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Investment Team

EDWARD L. JAROSKI
President & Founder, CEO
Fixed Income Portfolio Manager


Ed co-founded the firm and serves as President and CEO. He is a member of the Investment Committee and a Fixed Income Portfolio Manager. Ed began his career in 1969 with Philadelphia Life Insurance Company as Manager of Investments and in 1980 became Vice President of Finance. Ed helped to form Tenneco Financial Services in 1981, the predecessor organization to Capstone, and served as Executive Vice President. Ed has earned the professional designations of Chartered Life Underwriter (CLU), Charter Financial Consultant (ChFC) and Fellow Life Management Institute (FLMI).

 

 

CLAUDE C. CODY IV, CFA
Senior Vice President
Fixed Income Portfolio Manager


Claude Cody began his investment career in 1976 as a securities analyst for American General Insurance Company in Houston. Later he was promoted to portfolio manager in the equity department. After American General, Mr. Cody managed fixed income and equity portfolios for a variety of financial institutions that included pension funds, savings institutions, insurance companies and mutual funds. He was also a Senior Portfolio Manager at AIM Management and was responsible for the AIM Balanced Fund. Mr. Cody has lectured at Boston University, Rice University and the University of Houston.

 

 

VICTORIA L. FERNANDEZ
Senior Vice President – Investments
Fixed Income Portfolio Manager


As Senior Vice President of Investments, Victoria assumes Portfolio Manager responsibilities for fixed income products as well as serve as a member of the Investment Committee. A Rice University graduate, Victoria was most recently a Portfolio Manager and Head of Fixed Income Trading with Fayez, Sarofim & Co. where she had been employed for 18 years. Victoria was involved in all aspects of the fixed income portfolio management process.

Victoria currently resides in Houston with her husband and two children where she is active in her community; she is currently a member of the Board of Directors and President of the West Houston Aquatic Team.

 

 

PATRICK N. GARBODEN
Vice President – Investments
Fixed Income Portfolio Manager, Municipal Bonds


Pat serves as Vice President and Fixed Income Portfolio Manager in addition to being a member of the Investment Committee. He brings nearly 28 years of experience within the financial services industry including 19 years with Smith Barney. His broad financial background consists of serving as First Vice President, Branch Manager for 11 years and as an Investment Management Specialist/Portfolio Manager with the Consulting Group, a division of Citigroup Global Markets, Inc. Prior to joining Smith Barney, Pat was a general partner in the financial services firm of Jones, Humphrey, Garboden and Company. Pat holds multiple licenses and designations.

 

 

GINA M. GARCIA
Assistant Vice President - Investments

Gina serves as an Assistant Vice President of Investments and is a member of the investment team. She is also a member of the portfolio operations, and analysis team, and is senior fixed income trader. She began her investment career with Capstone in 2000. Before joining Capstone, Gina worked in budget administration and operations in the aerospace industry.

 

 

DOUGLAS E. WILLINGHAM
Vice President - Investments


As Vice President, Investments and Equity Portfolio Manager, Doug is responsible for asset allocation strategies, ongoing portfolio maintenance and quarterly client updates. He also serves as a member of the Investment Committee. He has over 12 year’s industry experience in addition to over 20 years in the Oil & Gas Industry. He has spent the last decade working with Private Client families, foundations and not-for-profit organizations on their portfolio construction, implementation and ongoing management. Doug earned his BS degree from Missouri State University. He is a Registered Investment Adviser Representative and a Certified Trust and Financial Advisor (CTFA). He lives with his family in the Houston suburbs and enjoys friends, food, fitness and faith.

 

 

JOHN R. WOLF
Senior Vice President - Investments
Equity Portfolio Manager


John serves as Senior Vice President and Equity Portfolio Manager in addition to being a member of the Investment Committee. He is primarily responsible for managing quantitative based equity portfolios often involving social values screening for various institutions and mutual funds. John’s financial services career began in 1983 with The Dreyfus Corporation and subsequently moved on to Oppenheimer Capital in 1987 as an accounting manager supervising both equity and fixed income mutual funds. In 1992, he joined New Castle Advisers, a boutique investment advisor specializing in fixed income portfolio strategies which was acquired by Capstone in 1996.

 

 

THOMAS G. SEVERSON
Senior Vice President - Investments
Equity Portfolio Manager


Thom is a member Capstone’s Investment Team. He manages Capstone’s Theta Growth covered call portfolio and the Tactical Asset Allocation Portfolios. Thom began his investment career in 1987 as an option clearing specialist, and has taught several classes on option theory and risk management. Since 1993, Thom has traded commodity futures and options for several major oil and private trading companies. In these capacities, he has built an expertise in derivatives as a proprietary trader and portfolio risk manager.

 

 

PAUL C. TOWNSEN
Vice President - Investments

Paul Townsen serves as Vice President of Investments and is a member of the investment team. He is a senior equity and derivatives trader. Paul has been involved with equity index trading for Capstone’s institutional clients for 10 years. His years of experience bring a strong knowledge of the unique factors associated with equity index trading. Paul also brings expertise in trading taxable and tax exempt bonds as he was previously our head bond trader. In his 18 year tenure at Capstone, Paul’s responsibilities have included portfolio management, portfolio analytics, allocation maintenance, soft dollar management and numerous other leadership positions. He began his career with Capstone in 1993 immediately after graduating from Incarnate Word University 1993 with BBA in Finance.

 

 

MELVILLE L. CODY
Senior Vice President
Equity Portfolio Manager


Mel Cody has over twenty years experience as a securities analyst and portfolio manager. Mel’s background includes both buy side money management organizations and the sell side, where he worked at Sanders Morris Harris for approximately 10 years as Vice President of Institutional Research. On the buy side, Mel has worked at well-known financial institutions such as USAA Investment Management Company, a mutual fund group, and at American General as a portfolio manager and analyst. Over the years, he has covered a variety of industries including emerging growth, technology, consumer products and environmental/industrial process industries. Mel has been quoted frequently in national financial publications such as Forbes and the Wall Street Journal and has been selected by the Wall Street Journal as an “All Star Analyst.”

 

 

SHERMAN P. MACDANIEL
Senior Vice President - Investments
Equity Portfolio Manager

Sherman joined RHJ&Co. in 1994 as Resident Manager of the San Antonio office. In addition to managing the office and individual client portfolios, Sherman advises the firm on energy sector investments. Prior to joining the firm, he spent 26 years servicing institutional accounts in the Southwest region for major brokerage firms. He has also been responsible for trust investments at a major San Antonio Bank.

 

 

TIFFANY NUNN
Assistant Vice President - Investments


Tiffany Nunn performs customized analysis and Socially Responsible Investment (SRI) screening for clients and consultants by solving data analysis and providing interpretation; managing and carrying out research projects focused on environmental, social, governance factors and other areas of SRI. She is also responsible for the investment administration due diligence process and oversight of external investment communications. Tiffany began her career at Capstone in 2007 and has been involved with social screening since 2009. Prior to joining Capstone, Tiffany obtained her BA in Psychology and acquired extensive experience working in the non-profit sector, serving on various boards and committees of non-profit organizations.