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DCS F u n d M a n a g e r
 
Dreman Value Management, LLC

Dreman Value Management, LLC was founded by David N. Dreman in 1997, and its predecessor firms date back to 1977. Independently owned, the firm is a value-oriented contrarian equity manager and places its primary emphasis on common stocks with growing dividends. David Dreman is widely known for his association with Forbes where he has penned a column entitled “The Contrarian” for the past 24 years and for publishing four books on low P/E contrarian value investing and behavioral finance.


Biographies

David N. Dreman
Chairman, Chief Investment Officer, and Founder

Mr. Dreman is the founder, and Chairman of Dreman Value Management, L.L.C. and also the firm’s Chief Investment Officer. Dreman Value Management, L.L.C., focuses on the assets of mutual funds, pension, foundation and endowment funds, as well as high net-worth individuals. The Scudder-Dreman High Return Equity Fund, managed by Mr. Dreman, has been ranked as number one in the Equity-Income group by Lipper Analytical Services since the fund’s inception in March 18, 1988.Mr. Dreman founded his first investment firm, Dreman Value Management, Inc., in 1977 and served as its President and then Chairman to 1995, followed by a similar role at Dreman Value Advisors, Inc. from 1995 to 1997. Mr. Dreman’s recent best selling book, Contrarian Investment Strategies: The Next Generation, was published in the spring of 1998 by Simon & Schuster. His previous widely acclaimed books include Psychology and the Stock Market, (1977); Contrarian Investment Strategy: The Psychology of Stock Market Success, (1980); and The New Contrarian Investment Strategy, (1982). Articles dealing with the success of Mr. Dreman's methods have appeared in many national publications, including Forbes, Barron’s, Institutional Investor, The Wall Street Journal, The New York Times, Newsweek, Money and Fortune magazines. A regular columnist for Forbes for over 25 years, he has made numerous presentations before groups such as the National Bureau of Economic Research, the Society of Quantitative Analysts, the Harvard Medical School, the Cambridge Center for Behavioral Studies, the Institute of Psychology and Markets, the Association for Investment Management and Research (AIMR), the National Financial Analysts Seminar, and numerous other academic and professional groups. Mr. Dreman’s research findings have also been published in the Financial Analysts Journal, and the Journal of Investing. Mr. Dreman is also the co-editor of the academic journal, The Journal of Psychology and Financial Markets, a Director of the IFREE Foundation, whose founder Vernon Smith was awarded the Nobel Prize in Economics this year, and President of the Dreman Foundation. Mr. Dreman was awarded a Doctor of Laws Degree from the University of Manitoba in 1999 and is a member of the Board of Trustees of the University of Manitoba.

E. Clifton Hoover
Managing Director & Portfolio Manager

E. Clifton Hoover has over 20 years of experience in the investment management industry. He has built his career on the low P/E approach to investing, that is at the center of the Dreman philosophy. Prior to joining Dreman Value Management LLC. Mr. Hoover was a Managing Director and Portfolio Manager at NFJ Investment Group. In this role Mr. Hoover managed a Dividend Value portfolio and Small Cap portfolio. In addition, he assisted with consultant relationship building and retail channel support for both mutual fund and wrap accounts. Mr. Hoover also has experience from Credit Lyonnais where he was responsible for the financial analysis and client servicing of a $5 billion diversified corporate portfolio, involving various debt instruments and equity investments. At Citibank Financial where he worked earlier in his career, Mr. Hoover gained experience as a Financial Analyst. In this position he was responsible for the in-depth financial analysis of US companies and their respective industries with regard to potential debt or equity transactions. At RepublicBank where Mr. Hoover began his career in finance he worked as a Credit Analyst a progressed up the ranks to Vice President of Corporate Banking. Mr. Hoover graduated from Texas Tech University in 1984 with his BBA in Finance. He then went on to complete his MS in Finance at Texas Tech the following year.

F. James Hutchinson
President and Managing Director

F. James Hutchinson has had over 30 years experience in Finance and Trust/Investment Management with The Bank of New York prior to joining the Firm in August of 2000. In addition to several senior corporate banking assignments, Mr. Hutchinson was elected president of The Bank of New York (Delaware) in 1987 and president of The Bank of New York- NJ in 1995. He is President and Managing Director of the firm, responsible for Marketing and Administration, and is a member of the Investment Policy Committee. Mr. Hutchinson graduated from Moravian College with a BA in Economics and has done graduate work at Pace University in New York.

Mark Roach
Managing Director & Portfolio Manager

Mark Roach joined Dreman Value Management in November 2006 as a Managing Director and Portfolio Manager of Small and Mid Cap products. Prior to joining Dreman, Mr. Roach was a Portfolio Manager at Vaughan Nelson Investment Management, managing a small cap product from 2002 through 2006. During this time the small cap product significantly outperformed the Russell 2000 value index. Mr. Roach is in the top third peer rankings over the 1, 2, and 3 year periods in the PSN and Russell databases (SCV). In addition, small cap assets grew from $30 million (2002) to over $1.5 billion (2006). In April of 2006, Mr. Roach was also given the responsibility for the management of the newly seeded Mid Cap product with approximately $770 million in assets which was benchmarked against the Russell Mid Cap Value Index and the Russell 2500 Value Index. Mr. Roach has significant experience in working with institutions, pensions and endowments and is well known in the consulting and high net worth community. Mr. Roach served as a security analyst from 1997 to 2001 for various institutions including 5th 3rd Bank, Lynch, Jones & Ryan and USAA. Mr. Roach developed and implemented the investment philosophy that is the foundation of all the equity products at Vaughan Nelson which is similar to Dreman’s Contrarian Value Philosophy. This philosophy is founded in Low P/E and is grounded in return on invested capital and minimum return objectives for every stock portfolio. Mr. Roach also serves as a Board Member on the Rice University Wright Fund since 2003. He has an MBA from the University of Chicago’s Graduate School of Business and a bachelors Degree from the Baldwin Wallace College.