Investment Focus: Ford has conducted research on a very broad range of business models covering most sectors in the economy. Nevertheless, he has done relatively less research on financial services and retailing companies.

After Yale University and an MBA degree in Finance from Columbia University Graduate School of Business, Mr. Draper began his career in the investment research and capital management departments of Smith, Barney & Co., a major New York investment firm.  In 1970, he joined Baker, Fentress & Company, a $350 million publicly-owned closed-end mutual fund, performing original investment research on a broad spectrum of companies and industries.  For the following twelve years at Baker, Fentress,  he had responsibilities as Vice President that included trading, investment research, investment strategy, and management of the Fund's portfolio.   Mr. Draper founded Kalmar Investments in 1982.

Investment Focus: Retail, health care, manufacturing and materials with special knowledge of filtration, distribution based businesses, certain areas of business services.

After the University of Virginia’s McIntire School of Commerce, Mr. Walker worked over three years for Delfi Management, Inc., investment advisor to the $350 million mutual fund group Sigma Funds.  As a Senior Research Analyst, he performed original research in consumer-related industries, healthcare, retailing and distribution and was responsible for investment selection from these areas for the Sigma Funds and the portfolios of DP Asset Management, an affiliated $100 million investment advisory firm.  Mr. Walker joined Kalmar Investments in 1986.

Investment Focus: Energy, business/financial services, restaurants, and certain materials and construction companies.

Mr. Torres received a BS degree in Economics and International Relations with a minor in Business Administration from the University of Delaware and an MBA degree from Indiana University. He began his career with Vanguard and after four years joined T. Rowe Price Associates as a member of the Equity Investment Team.  In 1996 he joined  the Wilmington Trust Company as a Portfolio Manager in the Asset Management Department.  As a Portfolio Manager, he was responsible for $130 million for individuals, profit sharing plans and endowments.  Mr. Torres joined Kalmar Investments in 1998 as a Research Analyst.

Investment Focus: Technology hardware and software, medical products, industrial.

After receiving a BS degree in Finance from Penn State University, Mr. Travers began his career with PNC Bank as an Investment Accountant.  After two years he joined  the Provident Mutual Management Company as Quantitative Equity Analyst.  As a Quantitative Equity Analyst he worked closely with portfolio managers in the development of equity selection models, to provide insight on market behavior, and to screen for new ideas.  In 1993, Mr. Travers became a Portfolio Manager/Research Analyst focusing on small cap portfolios for Martindale Andres & Company, a $2.5 billion equity manager. Mr. Travers joined Kalmar Investments in 1998 as a Portfolio Manager/Research Analyst.

Investment Focus: Health care, restaurants, retail, certain areas of business services.

Ms. Laughman is a graduate of West Chester University, where she earned her Bachelor of Science and Masters Degrees. She joined Kalmar Investments in 1997 as part of the Client Services Team, and in 1998 became part of the Administration & Compliance Team, where she served as Assistant to Kalmar’s President. Having shown special interest and capability on the research side, in 1999, she joined the Investment Team as a Research Associate under our apprenticeship program and is now a Portfolio Manager/Research Analyst. She earned her CFA designation in 2003.

Investment Focus: Technology, transportation, and certain areas of business services

Mr. Sanders earned his BS in Electrical Engineering from Cornell University and his MBA from the Tepper School of Carnegie Mellon University.  After several years of design, internal consulting, and marketing assignments in the electronics industry for Watkins Johnson and Analog Devices, in 1987 he entered the investment business as a technology analyst for Manufacturers Hanover/Chemical Bank.  Later he added sell-side technology analytical experience at McMahan Securities and then at Needham & Co., where he was a Senior Analyst and Principal focusing primarily on the semiconductor equipment industry.  In 2000 he joined the small and mid-cap growth investment team at Chartwell Investment Partners, a $6-billion institutional investment management firm in Berwyn, PA, where he continued to broaden his technology specialization as well as expanding his experience into transportation and business services.  Mr. Sanders joined Kalmar in 2004.

Investment Focus: Business services, health care, retail, software and financial services.

After a BA in Economics with a minor in Spanish from the University of Virginia, Mr. Falcon worked as a senior underwriter for the Chubb & Son Insurance Company before earning his MBA from the Fuqua School of Business at Duke University with an emphasis in Finance.  He began his research career covering the retail and financial service sectors with Waddell & Reed Asset Management, a multi-billion mutual fund complex.  He then joined Ashford Capital Management where for eight years as Vice President and member of the investment committee, he discovered and managed original small cap growth research ideas across a broad range of industries.  Mr. Falcon joined Kalmar in October 2006 as a member of the research/portfolio management team.

ANDREW N. DEFINO
Portfolio Manager/Research Analyst
Seven years experience in investment research and portfolio management.

Investment Focus: Consumer staples, consumer discretionary, telecom, utilities, business services.

