Marketfield Asset Management LLC ("Marketfield") is a registered investment advisor that offers discretionary portfolio management for private and institutional clients, typically as advisor or subadvisor to funds and products. The firm is an absolute return manager that attempts to provide returns on capital substantially in excess of the risk free rate rather than matching any particular index or external benchmark. The products we manage are intended to offer the portfolio flexibility typically associated with private partnerships with the structural advantages of more traditional, regulated products. MARKETFIELD ASSET MANAGEMENT®  MARKETFIELD FUND©

Investment
Philosophy

The foundation of our investment process is the managers’ constant and thorough assessment of general macroeconomic and business conditions. Recognizing these processes is paramount if a manager is to avoid the types of risk that can permanently impair a portfolio and remain able to capitalize on the opportunities that regularly follow periods of severe distress. The goal is to identify businesses and other investment media that will be most affected by large scale, external economic forces. The senior management team at Marketfield has a long public record of anticipating and responding appropriately, as macroeconomic conditions evolve from one cycle to the next.

Over time, we have shown an ability to act appropriately in a wide variety of market conditions and we believe that the willingness to change both our intellectual and portfolio positioning is a key factor in delivering acceptable returns to our clients. We communicate our thoughts constantly both through our written research and direct dialogue maintaining an unusual level of access to senior management.

The products we manage are structured with very broad charters in recognition of the widely different asset and security types that can exhibit leadership from one cycle to the next. Our style, while encompassing a wide array of potential asset classes, will normally concentrate capital in those specific assets that stand to derive the most benefit (or harm in the case of short positions) from the macroeconomic forces that we anticipate. Although our mandate is necessarily broad in any particular cycle, we are likely to utilize only a small portion of the allowable range of instruments.

MARKETFIELD ASSET MANAGEMENT® is the name used by Marketfield for investment advisory services.

Investment Products


MARKETFIELD FUND® is the umbrella name used by Marketfield in connection with investment products and services for which it acts as investment advisor or subadvisor. Marketfield™ and Marketfield Fund® are trademarks of Marketfield Asset Management LLC. Marketfield Asset Management LLC allows Marketfield™ and Marketfield Fund® to be used in connection with products and services for which it acts as investment advisor or subadvisor.

Management

MICHAEL C. ARONSTEIN


President, Portfolio Manager and
Chief Investment Officer

Portfolio Manager Michael Aronstein began his investment career in 1979 at Merrill Lynch, eventually becoming Senior Market Analyst, Senior Investment Strategist, and Manager of Global Investment Strategy. In 1985, his written work was cited by Institutional Investor as the most valuable strategic research on Wall Street. Mr. Aronstein also served as President of Comstock Partners for six years (AUM of $2 billion in 1998). In 2004, he joined Oscar Gruss & Son Incorporated where he held the position of Chief Investment Strategist. He graduated from Yale College with a Bachelor of Arts degree in 1974.

MICHAEL SHAOUL, Ph.D.


Chairman and Chief Executive Officer

Michael Shaoul is Chairman and CEO of Marketfield Asset Management. Mr. Shaoul is one of the founding partners of Marketfield which was created in 2007. In his role at Marketfield he helps formulate the top down insights that inform the firm’s investment decisions and authors a daily commentary that communicates these ideas with clients. He is a frequent contributor to the financial media which values his views on economic cycles and investment markets.
In 1996 Mr. Shaoul joined Oscar Gruss and Son Incorporated. He became its CEO in 2001 and held this position until 2014. He is Treasurer of American Friends of Tel Aviv University and a member of the Board of North American Friends of Manchester University. He was awarded a PhD in Accounting and Finance from the University of Manchester (UK) in 1992.

DAVID C. JOHNSON, Jr.


Principal, Director of Research

David C. Johnson, Jr. joined Marketfield Asset Management LLC as Director of Research in April 2011. Prior to joining Marketfield, Mr. Johnson was an investment analyst, portfolio manager, and head of business development at Wilkinson O’Grady & He spent the first ten years of his career in the fixed-income department of Salomon Brothers, where he managed one of its primary sales groups. Mr. Johnson was president of Preservation Group, where he worked closely with Mr. Aronstein. Mr. Johnson is a graduate of the University of North Carolina at Chapel Hill. He received his MBA in 1984 from Darden School of Business, University of Virginia.

MYLES D. GILLESPIE


Principal, Senior Trader

Myles D. Gillespie joined Marketfield Asset Management in 2007. From 1983 to 1986, he worked as a stock index futures trader with Henderson Brothers and in 1986 became a NYSE Specialist at Quick & Reilly. He was appointed Executive Vice President of JJC Specialist Corp., the successor firm to Quick and Reilly, in 1989. In 1999 he became President of Fleet Specialist, Inc., the successor firm to JJC Specialist Corp., retiring from this position in 2004. During his time at the NYSE, Mr Gillespie served as a NYSE floor Official (1993-1999) and NYSE floor Governor (2001-2004).Mr Gillespie is a graduate of The Hotchkiss School and holds a Bachelor of Arts degree from Franklin and Marshall College (Class of 1983).

ANDREW LYSS


Principal, Senior Trader

Andrew Lyss joined Marketfield Asset Management LLC in 2012. He was previously Executive Vice President at Oscar Gruss, which he re-joined in 1997. Mr. Lyss previously worked for Oscar Gruss from 1993 to 1995. Mr. Lyss specializes in special situations, including merger arbitrage, spinoffs, bankruptcy, and post-bankruptcy valuations. He has over twenty years of securities industry experience. Prior to re-joining Oscar Gruss in 1997, Mr. Lyss was employed by Arnhold & S. Bleichroeder from 1995 to 1997 in institutional sales and by Prudential Securities from 1983 to 1989 in varied positions. Mr. Lyss received a BS/BA from the University of Denver in 1982.

Contact Us


Please take a moment to submit your contact information and a Marketfield representative will be in touch.

INFORMATION REQUEST

Eilene Nicoll
Managing Director / Director of Client Services
enicoll@marketfield.com
212 514 2357

ADDRESS

292 Madison Avenue
14th Floor
New York, NY 10017
Direct Line 212 514 2350
© 2014 Marketfield Asset Management LLC. All Rights Reserved
Marketfield™, Marketfield Asset Management® & Marketfield Fund© are trademarks of Marketfield Asset Management LLC.