INVESTMENT TEAM
Twenty three professionals contribute to Ivory's investment research, risk management, idea generation and trade execution efforts. Below are the Partners on the Investment Team.

Curtis G. Macnguyen
Founder and Partner – Head Portfolio Manager
Mr. Macnguyen attended the University of Pennsylvania and graduated summa cum laude with a B.S.E. from the Wharton School in 1990. Mr. Macnguyen began his career at Morgan Stanley & Co. as a financial analyst from 1990 to 1991. At Morgan Stanley, he was involved in mergers and acquisitions and restructuring activities. From 1991 to 1993, Mr. Macnguyen was employed by Gleacher & Co. as a senior financial analyst. Mr. Macnguyen joined Siegler, Collery & Co., a fundamental value-based hedge fund, in 1993 as an investment analyst and a member of the team responsible for a number of that company’s significant investments. In 1995, Mr. Macnguyen left Siegler, Collery & Co. and formed his own value-oriented investment firm, CM Advisors, Inc. He subsequently dissolved CM Advisors, Inc. in 1996 and rejoined Siegler, Collery & Co. as a partner and portfolio manager. In November 1998, he founded Ivory Investment Management, L.P.

Christopher T. Winkler, CFA
Partner – Chief Risk Officer
Mr. Winkler graduated with highest distinction from Indiana University with a B.S. in Finance and Real Estate from the School of Business. While at Indiana, Mr. Winkler was elected to the Beta Gamma Sigma, Phi Beta Sigma and Alpha Lambda Delta honor societies and was awarded the Wall Street Journal Student Achievement Award. Upon graduation, Mr. Winkler joined the corporate finance department of Dean Witter Reynolds as a financial analyst. At Dean Witter Reynolds, Mr. Winkler was involved primarily in the underwriting of equity securities for public corporations and trusts and helped raise $2.3 billion of capital. Following his tenure at Dean Witter Reynolds, Mr. Winkler joined CM Advisors, Inc. as a financial analyst. At CM Advisors, Inc., he was responsible for the analysis and monitoring of certain investments. Mr. Winkler then joined Siegler, Collery & Co. While at Siegler, Collery & Co., Mr. Winkler was employed as a portfolio manager and was responsible for instituting and overseeing numerous investments. Two years later, Mr. Winkler left Siegler, Collery & Co. with Mr. Macnguyen to join him in forming Ivory Investment Management, L.P. In 1998, Mr. Winkler was awarded the CFA designation.

Edwin W. Shen
Partner – Senior Analyst
Mr. Shen graduated summa cum laude from the University of Pennsylvania with a B.A. in History and a B.S. in Economics from the Wharton School of Business. Mr. Shen was then employed as an investment banking analyst in the Los Angeles office of Donaldson, Lufkin & Jenrette. Following his tenure there, Mr. Shen joined Bain Capital in its Private Equity Group. While at Bain Capital, he participated in the launch of the London office and its entry into the Western European market. In November 2001, Mr. Shen joined Ivory Investment Management, L.P.

Neil P.A. Chudgar
Partner – Sector PM
Mr. Chudgar graduated magna cum laude from the University of Southern California with a B.A. in Biological Sciences and was enrolled for over two years as a Doctorate of Medicine Candidate at USC. Mr. Chudgar left USC to join the Los Angeles office of Donaldson, Lufkin & Jenrette as an investment banking analyst. Upon completion of his analyst program, Mr. Chudgar worked for the Trust Company of the West as an associate in their special situations and distressed investing group. Mr. Chudgar joined Ivory Investment Management, L.P. in August 2005.

Bradley M. Lundy
Partner – Sector PM
Mr. Lundy graduated from the University of Michigan with a B.A. in Economics. Upon graduation, he joined the Chicago-based proprietary trading firm Third Millennium Trading, and later its affiliate, TMT Bonds. During his tenure, Mr. Lundy worked on the floors of the Chicago Board Options Exchange and the Chicago Board of Trade as an equity options trader. Mr. Lundy earned a Masters of Accounting from the University of Southern California in May 2004. Mr. Lundy joined Ivory Investment Management, L.P. in May 2004.

Avery J. Son
Partner – Sector PM
Mr. Son graduated magna cum laude from Harvard College with an A.B. in Economics and has an M.B.A. from the Stanford Graduate School of Business. After graduation from Harvard, Mr. Son joined J. P. Morgan & Co. as an analyst in the Mergers and Acquisitions Group. He then became an associate at Soros Private Equity Partners LLC. Mr. Son joined Ivory Investment Management, L.P. in August 2002.

Matthew J. Bailey
Partner – Head Trader
Mr. Bailey graduated with highest distinction from the University of Nebraska with a B.S. in Economics and Finance. Upon graduation, Mr. Bailey was a sales and trading associate at J.P. Morgan & Co. Thereafter, Mr. Bailey joined Goldman Sachs & Co. as a U.S.-based NASDAQ securities trader. Mr. Bailey joined Ivory Investment Management, L.P. in January 2002.

Julie L. Oberliesen
Partner – Head of Information Research
Ms. Oberliesen graduated with highest distinction from the Honors College at Michigan State University with a B.S. in Finance and Accounting. Upon graduation, Ms. Oberliesen joined Deloitte & Touche Corporate Finance, LLC as an analyst. Ms. Oberliesen joined Ivory Investment Management, L.P. in October 2002.

Steven Baum
Partner – Chief Operating Officer
Mr. Baum graduated from the University of California at Berkeley with a B.A. in Economics. Upon graduation, Mr. Baum worked as a financial analyst in the mergers and acquisitions department at Morgan Stanley & Co. From 1991 to 1993, Mr. Baum worked as a director of strategic planning and analysis at Sony Pictures Entertainment. In 1993, Mr. Baum left Sony to join Pacific Telesis Group, where he served as an executive director of broadband strategy and planning. Mr. Baum worked as an investment banker at Montgomery Securities from 1997 to 1999 and at Thomas Weisel Partners from 1999 to 2001. Most recently, Mr. Baum served in the role of managing partner at Pierce Street Capital Management, LLC, which he also co-founded. Mr. Baum joined Ivory Investment Management, L.P. in June 2006.

John Hill
Partner – Head of Global Marketing
Mr. Hill graduated from Harvard College with an A.B. in Government and later received an M.B.A. from the Stanford Graduate School of Business. Mr. Hill was employed as an associate at Montgomery Securities from 1995 to 1998. In 2000, he joined GFI Energy Ventures, also as an associate. Mr. Hill later served as a vice president at Sirios Advisors, LLC and, subsequently, as a regional director for Gerson Lehrman Group. Mr. Hill joined Ivory Investment Management, L.P. in April 2007.

Mitchell B. Pressman, CFA, CPA
Partner – Chief Financial Officer
Mr. Pressman graduated magna cum laude from the University of Miami with a B.B.A in accounting and finance. He then attended the University of Texas at Austin where he received a Master’s degree in accounting. He began his career with Price Waterhouse and then worked for Arthur Andersen as a financial consultant. Mr. Pressman then went to GPU Inc., and served in various financial roles, including Finance Director of the telecommunications division. After GPU, he joined Ivory Investment Management, L.P. as Controller and was promoted to Chief Financial Officer in 2002. In 2003, he joined Triage Management, LP, a distressed and special situation hedge fund, as CFO and was in that capacity until February 2006. Mr. Pressman earned his CPA in 1990 in Texas and was awarded the CFA designation in 1996. Mr. Pressman rejoined Ivory Investment Management, L.P. as Chief Financial Officer in February 2006.

 

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