We believe our philosophy to be sound and our strategy unique, but it is only repeatable if research personnel have the right temperament to maintain discipline in volatile markets. While it is warmer in the herd, we don’t think that alpha resides there. And our personnel are encouraged to stray to wherever our bottom-up research leads. Our style of disciplined, contrarian, value investing requires fiercely independent thinking, conviction, and patience to stay the course when it is difficult to do so.
Ryan Batchelor, CFA
Portfolio Manager & CIO, Principal
Ryan is a Co-founder and Portfolio Manager at Clifford Capital Partners. Prior to founding Clifford Capital in 2010, he served three years as a Senior Equity Analyst at Wells Capital Management where he was a generalist, scouring all sectors of the market but also had specific responsibility for the financial services sector.
Before joining Wells Capital Management in 2007, he was an Equity Strategist and Analyst with Morningstar where he served as specialty finance analyst and team leader.
In addition to his years of experience in equity portfolio management and analysis, he also worked for three years at KPMG as an auditor.
He graduated summa cum laude from Brigham Young University – Hawaii with a B.S. in Accounting and received his M.B.A. with an emphasis in Finance from the Marriott School of Management at Brigham Young University. He holds the Chartered Financial Analyst® designation and is a Certified Public Accountant (CPA).
President & CEO, Principal
Roger is the President and CEO of Clifford Capital Partners. Prior to joining Clifford in 2019, he spent fifteen years in various sales and leadership positions at William Blair.
Before joining William Blair in 2004, he spent six years at Wasatch Advisors managing the firm’s intermediary distribution business in the eastern United States.
In addition to his 25 years of experience in institutional investment management, he also worked as an educational consultant for one year outside Tokyo, Japan and three years in Taipei Taiwan.
He graduated magna cum laude from the University of Hawaii at Manoa with a B.A. in Chinese and Economics and received his M.B.A from the Wharton School at the University of Pennsylvania.
Allan Nichols, CFA
Portfolio Manager, Principal
Allan is a Portfolio Manager and Principal at Clifford Capital Partners. Prior to joining Clifford in 2019, he spent fifteen years at Morningstar as a Senior Equity Analyst with a focus on Europe, living in the Netherlands for three years to establish the firm’s European office for equity analysts.
Before joining Morningstar in 2004, he was a Senior Equity Analyst and Portfolio Manager at Kirr, Marbach & Co., working on the firm’s international equity team.
He graduated from the University of Utah with a B.S. in Finance with an emphasis in investments and received his M.B.A. from Indiana University with an emphasis in Finance and Economics. He holds the Chartered Financial Analyst® designation.
David Passey, CFA
Research Analyst, Principal
David is a Research Analyst and Principal at Clifford Capital Partners, where he assists the portfolio manager in the areas of portfolio review, new investment idea generation and valuation model creation. Prior to his current position at Clifford, he assisted the firm’s start-up operations as an intern in 2010.
In addition to his experience at Clifford Capital Partners, he also worked as an International Project Analyst intern for Itaú-Unibanco in Sao Paulo, Brazil.
He graduated summa cum laude from Utah State University in 2010 with a B.S. in Finance and Economics and minors in International Business and International Studies. He holds the Chartered Financial Analyst® designation.
Matthew Davis is a Research Associate at Clifford Capital Partners. He assists the portfolio manager with ongoing research of current and prospective investments. Prior to joining Clifford in 2022, Matthew worked as an intern for Hawker Capital, a Utah-based startup hedge fund, and as Controller for Ridge Rock, Inc., a construction company in the Salt Lake City area. Matthew is a CFA Level II Candidate. He has a B.A. in Communications from Brigham Young University.