- Jason De Sena Trennert
- Donald J. Rissmiller
- Dan Clifton
- Christopher Verrone, CMT
- Nicholas Bohnsack
- Tom Tzitzouris
- Norbert Ore
- Courtney Rosenberger
- Jeannette Lowe
- Ryan Grabinski
- Todd Sohn, CMT
- Thomas DiFazio, CMT
- Jon Byrne
- Christopher McGrath
- Brandon Fontaine
- Fixed Income Strategy
- Policy Research
- Quantitative Research
- Technical Research
The Firm's Institutional Investor-ranked Economics team, led by Don Rissmiller, employs an analytical approach to provide a consistent macro-economic framework for our institutional equity and fixed income clients. The team makes standard forecasts and projections of economic growth, inflation, and short and long-term interest rates, including Fed policy.
With his experience at the New York Federal Reserve and ISI Group, Mr. Rissmiller and his team offer a unique perspective which provides the capacity to distill relevant data into actionable analysis.
The publication of frequent data-intensive updates, coupled with more thematic reports, helps the Firm's clients to better translate the macro-economic landscape into investable opportunities. This discipline, along with the monthly publication of more proprietary measures, like Strategas' Economics Balance Sheet, helps to ensure the accurate and timely analysis of market-moving economic trends. Additionally, a close monitoring of significant global economic developments highlights the major investment implications for our domestic and international clients alike.
Fixed Income Strategy
The Firm's Fixed Income team, led by Tom Tzitzouris, seeks to identify relative value and identify investment risks across multiple fixed income asset classes, while serving as a complement to Strategas' economic, policy, and equity investment strategy research verticals.
Published research highlights valuations at both the macro and sector level. Custom work is available to clients on instruments at the security level. By providing a top-down approach to government, corporate, municipal, and securitized markets, the firm's fixed income team strives to provide clients with the necessary tools to manage risk and identify value. In addition, by incorporating bottom-up analysis of sector and security specific issues, the firm's research seeks to provide actionable investment strategies, as well as to provide custom research for individual client needs.
The Firm's Institutional Investor-ranked Policy Research team, led by Daniel Clifton, works to identify federal, state, and local policy initiatives that have direct investment implications. Based in Washington, D.C., the team navigates the legislative, executive, and regulatory landscapes to offer the Firm's clients forward-looking information, relevant to their portfolio holdings. An emphasis is placed on identifying the sectors and industry groups most impacted by future legislative and regulatory actions, within the context of a dynamic political environment.
Experienced in political and policy research and analysis, the Policy Research team offers insights on the changing policy landscape and the risks and opportunities for investors.
Through the regular publication of written reports, frequent conference calls, customized projects, and direct meetings, the Policy Research team is actively engaged in ensuring the firm’s client base remains steps ahead of policy changes.
The Firm’s Quantitative Research team, led by Nicholas Bohnsack, leverages numerical and statistical analysis to assist institutional investors in three principal ways. At a macro-level, the team applies fundamental factor performance analysis to assist in identifying turning points in the business cycle and broader economy and to identify rotational trends within industry groups and relative performance trends among industries. The group’s business cycle work serves to compliment the Firm’s industry-level earnings and valuation forecasting in identifying targeted fair-value ranges, at both an Index and sector level. The team, works closely with security analysts and portfolio managers to build and refine dynamic security scoring and selection models to assist in identifying opportunities (and avoiding trouble areas) related to both the clients’ and Strategas’ thematic idea generation. The Quant team has developed and publishes regular updates on a number of the Firm’s thematic stock baskets, regularly used by clients, including the Large-Cap and Mid-Cap Earnings Momentum Alpha strategies; Free Cash Flow Growth; and, the Strategas Ambiguity Index.
