U.S. Value Equity Team

The Pillars of Our Culture
The term “team” is fundamental to who we are. Our deep collaboration aligns individual priorities with the goals of the group.
We see our analysts as our greatest asset, which is why we strive to create a workplace where analysts are free to do their best work.
We are tireless in our pursuit of long-term results for investors. We believe that if you want to find opportunities that many overlook, you need to do the work that few will.
We consider it an honor to be able to do the work we do, and we find our successes deeply satisfying, knowing the positive impact we have made in the lives of others.
What Differentitates Our
U.S. Value Equity Team
Quality Fundamental Focus
WHAT WE BELIEVE
We believe that pricing inefficiencies exist in small- and mid-cap stocks such that quality companies can temporarily trade below their intrinsic value. This valuation discrepancy tends to be rationalized over time. By maintaining a strong valuation discipline, with a strict focus on quality companies, we believe we are rewarded for our stock selection, conviction, and patience.
Strong investment timing has been a key factor to our success. Our focus is to nimbly identify profitable entry and exit points of quality companies.
WHY THIS MATTERS
Research has shown that historically, small- and mid-cap value stocks have been among the best-performing asset classes over time.
Both value and small- and mid-cap company risk premiums have amply rewarded investors over the long term. Our view is that most investors can benefit from the attractive long-term capital appreciation potential that a strategic allocation to small- and mid-cap value equities has offered. We believe that investors are well served and can improve their long-term prospects by investing with an active manager in this space.
SEE WILLIAM BLAIR’S U.S. VALUE EQUITY STRATEGIES
Team-First Mindset
Keeping Culture
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Our Organizational Culture


LOW EGOS, FROM TOP TO BOTTOM
When you’re as focused on the process as we are, I don’t think that leaves a lot of time left over to develop an ego. Everyone here is rowing the boat in the same direction.
Jack Sequerth
ASSOCIATE PORTFOLIO SPECIALIST,
U.S. VALUE EQUITY TEAM
There’s a lot of mutual respect among our team members that in my past experience you don’t always see on investment teams.
Matt Fleming, CFA
PORTFOLIO MANAGER AND RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
I think the best companies allow bad
news to come to the top. You benefit
from knowing you can make some
mistakes, and learn from them.
Gary J. Merwitz
DIRECTOR OF RESEARCH, RESEARCH ANALYST, AND PORTFOLIO MANAGER,
U.S. VALUE EQUITY TEAM
We’re all in it together, trying to help each other out. Everybody’s door is open; you can always go in, talk, and collaborate.
Craig Miller, CFA
TRADER, U.S. VALUE EQUITY TEAM
Personal Accountability,
Shared Responsibility
When an investment doesn’t perform as expected, everyone says, ‘Hey, you didn’t put it in the portfolio. We did.’ That encourages you to take more appropriate risks.
Jamie Shurtleff, CFA
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM

Analyst-Driven Environment
Letting Analysts DriveThe research process is analyst-driven. You get to be in the discussions. You get to ask questions. In fact, we expect you to ask challenging questions. Dave Brenia |
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Earlier in my career I worked for the Treasury Department, on the investment team of the Troubled Asset Relief Program (TARP). We were tasked with unwinding the portfolio of investments that were made in 2008.
Jesse L. Fink, CFA
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
When I graduated from college in the late 1990s, tech was booming, and I worked for an IT company for four years as a business analyst covering banking systems. After that I got the itch to go into finance, so I became a tech analyst.
Josh Overholt
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
I was on active military duty until 2001, and I think the military’s focus on discipline translates well to our business. We have a very disciplined way of thinking about quality and valuation.
Dave Brenia
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
I received a master’s degree in healthcare from Johns Hopkins University, then worked in different facets of the healthcare industry. It’s really informed my coverage of the sector.
Jamie Shurtleff
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM

QUALITY OVER QUANTITY
I love that success on our team is determined by the quality of our insight, not the quantity of reports or the aesthetics of the presentation. And performance is measurable.
Jesse Fink, CFA
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
Unwavering Rigor
Pattern RecognitionIf you ask me why we have been successful, I’d say a huge piece of it is just our team’s collective knowledge and history. We’ve met a lot of management teams. We’ve seen a lot of patterns. Matt Fleming, CFA |
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Emphasis on Downside Protection
We don’t need home runs. We want to avoid strikeouts. So we look for a lot of singles and doubles.
Josh Overholt, CFA
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM



REPEATABLE METHODOLOGY
Our standard valuation assessment is not about the output; it’s designed to create an objective starting point that prompts a team dialogue around where the company is in its lifecycle.
Bill Heaphy, CFA
HEAD OF U.S. VALUE EQUITY TEAM
Intersection of Quality and Value
Our focus on quality companies—combined with our strong valuation discipline—seeks to provide consistent upside capture and downside protection across market cycles.


