Tracy Chen, CFA
Senior Research Analyst - Credit Specialist

As a senior research analyst - credit specialist with the Global Fixed Income Team, Tracy will be responsible for providing research on corporate and mortgage backed credits within the global bond market. She will focus on uncovering undervalued fixed income securities that have the potential to produce excess returns over comparable government securities. Those insights will be particularly useful in the mortgage?backed securities market where complex security structures require specialized analytical skills. Her insights will provide valuable input into the fixed income teams search for value propositions in the global credit market. Tracy joined the firm in August 2008, bringing with her 13 years of analytical experience. Previously, she was with UBS Investment Bank as director, fixed income valuation group (2006-2008); GMAC Mortgage Group as a mortgage pricing analyst (2003-2006); Deloitte Consulting as senior consultant, corporate strategy (2001-2003); J&A Securities Ltd. in Shenzhen, China as corporate finance international associate (1995-1997). Tracy earned a M.B.A. with a concentration in finance from Kenan-Flagler Business School at the University of North Carolina, a M.A. in American Studies from Sichuan University in Chengdu, China, and a B.A. in English for Scientific Purposes from University of Electronic Science & Technology of China in Chengdu, China. Tracy is a CFA charterholder and has been published in the Spring 2007 addition of Journal of Structured Finance.

David Clipper
Research Analyst

Dave is a securities analyst on the Diversified Value Equity team, providing quantitative and fundamental analysis and support for Diversified Small, Select, Mid and Large Cap Value portfolios. He joined Brandywine Global as a product specialist in 2004 and has been a member of the Diversified Value Equity team since the first quarter of 2006. Prior to joining Brandywine Global, Dave was a trader for Orion Financial (2003-2004) and had spent 13 years in the field of psychology before making the career shift toward finance. He earned an M.B.A. in Finance from the University of Pittsburgh, holds a Master's degree from the University of California at Berkeley, and a B.A. from Penn State University.

Thomas DeHudy, CFA
Senior Research Analyst

Tom provides research support for our Large Cap Value Equity strategies and is responsible for research coverage of the technology and telecom industries. He joined the firm in July of 2005, bringing with him 24 years of industry experience. Previously, Tom was a portfolio manager and senior analyst at MTB Investment Advisors (2001-2005); a senior analyst at Lord, Abbett & Company (1999-2001); a portfolio manager and analyst at Howard Hughes Medical (1989-1999); an analyst and vice president at Harbor Capital Management (1986-1989), and a senior analyst at Harvard Management Company (1982-1986). Additionally, he served as senior analyst at Venture Economics (1980-1981) and was part of the Presidential Management Program (1978-1980). He is a CFA charterholder and earned an M.S. in Public Policy and a Bachelor of General Studies from the University of Michigan. Tom is a member of the CFA Society of Washington, D.C.

Daniel R. Elliott
Quantitative Analyst

Dan provides quantitative development and analysis for Brandywine Global's Diversified Value Equity strategies. Before joining the firm in 2006, Dan was a business analyst for Planalytics (2004-2006) where he developed quantitative models and backtesting programs for purchasing natural gas contracts. Prior to that he served as an investment systems analyst for Evergreen Asset Management (2002-2004) and as a technical analyst for Marvin and Palmer Global Equity Management (1999-2002). Dan earned an MBA from Widener University and a B.A. in Economics from Bethany College.

Tamer Elshourbagy
Research Analyst

Tamer is a member our Large Cap Value Equity team and is responsible for research coverage of the retail, restaurant, and transportation industries. Prior to joining Brandywine Global in 2001, Tamer served as an international corporate actions administrator for the Vanguard Group (1999-2001). He earned a B.S in Finance from Pennsylvania State University.

Brian Hess
Research Analyst

Brian is a research analyst for the firm's Global Fixed Income and related strategies. In this role, he is responsible for tracking and analyzing economic and market data. Prior to joining Brandywine Global in 2003, he served as a trading assistant at Bear Stearns & Co (2003) and on the analytics desk at Bloomberg LP (2002). Brian earned a B.A. in both Economics and Politics from Ursinus College.

Eric S. Jacobson
Research Analyst

Eric serves as a research analyst for our Absolute Value Equity portfolios. His approach can best be described as contrarian, searching for companies with long track records that are trading at a discount to their intrinsic value. Eric joined the firm in August 2005. Previously, he was with Franklin Templeton Investments as an analyst (2001-2005); Decision Resources, Inc. as an analyst and research program manager (1997-1999), and Caro Research, Inc. as a research assistant (1996-1997). Eric earned an M.B.A. in Finance and Health Care Management from the Wharton School at the University of Pennsylvania and a B.A. in both Economics and History from Washington University.

Bryan C. Raynor
Quantitative Analyst/Fixed Income Trader

Bryan joined the firm's Global Fixed Income team in 2003 and is responsible for providing quantitative analysis for the Global Fixed Income and related strategies as well as trade execution. Previously, he held positions with Prudential Financial (1997-2003) as an associate both with the quantitative modeling & research group and on the global bond desk. Bryan is a 2008 Level III CFA candidate, holds his Series 3, and earned both a M.S. and B.A. in Physics from Rutgers University.

Francis A. Scotland
Director of Global Macro Research

As Brandywine Global's director of global macro research, Francis contributes his extensive knowledge toward development of the firm's proprietary macro research facility and the furtherance of its Global Fixed Income and related strategies. He joined the firm in January 2006, bringing with him 25 years of industry experience. Previously, he was editor-in-chief, chief global strategist and former principal of the BCA Research Group, one of the world's leading independent research and investment strategy firms (1984-2005), and an economist with the Bank of Canada (1977-1984). Francis earned an M.A. in Economics from the University of Western Ontario and a B.A. in Economics from Queen's University in Ontario.

Michael W. Shergalis
Research Analyst

Mike serves as a research analyst for our Absolute Value Equity portfolios. His investment approach reflects his background in private market analysis, assessing the value of a business to a strategic or financial buyer. Based on this approach, Mike surveys the investment landscape looking for significant market misjudgment while always seeking a margin of safety. He joined the firm in June 2005, bringing with him 13 years of industry experience. Previously, Mike was a founding member of Dunmore Advisors, LLC (2002-2005); an equity research analyst with Iridian Asset Management LLC (2000-2002); manager of corporate valuations with Pricewaterhouse Coopers LLC (1998-2000); a senior associate with Coopers & Lybrand LLP (1994-1998), and a financial analyst with MAC Financial Valuation/MAC Advisors, Inc. (1993-1994). He earned a B.A. in Economics from the University of Pennsylvania.

Min Tian
Global Macro Research Specialist

As a global macro research specialist, Min provides support to Francis Scotland, director of macroeconomic research. Min maintains a financial/economic database and internal website, which are used to support research tasks as well as respond to research requests from members of the Global Fixed Income team. Min joined the firm in October 2006. Previously, she worked as a data analyst for the Bank of New York (2006) and as a research assistant for the University of Delaware (2005-2006). Min earned a M.S. in Agricultural Economics from the University of Delaware and a B.S. in Pharmacy from West China University of Medical Science.