Norbert Ore, the former Chairman of the ISM and former head of Procurement at Georgia Pacific is a Director in the Proprietary Research group at Strategas with responsibility for construction of internal indices, analysis of external surveys, and assisting clients in identifying global trends in manufacturing and service
Norbert’s SLIM (Strategas’ Leading Indicator of Manufacturing) is designed to provide an early indication of change in U.S. manufacturing activity during the current month by focusing on New Orders and Supplier Deliveries as indicators of present and future growth or contraction in the sector
The Firm's Institutional Investor-ranked Investment Strategy team led by Jason Trennert and Nicholas Bohnsack, works to identify the major themes with broad implications for the global financial markets. By working closely with the Firm's Economics and Washington Policy teams, the Firm’s strategists seek to provide accurate projections of aggregate corporate profits, valuation, profit margins, size and style trends, and long-term targets of the major equity indices.
The team's thematic and macro-driven approach relies on empirical data as well as fundamental and technical research to provide clients with an integrated investment strategy for a variety of time horizons. In addition, the team actively works with clients to improve information flow within their investment process, paying particular respect to asset allocation and sector rotation.
An emphasis is placed on delivering timely information in a concise manner through the dissemination of daily written publications and customized research projects. The team’s analysts are also available for regular conference calls, client meetings, and group presentations. Our high-touch client approach and the availability of our analyst team complements our more proprietary and data-driven efforts. Through the publication of our monthly Market Balance Sheet, Proprietary Bellwether Index, and Strategas Sentiment Indicator, the Strategy team provides clients with a unique, first-principles framework for analyzing the trajectory of market, sector, and industry group trends.
The Firm's Institutional Investor-ranked Technical Analysis team, led by Chris Verrone, strives to identify actionable investment opportunities across the equity, commodity, foreign exchange, and fixed income markets. Regularly published research highlights trend recognition, momentum, sentiment, and cross asset relationships to present a clear and concise market outlook. An emphasis on both U.S. and global stock selection is also a staple of the team’s daily work.
In addition, the Technical team actively works with the Firm’s institutional clients to provide bespoke analysis on individual securities. Our high-touch approach includes frequent video updates, conference calls, analyst meetings, and group presentations. The Technical team's proprietary and empirical analyses serve as an important complement to the more thematic approach employed by Strategas' Investment Strategy, Quantitative, Washington Policy, and Economic teams.
Mr. Trennert is the Chairman and Chief Executive Officer of Strategas and its related companies. In addition, as Chief Investment Strategist, Mr. Trennert is known as one of Wall Street’s top thought leaders on the subject of markets and economic policy. His research pieces are read by leading institutional investors and corporate executives across the globe.
In 2006, Mr. Trennert co-founded Strategas, which originally began with just five employees. Today, the firm employs over fifty research analysts, institutional salesmen, and sales traders at its offices in New York and Washington D.C. Prior to founding Strategas, Mr. Trennert was the Chief Investment Strategist and a Senior Managing Director at International Strategy & Investment (ISI) Group where he built and oversaw two of that Firm’s most popular research efforts, its Company Surveys, and Investment Strategy groups. Widely quoted in the domestic and foreign press, Jason is a regular guest on business news programs broadcast by CNBC, CNBC Italia, Fox Business News, and Bloomberg TV, among others. He is the author of three books about investing and the investment business. My Side of the Street was published by St. Martin’s Press in May 2015. He has authored several op-eds for The Wall Street Journal, the Financial Times, and Investor’s Business Daily.
He is committed to a number of Italian, Italian-American, and Catholic causes in New York and abroad. For his efforts he was honored at the 66th Annual Columbus Day parade in New York and was awarded the honorific of Cavaliere by the Republic of Italy on June 2, 2017. Mr. Trennert is a member of the investment committees of the Rockefeller Brothers Fund and the National WWII Museum.
He has an MBA from The Wharton School at the University of Pennsylvania and BS in International Economics from Georgetown University.
Mr. Rissmiller is a founding Partner of Strategas and has directed the Firm's macroeconomic research efforts since 2006. He oversees Strategas thematic research as well as high-frequency econometric forecasting.
Prior to co-founding Strategas in 2006, Mr. Rissmiller was an Economist and Managing Director at International Strategy & Investment (ISI) Group. Before joining ISI, he worked at the Federal Reserve Bank of New York, focusing on the analysis of U.S. macroeconomic data and price/wage forecasting models. He is frequently quoted in the financial press. He has been the president of the Forecasters Club of New York, a local group of economists. He serves on the board of the Global Interdependence Center (GIC) based in Philadelphia.
