About Denver Investments

Denver Investments is a research-driven organization founded on the belief that independent, fundamental research is the key driver of the investment success we strive to achieve for our clients. In all that we do, we endeavor to put our clients first in order to help them meet their long-term investment goals.

Singular Focus

At Denver Investments, we are in one business: serving our clients as a fiduciary in the management of their investment assets. This allows the firm to focus its resources on one goal: the pursuit of superior investment returns over the long-term for our clients. We believe that our independence (100% employee-owned) enhances our ability to promote the investment success of our clients and fosters stability within our organization.

Research-Driven

Denver Investments is a research-driven organization founded on the belief that independent, fundamental research is the key driver of achieving the long-term investment goals of our clients. For over 55 years, independent fundamental research has been the cornerstone of our approach.

Dedicated Teams of Investment Specialists

Our investment professionals are organized into focused teams. We believe this specialization is essential to adding value because it empowers each team to implement the investment approach it believes works best in the team’s asset class or strategy. However, all teams share a common approach guided by the tenets of institutional investing: a prudent investment approach, and a disciplined and consistently applied investment process.

Investment Expertise

Growth Equity

Denver Investments’ Large-Cap Growth strategy is based on the belief that capitalizing on earnings life-cycle inefficiencies provides the greatest opportunity for superior investment performance. The team seeks to invest in high quality companies that have catalysts for growth that can create enduring competitive advantages. The Firm’s Small- & Mid-Cap Growth strategies are based on the belief that equity prices reflect expectations for earnings and cash flow. The team believes that identifying companies with superior growth prospects early leads to consistent outperformance over time. Both teams utilize rigorous independent fundamental research to construct portfolios designed to generate alpha primarily through stock selection.

Value Equity

Denver Investments’ Value strategy is based on the belief that the market rewards companies over time for their free cash flow rather than their reported earnings. The team utilizes a bottom-up approach, which is grounded in independent fundamental research. Analysts seek to invest in dividend-paying companies for which the future free cash flow and return-on-invested-capital are undervalued by the market. The team constructs diversified portfolios designed to generate alpha primarily through stock selection.

Quantitative Equity

Denver Investments’ Quantitative Strategy is based on the belief that market inefficiencies are best exploited through a disciplined quantitative approach. The team uses proprietary, sector-specific, multi-factor models and optimization techniques to construct diversified portfolios designed to generate alpha primarily through stock selection.

International Equity

Denver Investments’ International Small-Cap strategy is based on the belief that investing in businesses trading at a significant discount to intrinsic value leads to consistent outperformance over time. Utilizing a bottom-up approach grounded in independent fundamental research, the team constructs portfolios designed to generate alpha primarily through stock selection.

Fixed Income

Denver Investments’ Fixed Income strategy is based on the belief that consistently strong risk-adjusted returns are best achieved through an emphasis on income rather than short-term market timing. Using a relative value strategy, the team seeks to deliver alpha primarily through security and sector selection and, secondarily, through portfolio level decisions. Using a collaborative approach grounded in proprietary research, the team constructs diversified portfolios while adhering to its risk control measures.

Investment Leadership

Denver Investments’ investment platform is defined both by specialization and collaboration. Investment professionals are organized into six dedicated teams of investment specialists. The firm believes this specialization is essential to adding value through active management, empowering each team to implement the investment approach that best reflects the philosophy and conviction of the team. While each investment team has a distinct philosophy and process, all teams employ a team-focused decision-making approach.

craig-juran-about

Craig W. Juran, CFA

Director of Large-Cap Growth Research

  • 2004 to Present: Denver Investments
  • 1997 to 2004: Invesco Funds Group, Inc., Associate Partner, Equity Analyst
  • 1994 to 1997: Lipper Analytical Services, Inc., Analyst and Manager
  • Education: BA and MA – Colorado State University
  • Member of CFA Institute and CFA Society Colorado

Craig Juran, CFA is the director of Large-Cap Growth research, and a portfolio manager and analyst at Denver Investments. He is also a partner at the firm. Prior to joining the firm in 2004, Mr. Juran was an associate partner and equity analyst at Invesco Funds Group Inc. for seven years. He also worked as an analyst and manager at Lipper Analytical Services Inc. for three years. Mr. Juran received a BA and MA from Colorado State University. He is a CFA® charterholder and a member of CFA Institute and CFA Society Colorado.

