We are honored that Emerging Manager Monthly has recognized GlobeFlex Capital as a "Manager of the Year" for the fifth consecutive year. For 2026 the Emerging Markets Small Cap strategy brought us the recognition in the emerging markets equity category, as announced in the April 2026 issue (Vol. XXI, Issue 4).
Winners were selected by a panel of three industry judges based on both quantitative and qualitative measures. Quantitative data for the year 2025 was sourced by Emerging Manager Monthly from the Informa PSN database. Additional information about the participation criteria and selection process is detailed in the re-print below. GlobeFlex did not pay any form of compensation to participate. Click on the button to the right for additional information about the participation criteria and selection process.
We are proud of our entire investment team for their hard work! Contact us to learn more about our offerings.
GlobeFlex Capital is proud to manage assets for the John S. and James L. Knight Foundation. In 2020 and 2021 we were included in the published list of women and minority-owned investment managers who collectively manage one-third of the Foundation's assets.
The Knight Foundation has conducted innovative research on diversity, ownership and performance in the asset management industry, which may be found at http://kf.org/diverseownership This work has become even more timely, as our nation focuses on racial equity and inclusion, and more institutions have a call to action to include diverse firms in the management of trillions of dollars which comprise our industry. We commend the voice of the Knight Foundation for the intentional hiring of women and minority-owned firms and the encouraging of other institutions to join them.
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At GlobeFlex, we view Environmental, Social, and Governance (ESG) considerations as a vital component of our investment philosophy. We believe that these factors can influence a company's long-term value and have the potential to impact future expected returns and risk profiles. To link ESG metrics with alpha generation, we have developed a proprietary materiality factor that consists of relevant industry-specific risks and opportunities affecting a company's financial sustainability.
We also believe that a company's ability to manage ESG-related risks and capitalize on ESG-related opportunities reflects management quality and aligns with a long-term perspective. As a result, we have incorporated ESG considerations into our research process as part of our quality discipline across all strategies and assets.Access our Responsible Investment Policy here.
Research has been a cornerstone of our efforts since inception, focused on methods and techniques that fine-tune our ability to identify fundamental change early, and on information and methods that are complex, where there is a potential for alpha.
The following are among the biggest contributors to our research edge:
Research Depth - We are relentless in our focus on very granular details of key indicators of future growth in order to identify and invest in companies that are well positioned to exceed other investors' expectation.
Breadth of Coverage - Through our wholly-owned subsidiary, GlobeFlex Research India (GRI), we collect information on uncovered companies and produce proprietary earnings forecasts, giving us a broader universe of opportunity than other managers.
Proprietary Techniques - Our proprietary, internal technology is unique as a time leverage tool, rapidly analyzing vast amounts of financial information to translate complex data, disentangle anomalies, and zero in on sources of alpha.
Mentoring the Next Generation
On the academic front, GlobeFlex collaborates twice per year with the UCSD Rady School of Management. Within their Master’s program in Quantitative Finance, there is the opportunity for students to conduct a Capstone Project. For this, GlobeFlex provides real-world research topics for the team of UCSD students to research and write a paper. They then present their findings to the GlobeFlex Investment team.
This project provides students with an opportunity to work with highly experienced portfolio managers in order to gain industry experience and mentoring. GlobeFlex, in turn, benefits from research insights from highly talented students. This has been a successful relationship since 2023, and highlights our support of highly talented graduate students.
Recent papers produced by the UCSD students can be found here, and include:
- Factor Outperformance in a Rising Interest Rate Environment
- The Impact of MSCI Market Reclassification on Domestic Equity Markets
- Common Factors and Top-Performing Funds
- Fundamental Drivers of China’s A-Share and H-Share Markets: A Comparative Analysis Using the CSI 300 and Hang Seng Indices
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trademarks of GlobeFlex Capital, L.P., in the United States.
