountabilities

• Demonstrated expertise

Investment ManagementInvestment ManagementInvestment ManagementInvestment Management

Patrick S. Adams Chief Executive Officer CEO, Portfolio Manager

Joseph N. Pecoraro Founder, Portfolio

Manager

CCO, Portfolio Manager

Timothy J. McIntosh Portfolio Manager Portfolio Manager, Security Analyst,

Investment Strategist

Paul M. MacNamara Portfolio Manager Investment Strategist, Equity Analysis,

Wealth Management


• Demonstrated expertise

• Collaborative and motivated

Business ResponsibilitiesBusiness ResponsibilitiesBusiness ResponsibilitiesBusiness Responsibilities

Joseph N. Pecoraro Compliance

Jana Henderson Trading & Operation

Annie Gallegos Trading & Operation

Michelle Segarra Client Service &

Marketing

Investor RelationsInvestor RelationsInvestor RelationsInvestor Relations

Rick Garcia Director of Marketing and

Sales, Portfolio Manager

Management of Sales, Portfolio

Manager

Philosophy & Process

6

We Believe

Superior equity performance results from

healthy fundamentals, attractive valuations

and a focus on the sectors that have

historically delivered the best results

Riskmanagement

Active style of growth and valuation


historically delivered the best results

“We look to buy great companies at attractive prices with a very patient investment approach.”

Timothy McIntosh, Portfolio Manager

Sectorfocus

Securityselection

Process Discipline

� Repeatable � Proven� Consistent

US Large Cap

Value

Investment Investment Investment Investment

UniverseUniverseUniverseUniverse

Quantitative Quantitative Quantitative Quantitative

AnalysisAnalysisAnalysisAnalysis

Portfolio Portfolio Portfolio Portfolio

Construction Construction Construction Construction

Security Security Security Security

Selection Selection Selection Selection Sector Sector Sector Sector

FocusFocusFocusFocus

Health Care Health Care

Quadrant Report

~100 Stocks

• Balance SheetPVG Large


Portfolio Portfolio Portfolio Portfolio Investment Investment Investment Investment

UniverseUniverseUniverseUniverse

Sector Sector Sector Sector

FocusFocusFocusFocus

Quantitative Quantitative Quantitative Quantitative

AnalysisAnalysisAnalysisAnalysisSecurity Security Security Security

Selection Selection Selection Selection Portfolio Portfolio Portfolio Portfolio

Construction Construction Construction Construction


Portfolio Portfolio Portfolio Portfolio


Value

Companies

>$7.5B cap.

~400 Stocks

Technology

Energy

Financials

All Other

Portfolio Monitoring and Sell Discipline

Technology

Energy

Financials

All Other

Quadrant Report

• Fundamentals

• Valuation

• Dividend Yield

• Use of Free

Cash Flow

• Technicals

• Management

Quality

PVG Large

Cap Value

Portfolio

30-40 Stocks

Sector Focus

PersistencePersistencePersistencePersistence

A handful of sectors have

outperformed the US large cap

universe over the last quarter

century.

PVG:PVG:PVG:PVG:

US Large Cap ValueUS Large Cap ValueUS Large Cap ValueUS Large Cap Value

Sector and Asset Class Performance 1986-2010

Healthcare

Energy10%

12%

14%


PVG:PVG:PVG:PVG:

• Focuses investor capital in

traditionally outperforming

sectors

• Opportunistically invests in

non-focus sectors

EnergyFinancials

Technology SP500

0%

2%

4%

6%

8%

10%

Source: Lipper Inc; A Reuters Company., January 1, 1986 through December 31, 1998.

Annualized Returns. Financials measured by Financial Services Funds, Healthcare by

Healthcare/Biotechnology funds, Consumer Staples measured by Fidelity Consumer Staples

Fund, Energy by Natural Resources Funds, and Technology by Science and Technology

Funds. Returns from January 1, 1999 through December 31, 2010 is measured by SPDR

sector ETF funds.

Dividend Focus

Those firms that have paid and

increased dividends have

significantly outperformed the

market in the past thirty years.

PVG:PVG:PVG:PVG:

Dividend Growers and InitiatorsDividend Growers and InitiatorsDividend Growers and InitiatorsDividend Growers and Initiators

Sector and Asset Class Performance 1972-2010


PVG:PVG:PVG:PVG:

• Focuses investor capital in those

foreign large cap companies that

are increasing dividends.