Mr. DeFino received a BS in Finance and International Business followed by an MBA in Investment Management from the College of Lebow at Drexel University.  While completing his studies, starting in 2000, Andrew worked at BlackRock Inc. in multiple departments in the US and UK.  In 2003 he joined BlackRock’s Global Opportunities Team full time as an equity analyst.  Initially he covered Diversified and IT Commercial Services and over time his responsibilities expanded to include Consumer Staples, Consumer Discretionary, Telecom and Utilities.  In 2007, while continuing to contribute investment ideas from several areas, he became the team’s sector portfolio manager for the Consumer Staples portion of all global open and closed end funds totaling over $9 billion in assets.  Mr. DeFino joined Kalmar in 2009 as a member of the research/portfolio management team.

STEPHEN J. BOWEN
Portfolio Manager/Research Analyst
Eleven years experience in investment research and portfolio management.

Investment Focus: Business services, manufacturing, software, distribution based businesses.

Mr. Bowen received a BS with concentration in Finance and Economics from the University of Kansas and an MBA from Depaul University.  After 13 years of operating management experience with a Fortune 500 industrial distribution company, Mr. Bowen began his investment career in 2000 with First Analysis, Inc. a venture capital and research firm.  As a Vice President and General Partner, Mr. Bowen was responsible for leading the investment research and decision process for early stage software companies, as well as acting as a strategic planning advisor for the boards of several portfolio companies.  In 2002, he joined Downtown Associates, a hedge fund partnership focused on small growth companies, as a Principal and member of the Equity Investment Team.  There, Mr. Bowen was responsible for investment idea generation, original research and portfolio decisions for assets in excess of $100 million.  Mr. Bowen joined Kalmar Investments in 2009 as a member of the research/portfolio management team.

After earning a BA in International Relations from Lynchburg College, plus additional travel and business education, Mr. Draper joined Kalmar Investments in 1991.  There he built the firm’s professional trading operations team and specialized information systems focusing exclusively on small and mid cap equities.  As Managing Director, Ford has direct oversight responsibility for the Trading, Operations, and Client Service teams and is fully engaged in managing the firm’s business operation including technology, financial operations, and compliance.

Ms. Butler graduated from the University of Richmond with a BA in Economics and Spanish in 1985.  Prior to joining Kalmar Investments, Ms. Butler worked on the trading desk of Newbold’s Asset Management (later acquired by Pilgrim Baxter Assoc. in Wayne, Pennsylvania).  Ms. Butler joined Kalmar Investments as a trader in 1997.

DANIEL E. SHAW
Trader
Thirteen years experience in equities trading and investment operations.

Mr. Shaw graduated from Delaware State University with a BS in Marketing in 1995.  He then joined Ashford Capital Management to assist in trading operations and shortly afterwards moved to the trading desk, later assuming the Senior Trader position.  Mr. Shaw joined Kalmar in the summer of 2007.

Mr. Draper graduated from College of Charleston with a BA in Corporate and Organizational Communications.  In 2002 after working abroad in Australia, he completed additional business coursework offered in the University of Delaware’s continuing education program.  He joined Kalmar’s Apprenticeship Program to assist the Trading and Operations departments and has risen to become one of three active traders on the desk.

Ms. McMenamin  graduated from Russell Sage College with a BS in Secondary Education and taught seven years.  After working as an Office Manager, Ms. McMenamin joined Kalmar in 1992.  As part of the Client Services team, she is responsible for all new account opening documentation, provides account management support for clients, and supervises client account reconciliation and reporting.  Ms. McMenamin also works closely with Kalmar’s Administration and Compliance team.

Ms. Romito is a graduate of West Chester University and received an MBA in Finance from Widener University. She began her career with the mutual fund servicing arm of PNC Bank as a member of the Sales and Marketing Team. After four years, she joined Wilmington Trust's Asset Management Department as a liaison between the Sales and Client Services Teams. Within the investment industry, she has served on the Direct Marketing and Sales Force Marketing Committees of the Investment Company Institute. Ms. Romito joined Kalmar Investments in 1998.

Mr. Stroble received a Bachelor of Science degree in Finance from the Virginia Polytechnic Institute and earned an MBA from the University of Delaware.  He began his career in 1981 with Wilmington Trust Company holding a variety of client management and sales positions within the  Corporate Custody Division and Asset Management Department.  In addition to serving as President of Rodney Square Distributors, Inc., a broker-dealer subsidiary of Wilmington Trust, he was the Sales Manager responsible for all of Wilmington Trust’s institutional investment management services and participated in the development of new investment products and services leading to management of more than $1 billion in assets.  After Wilmington Trust Company, Mr. Stroble joined Riggs Investment Management Corporation as Director of  Marketing.  Prior to joining Kalmar, he was Vice President of Sales for Fisher Investments, Inc.  Mr. Stroble joined Kalmar’s Client Service and Marketing Team in 2001. 

KIMBERLY L. PORTMANN
Chief Compliance Officer
Twenty years experience in mutual fund administration, accounting and compliance.

Ms. Portmann received a Bachelor of Science degree in Accounting from Goldey-Beacom College.  She began her career with the mutual fund servicing arm of PNC Bank in 1990 and worked in several management capacities within the Investment Accounting and later, Administration divisions where she had responsibility for several significant families of funds.  In 2004, she joined Kalmar Investments as the Chief Compliance Officer. Kimberly is a member of the National Society of Compliance Professionals and the Philadelphia Compliance Roundtable.