GlobeFlex Capital co-creator Bob Anslow guides the firm's investment management process with over 40 years of experience applying systematic portfolio management to global investing. Prior to founding GlobeFlex, Bob built the first systematic process for international investing at Nicholas-Applegate Capital Management. Bob was also previously responsible for systematic portfolio management and research processes at the California Public Employee's Retirement System (CalPERS) and BayBanks Investment Management of Boston.
Bob received his B.S. degree in Economics from the University of the Pacific.
James Peterson joined GlobeFlex in 2008 and serves as Deputy Chief Investment Officer, a leadership position under the guidance of CIO Bob Anslow. Prior to GlobeFlex, James was Mid Cap equity portfolio manager at NCM Capital Management and also spent several years at Duncan-Hurst as Portfolio Manager and Director of Quantitative Research. He began his career straight out of college with FactSet Research Systems.
James graduated from the University of Oregon, Lundquist College of Business, with a B.S. degree in Economics and Finance.
Marina Marrelli, GlobeFlex co-Founder, oversees the business operations of the firm, in addition to ensuring that the firm's founding commitment to client service remains as important as its investment effort. Marina's work with institutional investors began at Nicholas-Applegate in 1986 as Vice President and Head of International Marketing, building and directing client service activities, as well as launching and supporting all offshore funds. Her business career began in the publishing industry, where she was Managing Editor at Harcourt Brace Jovanovich for several years.
Marina earned her M.S. degree from the University of Edinburgh, and B.A. degrees in both English and Philosophy from the University of California. She also attended Dartmouth College and the Loyola University of Rome.
Jeanell has been an integral member of the client service and marketing team at GlobeFlex since joining our firm in 2011. She is responsible for covering a variety of prospective clients and consultants, with an emphasis on supporting and promoting emerging/minority opportunities within our industry.
Prior to joining GlobeFlex, Jeanell spent five years at Verdis Investment Management, handling a variety of client service responsibilities, and also spent three years at the law firm of Campbell, Campbell, Edwards & Conroy, handling numerous administrative functions.
Jeanell earned a B.S. degree in Mechanical Engineering from Rensselaer Polytechnic Institute in 2001. She was awarded the CFA Institute Investment Foundations™ Certificate in 2014.
Harrison Kent joined GlobeFlex in August 2019, assuming lead responsibility for our monthly, quarterly, and annual client reporting, as well as producing a variety of custom data to meet our clients' needs. Harrison also fields client inquiries on a daily basis, and serves as the investor point person for our commingled vehicles.
Harrison's industry experience began straight out of college with Eaton Vance Management in Boston serving as Client Service Coordinator for the group. In 2016, Harrison was promoted to Client Service Associate, where he and a senior relationship manager served as the primary contacts for approximately 80 institutional clients in the East and Southeast territories.
Harrison earned his M.B.A. degree from San Diego State University in 2025. In 2013, he graduated with a B.A. degree in English and Economics from Boston College. While there, he was the recipient of the English department's Doherty Prize, awarded for outstanding undergraduate senior theses.
Noah Bretz is Director of Client Service & Marketing, reporting directly to CEO Marina Marrelli, heading up the institutional client service and marketing effort of the firm, while servicing clients and calling on consultants. His work with GlobeFlex dates back to GlobeFlex's inception in 1994, where Noah was a marketing communications consultant with Dakin Partners, a firm specializing in the institutional investment industry.
Noah earned his B.S. in Business Administration with a concentration in Marketing from Sacramento State University in 1991.
Jerre Bridges joined the marketing and client service team at GlobeFlex in 2002 and is responsible for client service and marketing to consultants. Prior to GlobeFlex, Jerre was with Kalmar Investments and he began his investment career with Institutional Shareholder Services. His career began in public relations with the Georgia Chamber of Commerce.
Jerre earned his B.A. in American Studies at the University of North Carolina with one year abroad at the University of Sussex.
