Bailard, Inc.
Call 1-800-848-0920 Find a Financial Advisor

Bailard, Inc.

Founded by three Stanford Graduate School of Business alumni in 1969, Bailard, Inc., has a deep and extensive record of serving the institutional marketplace, beginning in the 1990s with a strategic decision to expand their asset management services to pension funds, endowments and foundations. Today, Bailard offers single asset class strategies on a stand-alone basis.

Nearly all of the research team holds advanced designations, including Chartered Financial Analyst (CFA), PhD, JD, actuary, master's and MBA. They seek to provide solid, consistent returns with limited volatility and conduct extensive testing on their products to help ensure that they perform as designed.

In addition to their flagship international and real estate strategies, Bailard offers a variety of additional single asset class investment approaches to meet specific allocation mandates, including large-growth/technology and science, emerging life sciences and small-value equity.

Anthony R. Craddock

Senior Vice President, International Equity Research 
Nationwide Bailard International Equities Fund

Mr. Craddock is Senior Vice President of Bailard and has been an employee of Bailard since 1997. As a co-portfolio manager of the Bailard international equity strategy, his activities focus on security selection and improvement of Bailard’s quantitative international equity models. Previously, he served as performance analyst for the firm and was responsible for performance and risk analysis. Tony received his BA in applied mathematics from the University of California, San Diego, in 1992 and in 1996 earned his master's degree in Pacific international affairs from UCSD's Graduate School of International Relations and Pacific Studies.

Daniel McKellar, CFA

Senior Vice President, International Equities
Nationwide Bailard International Equities Fund

Daniel serves as Senior Vice President of International Equities and a portfolio manager for Bailard's international and emerging markets equity strategies. His primary focus is quantitative research and model building to augment both country and security selection. Daniel's career at Bailard began with a summer internship with the Quantitative Investment Research Group. After receiving his Master's degree in financial mathematics from Stanford University, he joined Bailard full-time in 2011 as a quantitative analyst. Prior to Stanford, he earned Bachelor's degrees in business administration from Wilfrid Laurier University and in mathematics from the University of Waterloo with high distinction. Daniel received his Chartered Financial Analyst® designation in 2014 and is a member of the CFA Institute and the CFA Society of San Francisco.

Dave Harrison Smith, CFA

Executive Vice President, Domestic Equities
Nationwide Bailard Technology & Science Fund

Dave serves as a portfolio manager for the Bailard all cap growth/technology and science equity strategy, where he specializes in technology sector research. Dave graduated in 2008 from the University of California at Berkeley with a double major in business administration and economics. He received his Chartered Financial Analyst® designation in 2012 and is a member of the CFA Institute and the CFA Society of San Francisco.  In 2016, he received his MBA from the Haas School of Business at the University of California, Berkeley.

Eric P. Leve, CFA

Chief Investment Officer and Executive Vice President
Nationwide Bailard International Equities Fund

Mr. Leve is Chief Investment Officer of Bailard. He has over 30 years of investment experience. He is a co-portfolio manager of the Bailard international equity strategy and is primarily focused on country selection and model-building. Eric received his BA in quantitative economics from the University of California, Berkeley, in 1986 and his Chartered Financial Analyst designation in 1997. He is an active member of the CFA Institute.

Peter M. Hill

Executive Chairman
Nationwide Bailard International Equities Fund

Peter currently serves as Executive Chairman and as a portfolio manager for Bailard's international and emerging markets equity strategies. Peter is currently on Bailard’s Management Team, a position he has held since 1992, and is also on the Board of Directors of BB&K Holdings, Inc. (the parent of Bailard, Inc.). Before assuming his role as Executive Chairman in 2021, Peter was the firm’s CEO starting in 2008. Prior to that, Peter was Bailard’s Chief Investment Officer for 13 years. Before joining Bailard in 1985, Peter worked in the United Kingdom as the Deputy Investment Manager for the Royal London Insurance Society, Ltd. where he managed international equities and unit trust portfolios.

Peter received his BA in 1972 from Leeds University and was a Fellow of the Institute and Faculty of Actuaries, U.K. from 1982 - 2019. Peter currently serves as President of the North American Foundation for the University of Leeds. 

