Credit Research

CREDIT RESEARCH

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CREDIT RESEARCH

Dwight has a very experienced and seasoned team of Credit Research Analysts. Each analyst is an industry specialist who performs fundamental industry, issuer, and security research. The Credit Research Team works closely with Sector Portfolio Managers to develop sector strategy and individual security selection ideas as an integral part of Dwight's investment process.

Each analyst produces industry reviews and conducts ongoing fundamental analysis of issuers that relate to buy, sell, or hold decisions. Analysts cover one or more industries depending on the level and depth of the credits involved for an average of 50 to 60 investment-grade and below investment-grade credits each.

Thomas White
Head of Research
Emerging Markets

Stefanie Bachhuber, CFA
Retail, Consumer, Food/Beverage, Agriculture, Environment, Textiles, Tobacco

Janet Braggs, CFA
ABS

Kenneth Frey, CFA
Chemicals, Energy, Forest Products, REIT

Phyllis Gray
Pipelines, Utilities

Jane Haugh, CFA
Gaming/Lodging, Homebuilders, Conglomerates, Capital Goods, Mining, Steel

Kevin Kuzio, CFA
Airlines, Cable, Drug Distribution, Media, Medical Equipment, Pharmaceuticals, Publishing

Laurance Ring
Banking, Thrifts, Broker-Dealers, & Specialty Finance

Gordon Russo
Insurance, Hospitals

Jeff Sadler
Telecommunications, Technology, Autos, Aerospace/Defense

Joseph Larkin
Junior Credit Research Analyst

About Dwight

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Thomas J. White
	Executive Vice President, Head of Credit Research BA Union College MBA University of Chicago Joined the company in 2002 28 years financial services experience
Tom leads Dwight's ten-person Credit Research Team that is responsible for fundamental analysis of over 600 individual credits. He also analyzes and makes recommendations to buy and sell bonds in emerging markets. His previous experience includes risk and portfolio management with Metropolitan Life Insurance Co., JP Morgan & Co., and FMC Corporation. He is a founding member and has served on the Board of Directors for the Emerging Markets Creditors Association. Tom is a member of the firm's Investment and Risk Management Committee and its Management Committee. He is also a member of the Vermont CFA Society.

Stefanie L. Bachhuber, CFA
	Senior Vice President, Credit Analyst BS Tulane University MBA Duke University Joined the company in 2001 17 years financial services experience
Stefanie analyzes and makes recommendations to buy and sell bonds of companies in the retail, consumer products, food and beverage, agriculture, environmental services, textiles, and tobacco businesses. She was formerly in portfolio management and credit research for Mt. Washington Investment Group, Friedman, Billings, Ramsey & Co., and Federated Investors. Stefanie is a member of the Baltimore Securities Analysts Society, Inc.

Janet S. Braggs, CFA
	Senior Vice President, Credit Analyst BA University of California, Los Angeles Joined the company in 2004 22 years financial services experience
Janet analyzes and makes recommendations to buy and sell auto, credit card, home equity, and other types of asset-backed securities. She was formerly a Senior Credit Analyst for Structured Finance and Corporate Credit at Grantham, Mayo, Van Otterloo, Director of Asset-Backed and Commercial Mortgage-Backed Securities at Scudder, Kemper Investments, and Senior Strategist for the Structured Finance Portfolio at First Interstate Bancorp. Janet is a member of the Vermont CFA Society.

Kenneth J. Frey, CFA
	Vice President, Credit Analyst BA Heidelberg College MPS Cornell University MBA New York University Joined the company in 2006 23 years financial services experience
Ken analyzes and makes recommendations to buy and sell chemical, energy, forest products, and REIT bonds. Prior to joining Dwight, he served as Director of Fixed Income Research at Nationwide, Credit Analyst at State Street Research and The Boston Company, and Senior Investment Officer, Fixed Income Private Placements at New England Mutual Life Insurance. Ken is a member of the Boston Security Analysts Society.

Phyllis N. Gray
	Vice President, Credit Analyst BS University of Maine MBA University of Vermont Joined the company in 2002 5 years financial services experience
Phyllis analyzes and makes recommendations to buy and sell bonds of pipeline companies, power generators and utilities. She was formerly Director of Business Development for Northern Power Systems and Vice President of Operations for Fresh Connections. She has held several positions with Green Mountain Power. Phyllis is a member of the Vermont CFA Society.

Jane A. Haugh, CFA
	Senior Vice President, Credit Analyst BA University of Wisconsin MBA University of Vermont Joined the company in 2001 16 years financial services experience
Jane analyzes and recommends the purchase or sale of bonds specific to capital goods, conglomerates, gaming/lodging, homebuilders, manufacturing/machinery, metals/mining, industrial services, and steel. Jane was formerly a high-yield fixed income analyst with Duff and Phelps and KDP Investment Advisors, where she published credit opinions on companies in various industries. Prior to that, Jane was the Senior Financial Analyst at Green Mountain Power. Jane is a member of the Vermont CFA Society.

Kevin M. Kuzio, CFA
	Senior Vice President, Credit Analyst BM Susquehanna University MBA University of Pittsburgh Joined the company in 2003 14 years financial services experience
Kevin analyzes and makes recommendations to buy and sell bonds of airline, cable, drug distribution, media, non-computer aided medical equipment, pharmaceutical, and publishing companies. He is also responsible for analyzing distressed bonds and special situations across industry categories. He is experienced in investment banking, corporate finance, and high-yield fixed income research from his previous association with KDP Investment Advisors, Inc., Duff & Phelps Fixed Income Research, and Central Vermont Public Service Group. Kevin is a member of the Vermont CFA Society.

Laurance M. Ring
	Vice President, Credit Analyst BS University of Illinois MBA Wharton School, University of Pennsylvania Joined the company in 2007 24 years financial services experience
Larry analyzes and makes recommendations to buy and sell financial institutions bonds, which include U.S. and foreign banks, thrifts, finance companies, and broker-dealers. Prior to joining Dwight, he was with Fidelity Investments, The Vanguard Group, Fitch Investors Services, A.M. Best Company, Price Waterhouse Consulting, and CIGNA Insurance.

Gordon M. Russo
	Senior Vice President, Credit Analyst BA Rutgers College MSF Bentley College Graduate School Joined the company in 2000 18 years financial services experience
Gordon analyzes and makes recommendations for the insurance, deathcare, and hospital sectors. His former experience includes positions as Managing Director at Sandler O'Neill Partners LP and Bank Examiner for the Office of Thrift Supervision for the U.S. Department of the Treasury.

Jeff L. Sadler
	Vice President, Credit Analyst BA University of Washington Executive Program - Graduate School of Business, Stanford University Joined the company in 2002 23 years financial services experience
Jeff analyzes and makes recommendations on corporate bonds in the aerospace/defense, automotive, computer-aided medical equipment, technology, and telecommunications. He has been an analyst in the fixed income and equity sectors, working on the buy and sell side of Wall Street. He was formerly a Managing Partner with Sope Creek Strategy, Senior Vice President of Credit Research for FAC/Equities, and First Vice President at SunTrust Robinson-Humphrey. He is a member of the Boston Security Analysts Society and the Vermont CFA Society.

Joseph F. Larkin
	Junior Credit Research Analyst BA Amherst College Joined the company in 2007 2 years financial services experience
Joe assists Dwight's Credit Research Team in analyzing bonds in various industries. Prior to joining Dwight, Joe served as an Analyst/Finance Officer at Larkin Realty and as a Leveraged Finance Analyst at Credit Suisse First Boston. He is also currently a 2nd Lieutenant in the Vermont Air National Guard.