Ken Mota joined GlobeFlex in 2002 and is primarily responsible for client service efforts at the firm. Prior to GlobeFlex, Ken's worked for Trust Fund Advisors and its affiliated company Union Labor Life, and also worked for several years at Nicholas-Applegate Capital Management as part of their marketing team. Ken also worked in corporate finance for a small San Diego brokerage company.
Ken earned his B.S. in Business with an emphasis in Finance from the University of Colorado, Boulder after two years at Fort Lewis College in Durango where he was awarded a Colorado Academic Scholarship.
Pam Pendrell joined GlobeFlex in 2004 and became our Chief Compliance Officer in 2013, leading the firm's compliance effort. Prior to her role as CCO, Pam performed a variety of client service roles at GlobeFlex, including the oversight of performance and compliance reporting. Prior to GlobeFlex, Pam worked at Pacific Corporate Group in a marketing capacity. Her industry experience began with AllianceBernstein in New York supporting their client service and marketing efforts.
Pam earned her B.A. at Colgate University, where she graduated magna cum laude with high honors in History. In 2015, Pam obtained the Investment Advisor Certified Compliance Professional designation.
Everything we do at GlobeFlex to run the firm operationally, I pretty much have a hand in. I deal directly with the operations team on portfolio reconciliation for billing and also on the main portfolio accounting for our pooled funds.
Prior to coming to GlobeFlex, I was exposed to very distinctly different money management firms which gives me the perspective to contrast what we have here to more traditional firms. The distinction shows up in how the company is managed and also the philosophy of the role of employees. Here, team members are responsible for their bottom line, meaning they are going to have to come up with better ways of doing things. Whatever your job is, you need to be efficient and responsible for the "product" you are putting out. As a result, it's a much more friendly and open environment. Rather than everything being shot down to the employees, it goes straight up to management so you feel like you are heard, that you have an effect on what happens and how you are able to do your job. The net gain is lots of productivity and no stagnation.
When you are in a firm with layers, it takes six miles to move the huge ship as opposed to a little boat that you can turn around in no time. GlobeFlex works hard to preserve the feeling of flat management for that very purpose, to make sure that everybody really steps up and says, "I'm going to do the job that needs to be done here and I'm going to provide GlobeFlex with everything I can think of that will make life more efficient on a daily basis". So that flexibility is very evident, with technology being a big part of the efficiency. Everything is automated. We have very technically savvy people here, from the investment team to the tech team all the way over to us accountants.
My main focus at GlobeFlex is doing accounts payable and more of the accounting-based side of things. I like the position because I get to learn all the different aspects of the company. My goal is to focus on the task at hand while getting a handle on the whole spectrum of how the company works and know it as well as I can.
GlobeFlex has managed to build efficiency through good communication rather than falling into the micro-management trap. We have a very flat structure with lots of professional room to grow. I don't have someone looking over my shoulder; rather, I'm given a project and I figure out how I want to best do it and get it done right. My accounting background gives me the problem-solving skills but my strongest skill is that I'm a good communicator. I fit right in here. Issues are easily addressed in large part because there's good rapport between all the employees. I'm very patient and can sit down and talk to people and work out whatever has to be resolved.
Tammy Johnson joined GlobeFlex in 2006 and was promoted to Head of Investment Operations shortly thereafter, having ultimate responsibility for exceeding our clients' operational and reporting expectations. Prior to GlobeFlex, Tammy was senior corporate actions manager with Brandes Investment Partners, and previously she spent four years at Nicholas Applegate Capital Management, as a reconciliation specialist and data integrity analyst. During college, she worked at MONY Securities in La Jolla and was a sales intern for Smith-Barney.
Tammy graduated from San Diego State University in 2000 with a B.S. in Financial Services, and in 2015, earned the Certificate in Investment Performance Measurement designation.
