Management Process

Jonathan D. Callahan, CFA ** Island Ave., Madison, CT 06443

********.********@*****.*** • www.fourwindsadvisors.com• phone 617-***-****

Core Competencies

Solutions + Relationships Processes + Knowledge

Financial services professional with broad industry experience and strong ability to lead teams, solve

complex problems, cultivate client relationships, and drive organizational improvements

Solution Oriented: History of taking initiative to identify organizational weaknesses, introduce potential solutions,

and taking leadership role in planning, team building, and implementation of projects that improve

efficiencies, productive capacity, enhance client relationships, and reduce investment risk

Team Building: Strong ability to generate synergies by balancing inquiry with advocacy, in order to identify a

shared team vision. Leadership style embraces process learning, involvement, and team empowerment

Client Communication: Client relationship development expertise and communication skills that enhances the

ability to nurture and expand existing relationships, aggressively grow assets, and support revenue growth.

Knowledge: Comprehensive knowledge and experience of portfolio management, investment research, asset

allocation, client relationship building, marketing, performance reporting, and operational functions of financial

services organizations

Process & Infrastructure Development: Successful construction of repeatable processes and institutionalization

of methods that bridge traditional economic and financial disciplines with more modern, flexible, open-source

investment paradigms, within a framework that accomplishes organizational goals

Professional Experience

CRESTWOOD ADVISORS, LLC, Boston, MA 2004 to 2009

Director, Portfolio Manager, Senior Investment Analyst

Was the primary architect of the firms "core-equity" investment strategy and process, a large-cap value

strategy that emphasizes valuation, economic return, earnings quality, and balance sheet strength.

Responsibility for oversight of the investment research organization, including screening methodology, due

diligence and valuation processes, as well as the institutionalization of sell discipline. In addition to

management of equity portfolio, played instrumental role in the asset allocation process, and was

accountable for determining firm-wide quarterly strategic and tactical targets. Accomplishments include:

Communication: Was responsible for the communication of our investment strategy, process, as well as

specific tactical asset allocation decisions and investment ideas to our client base

o Recommended and implemented launch of intranet site used to communicate news, research and

updates throughout firm as well as a venue to encourage collaboration and idea generation

o Participated in client review meetings, marketing presentations, daily conference calls and client

inquiries, and wrote quarterly newsletter articles that articulated our investment philosophy and

strategy updates to our client base

Process/Infrastructure: After determining investment philosophy and strategy, introduced institutional tools

that increased accuracy, productive capacity, and results generated by investment research team.

o Created a library of factor-based screening templates, and industry specific valuation workbooks

o Developed a proprietary "earnings quality" database and scoring algorithm used as a supplement

to our fundamental screening, reducing risk of stock underperformance

Risk Control: Built an institutional asset allocation process, defining appropriate risk betas, and balancing

traditional portfolio theory (MPT) with “outer tail” volatility controls

o Recommended and implemented software tools such as Zephyr Allocation Advisor that helped

reduce risk within portfolios

o Identified market risk signals, and created process controls that provided “emergency brake” when

markets behaved irrationally

Results: Investment decisions drove significant outperformance; equity composite outperformed

benchmark in each of the 5 years under management; annualized outperformance of over 400bps over

S&P 500. Firm maintained 100% client retention and 400% AUM growth during tenure

EVERGREEN INVESTMENTS (formerly J.L. KAPLAN ASSOC.) 2001 to 2004

Industrial & Consumer Analyst (Small & Mid-Cap Value)

Primarily responsible for coverage of consumer discretionary sector holdings in the small & mid cap universe.

Performed all screening, due diligence, recommendations, and maintenance research . Maintained earnings,

cash flow, and valuation models on each holding and regularly reported to the investment committee.

Extensive participation in meetings with corporate management teams. Some stocks under coverage

included: Harley Davidson, Callaway Golf, Fortune Brands, Jack-In-The-Box, Prime Hospitality, Harrah's Casino's,

Brunswick, TJ Maxx, Ross Stores, Ocular Sciences, Apogee, American Woodmark. Achievements include:

12 stock recommendations purchased broadly in client accounts. These holdings represented a

substantial percentage of firm assets ($6B) and were significant contributors to our performance which

consistently fell in the top quartiles of institutional equity managers

Recommendations outperformed Russell 2000 by about 25% cumulatively, and 4 of the 12 purchases

were acquisition targets

EVERGREEN INVESTMENTS (formerly J.L. KAPLAN ASSOC.) 1999 to 2001

Marketing Associate- RFP & Performance Analyst

After learning investment philosophy, strategy, and process, was responsible for the development of marketing

collateral, all new business presentations as well as all client review presentations. Served as the primary liaison

to the institutional consultant community & managed all aspects of RFP process. Responsible for all

performance calculations, attribution analysis, as well as the maintenance of all composites in accordance

with AIMR policies. Achievements include:

Successfully led the integration process between Kaplan-Evergreen as all performance and marketing

functions were consolidated within the parent company, reported to most senior level executives at firm

Was responsible for educating, training and overseeing the client service team that serviced the Kaplan

accounts

Served as the firms primary representative in both Level II AIMR Audit and SEC Audit

Education

1997

Bachelor of Arts, Management, Minor: Environmental Economics

Hartwick College, Oneonta, NY

Professional Affiliations

CFA Institute, 2004 New Haven & Hartford Chamber of

Boston Security Analysts Society, 2004 Commerce

Boston Networking Club Connecticut Association of Commercial

New England Young Professionals Real Estate Owners

Technology Competencies

Extremely proficient with Microsoft Excel & Microsoft Powerpoint

CRM Tools: Siebel CRM, salesforce.com, MS Outlook/MS Database

Web 2.0 HTML (website building), Wikis, Google Analytics, Search Engine Optimization, RSS

Asset Allocation/Attribution: Zephyr Allocation-Advisor, Style-Advisor, Morningstar-Ibbotson

Investment Research/Portfolio Management: Baseline, Factset, Bloomberg, Advent Axys,

Advent Moxy

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