Some people just like to buy cheap stocks. That’s not us. We have a quality overlay. We’re trying to find what we believe are good or great companies at good or great prices.
Matt Fleming, CFA
PORTFOLIO MANAGER AND RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
METICULOUS CONTRARIANS
I’m a value person in pretty much everything I do. I love to find stuff that other people don’t find. I love to find great deals. If I can find an attractively valued company and I believe the consensus is underestimating its earning potential, that’s a great angle for me. And if that plays out, it’s very rewarding.
Gary J. Merwitz
DIRECTOR OF RESEARCH, RESEARCH ANALYST, AND PORTFOLIO MANAGER, U.S. VALUE EQUITY TEAM

Principled Professionalism
The Value of StewardshipOur proudest moments are sitting beside a client that has been Greg J. Czarnecki |
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A FOCUS ON CLIENTS
I’m motivated by the goal of delivering good returns for clients, and that trickles down to everything we do.
Bill Heaphy, CFA
HEAD OF U.S. VALUE EQUITY TEAM
We consider it an honor to be able to do the fascinating, challenging work we do on behalf of our clients.
Andrew Pinheiro
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
Thinking about the strong results that we try to produce and how that impacts the lives of our clients is very motivating.
Jamie Shurtleff, CFA
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
Some people think value investing is an intellectual exercise. Not us. We never lose sight of the fact that we’re stewards of our clients’ capital. It’s a real calling for us.
Dave Brenia
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
U.S. Value Equity Team

The Pillars of Our Culture

1. Team First Mindset →
The term “team” is fundamental to who we are. Our deep collaboration aligns individual priorities with the goals of the group.
2. Analyst-Driven Environment →
We see our analysts as our greatest asset, which is why we strive to create a workplace where analysts are free to do their best work.
3. Unwavering Rigor →
We are tireless in our pursuit of long-term results for investors. We believe that if you want to find opportunities that many overlook, you need to do the work that few will.
4. Principled Professionalism →
We consider it an honor to be able to do the work we do, and we find our successes deeply satisfying, knowing the positive impact we have made in the lives of others.
What Differentitates
Our U.S. Value Equity Team
WHAT WE BELIEVE
We believe that pricing inefficiencies exist in small- and mid-cap stocks such that quality companies can temporarily trade below their intrinsic value. This valuation discrepancy tends to be rationalized over time. By maintaining a strong valuation discipline, with a strict focus on quality companies, we believe we are rewarded for our stock selection, conviction, and patience.
Strong investment timing has been a key factor to our success. Our focus is to nimbly identify profitable entry and exit points of quality companies.
WHY THIS MATTERS
Research has shown that historically, small- and mid-cap value stocks have been among the best-performing asset classes over time.
Both value and small- and mid-cap company risk premiums have amply rewarded investors over the long term. Our view is that most investors can benefit from the attractive long-term capital appreciation potential that a strategic allocation to small- and mid-cap value equities has offered. We believe that investors are well served and can improve their long-term prospects by investing with an active manager in this space.
SEE WILLIAM BLAIR’S U.S. VALUE EQUITY STRATEGIES
Team-First Mindset

Keeping Culture Healthy
Many portfolio managers want to be superstars, but I couldn’t care less about that. My goal is to dedicate time and resources to encourage and support all colleagues in pursuit of long-term results for investors.
Bill Heaphy, CFA
HEAD OF U.S. VALUE EQUITY TEAM
Our Organizational Culture
We believe our backgrounds are a key element of our success. Our clients’ success and our own success are inextricably linked with our experiences.

PLAY VIDEO
Collaborative Debate
00:56
Greg Czarnecki, a portfolio specialist on the U.S. value equity team, discusses how his team values both individual experience and team dynamics.
LOW EGOS, FROM TOP TO BOTTOM

When you’re as focused on the process as we are, I don’t think that leaves a lot of time left over to develop an ego. Everyone here is rowing the boat in the same direction.
Jack Sequerth
ASSOCIATE PORTFOLIO SPECIALIST,
U.S. VALUE EQUITY TEAM
There’s a lot of mutual respect among our team members that in my past experience you don’t always see on investment teams.
Matt Fleming, CFA
PORTFOLIO MANAGER AND RESEARCH ANALYST, U.S. VALUE EQUITY TEAM

We’re all in it together, trying to help each other out. Everybody’s door is open; you can always go in, talk, and collaborate.
Craig Miller, CFA
TRADER, U.S. VALUE EQUITY TEAM
I think the best companies allow bad news to come to the top. You benefit from knowing you can make some mistakes, and learn from them.
Gary J. Merwitz
DIRECTOR OF RESEARCH, RESEARCH ANALYST, AND PORTFOLIO MANAGER,
U.S. VALUE EQUITY TEAM
Personal Accountability,
Shared Responsibility
When an investment doesn’t perform as expected, everyone says, ‘Hey, you didn’t put it in the portfolio. We did.’ That encourages you to take more appropriate risks.
Jamie Shurtleff, CFA
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM

