Primer of U.S West Equity Funds
In this article, you will learn about the 67 equity firms in the states of Arizona, Colorado, Hawaii, Nevada, New Mexico, Oregon, Utah, Washington, and Puerto Rico.
This list will be updated when there are notable fund closures or new launches. Updated as of 7/9/2025.
Let’s dive in.
Arizona
Smead Capital Management (Phoenix, AZ)
Founded: 2007
Style: Long-only wide moat growth
Bill Smead; former PM at Wells Fargo Advisors and Smith Barney; his son is now CEO and PM, signaling a clear succession plan
Colorado
Janus Henderson Investors US (Denver, CO)
Founded: 2017
Style: Long-only and historically known for strong U.S. growth equity products. This firm is basically the mothership for many Colorado funds.
Formed as a merger of U.S.-based Janus Capital Group and UK-based Henderson Group; Janus Capital was founded in 1969 in Denver by Thomas Bailey; aggressive growth stock investing, famous for the Janus Twenty Fund that bet big on tech and innovation and crushed it during the 1990s bull run; started with $500,000 and grew to tens of billions by the ‘90s.
Henderson Group plc was founded in 1934 in the UK by Alexander Henderson; originally focused on UK pension funds and retail investors, later expanding into Europe and Asia.
After the merger, Janus Henderson branched out into other asset classes. It’s now dual-listed on the NYSE and ASX and headquartered in Denver and London.
Their healthcare/biotech fund — the Janus Henderson Global Life Sciences Fund — has been a standout performer. Other funds like the Global Select Fund also keep beating benchmarks.
Research team: They run a centralized global research platform that supports all their investment teams. Analysts cover sectors by region — U.S., Europe, APAC, and Emerging Markets. Some portfolio teams have dedicated analysts too. Analysts often work with multiple PMs, especially on big thematic or cross-sector ideas.
Head of US equities: Marc Pinto; formerly an analyst at New York-based aggressive growth shop Fred Alger; Yale UG, Harvard MBA, CFA holder.
ArrowMark Asset Management (Denver, CO)
Founded: 2019
Style: Long-only growth. They manage the Meridian Funds, focusing on high-quality companies with differentiated business models, strong competitive advantages, and large addressable markets.
Long only: 3 products — small-cap growth, SMID-cap growth, and contrarian strategies. Only the Contrarian strategy outperforms.
The small-cap and SMID-cap growth funds are run by two ex-Janus guys.
The Meridian fund is run by James England; McGill UG, Ivey MBA.
Life Science: Two PhDs look for pre-IPO and early-stage public life science companies in biotech, drug discovery, and research technologies.
Hedged fund equity: Covered call option structures for downside protection, with the same long-side philosophy as the long-only strategies. Run by Clay Freeman; ex-Janus research; University of Colorado UG, University of Denver MBA.
Bullseye Asset Management (Denver, CO)
Founded: 2010
Style: Long/short equity, long-only small-cap growth, and long-only small-cap value, all U.S.-focused.
William Bales; PM at Janus Henderson; University of Colorado UG and MS.
Jakob Holm; PM at Janus Henderson; Analyst at Bay Isle Financial and Sand Hill Advisors; Augustana College UG, Thunderbird School MIM; CFA holder.
Cambiar Investors (Denver, CO)
Founded: 1973
Style: Long-only value.
Brian Barish; Director of Emerging Markets Research at Lazard Freres, and a sell-side analyst at Bear Stearns and Arnhold & S. Bleichroeder; UC Berkeley UG; CFA holder.
Marsico Capital Management (Denver, CO)
Founded: 1997
Style: Long-only growth blending top-down macroeconomic analysis with bottom-up stock selection. They look for core holdings in growth companies with steady, above-market earnings growth potential. They allocate smaller portions to aggressive growth companies (innovative, rapidly growing firms) and life cycle change companies (undergoing positive transformations like mergers, new management, or regulatory shifts).
