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Investment Team

Each member of the Broadmark Asset Management LLC investment team is involved in the tactical investment process developed by Christopher J. Guptill, CIO and Co-CEO. Utilizing its members’ complementary skills, the team evaluates risk by qualitatively assessing variables such as valuation, monetary policy and investor sentiment. The team relies on its volume, breadth and momentum models, adhering to the famous words of the late Marty Zweig, “Don’t fight the tape.” Mr. Guptill and his team use investment risk management tools to determine how much equity exposure is prudent and tactically adjust the portfolio at any time. We believe avoiding major drawdowns, i.e., loss of capital, is of utmost importance. Mr. Guptill is responsible for all final investment decisions.

Christopher J. Guptill
CIO and Co-CEO

Mr. Guptill, founding Chief Investment Officer of Broadmark Asset Management LLC, is responsible for the development of Broadmark’s investment management strategies as well as the implementation of all portfolio management decisions. As Co-CEO, Mr. Guptill shares in the oversight of the firm’s business operations.

Mr. Guptill began his career in the investment industry in 1979 as a registered representative with Paine, Webber, Jackson & Curtis. Over the next 15 years, he developed a methodology for identifying risk in the market, which led to the creation of a tactical investment process.

In developing this process, Mr. Guptill examined the underlying conditions present during market highs and lows over the prior 75 years. Noting the variables consistently present at market extremes, he sought to replicate a means to position a portfolio appropriate for market conditions. The resulting investment process utilizes a qualitative assessment of valuation, monetary policy and takes a contrarian view of investor sentiment.

By evaluating price, volume, breadth and momentum models, Mr. Guptill identifies market trends. He exploits directional moves in the market by tactically exposing portfolios to equity indices when trends indicate rising positive returns, while moving to a higher cash and lower market exposure position when deterioration in the factors of valuation, monetary factors, sentiment and momentum emerge. The process has always focused on a top-down, macro approach rather than bottom-up stock selection. By managing investment risk and rejecting the traditional buy and hold approach, Mr. Guptill focuses on avoiding major drawdowns and loss of investor capital, seeking to produce a positive rate of return in any market environment.

In 1994 Mr. Guptill joined McKinley Capital Management as Senior Portfolio Manager and continued his tactical investment approach as the firm’s Chief Equity Strategist. While there, he developed, launched and co-managed the firm's highly successful alternative investment portfolios. During his tenure, the firm’s assets under management increased from $80 million to nearly $2 billion.

In 1999, Mr. Guptill became founding Chief Investment Officer of the newly formed Broadmark Asset Management LLC. He firmly believes that when market risks are high and the opportunities are low, investors should reduce their exposure to equities. Avoiding major drawdowns is at the very core of all of Broadmark investment decisions.

Mr. Guptill is a graduate of California State University, Chico with a B.A. in Economics.

Ricardo L. Cortez, CIMA®
Co-CEO

Mr. Cortez is primarily responsible for business development as well as management of the firm’s sales and marketing efforts. As Co-CEO, Mr. Cortez shares in the oversight of the firm’s business operations. In addition, he is a member of the Investment Team and serves as the firm’s Chief Risk Officer. Mr. Cortez joined Broadmark in September 2009 as President, Global Distribution and was named Co-CEO in June 2013. Before Broadmark, he was President of the Private Client Group for Torrey Associates, LLC. Additional prior roles include Vice President at Goldman Sachs serving as Product Manager of the firm’s Global Multi-Manager Strategies program, and Senior Vice President with Prudential Investments overseeing product development and sales for the Investment Management Services Division. Mr. Cortez graduated cum laude from Queens College, City University of New York with a B.A. and formerly served as Chairman of its Business Advisory Board. He is also an adjunct faculty member at Harvard University and has been a guest lecturer on Investment Policy and Hedge Funds at the Wharton School, University of Pennsylvania. Mr. Cortez was awarded the Certified Investment Management Analyst® designation in 1993 and is the author of numerous published articles on hedge funds.

Richard P. Damico
Senior Portfolio Manager and Head of Trading

Mr. Damico joined Broadmark in March 2005. As a Senior Portfolio Manager, he participates in the implementation of portfolio management. He brings over 20 years of hands-on trading experience to the firm and, as Head of Trading, is responsible for all trading functions. Prior to joining Broadmark he was a Managing Director at ThinkEquity Partners, LLC where he established and was responsible for the institutional trading desk at their San Francisco headquarters. Prior to ThinkEquity Partners, from 1997 to 2002, he was a Vice President and Senior Institutional Sales Trader at Morgan Stanley’s San Francisco office covering West Coast institutional accounts. Additionally, Rick was an Associate Director and Senior Sales Trader at Bear Stearns in San Francisco from 1990 to 1997.

Francis T. Mullen
Senior Managing Director and Portfolio Management Specialist

Mr. Mullen has been a member of the investment team since joining the firm in January 2002. He has over 25 years of experience in the financial services industry and has an in-depth knowledge and understanding of the firm’s investment process. Previously, Mr. Mullen was Managing Director and Co-Head of Equity Capital Markets at Putnam Lovell LLC. While at Putnam Lovell, he established and developed their Research, Institutional Equity Sales, Equity Syndicate and Trading Departments in San Francisco and New York. Prior to Putnam Lovell, he was the Managing Director of Western U.S. Institutional Equity Operations and a partner of the investment-banking firm Furman Selz. Mr. Mullen is a 1977 graduate of the University of Pittsburgh.

W. Ben Hunt, Ph.D.
Chief Investment Strategist, Salient Partners, L.P. (“Salient”)

Dr. Hunt is the chief investment strategist at Salient and the author of Epsilon Theory, a newsletter and website that examines markets through the lenses of game theory and history. Dr. Hunt helps develop investment strategy for the firm, works with portfolio managers and key clients to incorporate his investment views into their decision-making process, and manages certain portfolios directly. Dr. Hunt is a featured contributor to a wide range of investment publications and media programming. Dr. Hunt received his Ph.D. in Government from Harvard University in 1991. He taught political science for 10 years, at New York University from 1991 until 1997 and (with tenure) at Southern Methodist University from 1997 until 2000. Dr. Hunt wrote two academic books: Getting to War (Univ. of Michigan Press, 1997) and Policy and Party Competition (Routledge, 1992), which he co-authored with Michael Laver. Dr. Hunt is the founder of two technology companies and the co-founder of SmartEquip, Inc., a software company for the construction equipment industry. Dr. Hunt began his investment career in 2003, first in venture capital and subsequently on two long/short equity hedge funds. He worked at Iridian Asset Management from 2006 until 2011 and TIG Advisors from 2012 until 2013. Dr. Hunt joined Salient in 2013, where he combines his background as a portfolio manager, risk manager, and entrepreneur with academic experience in game theory and econometrics to provide a unique perspective on investment risk and reward on behalf of Salient and its clients.

Dr. Hunt joined Broadmark’s investment team in the fall of 2016.