Management Team |
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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.

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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.

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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.

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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.
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