Funds:
U.S. Focus Fund: the flagship product, 20–35 names; beating benchmark over 1- and 3-year, but slightly behind benchmark over 5+ year horizon.
Growth Fund: up to 50 names.
Midcap Fund: 35–50 names; outperforms benchmarks but with smaller asset base.
International Fund: unlimited foreign holdings; outperforming benchmark.
Global Fund: unlimited holdings; outperforming benchmark.
Tom Marsico; PM at Janus Henderson; University of Colorado UG, University of Denver MBA; sons Jimmy and Peter are both portfolio managers, indicating a succession plan in place.
NZS Capital (Denver, CO)
Founded: 2019
Style: Long-only global growth; similar to Marsico – allocate more capital to long-duration growth companies while betting a smaller portion on riskier, hyper-growth companies with optionality (think early Sea Ltd or MercadoLibre before they had their payment business). Their investment philosophy centers on three pillars:
Quality: Long-term focused management teams that are innovative and adaptable
Growth: Companies with network effects, platform businesses, and long-duration growth
Context: Valuation and macro trends relevant to the company’s industry
Brad Slingerlend; Co-PM of Janus Henderson Global Technology and Innovations Strategies; Williams College UG; CFA holder
Brinton Johns; Co-PM with Brad at Janus; University of Texas Arlington UG; Denver Seminary MA in Biblical Studies
Roubaix Capital (Denver, CO)
Founded: 2015
Style: Long/short small cap, style agnostic; 30-50 longs and 30-50 shorts, targeting below 50% net exposure
Christopher Hillary; former senior analyst at Independence Capital Asset Partners (long/short hedge fund); generalist at Marsico Capital Management on the International Opportunities Fund; Rutgers UG, University of Colorado MBA
Semper Augustus Investments Group (Highlands Ranch, CO)
Founded: 1998
Style: Long-only value
Christopher Bloomstran; PM at UMB Investment Advisors; University of Colorado Boulder UG; CFA holder
Towle & Co (Denver, CO)
Founded: 1981
Style: Long-only, small-cap value; focuses on low multiple to revenue names; prefers smaller companies in sectors like manufacturing, distribution, consumer products, transportation, materials, and energy
Chris Towle; former General Manager at HH Brown Shoe Co (a Berkshire Hathaway subsidiary) and Senior Credit Analyst at Manufacturer Hanover Trust; Williams College UG, WashU St. Louis MBA
Hawaii
Humble Capital Management (Honolulu, HI)
Founded: 2009
Style: Wide-moat investing
Gordon Nihei; Senior Vice President at Bank of Hawaii and former partner in a commercial insurance agency; University of Hawaii School of Business UG, Pacific Coast Banking School
Chad Sakumoto; began his career at Bank of Hawaii in commercial banking and real estate finance, later became CIO for a privately held Hawaii company; Claremont McKenna UG
Nevada
Baleen Capital Management (Las Vegas, NV)
Founded: 2012
Style: Long/short growth, focusing on consumer-facing businesses
Fang Li; Head of US Finance and Operations for Afterpay, where he was the #6 team member for the US launch; former global CFO of Sendle, a carbon-neutral shipper; interim CFO and Chief Risk Officer at Scalapay, a leading Buy-Now-Pay-Later fintech in Southern Europe; Dartmouth UG
Whitebark Investors (Incline Village, NV)
Founded: 2024
Style: Long/short (long-biased) value
Targets businesses with sustainable long-term cash flow growth, driven by organic growth, margin improvement, and smart capital allocation
Typically holds positions for five years or longer
Thomas McConnon; former head of public equities and chief economist at Wildcat Capital; founding partner at Indaba Capital (credit-focused, Farallon alum-founded); Harvard UG, Stanford MBA
New Mexico
Thornburg Investment Management (Santa Fe, NM)
Founded: 1982
Style: Long-only, diversified, with a generalist mindset. Best known for their international strategies — their International Equity Fund has been a consistent outperformer. Equity research analysts are generalists dedicated to each strategy.