Finding Growing Companies with Compelling Valuations

A Focus on Fundamentals A Focus on Fundamentals A Focus on Fundamentals A Focus on Fundamentals

• Sector-by-sector screening – broad range of metrics

• Fundamentals

• A+ Balance sheet

• High Yield

• Low Valuation

• Technicals

Sector-level analysis

Quadrant 1Quadrant 1Quadrant 1Quadrant 1

Discount PricedDiscount PricedDiscount PricedDiscount Priced



• Technicals

• Low Beta

• Correlation

• Relative strength

• Identifies healthy companies with stocks selling at significant discounts to peers and historical levels

• Narrows universe to a short list of about 100 stocks

P/S

relative

to peers,

history


Below Market Below Market Below Market Below Market

Average Average Average Average ----


Above Market Above Market Above Market Above Market

Average +Average +Average +Average +

Quadrant 4 Quadrant 4 Quadrant 4 Quadrant 4

Premium PricedPremium PricedPremium PricedPremium Priced

Upside

potential

Downside

protection

Quadrant Report Illustration - Pharmaceuticals

Screening supports key goal:Screening supports key goal:Screening supports key goal:Screening supports key goal:Buy great companies at

attractive prices with a very

patient investment approach

MetricsMetricsMetricsMetrics

Stock/ Price relative

to market and history

AstraZenecaAstraZenecaAstraZenecaAstraZeneca

33% Discount33% Discount33% Discount33% Discount

Stock/ Price relative

to ma

BuyBuyBuyBuyQuadrant 1Quadrant 1Quadrant 1Quadrant 1

Discount PricedDiscount PricedDiscount PricedDiscount Priced

CommentsStock/ Price relative

to maQuadrant


MetricsMetricsMetricsMetrics• Relative and historic values

• P/D, P/E, P/S, P/CF & P/BNovartisNovartisNovartisNovartis

15% Discount15% Discount15% Discount15% Discount

Teva PharmaceuticalTeva PharmaceuticalTeva PharmaceuticalTeva Pharmaceutical

20% Premium20% Premium20% Premium20% Premium

ShireShireShireShire

75% Premium75% Premium75% Premium75% Premium

HoldHoldHoldHold

Hold or SellHold or SellHold or SellHold or Sell

SellSellSellSell


Market Average Market Average Market Average Market Average ----


Market Average +Market Average +Market Average +Market Average +

Quadrant 4 Quadrant 4 Quadrant 4 Quadrant 4

Premium PricedPremium PricedPremium PricedPremium Priced

Security-level Analysis

In selecting stocks for inclusion in the portfolio, PVG analysts seek:

Fundamental strengths Fundamental strengths Fundamental strengths Fundamental strengths

• Low PEG ratio

+

Technical strengths Technical strengths Technical strengths Technical strengths

• Stock price support


• High relative dividend

• Balance sheet strength

• Earnings consistency

• Culture of stability and achievement

• Quality management

• Focus on creating shareholder value

+• Relative strength to peers

• Relative strength to moving averages

• Stochastic indicators of oversold

conditions

Fundamental Analysis Illustration

Pharmaceutical IndustryPharmaceutical IndustryPharmaceutical IndustryPharmaceutical Industry

AnalysisAnalysisAnalysisAnalysis

Valuations are still compressed even with the

outperformance of the general sector over the

preceding five years.

• Limited patent exposure 2016-2022

• High relative dividends

• Increasingly immune to cyclical economic

pressures (e.g. a patient may delay costly

new drugs)

GrowthGrowthGrowthGrowth

CompanyCompanyCompanyCompany Industry Industry Industry Industry P/S RatioP/S RatioP/S RatioP/S RatioRelative Relative Relative Relative

Value*Value*Value*Value*

Dividend Dividend Dividend Dividend

YieldYieldYieldYield

CompanyCompanyCompanyCompany Industry Industry Industry Industry P/S RatioP/S RatioP/S RatioP/S RatioRelative Relative Relative Relative

Value*Value*Value*Value*

Dividend Dividend Dividend Dividend

YieldYieldYieldYield

Abbvie Inc. Drug 4.29 1.07 2.7%

AstraZeneca Drug 2.26 0.89 4.8%

GlaxoSmithKline ADRGlaxoSmithKline ADRGlaxoSmithKline ADRGlaxoSmithKline ADR DrugDrugDrugDrug 2.682.682.682.68 0.770.770.770.77 5.3%5.3%5.3%5.3%


GrowthGrowthGrowthGrowth

Companies within the sector have demonstrated

the ability to continue single digit earnings and

revenues growth with high sustainable dividends.

