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In-Progress-SIght | Investing with Emerging Managers | Fixed Income: Why Progress Is Not Following the Herd
September 2017

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"'Drip, drip, drip' does not scale" by Javier Saade
June 2017
Diversity in all of its forms leads to the best possible outcomes. But in business, the push for inclusive diversity may hamper scaling it because the focus has been “what” as opposed to “how”. This is true for any business and especially true for tech-driven new economy businesses. Scale is key to sustaining activities and businesses in any field of endeavor.

From governments and the policies they enact, to boardrooms and the management teams they govern, to universities and the young minds they help shape, to philanthropic foundations and the missions they pursue, to investors and the allocations they make, to executives running down a marketing strategy - more diversity is a good thing, lets take this as a given. It does not matter if you look at it through a social justice lens or through a mercenary profit-maximizing lens.

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Bibliography of Research Papers on Emerging Managers
May 2017

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The Emergent - Fall 2016 Issue
December 2016
A periodical published by Progress Investment Management Company highlighting emerging and diverse firms, their entrepreneurial strategies, and related topics.

Issue Highlights:

• CEO Perspective: Thurman White reflects on different paths to building sustainable businesses in an environment where active managers face headwinds as a result of geopolitical and global market uncertainties.

• 2nd and 3rd quarter Market and Economic Overview: Strategy performance review of Progress-funded emerging managers and Progress’ asset allocation position relative to increased volatility and risk aversion across asset classes.

• An interview with Mary Pugh, CEO and Co-Founder of Pugh Capital Management, as she reflects on 25 years of investment leadership, entrepreneurship, and Fixed Income excellence on the occasion of the firm’s silver anniversary.

• What Is Your Leadership Style? At a recent best practices gathering for our funded managers, we asked our funded CEOs to share illustrations that depicted their unique leadership styles. While most clipped and brought pictures from a myriad of places, one CEO took the road less traveled and painted a water color leadership self-portrait.

• Progress Gives Back: For the 5th year, Progress employees join 10,000 other runners at the annual J.P. Morgan Chase Corporate Challenge, a 3 mile dash through San Francisco in support of Year Up Bay Area.

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The Emergent - Spring 2016 Issue
May 2016
A periodical published by Progress Investment Management Company highlighting emerging and diverse firms, their entrepreneurial strategies, and related topics.

Issue Highlights: Changes in plan sponsors’ asset allocations and how those changes affect investment strategies adopted by diverse and emerging firms in pursuit of alpha for their clients; Review of market performance and our view and position with regard to asset allocation given increased volatility and risk aversion across asset classes; Highlights of Progress’ 25th Anniversary Plan Sponsor and Emerging Manager Conference; Key takeaways for small and diverse firms discussed at a recent senior hedge fund practitioners’ gathering; Progress launched new impact investment strategy in partnership with Urban Advisors; Progress Gives Back – our annual tradition of raising funds for Juma Ventures at the AT&T Stadium on the Giants’ Opening Day.

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Foundations Push for More Women, Minorities in Asset Management Ranks
December 2015
In the article "Foundations Push for More Women, Minorities in Asset Management Ranks" published by Fundfire, the author Tim Sturrock talks about the trend started by the leading foundations to diversify and add value to their investment portfolios by hiring more women- and minority-owned firms.

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The Emergent - Fall 2015 Issue
December 2015
A periodical published by Progress Investment Management Company highlighting emerging and diverse firms, their entrepreneurial strategies, and related topics.

Issue Highlights: Thurman White, Progress’ CEO and President, outlines three factors to sustainable success in the investment management business; Review of market performance and Progress positioning; Advantages of Global asset allocation strategies; Hedge Fund Manager Spotlight: Calixto Global Investors; Progress’ initiative to support foster children in need.

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Strategies to Achieve Diversity in Investment Management
November 2015
Thurman V. White, Progress' CEO and President, elaborates on strategies to achieve diversity in investment management in his presentation at the Endowments and Financial Services Summit.

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The Emergent - Summer 2015 Issue
September 2015
A periodical published by Progress Investment Management Company highlighting emerging and diverse firms, their entrepreneurial strategies, and related topics.