Garrett Thornburg; partner at Bear Stearns before founding the firm; helped build Bear Stearns’ public finance department; also served as CFO of New York State’s Urban Development Corporation; Williams College UG, Harvard MBA.
Equities CIO: Matt Burdett; has been with Thornburg at multiple points, with a stint at PIMCO managing dividend-oriented equity strategies in between; UC Berkeley UG, USC MBA.
Oregon
Auxier Asset Management (Aurora, OR)
Founded: 1998
Style: Long-only GARP, focusing on mid-cap and large-cap U.S. stocks
Jeffrey Auxier; PM at Smith Barney; University of Oregon UG
Bridge City Capital (Lake Oswego, OR)
Founded: 2008
Style: Long-only growth, small cap, low portfolio turnover
Owns 65–100 names in Small Cap Growth
Maintains a 25-name “best idea” focused small cap growth portfolio
Team members cover multiple sectors
Stephen Brink; Director of Research, PM, and analyst at Mazama Capital Management; Oregon State UG
Alexander Woodward; Analyst at Mazama Capital; Linfield College UG, Portland State MBA
Jensen Investment Management (Lake Oswego, OR)
Founded: 1988
Style: Long-only, wide moat growth
Quality Growth Strategy: 25–30 companies with >$1 billion market cap and at least 15%+ ROE for 10+ years with moat
Quality Mid Cap Strategy: 30–50 names, all with 15%+ ROE for 10+ years; focused on companies listed in the Russell Midcap® Index
Global Quality Growth Strategy: 25–40 U.S. and international companies with $1 billion+ market cap and 15%+ ROE in each of the last 10 years
Robert McIver; managed two private companies in British Columbia before joining Jensen; CIO for Latin America at Schroder & Co. Trust Bank; University of Nottingham UG
Allen Bond; Credit analyst at Washington Mutual and high-yield credit analyst/trader at Columbia Management Group; University of Oregon UG and MBA; CFA holder
Pacific Ridge Capital Partners (Lake Oswego, OR)
Founded: 2010
Style: Long-only value with focus on small-cap and micro-cap companies
Mark Cooper; President; former member of the Benson Value Team at Wells Capital Management and PM of Qualivest Small Company Value Strategies; UCLA UG, Wharton MBA; CFA holder
Dominic Marshall; CIO; former PM at Scott Creek Capital Management and Wells Capital; University of Washington UG, Notre Dame MBA; CFA holder
Utah
Wasatch Global Investors (Salt Lake City, UT)
Founded: 1975
Style: Long-only growth — they look for companies with sustainable, long-term growth. They started focused on U.S. small caps and still rely on their own screening tools to find businesses with steady earnings, strong cash flow, and solid returns on capital. Wasatch is Utah’s flagship shop — plenty of other local funds spun out by Wasatch alumni.
Wasatch was started by Dr. Samuel S. Stewart, a University of Utah professor. In 1975, he set up Wasatch Advisors at his kitchen table because he didn’t buy the efficient market theory — he believed deep research could uncover hidden gems. That belief shaped a collaborative, debate-heavy culture that’s still core today. The name changed to Wasatch Global Investors to reflect that about half their assets are now outside the U.S.
AUM: (not specified)
Research: Decisions are made as a team. Analysts work directly with PMs on specific strategies focusing on sectors, regions, or themes. Their “Multiple Eyes™” approach means more eyes and debate lead to sharper ideas. There’s no single Chief Investment Officer or Director of Research — it’s all collective input. BYU and University of Utah grads are often on their radar.
