Hotchkiss Associates

Investment Experience: 30 years
Joined Hotchkiss: 2001John F. Cregan
President & CEO
Portfolio Advisor & Equity Analyst

Prior to becoming CEO of Hotchkiss Associates in 2001,
Mr. Cregan spent 24 years in the bond markets. He was 14 years at Morgan Stanley in New York and Chicago where he became a Managing Director in charge of that firm’s Chicago office for Fixed Income.

As a Managing Director at Barclays Bank and Chase Manhattan he has also had responsibility for Foreign Exchange, Derivatives and Bank Loan Trading personnel in addition to institutional Fixed Income groups.

Mr. Cregan graduated from Dickinson College in 1977 with a B.A. in English Literature. He serves as a director of The Chicago Botanic Garden, a trustee of Dickinson College, on the investment committee of Lake Forest Hospital, and the men’s committee for the Children’s Memorial Hospital ProAm Golf Tournament. He is also a member of The Economic Club of Chicago and The CFA Institute.

Investment Experience: 50 years
Joined Hotchkiss: 1970

James K. Hotchkiss, CFA, (Founder)
Founder
Portfolio Advisor & Equity Analyst

Prior to founding Hotchkiss Associates in 1970, Mr. Hotchkiss served in the U.S. Navy during the Korean War, worked at United Airlines as an Economic Analyst, and for 14 years worked at the investment counsel firm of Stein Roe & Farnham, where he was a Partner and a member of that firm’s Executive Committee.

Mr. Hotchkiss has a B.A. from Dartmouth College and an M.B.A. from the University of Chicago.

He holds C.F.A. and C.I.C. designations, and is a member of the Security Analysts Society of Chicago.

Among other endeavors, he has been active in several local civic boards and commissions, and he has served on the boards of several charitable organizations. He is currently a member of the Board of Trustees of the Y.M.C.A. of Greater Chicago.

Investment Experience: 27 years
Joined Hotchkiss: 1979Karen L. Brethauer, CFA, CIC
Vice President & Principal
Portfolio Advisor & Equity Analyst

Ms. Brethauer began her investment career at Hotchkiss Associates in 1979 after completing her bachelor's degree in Finance at The University of Illinois at Urbana/Champaign.

She earned her M.M. after attending Northwestern University's Kellogg Graduate School of Management's night program.

Investment Experience: 17 years
Joined Hotchkiss: 1990Jack W. Marringa, CFA
Vice President & Principal
Portfolio Advisor & Equity Analyst

Mr. Marringa began his career at Hotchkiss Associates as an equity analyst focused on the health care industry before adding his portfolio management responsibilities.

He graduated with honors from Northwestern University with a B.A. in Economics and also studied at the Universite Stendhal in Grenoble, France.

He graduated with distinction from the Graduate School of Business at the University of Chicago with an M.B.A. in Finance. Mr. Marringa is a CFA charterholder and a member of the Investment Analysts Society of Chicago.

Investment Experience: 27 years
Joined Hotchkiss: 1985Robert J. Merkle, CFA, CIC
Chief Investment Officer
Portfolio Advisor & Equity Analyst

Mr. Merkle has worked at Hotchkiss Associates for 22 years. He both manages portfolios for clients and is actively involved in the research efforts of the firm.

Prior to Hotchkiss Associates, he worked at Mid Continent Capital, an investment management firm, and Warburg Paribas Becker, an investment bank.

Mr. Merkle received a Bachelor of Science degree in Engineering with distinction from Cornell University and an MBA from the University of Chicago.

Investment Experience: 27 years
Joined Hotchkiss: 1980Gail L. Thomas
Vice President
Trading and Operations

Ms. Thomas joined Hotchkiss Associates in 1980. She oversees all trading and operations for the firm in addition to supervising the firm’s technology and portfolio management systems.

Ms. Thomas is a graduate of the University of Illinois where she earned degrees in Political Science and Criminal Justice.

Investment Experience: 2 years
Joined Hotchkiss: 2007Nathaniel J. Klein

Research Analyst

Mr. Klein joined Hotchkiss Associates in 2007 as a research analyst and focuses on the software, media, and internet sectors. Prior to joining Hotchkiss, he worked as an analyst at Lazard Freres and Co.

He graduated from Williams College with degrees in Economics and History and also studied at the University of Otago in Dunedin, New Zealand.