Firm Overview

Management Team

Roger Ibbotson, Ph.D.Roger Ibbotson, Ph.D.

Chairman & Chief Investment Officer

Roger Ibbotson is Chairman and Chief Investment Officer of Zebra Capital Management.  He is a member of Zebra’s portfolio management team having served in this role since the firm was founded in 2001.  He is also Professor in the Practice Emeritus of Finance at Yale School of Management. Professor Ibbotson was formerly Chairman of Ibbotson Associates and Ibbotson Associates Advisors, LLC until both were acquired by Morningstar Inc. in March 2006.  Since then and until 2016, Professor Ibbotson served in an advisory role to Morningstar, Inc.  Ibbotson Associates Advisors, LLC was a registered investment adviser and wholly owned subsidiary of Ibbotson Associates, a company founded by Professor Ibbotson in 1977 and a leading provider of asset allocation research and services. Professor Ibbotson conducts research on a broad range of financial topics, including investment returns, mutual funds, international markets, portfolio management, and valuation.  He has written numerous books and articles including Stocks, Bonds, Bills, and Inflation with Rex Sinquefield (updated annually) which serves as a standard reference for information on capital market returns.  He has published The Equity Risk Premium with William Goetzmann and Lifetime Financial Advice with Milevsky, Chen, and Zhu.  He has also co-authored two books with Gary Brinson, Global Investing and Investment Markets.  In addition, he has co-authored a textbook with Jack Clark Francis, Investments: A Global Approach.  He is a regular contributor and editorial board member to both trade and academic journals.  He is the recipient of many awards including Graham and Dodd Scrolls in 1979, 1982, 1984, 2001, 2004, 2007, 2011, 2012, and best Financial Analysts Journal article of 2013.  He received the Harry M. Markowitz Award for “Momentum, Acceleration, and Reversal”, the 2015 best paper in the Journal of Investment Management. Professor Ibbotson served on numerous boards, and currently serves as a disinterested director, Chairman of the Audit Committee and member of the Nominating Committee of Dimensional Investment Group Inc. ("DIG") and DFA Investment Dimensions Group Inc. ("DFAIDG"), registered investment companies for which Dimensional Fund Advisors Inc. serves as investment adviser.  He frequently speaks at universities, conferences, and other forums.  He received his Bachelor’s degree in mathematics from Purdue University, his M.B.A. from Indiana University, and his Ph.D. from the University of Chicago where he taught for more than ten years and served as Executive Director of the Center for Research in Security Prices.

John J. Holmgren, Jr.

President & COO

John J. Holmgren, Jr. joined Zebra Capital Management in 2011 as President and is responsible for the development, management and implementation of Zebra’s business and strategies.
Mr. Holmgren was formerly President and CIO of HCM, a global investment management and research firm specializing in bottom up quantitative investment models, from 2007 until 2011.  From 1999 through 2007, Mr. Holmgren was Chief Investment Officer and Chief Executive Officer of DSI International Management, a wholly owned subsidiary of UBS AG. He was responsible for managing the investment programs for DSI and integrating DSI within the UBS business organization.  Mr. Holmgren was a UBS Managing Director and Regional Head where he sat on various UBS Global AM and O’Connor Investment, Risk and Management Committees.  Mr. Holmgren joined DSI International Management, an investment advisor focusing on global quantitative risk controlled and long/short equity products, as Chief Operating Officer in 1997 from DSC Data Services, a quantitative investment research firm he founded in 1988.  In 1987, he was one of the original founders of DSI International Management. From 1988 to 1997, he was the founder and President of DSC Data Services, Inc., an independent, quantitative research firm.
Mr. Holmgren has a B.A. in Economics from Providence College and is a member of the NYSSA, CQA and CFAI.

Eric Stokes Eric Stokes

Portfolio Manager

Eric Stokes joined Zebra Capital Management as Portfolio Manager in February 2011.  He is responsible for overseeing the various portfolios managed by Zebra, ongoing research efforts, and product management.  Prior to joining Zebra, Mr. Stokes was a Principal and Chief Investment Officer in a long/short equity hedge fund, Reed-Stokes Capital Partners.  He also served as a portfolio manager for Graham Capital Management where he managed a discretionary fund.  In the area of equity research, he served as President of ValuEngine, Inc., a research firm founded by Yale finance professor Zhiwu Chen.  He was the President of DTN Financial Services, a provider of market data and analysis.  Mr. Stokes is the author of Market Neutral Investing (2004) and has an MBA from Columbia University.

Eric Stokes Michael Reed, Ph.D.

Portfolio Manager

Michael Reed joined Zebra Capital Management in June 2014 as a Portfolio Manager, overseeing the development and implementation of Zebra’s Global Statistical Arbitrage strategies.  From 1994 until 2010, Mr. Reed was a researcher and senior portfolio manager at Process Driven Trading (PDT), then a proprietary trading unit of Morgan Stanley.  While at PDT, Mr. Reed developed and implemented statistical arbitrage and market microstructure based models.  Beginning in 1994, Mr. Reed designed and developed the PDT execution engine which is used by all of PDT’s global statistical arbitrage and quantitative models for electronic trading.  From 1991 until 1994, he was a research scientist at Western Geophysical specializing in the statistical image processing of geological formations.  Mr. Reed received his Bachelors of Science degree in Electrical Engineering in 1987 from Rice University and a Ph.D. in Electrical Engineering from Princeton University in 1991.