Strategies Managed

mitch-begun-about

Mitch S. Begun, CFA

Director of Small- & Mid-Cap Growth Research

  • 2003 to Present: Denver Investments
  • 2000 to 2002: Raymond James & Associates, Equity Research Associate
  • Education: BSBA – University of North Carolina at Chapel Hill
  • Member of CFA Institute and CFA Society Colorado

Mitch Begun, CFA is the director of Small- & Mid-Cap Growth research, and a lead portfolio manager and analyst at Denver Investments. He is also a partner at the firm. Prior to joining the firm in 2003, Mr. Begun worked as an equity research associate at Raymond James & Associates. Mr. Begun received a BSBA from the University of North Carolina at Chapel Hill. He is a CFA® charterholder and a member of CFA Institute and CFA Society Colorado.

Strategies Managed

troy-dayton-about

Troy Dayton, CFA

Co-Director of Value Research

  • 2002 to Present: Denver Investments
  • 2001 to 2002: Jurika and Voyles, Equity Research Analyst
  • 1998 to 2001: Dresdner RCM Global Investors, Equity Research Associate
  • 1996 to 1998: Jurika and Voyles, Equity Research Associate
  • 1996: Citibank, Trading Support Officer
  • Education: BSBA – Colorado State University
  • Member of CFA Institute and CFA Society Colorado

Troy Dayton, CFA is a co-director of Value Research, a portfolio manager and analyst on the Value team at Denver Investments. He is also a partner at the firm. Prior to joining the firm in 2002, Mr. Dayton was an equity research analyst with Jurika and Voyles and an equity research associate at Dresdner RCM Global Investors. He also worked as a trading support officer for Citibank’s Global Asset Management Department in London, England. Mr. Dayton received a BSBA from Colorado State University. He is a CFA® charterholder and a member of CFA Institute and CFA Society Colorado.

Strategies Managed

derrick-anguilm-about

Derek R. Anguilm, CFA

Co-Director of Value Research

  • 2000 to Present: Denver Investments
  • 1999: Everen Securities, Research Assistant
  • Education: BS – Metropolitan State College of Denver
  • Member of CFA Institute and CFA Society Colorado

Derek Anguilm, CFA is a co-director of Value research, a portfolio manager and analyst on the Value team at Denver Investments. He is also a partner at the firm. Prior to joining the Value team in 2002, Mr. Anguilm worked as a wealth management analyst at the firm. He began his career as a research assistant with Everen Securities. Mr. Anguilm received a BS from Metropolitan State College of Denver. He is a CFA® charterholder and a member of CFA Institute and CFA Society Colorado.

Strategies Managed

paul-kuppinger-about

Paul Kuppinger, CFA

Quantitative Research

  • 2006 to Present: Denver Investments
  • 2003 to 2006: Rocky Mountain Wealth Advisors, Principal
  • 2002 to 2003: Curian Capital, Vice President of Research
  • 1998 to 2002: Prima Capital, Director of Research
  • 1997 to 1998: KPMG, Research Analyst
  • 1993 to 1995: Westcap Investors, Trader
  • 1990 to 1993: Wilshire Associates, Supervisor of Performance Measurement
  • Education: BA – The Colorado College; MBA – University of Colorado
  • Member of CFA Institute and CFA Society Colorado

Paul Kuppinger, CFA is a portfolio manager for the Micro-Cap product and a quantitative analyst at Denver Investments. He is also a vice president at the firm. Prior to joining the firm in 2006, Mr. Kuppinger spent 17 years in the wealth management business, most recently as a principal, chief investment officer, and chief compliance officer at Rocky Mountain Wealth Advisors. He also has held positions of vice president of research for Curian Capital for one year and director of research for Prima Capital for four years. Prior to that, he worked for KPMG’s Investment Advisory Practice, where he built the investment and operations platform. Mr. Kuppinger received a BA from Colorado College and MBA from the University of Colorado. He is a CFA® charterholder and a member of CFA Institute and CFA Society Colorado.

Strategy Managed

john-fenley-about

John C. Fenley, CFA

Director of International Research

  • 2000 to Present: Denver Investments
  • 1997 to 2000: Hansberger Global Investors, Inc., Vice President of Research
  • 1995 to 1997: Sun Trust Bank, Vice President and Portfolio Manager
  • 1990 to 1995: Fifth Third Bank, Portfolio Manager and Equity Analyst
  • Education: BA – Vanderbilt University; MBA – Duke University
  • Member of CFA Institute and CFA Society Colorado

John C. Fenley, CFA is the Director of International Research, and a portfolio manager and analyst at Denver Investments. He is also a partner at the firm. Prior to joining the firm in 2000, Mr. Fenley worked for three years at Hansberger Global Investors as a vice president of research. He also was a vice president and portfolio manager at Sun Trust Bank for two years and a portfolio manager and equity analyst at the Fifth Third Bank for five years. Mr. Fenley received a BA from Vanderbilt University and MBA from Duke University. He is a CFA® charterholder and a member of CFA Institute and CFA Society Colorado.