Jen joined GlobeFlex in 2018 and serves as our Chief Financial Officer, overseeing our firm's financial operations. Prior to joining GlobeFlex, Jen worked at Deloitte & Touche as Audit Senior Manager. She is highly knowledgeable in U.S. GAAP and SEC requirements, as well as possessing a seasoned perspective on industry trends and evolving standards. Jen began her career with Deloitte in their Chicago office, rising rapidly through the ranks from audit staff to senior to manager to senior manager.
Jen earned her Bachelor of Science degree in Business Administration and Accounting from St. Mary's College in Indiana, her Illinois CPA License in 2010, and her California CPA License in 2014.
Operating systems don't ever replace people. There are always human controls in place. If programming were always correct and perfect, we wouldn't need a person to look into it. But we all know we're human and even the best programmer makes mistakes. We need to be able to troubleshoot the output and get ahead of any problems.
Automated systems provide crucial speed and efficiency. Trade order management, for example, is a great system that gives us inter-day updates from brokers. It also monitors our cash to be sure we're not over-buying or over-selling, for example. As long as the systems and technology are always advancing, we can accommodate a growing number of accounts and new product areas.
Our trade order management system takes away all the post-trade repetitiveness and the human error that goes with it. It's close to being mistake-proof. Now the investment team has the time to focus on the things a computer can't do -- the conceptual areas, the analytics, and the what-ifs. Because your mind isn't bogged down with a hundred different details in all directions, you don't have to put thinking on hold.
Craig Rice leads the Investment Trading desk at GlobeFlex, having traded global equities on our team since 2014. He conducts analyses of liquidity trends and market conditions while managing broker relations, estimated and realized transaction costs, and cash management. He is a master of the technology that governs today's trading desk, seamlessly moving across global equity trading platforms and systems. Craig first joined our Operations team in 2007.
Craig earned his B.S. in Business Administration from California State University, Monterey Bay.
I have been in the business since 1999, and definitely have seen the contrast between a corporate culture and what we have here at GlobeFlex. Coming from a hierarchy where you couldn't question the powers that be versus our collegial team, where people really work together as a team instead of searching for approval all the time. The contrast is huge. So how does a firm like GlobeFlex with this few people manage to make it possible? It comes from the top, not using their egos, showing the example of wanting to achieve the goals and not playing the blame game. We pretty much interact with everyone here, that's the thing about a small firm.
At GlobeFlex, it's definitely an ongoing learning experience, which is wonderful. You're not pigeonholed where you can't learn. My operations background has helped me to assist the rest of the operations team when needed. Having a strong pricing background has helped me understand how a security would actually price in the market and use this information for performance purposes. I now handle performance, corporate actions, and have jumped in to help the rest of the team with NAV reconciliations and FX trades. After a couple of years to master certain aspects in operations, you'd go stagnant without variety and new opportunities.
I like to be very methodical. Early on I took on the task of converting the performance procedures to the internal wiki site. I also built macros to streamline the existing customized reporting needs. My simple goal is to make everything perfect and make everyone happy. I also like the ease of conversation here. While it's easier to send email answers to questions, it is nicer to walk over to a team member's desk and talk to them.
At GlobeFlex, our goal is to apply technology to any function - investments, trading, operations, client service, everything -- verging on the routine. To automate correctly, at the point of change, so you don't have to reinvent later on is the creative challenge of my job. The other part is day-to-day systems evolution: maintenance, no down time ever, and keeping our technological advantage.
I saw complexity close up as a technical account manager working with the IT departments of various Fortune 500 financial institutions. What is different about GlobeFlex is that we put IT at the core of our firm, not on the periphery. From the beginning, our process was geared to sophisticated customization, as opposed to the bandage-and-rehaul firedrill embedded in more traditional firms.
Our streamlined platform is as good as any out there but advantaged with tremendous ease of use at the front end. I am familiar with all the systems that make us run, making it possible to key in and design a structured plan of attack to increase efficiency. My job is to smooth out the whole system - to keep it well oiled and responsive to the demands from a creative culture, as well as the steady stream of requests from our clients.