Mr. Rissmiller's research has been recognized by Institutional Investor magazine in their annual survey. Mr. Rissmiller holds an AB magna cum laude in Economics from Harvard.
Daniel Clifton is a Partner and Head of Policy Research for Strategas Securities. In this capacity, Mr. Clifton evaluates the financial market implications of policy and political developments. This includes analyzing trade, tax, healthcare, energy, and other policy initiatives to determine how public policy changes impact the economy and financial markets for institutional investors.
Daniel leads the #1 ranked Washington policy team on Wall Street according to Institutional Investor magazine. Mr. Clifton has been ranked as a top Washington policy analyst in each of the past eleven years. Daniel is also a top ranked analyst in the category of Tax and Accounting Policy.
Mr. Clifton’s research on the interaction between policy, elections, and financial markets is widely cited in the media and Daniel is a frequent guest on CNBC, Bloomberg, and Fox Business.
Prior to joining Strategas, Mr. Clifton was Executive Director of the American Shareholders Association (ASA), a non-partisan, non-profit organization which analyzes public policy affecting shareholders. In this capacity, Daniel was part of coalitions that successfully lowered capital gains and dividend tax rates to 15 percent in 2003, a repatriation tax holiday on foreign source revenue in 2004, and reform of the nation’s private-sector pension system.
Prior to joining ASA, Mr. Clifton lobbied for tax reform and served as a senior staff member in two gubernatorial administrations working on economic and fiscal policy issues. Daniel has also worked in various capacities on elections at federal, state, and local levels.
Mr. Clifton received both his BA in Urban Planning and his MS in Public Policy from Rutgers University where he was a Fellow at the Eagleton Institute of Politics and a Harold Martin Fellow for Public Policy.
Mr. Verrone is a partner of Strategas and is the head of the Firm’s Technical & Macro Research team. He is also a member of the Firm’s Asset Allocation committee. His regularly published research highlights actionable investment opportunities across the equity, commodity, foreign exchange, and fixed income markets.
Chris is a frequent guest on CNBC, Bloomberg Television, and Fox Business, and is often quoted in the domestic and foreign financial press. He is consistently ranked among the top macro analysts on Wall Street in the annual All-America Research Survey by Institutional Investor magazine, and is particularly known for combining a rigorous examination of financial history with empirically driven analysis.
Prior to joining Strategas, Mr. Verrone worked with the Economics team at International Strategy & Investment (ISI) Group and at the Foreign Policy Research Institute. Chris holds a MA in Political Science from Villanova University and a BA in International Political Economy, also from Villanova. He is also active with the Delbarton School Alumni Association. Chris, his wife, Caroline, and their three children, Maggie, Reagan, and Connor reside in Connecticut.
Mr. Bohnsack is co-founder of Strategas and serves as the President and Chief Operating Officer of the Firm’s institutional broker-dealer, Strategas Securities. He is responsible for the Firm’s institutional securities businesses with enterprise and strategic responsibility for Macro Research, Sales & Trading, and Capital Markets, and with oversight of the Firm’s Finance, Compliance, Technology, and Operations units. He also serves as the Chief Executive Officer of Strategas Asset Management, the Firm’s affiliated $550 million AUM/A macro-thematic investment management firm, and co-chairs its Investment Policy Committee.
Nicholas co-founded Strategas in 2006. After a decade building the Firm in private partnership, Strategas Securities and Strategas Asset Management were acquired by Baird Financial Group in 2018. In addition to continuing as president of Strategas, now operating independently as wholly-owned Baird subsidiary companies, he is a Managing Director of Baird and a member of that Firm’s Operating Committee. Prior to co-founding Strategas, Mr. Bohnsack was an Investment Strategist and Associate Managing Director with International Strategy & Investment (ISI) Group and began his career in the Investment Banking Group at FactSet and in Restricted Securities at Morgan Stanley.
Mr. Bohnsack received his MS in Mathematics from Fairfield University and received bachelor's degrees in Economics and Finance from Bryant University. He is a member of the Board of Advisors at Bryant University's College of Business. Nicholas and his wife, Brooke, live in Connecticut with their three sons.
