KDP Management Team
- Kingman D. Penniman, CFA, Chief Investment Officer
- Justin B. Monteith, CFA, Senior Portfolio Manager
- Dennis V. Dowden, CFA, Portfolio Manager
KDP Industry Analysts
- Brian E. Bogart, CFA
- Barbara J. Cappaert, CFA
- Michael Cazayoux
- Kenneth R. Duffel
- Terrence K. Dwyer
- Mark S. McCabe, CFA
- Rammy Mekhilef
KDP Market Analysts
KDP Management Team
Kingman D. Penniman, CFA, Chief Investment Officer
Kingman D. Penniman, CFA, President and Chief Investment Officer. Mr. Penniman is President and Chief Investment Officer of KDP Asset Management, Inc. (KDPAM). He is also President and Chief Executive Officer of KDP Investment Advisors, Inc. (KDPIA). KDPIA’s research professionals have been providing investment research to high yield professionals for over 25 years. KDPAM was formed in 1999 as the firm’s investment arm to further leverage the strength and reputation of its research and analytics capabilities. Mr. Penniman was formerly Executive Vice President, head of the High Yield Bond Group for Duff & Phelps Investment Research Co. Prior to joining D&P, he was with McCarthy, Crisanti & Maffei, Inc. He joined MCM with responsibility for initiating coverage and assigning investment grade ratings for the industrial grade companies. Mr. Penniman was subsequently responsible for MCM's high yield product. MCM was the first rating agency and first non-Wall Street firm to specialize in high yield securities and to quantify the probability of default on a systematic basis. Previously, Mr. Penniman supervised the marketable bond research group for the National Life Insurance Company. He received a B.A. from Colby College and an M.B.A. from the Wharton School of the University of Pennsylvania. He is a member of the CFA Society Vermont.
Justin B. Monteith, CFA, Senior Portfolio Manager
Justin B. Monteith, CFA, Senior Portfolio Manager. Prior to joining KDPAM, Mr. Monteith was responsible for KDP Investment Advisors' Pricing Services interacting with all major high yield and loan trading desks for a period of 4 years. Before joining KDP, Mr. Monteith was a registered principal and head trader of bonds, equities and options for 5 years with Equity Services, Inc., a subsidiary of National Life Group. Prior to this he was with Sentinel Funds, Bank of America Investment Services and Morgan Stanley Dean Witter. He received his Masters in Financial Economics from the University of London, and his B.A. from Western Michigan University. Mr. Monteith is a member of the CFA Society Vermont.
Dennis V. Dowden, CFA, Portfolio Manager
Dennis Dowden, CFA, Portfolio Manager. Mr. Dowden has over 30 years of investment experience specializing in fixed income securities and serves as co-portfolio manager for all KDP portfolios. Mr. Dowden was previously portfolio manager and senior high yield bond analyst at Muzinich & Co. for 15 years where he co-managed over $10 billion across BB/B, crossover, and leveraged loan funds. Previously he was Director of High Yield Research at ABN AMRO. Prior to this and over the course of 15 years he was a Wall Street high yield analyst at Prudential, Smith Barney, Harris Upham & Co., Merrill Lynch Capital Markets, and Bear Stearns as well as a rating analyst at S&P and Fitch. He received a B.A., from St. Peter's University and an MBA from Rutgers University. He is a member of the CFA Society New York and the Fixed Income Analysis Society, Inc.
KDP Industry Analysts
Brian E. Bogart, CFA
Brian E. Bogart, CFA, Senior Vice President, Credit Analyst. Responsible for the containers, paper/forest products, homebuilders, and apparel/textile industries. Before joining KDP, Mr. Bogart was Senior Vice President with Duff & Phelps Investment Research Co. and a Vice President with McCarthy, Crisanti & Maffei. Previously, he served as a senior bond analyst with the National Life Insurance Company. Prior to that, he was a securities analyst with Standard & Poor’s. He received a B.A. from Bates College and an M.B.A. from New York University.
Barbara J. Cappaert, CFA
Barbara J. Cappaert, CFA, Senior Vice President, Credit Analyst. Responsible for the gaming, lodging, leisure, and healthcare/hospitals industries. Previously, Ms. Cappaert was a Group Vice President with Duff & Phelps Investment Research Co. Before joining Duff & Phelps, she served as a Vice President with Citicorp Scrimgeour Vickers and as a portfolio analyst specializing in consumer companies at Baker, Fentress in Chicago. She received a B.S. from Marquette University.
Mike Cazayoux, Senior Vice President, Credit Analyst. Responsible for the analysis of high yield issues within the advertising, metals/mining, steel, airline and auto/auto related industries. Before joining KDP Investment Advisors, he spent six years as a partner at Finergy Capital Services LLC, an inter-bank broker of derivative products. Prior to that, Mr. Cazayoux worked for Dwight Asset Management for six years as the head of corporate bond portfolio management and trading. Earlier in his career, Mr. Cazayoux worked for MetLife as a corporate bond trader and credit analyst for private placements, workouts, asset-backed securities and private label mortgage-backed securities. Mr. Cazayoux holds a B.S. from Louisiana State University, Baton Rouge and an M.B.A. from Tulane University.
Kenneth R. Duffel
Ken Duffel, Vice President, Credit Analyst. Responsible for the oil & gas, broadcasting, cable, and chemicals industries. Mr. Duffel holds a JD and MBA from Boston University.
Terrence K. Dwyer
Terrence K. Dwyer, Credit Analyst. Responsibilities include aerospace/defense, diversified manufacturing/services, capital goods, technology, and consumer products. Prior to his position of Senior Vice President at Duff & Phelps Investment Research Co., Mr. Dwyer was a portfolio manager of the Value Line Aggressive Income Trust, an open-end high yield mutual fund for Value Line Incorporated, and an assistant portfolio manager for the Value Line Cash Fund. While at Value Line he was also a senior equity analyst specializing in conglomerates and metals. He received a B.S., cum laude, from Boston College and an M.A. with honors from Indiana University.
Mark S. McCabe, CFA
Mark S. McCabe, CFA, Vice President, and Credit Analyst. Responsible for analysis consisting of both the Technology, Media & Telecom (TMT) industries, as well as the Power Generation and Offshore Drilling industries. Mr. McCabe was most recently a Sr. Commercial Credit Analyst at M&T Bank. Before that, he worked as a High Yield Credit Analyst at KDP Investment Advisors for 11 years. He was a Loan Analyst at The Debt Exchange, prior to that. Earlier in his career, he worked as an Equity Research Analyst for the Colony Group and also as an Equity Research Analyst for J. L. Kaplan Associates. Mr. McCabe holds an MBA from the University of Massachusetts and a BS from the University of Massachusetts at Lowell. He is a member of the CFA Society of Boston.
Rammy Mekhilef, Credit Analyst. Responsibilities include the healthcare/hospitals and gas transmission & distribution industries. Mekhilef holds a B.S. from the University of Massachusetts, Lowell and is a CFA Level 2 candidate.
KDP Market Analysts
James K. Atchinson Ph.D., Vice President, Chief Information Officer. Mr. Atchinson is responsible for KDP’s proprietary programs, the design and analysis of KDP’s financial databases, and for the development of new information technology for the firm. He provides technical development for pricing sources and application development. Prior to joining KDP, Jim was an independent consultant, advising both public and private sector clients in the development of their financial and analytical systems. He also has served as a Senior Consultant with Cora Group and was the Principal Assistant for Vermont's Division of Rate Setting. Jim received his Ph.D. from Columbia University and his M.B.A from the Graduate Management Institute at Union College, Schenectady, NY.