Positives include:

• Demographics – aging populations in

developed markets; US, Europe and

Japan

• Good company managements, solid

balance sheets, high relative dividend

yields, best R&D

• Emerging markets expansion of revenue

from 10% to 25%.

GlaxoSmithKline ADRGlaxoSmithKline ADRGlaxoSmithKline ADRGlaxoSmithKline ADR DrugDrugDrugDrug 2.682.682.682.68 0.770.770.770.77 5.3%5.3%5.3%5.3%

Lilly (Eli) Drug 4.34 1.88 2.2%

Merck & Co.Merck & Co.Merck & Co.Merck & Co. DrugDrugDrugDrug 3.433.433.433.43 0.980.980.980.98 3.5%3.5%3.5%3.5%

Pfizer, Inc.Pfizer, Inc.Pfizer, Inc.Pfizer, Inc. DrugDrugDrugDrug 3.173.173.173.17 1.021.021.021.02 3.6%3.6%3.6%3.6%

Novartis AG ADR Drug 4.19 1.59 3.1%

Roche ADR Drug 3.74 1.33 3.1%

*relative to market and history

Source: Value Line Inc.

As of September 30, 2015

Portfolio Construction

AllocationAllocationAllocationAllocation decisions basis decisions basis decisions basis decisions basis

Bottom Bottom Bottom Bottom ----upupupup 80%-90%

• Quantitative screen

• Stock-by-stock

analysis

TopTopTopTop----downdowndowndown 10%-20%

• Inflation

• Yield Curve

• Currencies

• Commodities

Top DownTop DownTop DownTop Down

PositioningPositioningPositioningPositioningMacro IndicationsMacro IndicationsMacro IndicationsMacro Indications Typical AllocationsTypical AllocationsTypical AllocationsTypical Allocations

ConstructiveConstructiveConstructiveConstructive

Positive sloping yield curve

Strong GDP growth

Solid fwd earnings growth

• + Energy

• + Financials

• - Healthcare

• + Tech

• + Industrials

• + Cons. Discretionary

• - Utilities


Commodities

• Monetary policy

Allocation rules Allocation rules Allocation rules Allocation rules

HealthcareHealthcareHealthcareHealthcare 15%-30%

FinancialsFinancialsFinancialsFinancials 15%-30%

EnergyEnergyEnergyEnergy 10%-25%

Technology Technology Technology Technology 5%-15%

All other sectorsAll other sectorsAll other sectorsAll other sectors 15%-35%

CashCashCashCash 1%-10%

• - Utilities

NeutralNeutralNeutralNeutral

Slightly upward slowing or

flat yield curve

Moderate GDP growth

Mixed earnings growth

• Quantitative screen

• Stock-by-stock analysis

DefensiveDefensiveDefensiveDefensive

Flat to inverted yield curve

Weak GDP growth

Mixed earnings growth

• - Energy

• - Financials

• + Healthcare

• - Tech

• - Industrials

• - Cons. Discretionary

• + Utilities

• + Cons. Staples

A Patient but Disciplined Style

Risk ObjectivesRisk ObjectivesRisk ObjectivesRisk Objectives

• Achieve consistent rates of return –

with a very low standard deviation

• Achieve high risk-adjusted rates

of return based upon

Watch List

• Higher valuations

• Slowing growth

• Weakening fundamentals

We will sell a stock if


of return based upon

• Information ratio

• Sortino ratio

We will sell a stock if

• Valuation and price targets reached

• Relative value moves stock to most-

overpriced quadrant

• Growth parameters slow

• Negative news flow occurs

• Technical analysis indicates weakness

• An investment with greater potential

displaces the position

Statistics

17

Current LCV Portfolio

As of March 31, 2017

Characteristic (5 year)Characteristic (5 year)Characteristic (5 year)Characteristic (5 year) PVG Large Cap PVG Large Cap PVG Large Cap PVG Large Cap

