Our principals have decades of active participation in global financial markets and thoroughly understand economic and geopolitical issues, the relationship between equity markets, fixed-income instruments, currencies and commodities, and how these may impact the outcome of an investment strategy. We are thoroughly familiar with emerging assets classes like timberland and impact investing which we can incorporate in the strategies we develop for our clients. Our asset allocation decisions combine a global macro view to determine optimal sector weighting and in-depth, bottom-up manager/entrepreneur research to optimize results on a risk-adjusted basis. This process is continually reviewed to incorporate new input at the fundamental level as well as the manager level.
Our experience forms the basis of the qualitative analytical process utilized in evaluating investments, as well as building and managing investment & impact portfolios specifically targeted to the risk/reward expectations of our clients.
In addition to these traditional and qualitative inputs, wherever possible we apply expanded metrics to measure the likely performance and portfolio impact of differentiating strategies under varying (including stressed) conditions. These advanced applications, combined with our experience in asset allocation and risk management, provide our clients a unique and objective assessment of potential investment components and strategies.
Mr. Cugnasca worked for over 11 years in the Treasury group of Citibank in Milan and New York. His responsibilities included foreign exchange trading, asset and liability management strategies for a multi-billion dollar portfolio, and managing the currency exposure resulting from Citibank’s worldwide capital investments. Mr. Cugnasca founded Emcor in 1979 and is one of the firm’s Managing Directors.
At Emcor, Mr. Cugnasca’s responsibilities include the development of asset allocation strategies for the firm’s clients. He directs the development of investment products for institutional clients, and marketing the firm’s products and services to institutional and private clients. Mr. Cugnasca also provides the strategic vision and operational oversight that guide Emcor’s full forestry investment efforts. He is a Director of Emcor Securities and serves on the board of directors of a number of investment companies.
Before joining Emcor in March 2007, Mr. Woodard was a Senior Vice President for a large investment management firm in Los Angeles, as well as a Managing Director for an affiliated non-traditional, credit-oriented hedge fund platform. Prior to that, he spent nearly ten years as Chief Investment Officer for the Kansas Public Employees’ Retirement System (KPERS), a state-wide, multi-employer public defined benefit system. Mr. Woodard’s 30-year professional investment background also includes over ten years as a lead portfolio manager for an insurance holding company, as well as experience as a senior consultant to high net-worth and institutional clients.
As Emcor’s Chief Investment Officer Mr. Woodard is primarily responsible for aiding in and advising on the development of asset allocation and strategies, assessing implementation and management of those strategies and in analyzing both investment processes and performance. In addition, he leads the firm in the analysis of external managers and management platforms, and works with clients in the development and delivery of new concepts and solutions within both the traditional and alternative fund arenas.
Mr. Woodard is Emcor’s Chief Investment Officer and a Director of Emcor Securities. He holds an undergraduate degree in Business (Finance) from Kansas State University and is a charter-holder of the Chartered Financial Analyst*, Chartered Alternative Investment Analyst*, Chartered Life Underwriter*, and Chartered Financial Consultant* designations.
Ms. Cugnasca started her professional career in advertising, working at Hal Riney & Partners in San Francisco. In early 1998, she joined Meisenbach Capital Management, a long/short U.S. equity manager, eventually becoming its Chief Operating Officer. Ms. Cugnasca joined Emcor in May 2003 and is one of the Managing Directors of the firm and its Chief Operating Officer.
Ms. Cugnasca leads Emcor’s dedicated research and development in the impact investment space, focusing on the natural resources, renewable energy, food and health sectors for the firm’s clients. She is responsible for the environmental & social impact strategy of Feronia Forests LLC.
Ms. Cugnasca holds an undergraduate degree from Georgetown University where she graduated cum laude. She also holds an Executive Certificate in Sustainable Management from the Presidio School of Management in San Francisco where she was trained in sustainability assessments and planning, life cycle analysis, GHG foot printing and inventories. Ms. Cugnasca is a Director of Emcor Securities and serves on the Advisory Board of HUB Ventures LLC.
Mr. Flores joined Emcor in 2012 as a Vice President, having previously served as a Director at Investors' Circle, an angel investor network focused on companies capable of making a large social or environmental impact. There he managed the organization's deal sourcing efforts, and spearheaded the investment due diligence process from start to finish. Prior to that, Mr. Flores worked in both real estate private equity and the sports industry, most notably with the PGA Tour.
At Emcor, Mr. Flores works with the firm's impact investment clients to develop tailored investment theses, which incorporate their goals for social and environmental impact alongside their financial return expectations. Mr. Flores also works closely with the firm’s principals on the development of payments for ecosystem services for Emcor’s full forestry projects. He holds both an MBA and a BA, with honors, from Stanford University.
Mr. Palumbo started his professional career as an equity analyst at Nuverse Advisors, a boutique wealth management and investment firm based in New York City where he worked until August 2009. While at Nuverse, his responsibilities included the trading of derivative, equity and fixed income securities. As a Vice President at Emcor, Mr. Palumbo participates with the firm’s principals to the manager selection, due diligence, and asset allocation processes for the firm’s alternative investment programs. He is also involved in the management of Emcor’s forestry investments.
Mr. Palumbo holds an undergraduate degree (cum laude) as well as a Master of Science (cum laude) from Universita’ Bocconi in Milan, Italy. His education includes attending a semester at the Universidad Carlos III in Madrid as part of the Erasmus Program and a semester at USC Los Angeles.
