Small Capitalization Equity
Table of Contents
Introduction & Biographies
The Case for Small Capitalization Equity
Philosophy & Strategy
Process & Portfolio Construction
The Portfolio & Performance
About Our Firm
Senior Portfolio Manager Whitney Merrill, CFA, has 36 years of research and
portfolio management experience and a superior performance record
managing small capitalization equity portfolios.
Our four portfolio managers average of over 23 years of industry experience.
As of March 31, 2006 firm assets exceeded $200 million.
Jonathan O¶Herron, Jr., Managing Director
is a Portfolio Manager of the Gilman Hill Small
Capitalization Equity Portfolio. Mr. O¶Herron founded Westport Capital Markets, LLC, in 1996, where
he served as President and Portfolio Manager. Prior to that date he was a Vice President with Smith
Barney, Inc. Mr. O'Herron began his investment career in 1983 with Shearson, Inc. He graduated from
Williams College with a BA degree in economics. He also holds an MBA in finance from Fordham
Whitney Merrill, CFA, Managing Director is the Senior Portfolio Manager of the Gilman Hill Small
Capitalization Equity Portfolio. Mr. Merrill began his investment career at U.S. Trust Company in
1969. He later served as Chief Investment Officer of Wafra Asset Management where he also
managed the firm¶s small cap value and micro cap value portfolios. Other positions he has held
have been Manager of the Domestic Mutual Fund Division of Paine Webber Inc., as well as Portfolio
Manager at Rothschild Asset Management, Inc. and Gintel Asset Management, Inc. In 1999 Mr.
Merrill formed Gilman Hill Asset Management, Inc. He received a BA in history from Ohio Wesleyan
University as well as an MBA in finance and management from Long Island University. He has also
earned the Chartered Financial Analyst (CFA) designation.
Jenny C. Van Leeuwen, Managing Director is a Portfolio Manager of the Equity Income Portfolio.
She joined Gilman Hill Asset Man