Alta Capital Management (Salt Lake City, UT)
Founded: 1962 (now owned by Guardian Capital, Canadian financial services firm)
Style: Long-only quality growth
Michael Tempest; sell-side analyst at Bear Stearns and Morgan Stanley; BYU UG, Columbia MBA
Casey Nelsen; began career at Alta; BYU UG; CFA holder
Clifford Capital Partners (Alpine, UT)
Founded: 2010
Style: Long-only, both wide-moat and deep value
Ryan Batchelor; former analyst at Wells Capital Management and equity strategist and analyst at Morningstar, covering specialty finance; BYU UG and MBA; CFA and CPA holder
Grandeur Peak Global Advisors (Salt Lake City, UT)
Founded: 2011
Style: Long/short growth, focusing on micro- to mid-cap companies ($50 million to $10 billion market cap)
Randy Pearce; CIO; analyst at Wasatch Advisors; University of Utah UG, UC Berkeley MBA; CFA holder
Juliette Douglas; Director of Research; senior international trade analyst at Wasatch; Westminster College UG
Washington
22NW (Seattle, WA)
Founded: 2015
Style: Long/short value, North America focus, about 20 longs and 50 shorts
Aron English; Director of Research at Meson Capital Partners, Director of Research at RBF Capital, research assistant at McAdams Wright Ragen; University of Washington UG
AltraVue Capital (Bellevue, WA)
Founded: 2016
Style: Long-only value, 10–20 names. Targets:
Businesses with high or improving ROIC
Companies offering strong and attractive reinvestment opportunities
Management teams that allocate capital intelligently and focus on long-term value creation
Reasonable valuation
Touk Sinantha; PM at GW Capital; senior research analyst at Members Capital Advisors; began career as buy-side analyst at John Rogers’ Ariel Investments; Western Washington UG, Chicago Booth MBA, CFA holder
DeShay McCluskey; PM at GW Capital; director of research on public side at BDT Capital Partners; equity analyst at Ariel Investments and Legg Mason; co-founder of Jacobi Capital Management; University of Chicago UG, Stanford MBA, CFA holder
Archon Capital Management (Seattle, WA)
Founded: 2004
Style: Long/short growth, focusing on SMID-cap tech, consumer, and healthcare.
Small cap: under $2 billion market cap
Mid cap: $2–10 billion market cap
Longs: Typically out-of-favor companies undergoing a transition or turnaround — new leadership or key executive changes
Shorts: management departures or mismatches, secular threats, changing KPIs, roll-ups or risky acquisitions, and unproven market expansions
Growth catalysts may include new management teams, product launches, market expansion, acquisitions, updated go-to-market strategies, or improved cost structures
Constantinos Christofilis; PM at Mercer Partners, Touchstone Investment Managers, Paragon Investment Management, Summit Capital Management, and Washington Capital Management; University of Washington UG
Cercano Management (Bellevue, WA)
Founded: 1986
Style: Formerly Vulcan Capital, Microsoft co-founder Paul Allen’s family office. The public equity strategy follows a global mandate, investing across the MSCI All-Country World Index — primarily U.S.-weighted
Christopher Orndorff; Senior PM at Western Asset Management managing multi-sector, unconstrained, and absolute return portfolios; Miami University UG, Chicago Booth MBA; CFA holder
Change Global Investment (Camas, WA)
Founded: 2013
Style: Long-only, focusing on emerging and frontier markets
Thea Jamison; started career at Allianz Global Investors (formerly Nicholas Applegate Capital Management); Menlo College UG, Stanford MBA; CFA holder
Himalaya Capital Management (Seattle, WA)
Founded: 1997
Style: Wide-moat growth with East Asia focus — Greater China, the U.S., Japan, and South Korea
Li Lu; legendary investor who ran money for Charlie Munger personally; Munger convinced him to convert his hedge fund into long-only; famously pushed Buffett and Munger to buy BYD — which worked out brilliantly
Rainier Investment Management (Seattle, WA)
Founded: 1989
Style: Long-only wide-moat growth, focusing on international small caps
Henrik Strabo; longtime investor at American Century where he rose to CIO of International Equities; also CIO of Clay Finlay and PM at Rogge Capital Management; University of Washington UG