Analyst-Driven Environment

Letting Analysts Drive
The research process is analyst-driven. You get to be in the discussions. You get to ask questions. In fact, we expect you to ask challenging questions.
Dave Brenia
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM

Earlier in my career I worked for the Treasury Department, on the investment team of the Troubled Asset Relief Program (TARP). We were tasked with unwinding the portfolio of investments that were made in 2008.
Jesse L. Fink, CFA
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
When I graduated from college in the late 1990s, tech was booming, and I worked for an IT company for four years as a business analyst covering banking systems. After that I got the itch to go into finance, so I became a tech analyst.
Josh Overholt
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM

I received a master’s degree in healthcare from Johns Hopkins University, then worked in different facets of the healthcare industry. It’s really informed my coverage of the sector.
Jamie Shurtleff
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
I was on active military duty until 2001, and I think the military’s focus on discipline translates well to our business. We have a very disciplined way of thinking about quality and valuation.
Dave Brenia
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM

Thriving on Meritocracy
00:23
Trusting the talent of our researchers and giving them what they need to thrive is a key element of our U.S. value equity team’s culture, explains Andrew Pinheiro, a research analyst on the team.

QUALITY OVER QUANTITY
I love that success on our team is determined by the quality of our insight, not the quantity of reports or the aesthetics of the presentation. And performance is measurable.
Jesse Fink, CFA
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
Unwavering Rigor

Pattern Recognition
If you ask me why we have been successful, I’d say a huge piece of it is just our team’s collective knowledge and history. We’ve met a lot of management teams. We’ve seen a lot of patterns.
Matt Fleming, CFA
PORTFOLIO MANAGER AND RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
Emphasis on Downside Protection

We don’t need home runs. We want to avoid strikeouts. So we look for a lot of singles and doubles.
Josh Overholt, CFA
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
PLAY VIDEO
Collective Wisdom
00:58
Three team members—a director of research, a research analyst, and a trader—explain how a rigorous application of collection knowledge contributes to their team’s dynamic (and success).

REPEATABLE METHODOLOGY
Our standard valuation assessment is not about the output; it’s designed to create an objective starting point that prompts a team dialogue around where the company is in its lifecycle.
Bill Heaphy, CFA
HEAD OF U.S. VALUE EQUITY TEAM
Intersection of Quality
and Value


Some people just like to buy cheap stocks. That’s not us. We have a quality overlay. We’re trying to find what we believe are good or great companies at good or great prices.
Matt Fleming, CFA
PORTFOLIO MANAGER AND RESEARCH ANALYST, U.S. VALUE EQUITY TEAM

METICULOUS CONTRARIANS
I’m a value person in pretty much everything I do. I love to find stuff that other people don’t find. I love to find great deals. If I can find an attractively valued company and I believe the consensus is underestimating its earning potential, that’s a great angle for me. And if that plays out, it’s very rewarding.
Gary J. Merwitz
DIRECTOR OF RESEARCH, RESEARCH ANALYST, AND PORTFOLIO MANAGER, U.S. VALUE EQUITY TEAM
Principled Professionalism

The Value of Stewardship
Our proudest moments are sitting beside a client that has been invested in our stategies for more than three decades, which to us is a testament to the outcomes we’ve delivered.
Greg J. Czarnecki
PORTFOLIO SPECIALIST, U.S. VALUE EQUITY TEAM
PLAY VIDEO
The Importance of Alignment
00:52
Josh Overholt, a research analyst on our U.S. value equity team, explains why he believes William Blair is a perfect fit for his team.
A FOCUS ON CLIENTS

I’m motivated by the goal of delivering good returns for clients, and that trickles down to everything we do.
Bill Heaphy, CFA
HEAD OF U.S. VALUE EQUITY TEAM
We consider it an honor to be able to do the fascinating, challenging work we do on behalf of our clients.
Andrew Pinheiro
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM

Some people think value investing is an intellectual exercise. Not us. We never lose sight of the fact that we’re stewards of our clients’ capital. It’s a real calling for us.
Dave Brenia
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
Thinking about the strong results that we try to produce and how that impacts the lives of our clients is very motivating.
Jamie Shurtleff, CFA
RESEARCH ANALYST, U.S. VALUE EQUITY TEAM
Create an
Enduring Partnership
Our active ownership culture creates long-term client relationships by aligning with your interests and helping you achieve successful investment outcomes. Contact us to learn how we can partner with you.
CONTACT: