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Our Team

Eric M. Efron, CFA
Co-Portfolio Manager


Mr. Efron brings over 25 years of experience to the firm. He began his career in New York as research analyst for Arnold Bernhard & Co.(Value Line). Most recently Mr. Efron worked for USAA Investment Management Co. in San Antonio serving as a co-portfolio manager for many of USAA's top performing funds including the Aggressive Growth Fund, which grew from $283 million to over $2 billion earning a 5-star rating from Morningstar. Mr. Efron has appeared on CNBC and Bloomberg Television and has been quoted widely by The Wall Street Journal, The New York Times, and BusinessWeek. Mr. Efron earned a Masters in Asian Studies from the University of Michigan and an M.B.A. from New York University. He is a Chartered Financial Analyst (CFA) and has served as the President of the San Antonio Financial Analysts Society. Mr. Efron focuses on fundamental analysis.

Mr. Efron co-managed the USAA Aggressive Growth Mutual Fund (ticker: USAUX) from February 1995 through March 2002. During this volatile period, the fund grew at a compounded annual growth rate (CAGR) of 12.0%. 

Stephen P. Arnold
Co-Portfolio Manager


Mr. Arnold has been an investment management professional for over 25 years, serving both private and public institutions with assets ranging from $100 million to over $13 billion. His experience includes over 12 years with The Employees' Retirement System of Texas (ERS) in Austin, including seven years as the Assistant Investment Officer. As the Assistant Investment Officer, he was responsible for all internally managed investment portfolios. Following ERS, Mr. Arnold worked for Norwest Investment Management and Trust of Texas as a Vice President and Trust Investment Officer specializing in Trust investment management. Mr. Arnold graduated from Texas A&M with a degree in Agricultural Economics. He has also received a certification in Trust Investments from the University of North Carolina in Charlotte. Mr. Arnold focuses on technical analysis.

Mr. Arnold developed and maintains a proprietary Interest Rate Forecasting Model. The model interprets specific data and provides a running six-month interest rate outlook based on the historic relationship between current interest rates and the fear of inflation. The model has proven to be reliable and helpful in analyzing interest rate sensitive investments. The model is provided for informational purposes only and should not be solely relied upon for any investment decision. Past performance or accuracy is no guarantee of the performance or accuracy of the model's current forecast. 


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