Mr. Tzitzouris is a Director at Strategas, directing the Firm's fixed income research efforts. His work touches on all aspects of broad market fixed income strategy, as well as clients' asset/liability management needs.
His focus includes interest rate and credit term structure strategies, callable bond analysis, sector relative value research, and valuation analysis for Treasury, Agency, and high grade corporates.
Prior to joining Strategas, Mr. Tzitzouris worked as a senior analyst at Fannie Mae, leading Fannie's independent debt valuation team, and had previously spent time as a debt and derivatives analyst at Freddie Mac.
Mr. Tzitzouris began his career as a quantitative research analyst with JPMorgan Asset Management's fixed income group. Mr. Tzitzouris holds a BS in Finance from Bryant University, an MS in Mathematics from Fairfield University, and an MA in Economics from George Mason University.
Mr. Ore is a Director and Head of Industry Surveys at Strategas with responsibility for construction of internal indices, analysis of external surveys, and assisting clients in identifying global trends in manufacturing and services.
Following his career as a supply manager for Fortune 250 companies, he has been a successful entrepreneur, business process consultant, and an advocate for small-disadvantaged businesses. As an acknowledged leader in supply chain management, he has attained the status of Certified Professional in Supply Management (CPSM) and Certified Purchasing Manager (C.P.M.).
Additionally, he is a winner of the prestigious J. Shipman Gold Medal, which is presented for leadership in the field. He is best known for his work as the Chair of the ISM Manufacturing Report on Business ®, the monthly economic report recognized as a leading indicator of the U.S. economy.
During Mr. Ore's 15 years as chair, he introduced business survey analysis to numerous organizations in the U.S. and internationally. He has also been instrumental in the establishment of similar surveys, most recently in Taiwan. He holds an undergraduate degree in business and a master's degree in organizational management.
Courtney Rosenberger is a Managing Director of Policy Research at Strategas Securities’ Washington, DC office. In this capacity, Ms. Rosenberger directs Strategas’ policy research efforts and connects the specific investment implications from changes in public policy initiatives. This involves the construction, maintenance, and analysis of Strategas’ equity portfolios based on public policy themes. Courtney also serves as the lead portfolio analyst for Strategas Asset Management’s widely followed Policy Opportunities Portfolio and as a co-portfolio manager for Strategas Asset Management’s Global Policy Opportunities ETF.
Courtney was recognized by her peers as a 2016 and 2018 Rising Star in the Washington Research category of Institutional Investor’s All-American Research Team survey. Separately, Strategas’ Washington Policy team has been recognized as one of the top Washington policy research teams by Institutional Investor in all eight years Courtney has been a member of the research team and was the #1 ranked Washington policy team in 2019.
Ms. Rosenberger graduated magna cum laude with a BBA in Finance and BS in Economics from the University of Kentucky. She currently serves as chair of the Gatton College of Business and Economics’ Emerging Leaders Board.
Jeannette Lowe is a Director of Policy Research at Strategas Securities. In this capacity, Ms. Lowe directs the firm’s public policy research efforts and translates the impact these policies will have on financial markets. The policy research team at Strategas has been consistently recognized as one of the top Washington policy research teams on Wall Street by Institutional Investor, including all eight years Ms. Lowe has been a member of the team.
Prior to joining Strategas, Ms. Lowe served as the Associate Director of State Affairs at the March of Dimes, working to develop the organization’s policy positions and working with the field staff to lobby for policy changes at the state and local levels. She also worked as a Legislative Associate at Stateside Associates, a state government relations firm, conducting research and tracking policy trends for clients. In addition, she has experience working on local, state, and national elections. She received her Bachelor of Arts degree in Political Science from the University of Richmond and her Master of Arts degree in Political Science from Boston University.