Before joining Emcor in 2012, Mr. Quagliuolo served as a portfolio analyst at Kairos Partners, a boutique wealth management and alternative investment firm based in Milan and London. While at Kairos, his responsibilities included optimization of clients' portfolio profitability as well as the management of portfolios of securities products.
As a Vice President at Emcor, Mr. Quagliuolo coordinates the firm's day-to-day activities in sustainable forestry at Feronia Forests and is responsible for the management of its Vertical Water subsidiary.
Mr. Quagliuolo holds an undergraduate degree from Universita’ Bocconi in Milan, Italy. His education includes attending a semester at the University Of New South Wales in Sydney as part of the Erasmus Program.
Emcor avails itself of the expertise of outside advisors, who have over the years become an integral part of the firm’s management team. These advisors take an active role in the development of strategies related to the firm’s long-term objectives, and provide invaluable insights as to developments in world financial markets, from a local perspective. Their relationship with our principals often spans their entire business career, and we are privileged to have ongoing access to their professional expertise and friendship.
Mr. Levy joined Citibank in 1967 after receiving a degree in engineering from the University of Brussels, and held a variety of Treasury positions in Belgium, Brazil and Mexico. In 1978, he joined Acciones y Valores de Mexico and, in 1983, rejoined Citibank as country manager for Belgium. Mr. Levy returned to Mexico in 1990 as Deputy Chairman of Banco Nacional de Mexico, Mexico's largest bank. He is presently the principal of Remate Lince SA de CV in Mexico City, leader in fixed income securities' intermediation in Mexico. Mr. Levy was until recently a professor at the Solvay Business School of the University of Brussels where he taught financial derivatives. Mr. Levy serves as Advisor to Emcor Securities on the formulation of asset allocation strategies, with particular focus on emerging markets.
Mr. Vedani is the Managing Director of Fiduciaria Orefici S.p.A., a private trust company domiciled in Milan, Italy, with $1 billion in assets under management. Mr. Vedani joined the Orefici group in 1990, assuming his current position at the end of 1993. Mr. Vedani designs investment strategies and manages assets for the firm's clients, and is responsible for the interface with Bank of Italy and the Italian Securities and Exchange Commission. Mr. Vedani serves on the Board of Directors of a number of investment companies among which Billenium Finance plc, an Irish limited liability company that sponsors a series of open-ended investment funds. Mr. Vedani serves as Advisor to Emcor Securities and provides our firm with investment management expertise and market intelligence on European financial markets.
Penelope Douglas is a pioneer of impact investing who for three decades has applied her strategic acumen and dedication to social change for numerous organizations such as such as Morrison & Foerster, Odwalla, Ernst & Young, New Mexico Community Capital, Wells Fargo, San Francisco’s Larkin Street Youth Center, Friends of the Urban Forest Juma Ventures, and more. She has a very strong background in venture capital which is a key component in the world of impact investing. Ms. Douglas co-founded and served as CEO of Pacific Community Ventures, a nonprofit whose mission is to develop & invest human, intellectual and financial capital in California businesses that provide economic gains to low and moderate income communities. Presently, she is Executive & Chair of the Board of SOCAP and Mission HUB LLC. SOCAP is a high profile event series that focus on funds & entrepreneurs, dedicated to the flow of capital towards good by connecting leading global innovators to build this new market at the ‘intersection of money & meaning.’ Mission HUB LLC owns SOCAP, the HUB Bay Area, an accelerator with curated work spaces & community events, HUB Cities and HUB Ventures. Ms. Douglas shares with our principals her invaluable expertise in the development & implementation of impact investment strategies for Emcor’s institutional clients.
Mr. Kozak has 12 years of experience in environmental science and project management, particularly around the development of complex business and information systems. He currently works for SUNRISE, Inc., a company specializing in resource recovery services. He also consults for the Colorado Energy Group and Energy Efficiency Community Group. Prior to joining SUNRISE, Inc., Mr. Kozak worked at Denver-based TEKNOVARE, a supply chain consulting firm that specializes in decision support systems and complex supply chain challenges. He has also played a prominent role in the strategic development of the Vermont Energy Co., an environmentally conscious, "green" convenience-store & fuel company start-up. Mr. Kozak received a BS from the University of Notre Dame where he helped found the Environmental Science program. He earned an MS in Watershed Science from the Natural Resources Department at Colorado State University. He received formal project leadership and management training from the University of Utah, Colorado State University, & the Project Management Institute. Recently, Mr. Kozak earned a certificate in Greenhouse Gas Management Information Systems from the GHG Management Institute.
Mr. Mitchell is currently an investment professional with Guggenheim Partners in New York and has more than 30 years of experience in portfolio management, commercial banking, research and investing in equity and debt securities. Between 2005 and 2007, Mr. Mitchell was a principal at MapleStone Capital Advisors, a credit-oriented hedge fund. Prior to that, Mr. Mitchell was Managing Director–Portfolio Management at MW Post Advisory Group, LLC a high yield and distressed investment firm. Mr. Mitchell served for 12 years with the California State Teachers' Retirement System, the nation's second-largest pension fund, where he was the Chief Investment Officer. Mr. Mitchell assists our firm in the development of asset allocation strategies and in the evaluation of investment managers with particular focus on those involved in credit-related strategies.
*The Chartered Financial Analyst® and CFA® designations are owned by the CFA Institute. The Chartered Alternative Investment Analyst® and CAIA® designation are owned by the Chartered Alternative Investment Analyst Association. The marks CLU ® and ChFC® are the property of The American College.