KDP Management Team
- Kingman D. Penniman, CFA, Chief Investment Officer
- Kathleen A. News, Senior Portfolio Manager
- Justin B. Monteith, CFA, Portfolio Manager
- Dennis V. Dowden, CFA, Portfolio Manager
KDP Industry Analysts
- Brian E. Bogart, CFA
- Barbara J. Cappaert, CFA
- Michael Cazayoux
- Kenneth R. Duffel
- Terrence K. Dwyer
- Thomas C. Ferguson
- Mark S. McCabe, CFA
KDP Market Analysts
KDP Management Team
Kingman D. Penniman, CFA, Chief Investment Officer
Kingman D. Penniman, CFA, President and Chief Investment Officer. Mr. Penniman is President and Chief Investment Officer of KDP Asset Management, Inc. (KDPAM). He is also President and Chief Executive Officer of KDP Investment Advisors, Inc. (KDPIA). KDPIA’s research professionals have been providing investment research to high yield professionals for over 25 years. KDPAM was formed in 1999 as the firm’s investment arm to further leverage the strength and reputation of its research and analytics capabilities. Mr. Penniman was formerly Executive Vice President, head of the High Yield Bond Group for Duff & Phelps Investment Research Co. Prior to joining D&P, he was with McCarthy, Crisanti & Maffei, Inc. He joined MCM with responsibility for initiating coverage and assigning investment grade ratings for the industrial grade companies. Mr. Penniman was subsequently responsible for MCM's high yield product. MCM was the first rating agency and first non-Wall Street firm to specialize in high yield securities and to quantify the probability of default on a systematic basis. Previously, Mr. Penniman supervised the marketable bond research group for the National Life Insurance Company. He received a B.A. from Colby College and an M.B.A. from the Wharton School of the University of Pennsylvania. He is a member of the CFA Society New York and CFA Society Vermont.
Kathleen A. News, Senior Portfolio Manager
Kathleen A. News, Senior Portfolio Manager. Ms. News has over 30 years of investment experience specializing in fixed income securities and serves as co-portfolio manager for all portfolios. Prior to joining KDP in April 2001, Ms. News was a founding partner of Penn Capital Management (Penn) where she served as Managing Director and Senior Portfolio Manager from 1988 until November, 2000. Ms. News was part of the management team responsible for Penn’s high yield bond style and had primary portfolio management responsibility for Penn's Defensive High Yield Style. Penn’s Defensive High Yield Style experienced no defaults and was in the top 20 managers of 382 composites/funds for the forty quarters ending December 31, 2000 as reported by WBMM (Nelson’s World’s Best Money Managers)*. Prior to Penn, Ms. News was employed at Delaware Investment from 1977 to 1987. While at Delaware, Ms. News was the portfolio manager for Delaware Cash Reserve, a $1 billion money market fund, as well as institutional accounts for Fortune 500 companies.
*[References to WBMM (Nelson's World's Best Money Managers) refer to Nelson Information's statements as of December 31, 2000 that, "for over 25 years Nelson Information has been the leading provider to the global institutional investment market of thorough, accurate and current sources of industry information. Nelson's research editors compile World's Best Money Managers from a quarterly survey of investment management organizations and portfolio composites. To assure credibility and validity, all rankings in World's Best must meet specific requirements with regard to calculations, cash reserves and assets under management. Nelson Information is an objective Provider of information, acting only in a reporting capacity and receives no compensation for listings Presented in the Directory of Investment Managers, World's Best Money Managers or any other Nelson Product. Managers do not apply to be part of this ranking and no awards are associated with it. No fees are involved in obtaining the ranking, nor is there any organization to join or be a member of to be eligible for this publication's rankings.]
Justin B. Monteith, CFA, Portfolio Manager
Justin B. Monteith, CFA, Portfolio Manager. Prior to joining KDPAM, Mr. Monteith was responsible for KDP Investment Advisors' Pricing Services interacting with all major high yield and loan trading desks for a period of 4 years. Before joining KDP, Mr. Monteith was a registered principal and head trader of bonds, equities and options for 5 years with Equity Services, Inc., a subsidiary of National Life Group. Prior to this he was with Sentinel Funds, Bank of America Investment Services and Morgan Stanley Dean Witter. He received his Masters in Financial Economics from the University of London, and his B.A. from Western Michigan University. Mr. Monteith is a member of the CFA Society Vermont.
Dennis V. Dowden, CFA, Portfolio Manager
Dennis Dowden, CFA, Portfolio Manager. Mr. Dowden has over 30 years of investment experience specializing in fixed income securities and serves as co-portfolio manager for all KDP portfolios. Mr. Dowden was previously portfolio manager and senior high yield bond analyst at Muzinich & Co. for 15 years where he co-managed over $10 billion across BB/B, crossover, and leveraged loan funds. Previously he was Director of High Yield Research at ABN Amro. Prior to this and over the course of 15 years he was a Wall Street high yield analyst at Prudential, Smith Barney, Harris Upham & Co., Merrill Lynch Capital Markets, and Bear Stearns as well as a rating analyst at S&P and Fitch. He received a B.A., from St. Peter's University and an MBA from Rutgers University. He is a member of the CFA Society New York and the Fixed Income Analysis Society, Inc.
