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Investment Teams

GMO’s investment teams are all grounded in a long-term, valuation-based investment philosophy.

Each team has focused, deep expertise investing across multi-asset class, equity, fixed income, or alternative markets, and each employs its own active investment process. Some GMO teams rely on innovative quantitative tools, others use rigorous fundamental research, while many blend the two approaches.

Clients benefit from working with the leading investors of today and those who are just starting to make their marks. On average, our investment team leaders have over 20 years’ industry experience, and many have spent a large portion of their careers at GMO. This leadership group has experience investing through multiple market cycles – perspective that helps our investment teams maintain a focus on the long term. The over 100 investment professionals who work on our teams share a common set of values centered on our investment philosophy and a focus on client outcomes.

Investment teams actively collaborate and share research, using our collective experience to fine-tune our processes and produce new ideas. We regularly publish research based on this work to address a range of client issues.

Asset Allocation

Asset Allocation is a core competency of GMO, and multi-asset class portfolios represent a large portion of GMO’s assets under management. The Asset Allocation team believes that expected returns for asset classes change as valuations change, and these views are reflected in our 7-Year Asset Class Forecasts. The team’s process takes advantage of the changing opportunity set by actively rotating portfolio allocations and taking risk in line with the rewards on offer. By being valuation-sensitive investors, we successfully identified the Japanese Equity bubble (the 1980s), the Dot-Com bubble (the late 1990s), and the Global Risk bubble (the 2007-2008 timeframe), avoiding the permanent impairment of capital from the bursting of these bubbles.

GMO’s Asset Allocation team has managed asset allocation portfolios since 1988 and has been a pioneer in unconstrained, absolute return-oriented investing since first recommending this approach at our 1999 Fall Conference. With team members located in Boston, San Francisco, and London, the team can access both traditional (equity, fixed income, credit, cash) and alternative asset classes via strategies actively managed by other GMO investment teams. In this way, Asset Allocation draws on the investment expertise of the entire firm.

Credit Opportunities

GMO’s Credit Opportunities team has worked together for over five years and has over 60 years’ combined experience, which includes prior roles at leading credit and distressed investment managers. The team applies a value-oriented investment philosophy to distressed, special situation, and event-driven investments across company and sovereign capital structures. Its investment process seeks to take advantage of market mispricings that often occur in connection with bankruptcy and liability management, industry and financial distress, and technical pressures based on ratings, index, and other corporate actions. 

Developed Rates & FX

The Developed Rates & FX team members have backgrounds in finance, economics, physics, math, statistics, and computer science – experience that helps them in developing and implementing quantitative investment strategies focused on global fixed income and currency markets. The team manages both leveraged absolute return and benchmark-plus strategies, all of which benefit from alpha streams derived from proprietary models. 

Emerging Country Debt

GMO founded our emerging debt effort in 1994, making us one of the earliest dedicated investment managers in the asset class. The Emerging Country Debt team counts among its members sovereign, corporate, and local market specialists with significant experience in the asset class. The team has applied a bottom-up security selection focus since inception, an approach that sets GMO apart from other managers who stress the importance of top-down investing in emerging debt markets. 

Emerging Markets Equity

GMO’s Emerging Markets Equity team believes that both quantitative techniques and fundamental analysis generate alpha in emerging equity markets. Reflecting this philosophy, the team’s investment professionals are grouped into two sub-teams, one focused on quantitative research and investment and the other focused on fundamental research and investment. Originally established in 1993, the team has a global footprint, with investors in GMO’s San Francisco, Singapore, and Boston offices. 

Event-Driven

The Event-Driven team’s portfolio and risk management philosophy is governed by the belief that in an asymmetric field where losses are often disproportionate to gains, a competitive advantage can be gained by using a probabilistic framework at both the security selection and portfolio allocation levels.

Focused Equity

GMO’s Focused Equity team manages benchmark-agnostic, fundamentally driven equity portfolios: the Quality, Resources, and Climate Change Strategies. The team takes a long horizon view to investing, focusing on businesses with enduring relevance and secular growth drivers. Launched in 2004, the Quality Strategy is designed to be a core equity holding with a favorable risk return tradeoff, while the Resources and Climate Change Strategies, launched in 2011 and 2017, respectively, target specific opportunities with compelling secular tailwinds. The team’s approach is to reinforce fundamental analysis with rigorous systematic work. The experienced team is based in Boston and London and also manages long/short versions of the Quality and Resources Strategies.