Sonya Thadhani Mughal, CFA

Chief Executive Officer
Nationwide Bailard Technology & Science Fund

Sonya serves as Bailard’s Chief Executive Officer. Joining Bailard in 1994, Sonya has dedicated the entirety of her financial career to the firm, serving in numerous roles including Chief Operating Officer, Chief Risk Officer, and Chief Investment Officer. She also serves as a portfolio manager for the Bailard all cap growth/technology and science equity strategy.

Sonya is currently a member of the Forbes Finance Council, and she was on the Schwab Advisor Services Advisory Board from 2018 to 2020 and on the Silicon Valley Community Foundation investment committee from 2012 to 2018. A member of Phi Beta Kappa, Sonya received her BA in mathematics from Randolph-Macon Woman's College in 1994. She earned her Chartered Financial Analyst® designation in 1997 and is a member of the CFA Institute and the CFA Society of San Francisco.

Thomas J. Mudge III, CFA

Director of Equity Research
Nationwide Bailard Cognitive Value Fund

Mr. Mudge heads Bailard's equity research and serves as the lead portfolio manager of the Bailard small value equity strategy. He has over 26 years of investment experience. Prior to joining the firm in 1987, Tom worked in the telecommunications industry. He earned his BA at Northern Michigan University in 1985 and the Chartered Financial Analyst designation in 1994. He has also completed the certificate program in Investment Decisions and Behavioral Finance at Harvard University's John F. Kennedy School of Government.

Matt Johnson

Vice President, Healthcare Investments
Nationwide Bailard Technology & Science Fund

Mr. Johnson focuses on healthcare research and is closely involved with portfolio management activities related to that sector for Bailard’s large growth/technology equity strategy and Bailard's private healthcare fund. Previously, he was involved with Bailard's fixed income and asset allocation efforts, as well as serving as a trader. Before joining Bailard in 2001, he worked as a new business analyst at Conseco Financial Services. Mr. Johnson received his BA in biology from DePauw University in 2000.

Blaine Townsend, CIMC®, CIMA®

Executive Vice President and Director, Sustainable, Responsible and Impact Investing
Nationwide Bailard Cognitive Value Fund

Blaine serves as an EVP, Director of Bailard Wealth Management’s Sustainable, Responsible and Impact Investing (SRII) group, and a portfolio manager of Bailard's small cap value ESG equity strategy.  Blaine began his career in SRI/ESG in 1991 at the Muir Investment Trust, the nation’s first environmentally screened bond fund. From 1996 through 2009, he led the California office for Trillium Asset Management, where he managed socially responsible and sustainably focused portfolios, served on the firm’s investment committee and worked on corporate engagement efforts. Prior to Trillium, he spent 8 years at Wells Fargo’s ESG firm Nelson Capital Management as a partner, senior portfolio manager, and on the firm’s leadership team and investment committee. 

Blaine currently serves as an Advisory Board member for The Journal of Impact and ESG Investing. He holds a BA from the University of California, Berkeley and CIMC® and CIMA® credentials.

Osman Akgun, PhD, CFA

Vice President, Domestic Equities
Nationwide Bailard Cognitive Value Fund

Mr. Akgun serves as Vice President of Domestic Equities and as a portfolio manager for the small cap value ESG equity strategy. His primary focus is quantitative research, model building, and portfolio optimization. Osman joined Bailard in 2012 after receiving his PhD. in Industrial Engineering and Operations Research at the University of California, Berkeley. Prior to his PhD. program, Osman received Masters' Degrees in Statistics as well as in Industrial Engineering and Operations Research, both from the University of California, Berkeley. During this time, Osman worked as a Research Assistant focusing on stochastic modeling and optimization, with applications to finance, service operations and computer communications. He was also a Teaching Assistant for Quantitative Methods for Business at the Presidio Graduate School. Prior to his graduate work, he received a B.S. in Industrial Engineering from Bogazici University, Turkey. Osman received his Chartered Financial Analyst® designation in 2017 and is a member of the CFA Institute and the CFA Society of San Francisco.