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 P. Batchelor, CFA, CPA
Principal, Portfolio Manager
Ryan is Principal, co-founder and Portfolio Manager of 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. Prior to that he volunteered for two years in Micronesia with an international non-governmental organization working with people in rural island areas within the Pacific Ocean.
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).
Principal, Managing Director
Roger is Principal and Managing Director of Clifford Capital Partners. Prior to joining Clifford in 2019, he spent fifteen years in various sales and leadership positions in distribution 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 twenty 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. Prior to that he volunteered for two years in Brazil with an international non-governmental organization working with people in dense urban cities and remote rural areas in the Amazon jungle.
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 C. Nichols, CFA
Allan is Senior Analyst of 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.
In addition to his years of experience in equity portfolio management and analysis, he also volunteered for two years in Southeast England with an international non-governmental organization.
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 W. Passey, CFA
Principal, Investment Analyst
David is Principal and Investment Analyst of 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. Prior to that he volunteered for two years in Brazil with an international non-governmental organization working with people in remote rural areas in Central 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..
Wayne G. Pierson, CFA, CPA
Wayne is Principal & co-founder of Clifford Capital Partners. He served as Chief Financial & Investment Officer at Meyer Memorial Trust since its inception in 1982 until his retirement from the Trust in June 30, 2014. He oversaw the Trust’s top decile performance ranking for foundations for the ten year period ending December 31, 2013 and in 2011, was recognized by Institutional Investor magazine as Small Foundation Manager of the Year (Small Foundation defined as AUM of under $1 billion).
Before joining Meyer Memorial Trust, he spent two years as Treasurer of Gregory Affiliates. Prior to joining Gregory Affiliates in 1980, he began his professional career as an auditor with Ernst & Ernst (now Ernst & Young).
In addition to his years of experience in institutional asset management, he is President of Acorn Investors, LLC, an investment holding company, and currently serves on the board of M Fund, Inc. Wayne previously served on the Oaktree Capital Group board for twelve years until September 2019. He initiated and conducted a comprehensive annual investment survey for nearly 170 foundations representing assets of approximately $250 billion for over 20 years. He has been both a speaker and panel member at numerous investment conferences in the United States and Europe. He has served as a trustee for several private trusts as well as serving on several nonprofit organization boards and committees including his role as the investment committee chair.
He graduated cum laude from California State University – Northridge with a B.S. in Business Administration. He holds the Chartered Financial Analyst® designation and is a Certified Public Accountant (CPA).
Clifford Capital Partners prides itself on transparency. To that end, our portfolio team strives to approach a partnership with clients that is customized, creative, and responsive. We believe long-term investment relationships are a win-win for both manager and client; particularly in value equities where adhering to a consistent discipline is critical to investment success. Understanding client needs combined with open, consistent, and timely communication, particularly in volatile markets, is the priority of our Portfolio Team.
Heather D. Bryce
Principal, Chief Operating Officer
Heather is Principal and Chief Operating Officer of Clifford Capital Partners, overseeing and coordinating the firm’s general operations. Prior to joining Clifford in 2015, she worked for Brigham Young University as an Academic Products Manager.
Before joining Brigham Young in 2008, she worked as the Assistant Chief Operations Officer for Charles River Computers managing the firm’s staff and procedures. Prior to that, she worked as an Analyst and Portfolio Assistant for City of London Investment Management.
In addition to her years of project management experience, she also volunteered for eighteen months in Northern California with an international non-governmental organization.
She graduated from Brigham Young University with a B.A. in Communications and received her M.B.A. with an emphasis in Finance from the Marriott School of Management at Brigham Young University where she was distinguished as both a Hawes and Eccles Scholar.
Vice President, Advisor Services
Louie is Vice President of Advisor Services, where he manages advisor relationships and client service in the intermediary distribution group. His primary focus is on the growth of the mutual fund business. He also supports digital marketing campaigns, CRM management, and Clifford’s overall marketing strategy.
Before joining Clifford in May 2021, Louie spent 6 years with William Blair where he was responsible for intermediary distribution and client service of Blair’s funds to advisors in the West. Prior to William Blair, he spent two years at Invesco marketing their investment products to advisors in the West. Before moving to investment/asset management, Louie was in private wealth at PNC Investments, assisting private clients with their investment needs and financial planning.
