SPENCE Asset Management

James W. Spence Portfolio Manager, Principal

James Spence co-founded the firm in 1992. Mr. Spence is the Principal and Portfolio Manager of the FOCUS programs. As the Principal, Mr. Spence supervises compliance. As the Portfolio Manager, he chairs the investment committee, which consists of two research analysts and four additional committee members. Mr. Spence is the co-creator of the model and strategy Spence Asset Management follows in managing the equity positions at the firm. He coordinates development of research, formulates the strategic and tactical asset allocation and is ultimately responsible for buy-sell decisions.

Mr. Spence graduated with honors from New Mexico State University, with a Bachelor of Arts Degree in Individualized Studies. He started in the investment industry in 1983 with Quinn and Company. At the time, Quinn and Company was the only New Mexico based member of the New York Stock Exchange. As a result of a merger, Mr. Spence joined A.G. Edwards and Sons. In 1992, he left A.G. Edwards and Sons to form Lord, Spence and Associates.

Sheila C. Walton CFA Director of Research

Sheila Walton joined Spence Asset Management in 1996 and heads the equity research team. Mrs. Walton co-founded the investment philosophy of the FOCUS Equity strategy. She sits on the company's investment committee where she is responsible for formulating investment ideas using fundamental analysis and extensive due diligence. She also handles the retail equity trading for the firm and monitoring of retail accounts. Mrs. Walton is a licensed principal and assists James Spence in supervising all compliance monitoring and procedures. Finally, she acts as the company's Chief Financial Officer, and supervises portfolio accounting, billing and performance reporting.

Mrs. Walton attended the University of Colorado and New Mexico State University. She graduated with honors from New Mexico State University with a degree in Economics and a Minor in English. She continued her education during a three-year study of the Chartered Financial Analyst program. She completed the program and was awarded a CFA charter in September of 2004. In 2005, Mrs. Walton became a partner of Spence Asset Management.

Scott F. Kozney CFA Reseasrch Analyst

Scott Kozney joined Spence Asset Management in 2007. Mr. Kozney sits on the company's investment committee where he is responsible for formulating investment ideas. Mr. Kozney also performs institutional trading activities and a multitude of support activities.

Prior to joining the Spence Team, Mr. Kozney spent five years with Cordillera Asset Management, where he carried a variety of roles including Head of Trading, Senior Research Analyst and Mid-Cap Portfolio Manager. Previously, he gained experience at Unicom Capital LLC a Denver, Colorado based hedge fund. There he launched his career serving as an equity trader.

Mr. Kozney earned his Bachelor of Science in Finance with a minor in Economics from the University of Colorado at Boulder where he graduated with top honors, Summa Cum Laude. Prior to attending the University of Colorado. Mr. Kozney was awarded his CFA charter in August of 2007.

Eric M. Walton Managing Partner

Eric Walton joined Spence Asset Management in 2000. As the Managing Partner, Mr. Walton oversees the growth and development of the firm and oversees day to day operations managing personnel. He is also responsible for coordinating and managing institutional and individual marketing activities. In addition to his management and marketing activities he sits on the firm's investment committee.

He earned his Bachelor's Degree from New Mexico State University in Business Administration with an emphasis in Finance. In 2005, Mr. Walton became a partner in Spence Asset Management.

Charles J. Wagner MBA, CFP Financial Advisor

Mr. Wagner was born June 21, 1946 in Huntington, New York. He settled in New Mexico after a three year term in the United States Army. He attended the University of Alaska - Fairbanks and New Mexico State University. He earned a bachelor's degree with honors in management with a minor in economics and continued his education with a Masters in Business Administration. He continued to further his education in the financial profession with the CFP Professional Education Program at the College for Financial Planning and completing the certification in 1997.

He has been employed in many positions in the international arena working in Europe, Asia, the Middle East, and Africa for over 20 years focusing on Financial and Human Resource Management for large American and international corporations. His experience working within the corporate structure has enabled him to specialize in both corporate and small business retirement planning. Mr. Wagner is an active member of the Las Cruces SERTOMA Club, Elks Club, Las Cruces Country Club, Southern New Mexico Society for Human Resources Management and The New Mexico Society of Financial Planning.

Jack S. Spence Financial Advisor

Mr. Spence was born in Springfield, Missouri and grew up in Alamogordo, New Mexico. He attended the University of New Mexico on a baseball scholarship. In 1972 he was drafted in the fourth round by the Montreal Expos. He pitched in the Expos farm system in Jamestown, New York, West Palm Beach, Florida and finally in Kingston, North Carolina; before he was forced into an early retirement from baseball in 1977 when an elbow injury ended his career.

After baseball he moved his family to El Paso, Texas and started a career in the financial services industry. Jack worked as a loan officer with Norwest Financial before being hired on by Ford Motor Credit as a Dealer Services Analyst. Mr. Spence joined Spence Asset Management in 1994 as an investment advisor.

Carrie A. Nestle Operations Manager

Carrie was born in Chicago, Illinois and was raised in Wisconsin. Carrie graduated from Wisconsin Tech with a degree in Finance. After her studies Carrie began a career in the Financial Services Industry. She began her career in 1981 with Phoenix Mutual Life Insurance Company in Minneapolis, Minnesota. Carrie was transferred to Houston, Texas in 1982 while still with Phoenix Mutual Life Insurance. In 1982 Carrie joined National Business Analysts an affiliate of New England Financial. Continuing her career with New England Financial Carrie moved to El Paso, Texas in 1993. She joined Spence Asset Management in early of 2006. As head of operations, Ms. Nestle handles day to day office management. She assists in many compliance functions and offers clients immediate assistance for service requests and questions. She daily oversees the firms billing and performance reporting system.