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Marmont Partners, LLC
925 W. Lancaster Avenue, Suite 220, Bryn Mawr, PA 19010
inquiries@marmontpartners.com
833-MARMONT / (833)-627-6668

redwood
investments

About the Sub-Advisor

Redwood Investments, LLC is based in Newton, Massachusetts, and was founded by Jennifer K. Silver and Michael J. Mufson in 2004. The firm’s central investment philosophy is that, while markets may efficiently price stocks based on consensus estimates, the estimates themselves are consistently incorrect due to market structure and human bias. The firm attempts to exploit this discrepancy to investors’ advantage.
Prior to founding Redwood, the co-founders managed money together as portfolio managers at Putnam Investments where they used the same combination of quantitative tools, qualitative analysis, and team-oriented decision-making which they now bring to their management of all of Redwood’s strategies.

Michael J.
Mufson, CFA


Emory University, MBA
Vanderbilt University, B.A.

Mr. Mufson co-founded Redwood Investments in 2004 and is responsible for day-to-day management of the firm. He serves as Co-CIO and Portfolio Manager/Analyst. Before Redwood, Mr. Mufson was a Managing Director at Putnam Investments and a member of the Executive Committee.

At Putnam, he managed Small and Large Cap strategies. He began his career at Stein Roe & Farnham where he was a research analyst and portfolio manager for the Liberty Utility Fund.

Ezra S.
Samet, CFA


Columbia University, B.A.

Mr. Samet joined Redwood Investments in 2006 and serves as Portfolio Manager/Analyst. Previously, Mr. Samet worked as an associate at Rochester Management Corp., a commercial real estate firm, conducting market research and feasibility studies for commercial properties.

Donald W.
Smith, CFA

Sloan School of Management at MIT, MBA
Syracuse University, B.A.

Mr. Smith joins as a Portfolio Manager/Analyst for Redwood’s non-US strategies. Prior to Redwood, he was the CIO of Global Emerging Markets at BNP Paribas Asset Management where he led two Global Emerging Markets portfolios. Prior to BNP, Mr. Smith was the lead portfolio manager on the Turner Investments’ Emerging Markets Equity Portfolio and a Portfolio Manager on their Global and International Growth Portfolio and their Resource and Infrastructure Long/Short Fund. Mr. Smith also worked as an Analyst at Delaware Investments and at Miller Anderson Sherrerd.

Mr. Smith is also an accomplished rower and was a member of the US National Rowing team where he competed for the US in the 1996 and 2000 Olympics. He earned his MBA from the Sloan School of Management at MIT and his BA at Syracuse University.

WHY MARMONT REDWOOD INTERNATIONAL EQUITY FUND

TEAM

Redwood Investments International Equities team is comprised of our three portfolio managers who have over 45 years of combined investment expertise. The group is aligned behind the philosophy and process, and makes decisions as a team.

APPROACH

Redwood Investments has a universal investment philosophy across all products: they believe that stocks are largely priced as a multiple of consensus earnings estimates, and that these estimates are typically flawed due to human nature and market structure. Further, these inefficiencies can be exploited by diligent investors to clients’ advantage. The inefficiencies may be more pronounced in non-US markets.

RISK AVERSE

At its core, Redwood is a qualitative investment firm focused on fundamental analysis. Critical to the approach, however, is a proprietary quantitative model that serves as a first step in their investment process. The model narrows the broad universe of companies and allows the analysts to prioritize their qualitative research. The model is also used to provide objective feedback on individual stocks, and to continuously manage risk and exposures in the overall portfolio.