Global Equity

Our Global Equity team is a carefully assembled group of world-class quantitative investors, with backgrounds in physics, mathematics, finance, economics, engineering, astronomy, computer science, and business. GMO is a pioneer in quantitative investing, and the team builds on decades of accumulated research on how best to capture valuation opportunities and other mispricings. With team members in Boston and London, the team applies its research insights to a range of U.S. equity, non-U.S. equity, global equity, and equity derivative strategies.

Structured Products

GMO’s Structured Products team members have over 14 years’ experience on average in structured product and asset-backed security investing. The team leverages this extensive experience to employ both top-down and bottom-up analysis to identify securities that provide the best value relative to what is currently available in the market. Importantly, the team is fully empowered to buy what is truly the best value, rather than just what is in the benchmark.

Systematic Global Macro

The Systematic Global Macro team was established at GMO in 1999. The team members’ tenure and experience together has enabled our investment philosophy and process to remain consistent, while our commitment to investment research facilitates the application of desired enhancements. Based in our Sydney office, the team conducts research on an ongoing basis to ensure the quantitative models used are as strong as possible. 

Investment Team Heads

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Joe Auth

Head of Structured Products

Mr. Auth is engaged in portfolio management for GMO’s Structured Products team. Prior to joining GMO in 2014, he was a Portfolio Manager for the Harvard Management Company. Previously, he was a Research Director at Standish Mellon Asset Management. Mr. Auth earned his B.A. in government and history from the Connecticut College and his M.B.A. from the University of Connecticut. He is a CFA Charterholder.

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Amit Bhartia

Head of Fundamental, Emerging Markets Equity

Mr. Bhartia is a portfolio manager for GMO’s Emerging Markets Equity team and oversees fundamental research. Additionally, he serves as CEO and an executive director of GMO Singapore Pte Ltd. Prior to joining GMO in 1995, he worked as an investment advisor in India. Mr. Bhartia earned a Bachelor of Engineering at the University of Bombay and an MBA at the Institute for Technology and Management in Bombay. He is a CFA charterholder.

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Warren Chiang

Head of Quantitative, Emerging Markets Equity

Mr. Chiang is a portfolio manager for GMO’s Emerging Markets Equity team and oversees quantitative research. Prior to joining GMO in 2015, he worked at Mellon Capital Management as a Managing Director of Active Equity Strategies. Previously, he worked at the Federal Reserve Bank of San Francisco as a research associate. Mr. Chiang earned his B.A. in Economics and his MBA from the University of California Berkeley. He is a CFA charterholder.

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Neil Constable

Head of Global Equity

Dr. Constable is the head of GMO’s Global Equity team. Previously at GMO, he was the head of quantitative research and engaged in portfolio management for the Global Equity team’s quantitative products. Prior to joining GMO in 2006, he was a quantitative researcher for State Street Global Markets and a post-doctoral fellow at MIT. Dr. Constable earned his B.S. in Physics from the University of Calgary, his Master’s in Mathematics from Cambridge University, and his Ph.D. in Physics from McGill University.

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Arjun Divecha

Head of Emerging Markets Equity

Mr. Divecha is the head of GMO’s Emerging Markets Equity team and a member of the GMO Board of Directors. Prior to joining GMO in 1993, he spent 12 years at BARRA directing software development, marketing, client service and emerging markets research and development. Mr. Divecha holds a Bachelor of Technology in Aeronautical Engineering from the Indian Institute of Technology, Bombay and an M.B.A. in Finance from Cornell University.

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Doug Francis

Head of Event-Driven

Mr. Francis is engaged in managing GMO’s Event-Driven portfolio. Previously at GMO, he was a member of the Global Equity team. Prior to joining GMO in 2009, he was a managing director for Tisbury Capital Management LP. Previously, he was also a managing director (equities) for Sowood Capital Management LP and a managing principal at Pegasus Investments LLC. Mr. Francis earned his B.A. in Economics from Trinity College and his MBA from Boston University.

