Board of Advisors

Our Board of Advisors, comprised of renowned, veteran value investors with expertise in markets around the globe is, we believe, a unique differentiator for our firm and provides us with a significant competitive advantage.  The members of our Board of Advisors assist us in two main ways.  First, as an important part of our broader global value investing network, they help us to identify compelling small value managers around the world for potential inclusion in our funds.  Second, they serve as an additional level of investment due diligence on the managers with whom we consider investing.  Each and every manager with whom we ultimately invest, subsequent to detailed initial due diligence by our investment team, is subjected to a thorough examination by members of our Board of Advisors to judge skill level, character, and adherence to the value style.  Our Board members, who have been professional value investors for on average 30+ years, have typically hired many analysts and portfolio managers for their own value investment firms over the years and are therefore very helpful to us in identifying and evaluating those traits that we believe successful value investors must possess.  Furthermore, as highly experienced value investors themselves, the members of our Board of Advisors are able to "put our managers through their paces" by conducting detailed analyses of potential managers' portfolios on a position-level basis and evaluating their rationale for their portfolio holdings in order to understand whether a particular manager's style and approach would potentially be a good fit for our portfolios.


Charles Brandes

Mr. Brandes is the founder and managing partner of Brandes Investment Partners LP, an investment advisory firm serving institutional and private clients, founded in 1974.  A CFA charterholder for more than 25 years, Mr. Brandes met Benjamin Graham, the father of value investing, early in his career and has utilized Graham and David Dodd's principles to achieve consistently superior results for his clients over his 40+ years in investment management.  He is the author of Value Investing Today (McGraw-Hill. 3rd Edition. 1998.) Mr. Brandes earned his Bachelor of Arts degree in economics from Bucknell University.


Peter Guy

Mr. Guy is the co-founder of John A. Nolan Associates, an asset consulting firm founded with John Nolan in 1987.  In 2001, the name changed to JANA Consulting.  JANA became one of the premier asset consulting and asset management companies in Australia and as of March 31, 2010, advises on over A$150 billion in assets and independently manages more than A$10 billion.  In 2000, the firm was sold to the National Australia Bank.  In 1993, Mr. Guy and Mr. Nolan founded Warakirri Asset Management Pty Ltd.  In June 2008, Mr. Guy left his formal duties at Warakirri to manage his family's assets but remains one of Warakirri's largest shareholders.


Alan Kahn

Mr. Kahn is the former president and chief executive officer of the noted value-investing firm, Kahn Brothers & Co., where he served from 1978 to 2005.  He became an active partner at van Biema Value Partners in 2006.  He conducts regular interviews with the van Biema submanagers and on-going analyses of their portfolios.  Before joining Kahn Brothers, Mr. Kahn was a vice president in the securities division of Lehman Brothers, predecessor firm to Lehman Brothers Kuhn Loeb, Inc.  From 1960 to 1975, Mr. Kahn worked at Abraham & Co. and previously for J.R. Williston & Beane.  Mr. Kahn received a Bachelor of Arts degree summa cum laude from Columbia University.


Charles M. Royce

Mr. Royce is president, co-chief investment officer, and portfolio manager of Royce & Associates, LLC, and president of The Royce Funds, a position he has held since 1972.  He has over 45 years of investment experience, with over 35 years spent utilizing a disciplined value approach to select smaller companies for the Royce investment portfolios.  He received a Bachelor of Arts degree from Brown University and earned a Master of Business Administration from Columbia University.


V-Nee Yeh

Mr. Yeh is the chairman of Cheetah Investment Management Group, which sponsors and seeds new funds, including Arcus Japan Value, Cheetah Korea Value, and Saizen REIT.  He is also co-founder and director of Value Partners Limited and chairman of Argyle Street Management.  In addition, Mr. Yeh was a member of the Executive Council of Hong Kong.  Mr. Yeh received his Bachelor of Arts degree from Williams College and his JD from the School of Law at Columbia University.