Our Team | Our Process | Careers
The portfolio managers' experience and expertise provide a distinct advantage in valuing the many critical components of real estate companies that are not captured by financial models. This expertise is the result of the team's extensive real estate stock picking experience and direct real estate transaction experience.
During their time in the industry, the managers have experienced two full real estate cycles, providing equity research on 75 percent of the real estate securities marketplace. The managers have longstanding industry relationships, affording them a deeply entrenched knowledge of real estate management teams and earnings quality.
Jay P. Leupp, the president and chief executive officer of Grubb & Ellis Alesco Global Advisors, serves as the Funds' portfolio manager. Leupp founded Alesco in 2005 and has been its president and chief executive officer since its inception. Prior to founding Alesco, Leupp served as managing director of real estate equity research at RBC Capital Markets from 2002 to 2006, an investment banking group of the Royal Bank of Canada, where he oversaw a five-person equity research team. Prior to joining RBC, Leupp served as managing director of real estate equity research at Robertson Stephens & Co. Inc., an investment banking firm where he founded the real estate equity research group in 1994. From 1991 to 1994, Leupp served as vice president of the Staubach Company, specializing in the leasing, acquisition and financing of commercial real estate. From 1989 to 1991, Leupp also served as a development manager with Trammell Crow Residential, the nation's largest developer of multifamily housing.
Leupp holds a bachelor's degree from Santa Clara University and an MBA from Harvard University. Leupp is a member of the board of directors of Chaminade College Preparatory, Los Angeles. He is also a member of the Santa Clara University board of regents, policy board member of the Fisher Center for Real Estate at the University of California, Berkeley, board of directors of G.W. Williams Company and board of directors of United American Bank.
Brett Johnson is the chief investment officer and portfolio manager for the Grubb & Ellis AGA Mutual Funds. His prior experience includes four years as vice president in the real estate equity research group of RBC Capital Markets and as an associate at Robertson Stephens. He also worked in real estate acquisitions and development, which included overseas duties. Johnson holds a bachelor's degree from Stanford University, and an MBA from the Wharton School of Business.
David Ronco is portfolio manager for the Grubb & Ellis AGA Realty Income Fund and Grubb & Ellis AGA US Realty Fund. Ronco joined Grubb & Ellis Alesco Global Advisors in 2006 as a senior investment analyst. He worked with Jay Leupp in equity research specializing in REITs both at RBC Capital Markets as a vice president and at Robertson Stephens as an associate. Previously, he served as an analyst at an investment banking firm. Ronco holds a bachelor's degree from Stanford University.
Kipp Kjeldgaard is the director of marketing for Grubb & Alesco Global Advisors, joining the firm in 2009. He has worked in the investment management industry since 1993 with extensive experience managing the sales and marketing efforts to registered investment advisors, investment consultants, banks and broker/dealers for asset management firms including UBS Brinson. Most recently he served as Litman/Gregory Fund Advisor's director of marketing and served on the board of governors for the Mutual Fund Education Alliance. Kjeldgaard earned a bachelor's degree from the University of California at Los Angeles.
Joseph Welsh brings 20 years of experience in public accounting, taxation and investment fund accounting to Grubb & Ellis Alesco Global Advisors. His expertise spans finance, taxation, operations and compliance. Most recently, Welsh served as chief compliance office and chief financial officer at Presidio Management. He holds a bachelor's degree from Santa Clara University.
Laura Carina Galli supports the daily operations of Grubb & Ellis Alesco Global Advisors. She has seven years of experience in accounting, controllership and office management, including three years of overseas duties. Galli earned a degree in accounting at the Universidad del Aconcagua, Argentina and is fluent in Spanish and Italian.
References to other funds should not be interpreted as an offer of these securities.
Mutual fund investing involves risk, including the potential loss of principal.
Investors should be aware of the risks involved with investing in a fund concentrating in REITs and real estate securities, such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. Investments in asset backed and mortgage backed securities include additional risks that investors should be aware of, such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investing in small and medium-sized companies involves greater risks than those associated with investing in large company stocks, such as business risk, significant stock price fluctuations and illiquidity. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Diversification does not assure a profit or protect against a loss in a declining market.
The funds may invest in foreign securities which involves greater volatility and political, economic and currency risks and differences in accounting methods.
Grubb & Ellis AGA Mutual Funds are distributed by Quasar Distributors, LLC.
© Grubb & Ellis Alesco Global Advisors, LLC 2009 All Rights Reserved.