Louie has a Bachelor of Science from Miami University in Economics.
Kristina is Operations Analyst of Clifford Capital Partners, assisting the Chief Operating Officer in the firm’s daily operations. Prior to joining Clifford in 2019, she co-owned and worked for Myles High Restoration as Office Manager where she oversaw all vendor compliance reporting and managed the company’s employees and operations.
Kristina has also worked as a research assistant for The United States Air Force Academy’s Concussion Testing Program, and in the medical field for Taylor Medical.
Kristina also uses her organizational skills serving in charitable and educational organizations.
Chief Compliance Officer
Donna Naitove is the Chief Compliance Officer of Clifford Capital Partners, where she is responsible for overseeing the development and administration of the firm’s compliance program. Ms. Naitove has provided Clifford compliance support services since 2014, and became the firm’s Chief Compliance Officer in 2021.
She is also the owner of Naitove Compliance Consulting, a regulatory compliance consulting practice exclusively serving registered investment advisers. Prior to forming her own consulting firm in 2019, Donna served as a Senior Staff Consultant with Professional Compliance Assistance, Inc. for seven years. Before that, she was the Chief Compliance Officer of an SEC registered investment adviser in South Florida for over eight years.
Donna graduated summa cum laude from Georgia State University in 1998 with a Bachelor of Business Administration in Finance.
Paul Black, Managing Director, Co-CEO, WCM Investment Management
Paul joined WCM Investment Management in 1989; his primary responsibility is portfolio management for the WCM global, fundamental growth strategies. Since the start of his investment career in 1983, Paul’s experience includes positions as Portfolio Manager with Wells Fargo Private Banking Group, and with Bank of America. At WCM, Paul has helped define the firm’s investment strategy and pilot the firm’s direction.
In addition to his active role in portfolio management, he has also served as a client liaison for the communication of the firm’s investment thinking.
Paul earned his B.S. in Finance from California State University, San Diego.
Gary L. Rozier, Managing Director, Oak Street Real Estate Capital, LLC
Gary Rozier serves as Managing Director at Oak Street Real Estate Capital, LLC in Chicago, IL. Gary leads
the Investor Relations and Institutional Marketing team for the firm, which is responsible for investor
communications, capital raising and client servicing.
Prior to joining Oak Street Real Estate Capital, Gary served as Senior Vice President at Ariel Investments for 14 years where he was responsible for institutional business development and client services. Prior to joining Ariel, Gary spent 5 years with Rydex Investments, holding multiple positions in shareholder services and financial advisor sales before being promoted to regional vice president where he oversaw product development and distribution across nine states in the Midwest.
Gary serves on the board of directors for City Colleges of Chicago Foundation, National Equity Fund and American Red Cross Chicago. Additionally, he is a trustee for Frances Xavier Warde School and a 2011 Leadership Greater Chicago fellow. Gary earned a bachelor’s degree in Economics from the University of Maryland, where he serves on its Board of Visitors, Economics Leadership Council and was a captain of the rugby team.
Dick Weiss, Portfolio Manager (retired)
Dick Weiss was the Select Equity portfolio manager at Wells Capital Management before retiring in November of 2020. Dick joined Wells Capital Management following its acquisition of Strong Capital Management in 2004. Prior to the merger, Dick was vice chairman and CIO of Strong. He served as portfolio co-manager of the Strong Advisor Common Stock Fund and the Strong Opportunity Fund. Prior to this, he was a portfolio manager and partner at Stein Roe & Farnham in Chicago where he began his career, starting as a research analyst in 1975.
Dick earned a bachelor’s degree in business administration from the University of Southern California and a master’s degree in business administration, graduating with distinction, from the Harvard Graduate School of Business Administration. His investment knowledge and expertise have earned him several distinctions. In 1996 and 1997, Barron’s named Dick one of the “Top 100 Fund Managers.” In 2000, he was named “Manager of the Decade” by Money magazine and was named to Money’s “2002 Ultimate Investment Club.” Dick has consistently received Lipper’s No. 1 ranking for both the Common Stock Fund and Opportunity Fund for periods of five, 10, and 15 years, respectively.
Born in El Paso, raised in Southern California, Dick spent most of his career in Chicago and now resides in Florida. Dick is married to Mary Beth Weiss and has two married children and six grandchildren.