KDP Industry Analysts
Brian E. Bogart, CFA
Brian E. Bogart, CFA, Senior Vice President, Credit Analyst. Responsible for the containers, paper/forest products, homebuilders, and apparel/textile industries. Before joining KDP, Mr. Bogart was Senior Vice President with Duff & Phelps Investment Research Co. and a Vice President with McCarthy, Crisanti & Maffei. Previously, he served as a senior bond analyst with the National Life Insurance Company. Prior to that, he was a securities analyst with Standard & Poor’s. He received a B.A. from Bates College and an M.B.A. from New York University. He is a member of the CFA Society Boston.
Barbara J. Cappaert, CFA
Barbara J. Cappaert, CFA, Senior Vice President, Credit Analyst. Responsible for the gaming, lodging, leisure, and restaurant industries. Previously, Ms. Cappaert was a Group Vice President with Duff & Phelps Investment Research Co. Before joining Duff & Phelps, she served as a Vice President with Citicorp Scrimgeour Vickers and as a portfolio analyst specializing in consumer companies at Baker, Fentress in Chicago. She received a B.S. from Marquette University.
Mike Cazayoux, Senior Vice President, Credit Analyst. Responsible for the analysis of high yield issues within the metals/mining, steel and auto/auto related industries. Before joining KDP Investment Advisors, he spent six years as a partner at Finergy Capital Services LLC, an inter-bank broker of derivative products. Prior to that, Mr. Cazayoux worked for Dwight Asset Management for six years as the head of corporate bond portfolio management and trading. Earlier in his career, Mr. Cazayoux worked for MetLife as a corporate bond trader and credit analyst for private placements, workouts, asset-backed securities and private label mortgage-backed securities. Mr. Cazayoux holds a B.S. from Louisiana State University, Baton Rouge and an M.B.A. from Tulane University.
Kenneth R. Duffel
Ken Duffel, Vice President, Credit Analyst. Responsible for the oil and gas, and chemicals industries. Mr. Duffel holds a JD and MBA from Boston University.
Terrence K. Dwyer
Terrence K. Dwyer, Credit Analyst. Responsibilities include aerospace/defense, diversified manufacturing/conglomerates, and consumer products. Prior to his position of Senior Vice President at Duff & Phelps Investment Research Co., Mr. Dwyer was a portfolio manager of the Value Line Aggressive Income Trust, an open-end high yield mutual fund for Value Line Incorporated, and an assistant portfolio manager for the Value Line Cash Fund. While at Value Line he was also a senior equity analyst specializing in conglomerates and metals. He received a B.S., cum laude, from Boston College and an M.A. with honors from Indiana University.
Thomas C. Ferguson
Thomas C. Ferguson, Vice President, Credit Analyst. Responsible for fixed income analysis of the finance, food/food services, grocery, and retail industries. Mr. Ferguson was previously Associate Director at UBS Warburg where he was an equity analyst covering the financial services industry. Prior to this, Mr. Ferguson was with Standard & Poor’s where he was responsible for equity research for small and mid-cap companies across several industry sectors. Mr. Ferguson began his career at Coopers & Lybrand where he was a Senior Associate in the mergers and acquisition group. He holds a B.A. from Georgetown University and an M.B.A. from Columbia University.
Mark S. McCabe, CFA
Mark S. McCabe, CFA, Assistant Vice President, Credit Analyst. Responsible for the analysis of the electric utilities & generation industries, as well as gas transmission & distribution credits. Mr. McCabe was formerly a loan analyst at The Debt Exchange. Prior to that, Mr. McCabe worked for The Colony Group as an Equity Research Analyst. Earlier in his career, Mr. McCabe worked with J.L. Kaplan Associates for a period of twelve years, seven of these as an equity analyst. Mr. McCabe holds a B.S. from the University of Lowell and an MBA from the University of Massachusetts. Mr. McCabe is a member of the CFA Society Boston.
KDP Market Analysts
Kristi A. Flynn
Kristi A. Flynn, KDPAM Head of Operations, Market and Technical Analyst. Responsible for market and technical analysis and the oversight of KDP Operations. Within her role as Head of KDP Operations, Ms. Flynn supervises all reconciliations and client reporting as well as client portfolio monitoring websites and reports. Ms. Flynn is active in her stewardship of KDP Operations & Technical Teams in the development, maintenance and monitoring of KDP production systems and procedures spanning both KDP's asset management and its research affiliate. Ms. Flynn has been a member of the team for over 13 years. Ms. Flynn was with INVESCO Capital Management for 10 years prior to joining KDP and has extensive experience in all areas of portfolio administration and accounting. She holds a B.A. from Gettysburg College. Ms. Flynn is a member of KDP's Compliance Committee.
Theresa F. Rose
Theresa F. Rose, Market Analyst. Ms. Rose is a market analyst in KDP’s Pricing Services. She is also responsible for KDP's New Issue Calendar and the maintenance of KDP's Bloomberg service. Ms. Rose has been with KDP for over 20 years starting her career in production management, supporting KDP's research services.