Equity – Growth

Investment Approach

This approach seeks both stable and emerging growth companies within industries and sectors poised to benefit from global secular growth trends.

Core Principles

  • Long-term growth focused investment approach
  • Seek to identify secular trends
  • Extensive research on Stable and Emerging growth potential
  • Combine bottom-up research with top-down trends
  • Seek to identify underestimated growth areas

Senior Investment Team

Nitin N. KumbhaniNitin N. Kumbhani

Vice Chairman, Chief of Growth Equity Strategies

Nitin founded Apex in 1987 and has over 30 years of investment management experience.

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He served as CIO of Apex prior to its acquisition by Fiera Capital. Apex Capital Management was founded in 1987 with a singular focus on growth investing. Prior to launching Apex, Nitin started Source Data Systems, a software company which pioneered ATM software. He sold SDS and started Kumbhani and Co. (now Apex) in 1987. Nitin’s background as a developer of technology working with the financial services industry has served him well as a growth stock portfolio manager.

Nitin received his BS in Electrical Engineering and Economics and did graduate studies in Computer Sciences at West Virginia University.

Amit Dugar, CFAAmit Dugar, CFA

Senior Vice President, Portfolio Manager

Amit joined Fiera Capital in 2017 and brings 26 years of diverse investment management experience to the firm.

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Amit's background includes work in portfolio management and equity analysis, both fundamental and quantitative.  Prior to Apex, Amit was a Director at Schwab from 2003 – 2016 and built quantitative products including the Schwab Equity Ratings (SER) and Schwab Equity Ratings International (SERI).  Both are used to manage 4 and 5 star mutual funds as well as separately managed accounts.  In addition, Amit has written a number of articles that were published in the Charles Schwab Investing Insights newsletters.  Prior to Schwab, Amit was at C.S. McKee (1998 – 2002) where he reconstructed the firm’s quantitative process and was the Global Technology Portfolio Manager.  He also ran the firm’s small cap mutual fund.  Before that, Amit was at Dean Investment Associates (1994 – 1998) where he was an analyst and institutional portfolio manager.  Amit started his career at Renaissance Investment Management (1990 – 1994) where he created a number of the firm’s equity products. 

Amit is a Chartered Financial Analyst, has an MBA from the University of Cincinnati and a BS in Electrical Engineering from the University of Illinois.

Michael Kalbfleisch, CFA, CPAMichael Kalbfleisch, CFA, CPA

Senior Vice President, Portfolio Manager

Mike brings 31 years of investment management experience to the equity team. He joined the Apex investment team in 2000.

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Mike was a Principal at Apex Capital Management, which was founded in 1987 with a singular focus on growth investing and was employee-owned prior to its acquisition by Fiera Capital. Previously, he served as Chief Operating Officer for Retirement Capital Advisers; prior to that he was a member of the Investment Committee at Dean Investment Associates. He is also a past Vice President at John Nuveen & Co. From 1986 – 1996 Mike was Chief Financial Officer at Flagship Financial. Mike is an adjunct professor of finance at The University of Dayton.

Mike received his BS in Accounting from the University of Dayton, where he graduated Magna Cum Laude.

Kamal KumbhaniKamal Kumbhani

Senior Vice President, Portfolio Manager

Kamal has more than 28 years of investment management experience. Her primary emphasis is in the healthcare and biotech sectors.

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Kamal joined Apex in 1994 as a research analyst. Apex Capital Management was founded in 1987 with a singular focus on growth investing and was employee-owned prior to its acquisition by Fiera Capital. Prior to joining Apex, she was Manager for the Investment Trust of India.

Kamal has a BS in Chemistry, Physics and Math from the University of Madras and an MBA from the University of Madras.

Sunil M. Reddy, CFASunil M. Reddy, CFA

Senior Vice President, Portfolio Manager

Sunil brings more than 25 years of diverse investment management experience to the firm. His background includes stints in portfolio management, equity analysis and in corporate debt underwriting, trading and syndication roles.

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Sunil was a Principal at Apex Capital Management, which was founded in 1987 with a singular focus on growth investing and was employee-owned prior to its acquisition by Fiera Capital. He joined Apex from Fifth Third where he co-managed the Fifth Third Quality Growth Fund and was the sole manager for the Fifth Third Technology fund. In addition, Sunil was an integral member of the Growth team covering the Technology and Financial sectors. Sunil also has extensive fixed income experience having managed a $6 billion fixed income portfolio at Fifth Third. At Keycorp, Sunil was involved in various funding and interest rate risk management strategies for the Funds Management group.

Sunil is a Chartered Financial Analyst, has an MBA from Weatherhead School of Management, Case Western Reserve University and an undergraduate degree in Electrical Engineering from The Ohio State University.

Jan Terbrueggen, CFAJan Terbrueggen, CFA

Senior Vice President, Portfolio Manager

Jan joined Apex in 2000 and brings 31 years of investment management experience to the firm.

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Jan was a Principal at Apex Capital Management, which was founded in 1987 with a singular focus on growth investing and was employee-owned prior to its acquisition by Fiera Capital. Prior to Apex, Jan was a portfolio manager and sat on the Investment Committee at Dean Investment Associates from 1999 – 2000. Before Dean, he was Vice President, Portfolio Manager and Portfolio Strategist for Flagship Financial from 1992 – 1999. Flagship was purchased by John Nuveen & Co., for whom he managed several top-rated mutual funds. Prior to Flagship Jan was with Todd Investment Advisors from 1989 – 1991 and Union Central Life Insurance from 1985 – 1989. Jan has been quoted on MSNBC, The Wall Street Journal, Barron’s, Kipplinger’s and other financial publications.

Jan graduated Magna Cum Laude and Phi Beta Kappa with a BA in Economics from the University of Cincinnati. He also has an MBA from Xavier University.