ValueValueValueValue

Russell 1000 Russell 1000 Russell 1000 Russell 1000

Value IndexValue IndexValue IndexValue Index

EPS Growth -- 5 yr. fwd 5.54% 5.14%

P/E 2017 15.41 20.41

P/B 2017 1.82 2.06

Yield 3.23% 2.43%

Beta 0.82 1.0

r2 0.77 1.0

Sector Weights Sector Weights Sector Weights Sector Weights

3.20%

3.92%

6.16%

4.61%

6.09%

1.28%

0.00%

8.70%

Materials

Telecomm Services

Utilities

REIT


Allocations

Mega Cap – $25B+ 86.52% 42.79%

Large Cap – $10B - $25B 11.97% 33.60%

Mid Cap – $1B - $10B 0.64% 21.08%

Top Holdings Top Holdings Top Holdings Top Holdings ---- 3/31/20173/31/20173/31/20173/31/2017

Ventas 6.2% Total SA 4.7%

GlaxoSmithKline 6.1% T. Rowe Price 4.7%

Occidental Petroleum 6.0% Cisco 4.5%

Target 5.6% Pepsico 4.4%

Pfizer 4.8% Exxon Mobil 4.2%

4.35%

8.78%

12.22%

26.13%

10.84%

9.68%

10.11%

3.20%

11.20%

5.28%

14.30%

18.08%

22.72%

2.76%

9.59%

0.00% 10.00% 20.00% 30.00%

Consumer Cyclical

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Technology

PVG Russell 1000 Value TR

Yearly Returns - Gross


• Outperformance of

Russell 1000 Value

Index since inception,

3/31/05

5%

15%

25%

35%

45%


2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

PVG 3.94% 21.69% 0.24% -30.53% 23.93% 13.86% 7.16% 11.10% 25.29% 13.73% -1.67% 20.48% 3.66%

R1000V 6.95% 22.24% -0.17% -36.84% 19.69% 15.50% 0.39% 17.50% 32.52% 13.45% -3.82% 17.34% 3.26%

-45%

-35%

-25%

-15%

-5%

5%

PVG R1000V

Annualized Returns - Gross


Annualized: Annualized: Annualized: Annualized: 1 Year1 Year1 Year1 Year 3 Years3 Years3 Years3 Years 5 Years5 Years5 Years5 Years 10 10 10 10 YearsYearsYearsYears

PVG U.S. LCV Portfolio 19.32 10.13 12.67 7.45

Russell 1000 Value Index 19.22 8.67 13.12 5.93


Russell 1000 Value Index 19.22 8.67 13.12 5.93

Morningstar Large Cap Value Universe 14.81 6.84 12.97 5.38

Strong Downside Protection

Capital PreservationCapital PreservationCapital PreservationCapital Preservation

• Preserve capital in declining

markets

-10

-5

0

Gross Performance From 06/30/08 to 01/31/09


-27.05

-36.85-35.34

-40

-35

-30

-25

-20

-15

-10

SIPCO S&P 500 Russell 1000

Value

SIPCO

S&P 500

Russell 1000

Value

PVG

Looking Forward

U.S. Large Cap Value Portfolio

– Pure international exposure with the benefits of a contrarian approach

– An emphasis on capital preservation and risk management

– A record of long-term risk adjusted outperformance of benchmark and peers


– A record of long-term risk adjusted outperformance of benchmark and peers

– A focused organization aligned entirely to clients’ needs and interests

Appendix

23

Fee Schedule

Institutional Accounts

Up to $50mm 0.85%

$50mm to $100mm 0.70%


$100mm+ 0.60%

DisclosurePVG ASSET MANAGEMENT, LLC. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Composite Disclosures & Footnotes:

• “PVG is an independent investment advisory firm headquartered in Centennial, Colorado. PVG manages equity, fixed income, and ETF portfolios for both individual and institutional

investors. The firm was founded in 1989.” PVG and SIPCO merged in October of 2016PVG and SIPCO merged in October of 2016PVG and SIPCO merged in October of 2016PVG and SIPCO merged in October of 2016

• U.S. Value Leaders U.S. Value Leaders U.S. Value Leaders U.S. Value Leaders Composite consists of all fully discretionary large cap value equity portfolios with strong relative balance sheets and above average dividend yield value. Inception of the

portfolio is 3/31/2005. The portfolio is concentrated in the healthcare, energy, technology, and financial sectors. The portfolio is typically invested in 30-40 equities chosen primarily from

the United States. 15% of the portfolio can be invested in ADR securities from the major developed markets of Europe and Asia. When the portfolio manager believes that the global stock

markets are highly valued or that market conditions warrant a more defensive posture, the manager may raise cash or purchase market hedges. The benchmark is the Russell 1000 Value.

