Portfolio Management

R. Alan Medaugh has more than 30 years experience managing domestic and international portfolios for mutual funds and institutional clients. Prior to forming ISI, he headed C.J. Lawrence's fixed-income management operation. From 1981 to 1987, he headed the fixed-income division of Fiduciary Trust. Al graduated from Dickinson College in 1965 and received his MBA from the Wharton Graduate School of Business in 1967.

Thomas D. Stevens serves as portfolio manager for the ISI Strategy Fund. He is also the Chairman and co-founder of L.A. Capital Management. Prior to co-founding L.A. Capital in 2002, Mr. Stevens was a senior managing director and principal at Wilshire Associates for 16 years. Prior to joining Wilshire, Mr. Stevens worked for the National Bank of Detroit as a portfolio manager and was primarily responsible for major pension fund client relationships. Mr. Stevens received his BA from the University of Wisconsin 1974 and his MBA from the University of Wisconsin 1976.

"We believe that adapting to changing market conditions is critical to long term success in equity investing."