Essentially, what the portfolio management and operations teams take for granted, I take care of. In contrast to Rick whose total concentration is on research side of the technology equation, my mandate is broad. I sit at the hub, between investing and trading, close to compliance and accounting - which gives me an ear to what's coming up in the queue, an insight on where we might customize, an ability to think ahead to the consequences for change. Because of our team structure, it is easy to reach a decision and once that's done, we execute. Then it's on to the next innovation.
Sarim Alpin became a member of the GlobeFlex investment team in 2015 upon the establishment of our wholly-owned subsidiary, GlobeFlex Research India Private Limited (GRI), having originally worked with Virtua Research since 2007. He participates across several aspects of fundamental and quantitative research, and also leads a team of analysts in our India offices as sector head. Sarim began his career in an International Trade Department.
Sarim earned his Masters of Business Administration from Brandeis International Business School in 2006, and his Bachelor of Arts in Economics in 2004 from Istanbul University.
Svetla Mincheva became a member of the GlobeFlex investment team in 2016 after the establishment of our wholly-owned subsidiary, GlobeFlex Research India Private Limited (GRI), having originally worked with Virtua Research since 2006. She is a sector head who oversees a team of research analysts in our India offices, conducting audit and quality control on data and modeling.
Svetla earned her Bachelor of Science degree in Business Administration, Magna Cum Laude, from Suffolk University, Sawyer Business School, with a focus in finance.
Hikmat Rasulov became a member of the GlobeFlex investment team in 2016 after the establishment of our wholly-owned subsidiary, GlobeFlex Research India Private Limited (GRI), having originally worked with Virtua Research since 2008. He acts as sector head and manages a team of research analysts in our India offices, ensuring accuracy and completeness of all data. Hikmat began his career as a Financial Analyst at Avesta Investment Group in Uzbekistan.
Hikmat earned his Masters of Science in Finance from Clark University, Graduate School of Management, where he was awarded a Graduate Merit Scholarship and Assistantship, and earned his Bachelors of Science degree in International Economic Relations from the University of World Economy and Diplomacy in Tashkent, Uzbekistan.
Rick MacDonald joined GlobeFlex in 2016 after working with the investment team since 2011 as an external research consultant. Rick works closely with our investment team on all aspects of research. Prior to his work with GlobeFlex, Rick was a Founding Member and Director of Investment Research and Analysis for Action Economics. He also worked at Standard & Poor's as a Senior Economist and Strategist, and began his career at Bridgewater Associates as an Investment Research Associate.
Rick earned his Bachelor of Arts degree in Economics from Dartmouth College in 1994.
Melissa McGrane joined GlobeFlex in January 2020, focused on contributing her 20-plus years of investment experience to our portfolio management/research team. Melissa began her career at Berthel Fisher & Company, spending three years as a trader and relationship specialist. She then joined William Blair & Company, where her fifteen-year career spanned fixed income, fundamental equity, and systematic equity research and portfolio management, along with multiple leadership roles. Most recently, Melissa co-founded Datum 9 Analytics with her former boss, serving as both Portfolio Manager and Director of Research.
Melissa earned B.A degrees in Economics and Business Administration from Coe College in 1999. She earned her M.B.A. with concentrations in Finance, Economics, and Econometrics & Statistics from The University of Chicago's Booth School of Business in 2009.
Trishul Goswami joined the GlobeFlex investment team in 2016, focusing on portfolio management and research. Trishul worked for several years at Soros Fund Management as a Senior Analyst on the Quantum India Fund, Pequot Capital Management as an Analyst on the global equity market neutral fund, and Franklin Templeton Investments as a member of the Equity Research team. He began his career at Salomon Smith Barney in New York as a Quantitative Research Analyst.
Trishul earned his Masters of Science degree in Predictive Analytics from Northwestern University, and Bachelor of Arts degrees in Applied Mathematics and Economics from the University of California, Berkeley.