• The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. The U.S. Dollar is the currency used to express performance of each

composite. Returns are presented gross of management fees, and include the reinvestment of all income. Other than levered and inverse ETFs, leverage or derivatives are not used. The

use of levered and inverse ETFs is anticipated to be infrequent and may not materially impact returns in any given year.

• A complete list and description of all of the firm’s composites is available upon request.

• PVG does not have composite minimums.

• A complete list and description of all of the firm’s composites is available upon request.

• Performance is expressed in U.S. dollars.

• PVG does not have composite minimums.

Period

TotalReturn(grossof fees)(%)

TotalReturn(net

of fees)(%)

BenchmarkReturn*(%)

Number ofPortfoliosat PeriodEnd

CompositeDispersion(Asset-WtdStd Dev)(%)

TotalCompositeAssets atPeriod End($millions)

Percentof TotalFirmAssets(%)

Total FirmAssets atPeriod End($millions)

2005* 3.94 3.02 6.95 2 0 0.1 2 6.8


PVG does not have composite minimums.

• Performance is expressed in U.S. dollars.

� PVG clearly labels returns as gross of fees or net of fees in the column

headings of the composite performance table.

� As of January 1, 2015, the composite is a carve out. which includes the

large cap stock segment plus cash of the PVG Value Long Short Portfolio.

� Withholding taxes on dividends, interest income and capital gains are

custodial based and reclaimed where available through the Advent Axis

portfolio accounting system.

� Exchange rates for foreign securities provided by the external custodians

and have no known inconsistencies.

� Performance presentations conform to local laws and regulations

(principally the SEC) that do not differ from the GIPS requirements in any

known material manner.

� All performance presentations periods are GIPS compliant.

� PVG composites do not contain bundled fee portfolios.

� Gross of fee returns reflect direct trading expenses. Net of fee returns

reflect direct trading expenses and investment management fees.

� Additional information regarding policies for calculating and reporting

returns is available upon request.

� PVG does not use sub-advisors and has not historically.

•••• PVGPVGPVGPVG feesfeesfeesfees forforforfor

investmentinvestmentinvestmentinvestment

managementmanagementmanagementmanagement

servicesservicesservicesservices areareareare::::

Account Market ValueAccount Market ValueAccount Market ValueAccount Market Value Annual FeeAnnual FeeAnnual FeeAnnual Fee

$1 - $250,000 1.50%

$250,000 - $500,000 1.35%

500,000 - $1,000,000 1.20%

$1,000,000 and up 1.00%

2006 21.69 20.26 22.24 6 1.09 0.4 3 11.2

2007 0.24 (0.97) (0.17) 7 0.8 0.5 3 18.4

2008 (30.53) (31.44) (36.84) 9 0.64 1.1 6 18.1

2009 23.93 22.92 19.69 7 0.64 1.3 5 25.2

2010 13.86 12.83 15.50 7 0.52 1.2 3 34.8

2011 7.13 6.16 0.39 14 0.82 2.4 7 33.9

2012 11.10 10.55 17.50 18 0.63 3.8 8 46.2

2013 25.29 24.34 32.52 18 1.07 4.3 7 57.7

2014 13.73 13.01 13.45 20 1.14 7.5 10 73.3

2015 (1.67) (2.12) (3.82) 36 0.53 11.21 16 71.9

2016 20.48 19.89 17.34 30 1.06 10.9 2.9 374.7

1Q17 3.66 3.49 3.26 31 0.19 11.5 2.5 454.6

Disclosure

Composite Disclosures & Footnotes: (Cont.)

� All significant events that would help a prospective client interpret the firm’s performance record are believed to be disclosed within the firm’s SEC Form ADV Part II

with Schedule F, the composite performance table and related footnotes, the client’s Investment Management Agreement, the client’s Investment Policy Statement,

the firm’s web site and various firm brochures.

� PVG, as a firm, has not been redefined.

� No composites have been redefined.

� There have been no composite name changes.

� Composite creation date is 3/31/2005

� Calendar month-end or last business day of the month portfolio valuations are used.

� Composite dispersion is the asset-weighted standard deviation of the individual portfolios around the composite mean for the current period. Composites with 5

portfolios or less are shown as NM (not meaningful).

� PVG does not have multiple defined firms within a parent company.

� There have been no changes in calculation methodology or valuation sources that would result in a material impact on the performance of composite returns.


� There have been no changes in calculation methodology or valuation sources that would result in a material impact on the performance of composite returns.