Ryan Grabinski is a Managing Director with Strategas Asset Management, LLC and Strategas Securities, LLC, based in the Adviser’s New York City offices. In both capacities Mr. Grabinski directs Strategas’ portfolio strategy and asset-allocation efforts and connects the specific investment implications from changes in the macro landscape. This involves the construction, maintenance, and analysis of Strategas’ equity portfolios based on macro themes. Mr. Grabinski is a co-Portfolio Manager of the Macro Thematic ETF and the Lead Portfolio Analyst for Strategas Asset Management’s Blue Chip Opportunities, Dividend Growth, and Earnings Momentum investment strategies.
Before joining Strategas, Mr. Grabinski worked as an investment analyst at Rocaton Investment Advisers advising institutional clients primarily on asset allocation. He graduated cum laude with a BS in Finance from Bentley University in 2010.
Todd Sohn is a Technical Strategist for the firm’s Institutional Investor ranked Technical Research team. He actively works with the Firm’s institutional clients to provide tailored analysis on securities around the world. Todd also leads the Firm’s ETF research, examining industry trends and how investor flows fit with, or against, the consensus. His work has been featured on various financial press outlets including Bloomberg, CNBC, and the Wall Street Journal.
Prior to joining Strategas, Todd worked in various roles at JPMorgan and SAC Capital Advisors. Todd has earned the Chartered Market Technician (CMT) designation and is an active member of the CMT Association. He has an MBA from Fordham University and graduated with a degree in Finance from Syracuse University. Todd resides in New York City and is proud to have completed four marathons.
Thomas DiFazio is a Director on the research team in Strategas Securities’ New York office. Mr. DiFazio contributes to the analyses used in Strategas’ reports and bespoke research, primarily focusing on Technical & Macro Strategy, Asset Allocation, and Quantitative Research.
Mr. DiFazio has earned the Chartered Market Technician (CMT) designation and is a member of the CMT Association.
Mr. DiFazio graduated magna cum laude with a Bachelor of Arts in Economics and a Minor in Psychology from Villanova University in 2016.
Jonathan Byrne is a Research Associate on the research team in Strategas Securities New York office. Mr. Byrne contributes to the analyses used in Strategas reports and bespoke research, primarily focusing on Investment Strategy.
Mr. Byrne graduated magna cum laude with a BS and an MBA with a concentration in Finance from St. John’s University in 2018.
Chris McGrath is a Vice President on the Policy Research team in Washington, D.C. In this role, Chris assists in the firm’s daily research efforts, connecting policy developments in Washington to financial market outcomes.
Strategas’ Policy team has been recognized as one of the top Washington policy research teams by Institutional Investor throughout Chris’s time with the firm, including recognition as the #1 ranked Washington policy team in 2019.
Chris graduated from Duke University in 2018 and joined Strategas following graduation from Duke’s Fuqua School of Business in 2019.
Brandon Fontaine is an Associate on the research team in Strategas Securities’ New York office. Brandon works at the intersection of Economics, Fixed Income, and Surveys, conducting research in each of these domains to help clients better understand the economic environment and fixed income markets.
Brandon graduated from Bryant University in 2021 with a double major in Economics & Finance as well as a concentration in Global Studies.
Strategas seeks to provide clear and concise research that allows its clients to reach actionable investment conclusions in a timely manner. In addition to the Research team's daily written content, clients are encouraged to utilize the Firm’s analysts for meetings, conference calls, or guest speaker presentations, as well as our Bespoke Research desk for special requests and customized projects.
There are three ways in which macro research can be useful:
- By being accurate.
- By identifying important themes.
- By providing enough raw and provocative material to allow our clients to make up their own minds or to be used in their own marketing material.
Sadly, the first of these basic elements of utility – correctly divining the movements of the markets and the madness of crowds – is often the most elusive. The Firm recognizes that, despite its best efforts, it won’t always be correct. The Research team will always be aware of and respect other points of view and will remain intellectually flexible and humble enough to change its forecasts when the facts change.
03Simplicity & Clarity.
Our clients have too much to read. Strategas strives to provide clear and concise research that allows our clients to remain informed and to come to actionable investment conclusions.
04Quality & Thoroughness of Output.
The Firm recognizes that its credibility is on the line every time it publishes a report or an investment forecast. Strategas is committed to making sure that the inputs used to create its research products are comprehensive and accurate