Lisette Mascarenhas joined GlobeFlex in April 2019 as an investment analyst, working on a variety of research assignments alongside the investment team. Lisette began her investment career at BNP Paribas in Dubai, and subsequently at the Credit Risk group at Abu-Dhabi Commercial Bank for three years. As she transitioned from Abu-Dhabi to San Diego, she held multiple internship positions at Cymer LLC, Beacon Pointe Wealth Advisors, and McKinley Partners, while completing her Master's in Business Administration.
Lisette earned her M.B.A. degree with a concentration in Corporate Finance from the University of San Diego, and Bachelor of Commerce in Finance from St. Joseph's College of Commerce in Bangalore, India.
Furio Penteriani joined the GlobeFlex team in November 2001 focusing on the support, maintenance, and future development of our information technology. He also works to maintain a secure network, staying ahead of security trends and threats.
His career began at Bridge Information Systems, initially working as a client support representative, diagnosing and fixing software problems and in various PC environments. He was promoted to Senior Technical Account Manager and transferred to the Los Angeles office, serving as point person to 15 of the firm's largest revenue-producing clients while assisting in sales support and training.
Furio holds a B.S. degree in Management Information Systems from St. Louis University.
Wendy Shafer joined GlobeFlex as Marketing Manager in November of 2022. She is our point person for data communication with consultants and prospects, responding to RFPs and questionnaires, updating consultant and institutional databases, and producing marketing materials for the firm.
Prior to joining GlobeFlex she spent over a decade at First Quadrant in marketing and client service. She began her investment management career at Post Advisory Group where she was Investor Relations and RFP Manager.
She holds a B.A. degree in Political Science with a minor in Women's Studies and a M.Ed. in Psychoeducational Processes from Temple University.
Faith joined GlobeFlex in January 2018 as Office Manager, bringing nearly a decade of experience in supporting all facets of financial organizations. With her specific emphasis on the executive, sales, and marketing teams, Faith ensures these teams can remain client-focused by strategically managing the day-to-day details crucial to executing GlobeFlex's goal of exceptional client service.
Prior to joining GlobeFlex, Faith was a member of Northern Trust Company's Northeast Regional wealth management team, focused on gaining a breadth of experience across their multiple client, marketing, and sales relationships.
Faith pursued her studies at Meredith College and Richard Stockton University. Faith attended Trust School through Northern Trust Company and successfully passed Trust Exams I and II. In 2021, she earned the CFA Institute Investment Foundations™ Certificate.
Rick Allen keeps GlobeFlex investment technology moving forward, and maintains the seamless integration of all investment functions. He is responsible for the ongoing evolution of improvements in the computer operations room that he designed and installed at GlobeFlex's inception.
Rick's work with Bob Anslow began in 1991 at Nicholas-Applegate when Rick re-engineered the computer systems as project manager/designer for Interconnect Solutions Inc. When that investment firm moved its offices, he designed and built the new computer network and facility.
His 30-plus years of professional experience include system design and installation in many industries; however, he has particular skills in the high-density wiring and complex network intercommunications that are the backbone of investment management firms.
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International Women's' Day 2022 Event
GlobeFlex, in conjunction with Leading Ladies Network (LLN), a non-profit women's leadership development organization based in Accra, Ghana, has created the Progressive Mayors Fund for the Ga North Municipality.
Named in honor of the late Municipal Chief Executive Gertrude Ankrah, we work to further the education of girls in under-represented fields and stir an entrepreneurial outlook among the youth. Our work in Ghana dates back to 2003 when Gertie was Program Development Director for the NGO WomensTrust and Marina Marrelli, GlobeFlex CEO, was a founding board member.
Leading Ladies' Network and the Ga North Municipal Education Directorate, commemorated International Women's Day 2022 and kicked off the LLN Girls Mentorship Program, tailored to cultivate and support the social and economic development of girls and women of Ga North Municipality of Ghana. You can find more information about this event here