� Returns for periods of greater than 1 year are annualized.

� The three year annualized ex-post standard deviation of the composite and/or benchmark is not presented because 36 monthly returns are not available.

SEC Disclosure and Representative :SEC Disclosure and Representative :SEC Disclosure and Representative :SEC Disclosure and Representative :

The U.S. Securities and Exchange Commission (“SEC”) allows performance information to be presented gross of management fees in one-on-one presentations if

accompanied by disclosures that: (1) the results do not reflect the deduction of investment management fees; (2) the client’s return will be reduced by the management

fees and any other expenses incurred in the management of the account; and (3) the advisor’s investment advisory fees are described in Part II of the advisor’s Form ADV.

Also accompanying these disclosures must be a “representative example” that shows the effect an investment advisory fee, compounded over a period of years, could

have on the total value of a client’s portfolio.

Personnel

Patrick S. AdamsCEO & Portfolio Manager

� Chief executive office and lead portfolio manager.

� Bachelor of Science Degree in Finance and Accounting from Ohio State University. Master of

Business Administration (M.B.A) degree from Xavier University in Cincinnati, OH.

� Chartered Financial Analyst (CFA)

� Previous experience includes serving as CIO and portfolio manager for the Berger Mutual Funds, portfolio manager for Kemper and the Dreyfus/Founders mutual funds.


Joseph N. PecoraroFounder, CCO & Portfolio Manager

� Founder, Chief Compliance Officer and portfolio manager.

� Bachelor of Arts Degree and Masters Degree in Economics from California State University,

Fullerton.

� Chartered Financial Analyst (CFA)

� Previous experience includes serving as a security analyst with Security Pacific National Bank and

British brokerage firm, Joseph Sebags in Los Angeles and London, top performing manager with

the Oppenheimer Funds Group, co-founder of investment advisory firm, Alpine Capital Management.

Personnel (cont.)

Timothy J. McIntoshPortfolio Manager

� Serves as senior investment officer. Oversees aspects of major client accounts and serves as

lead portfolio manager for the firm’s US Corporate Flexible Bond and US International ADR

portfolios.

� Bachelor of Science Degree in Economics from Florida State University. Master of Business

Administration (M.B.A) degree from University of Sarasota. Master of Public Health Degree

(M.P.H) from the University of South Florida.

� Former finance professor at Eckerd College in St. Petersburg from 1998-2008

� CFA Level II Candidate, Certified Financial Planner™

� Previous experience includes employment with Blue Cross/Blue Shield of Florida and the United

States Army - Military Intelligence


States Army - Military Intelligence

Paul M. MacNamaraPortfolio Manager

� Provides client service to high net worth clients and serves on investment committee. Assists in

the analysis of equity securities and market valuation.

� Bachelor of Science Degree in History from Millersville University. Master of International

Relations from Troy State University.

� Founder Atlantic Investment Advisors Inc

� Certified Financial Planner™

� U.S. Army Special Forces Officer (Retired Colonel)

Personnel (cont.)

Rick Garcia President, Director of Marketing & Sales, Portfolio Manager

� Serves as the portfolio manager for PVG’s technical strategies. Leadership role includes management of

the sales and marketing division.

� Bachelor of Science Degree in Finance from Metropolitan State College of Denver.

� Previous experience includes serving as a Stock Broker for Charles Schwab & Co., and a Business

Development Consultant for Jackson National Life Distributors.

� U.S. Marine Corps – honorable discharged as a Sergeant.


Jana Henderson Vice President, Director of Trading & Operations

� Serves as director of operations, responsible for the execution of trades, coordinate new business,

oversee financial controls and manages client reporting.

� Engineer of Finance and Economics from Thomas Beta University, Zlin, Czech Republic

Personnel (cont.)

Annie Gallegos Vice President, Trading & Operations

� Advent Axys & Moxy Trading specialist. Firm’s senior trader and also provides customer support, daily

portfolio reconciliation, performance reporting, and assists in compliance.

� Maintains control procedures and performs data integrity audits to ensure the accuracy and integrity of

data, utilizing Advent software.

� Bachelor of Science Degree in Economics from Northwestern University.

� Previous experience includes employment with Chicago based Premier Asset Management and WaMu

Investment Company.


Documents

About PVG - PVG Asset Managementpvgassetmanagement.com/pdf/Large_Cap_Value_Presentation.pdf · Content • About PVG 3 • Philosophy & Process 6 2 • Statistics 17 • Appendix