Strategies Managed

mark-mckissick

Mark R. McKissick, CFA and CPA*

Director of Fixed Income Research

  • 1999 to Present: Denver Investments
  • 1998 to 1999: Hotchkis & Wiley, Senior Research Analyst
  • 1996 to 1998: Payden & Rygel Investment Council, Portfolio Manager
  • 1992 to 1996: Salomon Brothers, Vice President, Institutional Fixed Income
  • 1987 to 1990: Ernst & Young, Senior Accountant
  • Education: BS and BA – Oklahoma State University; MBA – University of Chicago
  • Member of CFA Institute and CFA Society Colorado

Mark McKissick, CFA, CPA* is the director of Fixed Income research at Denver Investments, and an analyst on the Fixed Income team. He is also a partner at the firm. Prior to joining the firm in 1999, Mr. McKissick was a senior research analyst with Hotchkis & Wiley for one year and a portfolio manager with Payden & Rygel Investment Council for two years. He also worked at Salomon Brothers as a vice president of institutional fixed income for four years and senior accountant at Ernst & Young for three years. Mr. McKissick received a BS and BA from Oklahoma State University and an MBA from the University of Chicago. He is a CFA® charterholder and a member of CFA Institute and CFA Society Colorado.

Strategies Managed

*Mark McKissick’s CPA designation is inactive.

Culture

As an independent, employee-owned investment management firm, Denver Investments is singularly focused on the investment success of its clients. But as focused as we are on our clients, we are equally committed to our people – the firm’s most valuable asset. We offer our diverse professionals opportunities to work and grow in a collaborative culture that values each individual’s insights and expertise. A culture that is also entrepreneurial, as with a small company, but which offers the resources of a large firm. A place where dedicated professionals are driven to be the best at what they do, in order to make a difference in our clients’ lives by helping them achieve their goals.

We are also dedicated to making a difference in people’s lives by giving back to the communities in which we work and live. The firm and its professionals strive to positively impact our communities in many ways including financial support, volunteering, and partnering with non-profit organizations.

History

Founded in 1958, Denver Investments has a long history managing equity, fixed income and balanced portfolios for a broad array of clients. Over the years, our seasoned investment professionals have navigated diverse market conditions while developing deep expertise in the investment disciplines they manage. Our professionals have gained an in-depth understanding of clients’ unique needs and the firm has expanded its investment offering based on these needs. Our commitment to our clients has been unwavering since the firm’s inception; we are in business to serve our clients as a fiduciary, by offering them the products and solutions they need to achieve their financial goals.

history-circle-1958

Inception of Firm

Founded as part of First National Bank of Denver, began managing Mid-Cap Growth equity portfolios

1959

Introduction of Large-Cap Growth Equity

To expand its growth equity offering, the firm introduces a Large-Cap Growth style of investing.

history-circle-1977

Expansion of Fixed Income Offering

In response to client needs, the firm broadens its fixed income offering to include Intermediate and Long-Term bond portfolios.

1982

Westcore Funds Formed

The Westcore family of mutual funds forms.

1982-2

Introduction of Value Investing

The firm diversifies into Value investing strategies with the introduction of the Modern Value product, which evolved into what is now the Global Large-Cap Rising Dividend strategy.

history-circle-1995

Independently-Owned Firm

Investment professionals from Denver Investment Advisors, Inc. complete the purchase of the firm from the bank, resulting in a new entity and changing the ownership structure to a 100% employee-owned firm.

2000

Expansion of International Small-Cap Capabilities

The firm acquires Bee & Associates, a boutique firm specializing in the management of international small-cap equities.

2004

Broadening of Wealth Management Offering

The firm acquires Tempest Investment Counselors, Inc., a local money management firm specializing in managing assets for high-net-worth individuals.

2008

Introduction of Micro-Cap Investing

The firm introduces a quantitatively-managed Micro-Cap strategy, leveraging over twenty years of quantitative experience at the firm.

history-circle-2014

Launch of Workplace Equality IndexTM

The firm launches the Workplace Equality IndexTM and related investment strategies.

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