RDST Capital (Seattle, WA)
Founded: 2016
Style: Long/short agnostic, focused on high-quality, highly understandable businesses with competitive advantages
Targets companies with high margins for profit stability and high returns on capital to support shareholder returns while growing
Valuation discipline based on normalized discretionary free cash flow
Larger position sizing for those with smaller dispersion of outcomes
Brian Pirie; former investor at Sansome Partners (family office of the GAP Inc. founder); Queen’s University UG
Saturna Capital (Bellingham, WA)
Founded: 1989
Style: Long-only GARP, <20% annual portfolio turnover, global focus; analysts cover sectors and regions
AUM: $9.3 billion
Nicholas Kaiser; built and sold an investment management and brokerage firm before starting Saturna; Yale UG, Chicago Booth MBA
Scott Klimo; PM and analyst at Avera Global Partners, Founders Asset Management, State of Wisconsin Investment Board; Hamilton College UG; CFA holder
Dan Kim; Director of Research; founder of Blackcrane Capital, PM at Mastholm Asset Management; Cornell UG, Masters in Financial Engineering
Taiyo Pacific Partners (Kirkland, WA)
Founded: 2003
Style: Activist investing focused on Japanese equities. Targets undervalued companies — even those not relying on major activism — and looks for ways to unlock value through operational, strategic, or financial improvements. Focuses on quality businesses with sustainable competitive advantages, typically held long-term without hostile tactics. Prefers working with competent, open-minded management receptive to shareholder input.
Ownership update: Acquired in 2022 by the family office of Banjo Yamauchi, heir to Nintendo
Tieton Capital Management (Yakima, WA)
Founded: 2005
Style: Long-only, value, small-cap (<$3 billion market cap)
William Dezellem, CIO; former PM at Davidson Investment Advisors (formerly Financial Aims) and Senior Analyst at ICM Asset Management; Central Washington University UG; CFA holder
Matthew Dhane; worked alongside William at Davidson Investment Advisors; Seattle University UG; CFA holder
Zevenbergen Capital Investments (Edmonds, WA)
Founded: 1987
Style: Long-only aggressive growth
Nancy Zevenbergen; former PM at Rainier National Bank managing trust assets; University of Washington UG; CFA holder
Puerto Rico
Arco Global Management (Guaynabo, PR)
Founded: 2012 (originally Bond Street Management)
Style: Real estate investing, including REITs
Francesco Piovanetti; former Managing Director at Gramercy Advisors and Director at Luminent Mortgage Capital; Bryant University UG, Columbia MBA
Kent Lake PR (Rincon, PR)
Founded: 2018
Style: Long/short, low-net, focusing on healthcare companies below $6 billion market cap; uses activism
Benjamin Natter; previously with Emrose Capital and Llenroc Capital; UC Berkeley UG
Lynx1 Capital Management (San Juan, PR)
Founded: 2020
Style: Long-only biotech
Weston Nichols; analyst at Joseph Edelman’s Perceptive Advisors, Balyasny Asset Management, and biotech sell-side research at SunTrust (now Truist); Cornell UG, Caltech PhD
Pleasant Lake Partners (Rincon, PR)
Founded: 2012
Style: Long/short, global TMT and consumer; seeded by Millennium Management
Jonathan Lennon; Generalist Sector Head at John Thaler’s JAT Capital; Boston College UG
Praetorian PR (Rincon, PR)
Founded: 2021
Style: Long/short, event-driven, focusing on inflection trends; unconstrained, go-anywhere, look-at-anything approach
Harris Kupperman; started his own hedge fund post-graduation until 2008 crisis; later took over Mongolia Growth Group, investing in Ulaanbaatar real estate amid regulatory challenges; revenue comes from his data-driven newsletter “Kuppy’s Event Driven Monitor”; relaunched Praetorian in 2019 focusing on physical uranium and crude oil positions; Tulane UG
Troluce Capital Advisors (Dorado, PR)
Founded: 2021
Style: Long/short, low net, across equity, credit, and special situations; manages money for ExodusPoint
Jared Dubin; limited public info available
Please let me know if I am wrong or you think any big names need to be added to this list. Thank you for reading.
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