Issue Highlights: As part of Progress’ 25th Anniversary celebration, Thurman White, President and CEO, reflects on both the past and future examining the many ways, beyond expected investment performance, that emerging firms add value to investors. Mid-year review of our investment strategies relative to their respective benchmarks and, more importantly, versus their mainstream peers. Progress’ recent emerging manager thought leadership initiatives. In the spotlight: talent from our Emerging Hedge Fund platform and recent manager graduations to direct hire.

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The Emergent - Spring 2015 Issue
May 2015
A periodical published by Progress Investment Management Company highlighting emerging and diverse firms, their entrepreneurial strategies, and related topics.

Issue Highlights: 2014 Investment Year In Review; Key Presentation and Discussion Points from Progress Perspectives, our Northeast thought leadership conference; Harvard Business School's Steven Rogers on the Seven Rules of Success for Institutional Investors; Resources - Progress' events, papers and webinars.

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Why Use a Manager of Emerging Managers?
April 2015
A growing number of public and private institutions have realized the benefits including emerging managers in their investment strategies — either by hiring them directly through investment programs using managers of emerging managers or both as complements. However, some investors may still have questions about the value of a manager of managers (“MoM”). When emerging managers first began to attract institutional investors in the early 1990s, clients’ initial lack of understanding about their relative risks and rewards, as well as scarcity of investment data about them, made an intermediary like a MoM a very attractive resource.

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The Myth of Double Fees
April 2015
Institutional investors are becoming more sensitive than ever to the fees associated with managing their portfolios. With current market volatility, uncertain monetary policy, and a compressed alpha environment, many clients ask themselves whether the benefits of active investment management justify the costs. As a whole, institutional investors’ interest in emerging managers as a source of performance remains strong — even in active strategies. But many of them believe — wrongly — that the manager of emerging managers’ fee model is too expensive. This misperception stems in large part from the myth that the manager of emerging managers charges a “fee on fee.” Nothing could be further from the truth.

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Graduating Best-In-Class Emerging Managers
April 2015
In 2007, a highly regarded west coast-based portfolio manager and director of research oversaw $40 billion in assets at a mainstream investment management firm across several domestic equity value strategies. Like many passionate and ambitious managers, he dreamed of starting his own firm. Later that year, he ventured out on his own. Seeding the firm with his own capital and forming a 100% employee-owned structure, the portfolio manager/founder hired ten people and began seeking assets.

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Case Study of the W.K. Kellogg Foundation “Who Manages the Money? How Foundations Should Help "Democratize Capital""
October 2014
By Thurman V. White, Jr., President and CEO, Progress Investment Management Company, LLC, in cooperation with the Association of Black Foundation Executives (ABFE)

There is a growing trend among institutional investors to take a more inclusive approach to managing institutional capital. This call to “democratize capital” centers on expanding the pool of investment managers to include best-in-class diverse firms. Such a shift advances both equity and fiduciary goals. Research shows that small independent investment firms often outperform larger counterparts in many asset and sub-asset classes.

Foundations lag behind other institutional investors in diversifying their mix of investment managers. Despite the mission of many to address historic inequities, foundations typically focus diversity efforts on grant making, or perhaps leadership and staffing initiatives. But they are missing an opportunity. Using more diverse managers would allow foundations to leverage new investment talent to enhance returns, as well as create a positive social impact that holistically aligns their business practices with their philanthropic missions.

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2010 Emerging Manager Dialogue Book
November 2010

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CPUC Testimony - October 21, 2010
October 2010
"Barriers to Procurement Opportunities for Emerging and Diverse Firms in Investment Management and other Financial Services"

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Video "Twenty: Then Now Next"
July 2010
As Progress Investment Management Company commemorates its 20th year, Thurman V. White, Jr., President & CEO, discusses various concepts that went into authoring his book, “Twenty: Then Now Next.”

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"Twenty: Then Now Next" by Thurman V. White, Jr., President & CEO
July 2010
"With two decades behind us, we celebrate our past, envision the future for emerging managers, and ask questions about what success will look like and what it will take to get there."

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JOI Spring 2009 Special EM Research Section
March 2009

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Successful Emerging Manager Strategies for the 21st Century
November 2008

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From Diversity to Diversification -- The Evolution of the Term "Emerging Manager"
July 2008

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Congressional Testimony
July 2008

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2007 Emerging Manager Dialogue Book
December 2007

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2005 Emerging Manager Dialogue Book
May 2005

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A Review of Developing Managers and Developing Manager Programs White Paper
July 2003

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Small Isn't What It Used to Be White Paper
June 2003

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