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Jeff Friedman

Co-Head of Credit Opportunities

Mr. Friedman is engaged in portfolio management for GMO’s Credit Opportunities team. Prior to joining GMO in 2013, Mr. Friedman was an associate at Morgan Stanley. Mr. Friedman earned his A.B. in History from Dartmouth College.

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Jason Halliwell

Head of Systematic Global Macro

Mr. Halliwell is the head of GMO’s Systematic Global Macro team. He joined GMO Australia in September 1999 from Westpac Investment Management where he spent three years in research and development of quantitative tactical asset allocation methods. Mr. Halliwell has an honours degree in Commerce/Law from Queensland University and has completed postgraduate studies in Financial Mathematics at the University of Technology in Sydney. He is a CFA charterholder.

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Tom Hancock

Head of Focused Equity

Dr. Hancock is the head of GMO’s Focused Equity team and the portfolio manager for the Quality Strategy. Previously at GMO, he was co-head of the Global Equity team. He is a partner of the firm. Prior to joining GMO in 1995, he was a research scientist at Siemens and a software engineer at IBM. Dr. Hancock holds a Ph.D. in Computer Science from Harvard University and B.S. and M.S. degrees from Rensselaer Polytechnic Institute.

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Jason Hotra

Co-Head of Developed Rates & FX

Mr. Hotra is engaged in portfolio management for GMO’s Developed Rates & FX team. Prior to joining GMO in 2015, he was a Portfolio Manager at Convexity Capital Management. Previously, he was a Director at Sowood Capital Management. Mr. Hotra earned his B.S. in Management Science with an option in Finance from Massachusetts Institute of Technology.

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Ben Inker

Head of Asset Allocation

Mr. Inker is head of GMO’s Asset Allocation team and a member of the GMO Board of Directors. He joined GMO in 1992 following the completion of his B.A. in Economics from Yale University.  In his years at GMO, Mr. Inker has served as an analyst for the Quantitative Equity and Asset Allocation teams, as a portfolio manager of several equity and asset allocation portfolios, as co-head of International Quantitative Equities, and as CIO of Quantitative Developed Equities.  He is a CFA charterholder.

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Greg Jones

Co-Head of Developed Rates & FX

Dr. Jones is engaged in portfolio management and leads the quantitative research effort for GMO’s Developed Rates & FX team. He joined GMO in 2007 following the completion of his Ph.D. in Physics from Harvard University. Dr. Jones earned his B.S. in Mathematics and Physics from the University of Missouri, Columbia.

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Tracey Keenan

Head of Short Duration Strategies

Ms. Keenan is the portfolio manager of GMO’s cash strategies and fixed income team lead for GMO’s trading team. Previously at GMO, she was a member of the Fixed Income team, focusing on trading FX, EM and Domestic repo, and government bonds. Prior to joining GMO in 2002, she was a Fixed Income Trader at Standish Mellon. Ms. Keenan earned her B.A. in Political Science from Stonehill College and her M.B.A. in Finance from Suffolk University.

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Dan Mahoney

Head of Trading

Mr. Mahoney is the Head of GMO’s trading team. Prior to assuming his current responsibilities, he was responsible for trading and process oversight for GMO’s Emerging Markets Equity team. Previously at GMO, he was a trader for the Emerging Markets Equity team and joined GMO as a member of the Data Management and Corporate Actions team. Prior to joining GMO in 2000, he was a senior trust specialist with Mellon Trust’s corporate actions group. Mr. Mahoney earned his B.S. in Business Administration from Merrimack College.

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Jon Roiter

Co-Head of Credit Opportunities

Mr. Roiter is engaged in portfolio management for GMO’s Credit Opportunities team. Prior to joining GMO in 2011, Mr. Roiter was a senior analyst for TPG Credit Management. Previously, he was an analyst for the leveraged finance group at Citigroup Global Markets. Mr. Roiter earned his B.A. in Economics from Columbia University.

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Tina Vandersteel

Head of Emerging Country Debt

Ms. Vandersteel is the head of GMO’s Emerging Country Debt team. Prior to joining GMO in 2004, she worked at J.P. Morgan in fixed income research developing quantitative arbitrage strategies for emerging debt and high yield bonds. She began her career at Morgan Guaranty Trust, attending Morgan Finance Program #18, before establishing her career in emerging debt. Ms. Vandersteel earned her B.A. in Economics from Washington & Lee University. She is a CFA charterholder.