Sanders Capital, LLC is a global investment manager with over $96 billion in assets under management as of June 30, 2024. It is led by individuals with many decades of experience in investment research and value-oriented portfolio management disciplines. Sanders Capital is a signatory to the Principles for Responsible Investment (PRI).

A Message from Our CEO

I formed Sanders Capital with the aspiration to build a firm known for its investment acumen. As important, I want Sanders Capital to be known for the values that I hold dear—values shaped by my forty plus years in the asset management industry as an analyst, investor and CEO. They are:

Character Matters Most

I believe sustained success in this business is about character. Asset managers are fiduciaries. As such, their clients' interests must precede all else. The truly great, enduring firms in this industry are run by people who live this principle every day.

Interests Must Align

Financial incentives need to align the interests of asset managers to their clients without asymmetries. Managers should share in both the upside and the downside. For maximum alignment, managers must have sufficient "skin in the game." Restrictions on outside investments are also key, as they ensure client interests receive undivided attention.

Knowledge Conquers Emotion

Bouts of excessive optimism and despair characterize capital markets and are a primary source of wealth destruction. Knowledge, through research, converts these extremes from threat to opportunity. Knowledge provides the basis to do the unpopular, and the unpopular is almost always the most profitable.

Temperament Trumps Brilliance

Much is written about success in this business. Too often it is attributed to brilliance—such as seeing and capitalizing on some profound change early. Intelligence of this kind helps. But sustained success has more to do with temperament. It is about responding dispassionately and deliberately to change, especially unanticipated change, which is what occurs most often. In this context, equanimity and humility trump brilliance and are an antidote to over-confidence and excessive risk taking.

Inaction Counts

While unusual opportunity is occasional, risk is continual. If you are not being paid adequately to take on risk, which can be for long stretches, resist the temptation to do so.

Private, Focused, Client-Centric

Building a firm based on these tenets does not ensure success. Nothing does. But in my experience, it improves the odds. This is the foundation of Sanders Capital. We will remain a private, focused, client-centric firm, where knowledge is prized and viewed as our competitive advantage. I am energized to lead this firm.

Lewis A. Sanders, Chief Executive Officer

Investment Philosophy

At Sanders Capital, we believe that investors systematically overreact to adversity. This behavioral bias (known as loss aversion) unduly depresses asset prices, thereby, producing investments with above-average returns. Adversity may be company specific or span entire industries or asset classes.

The objective of Sanders Capital investment research is to identify assets subject to such pressures, especially where the adverse event will prove transitory. It is in that subset of investments where we uncover unique opportunity.

We analyze the full spectrum of opportunities generated by an event across multiple asset classes. This methodology greatly improves research insight and enhances our ability to trade off risk and return.

We are investors not traders. The holding period of investments in our portfolios will likely average around three years, about the time it takes for most dislocations to find resolution.

Investment Services

Value Equities Portfolios

For clients with fixed asset allocation policies, we offer Global and U.S. Value Equity portfolios. Driven by our overall research and portfolio management disciplines, these portfolios benefit from the firm’s all asset research orientation, which we believe produces superior forecasts at the asset class level. This occurs especially during times of stress, when the equity portion of a company’s capital structure can be compromised to resolve financing requirements. Opposite effects are common during robust periods, when corporate actions favor equity holders over lenders.

All Asset Value Portfolios

In these services, we exploit value opportunities across multiple asset classes in a single portfolio. Investment objectives of these portfolios are to generate attractive, absolute returns, while conforming to specified, absolute volatility targets. Targets range from medium (Series II Tax Managed) to high (Series I and Series I Tax Managed). Portfolios are managed to achieve absolute returns at or above these volatility targets. These portfolios are contained in an All Asset Value Portfolio Series, offered by private placement memorandum.

Investment Process


Sanders Capital’s research teams screen the investment universe for securities or assets where the expected internal return meets or exceeds return targets of the services. Such forecasts are supported by extensive field research and disciplined valuation processes. The conversion of all forecasts to the common language of expected return enables comparisons of investments across the capital stack of corporate issuers and all other asset classes.

Our valuation processes include:

  • A present value modeling framework for common stocks that compares estimates of future free cash flow to current stock prices to compute expected returns. It then compares such returns to a broad universe of companies and establishes both absolute and relative views of return potential.
  • A fixed income cash flow modeling framework that compares market prices to predictions of loan performance to compute expected returns. Such returns take into account the idiosyncratic features of deal structure (conversion features, pre-payment options, etc.) and the cash flow pathways triggered by defaults and other factors.
  • Economic modeling at the global and national level. Models predict broad trends in corporate profits as well as supply and demand for real assets near and long term.
  • Surveillance systems to track predictions versus actual results.

Quantitative Tools

Quantitative factors that correlate with future stock and bond returns facilitate screening for opportunities, timing of purchases and sales and sizing of positions. They also signal forecasting error, useful in research review. Still, such tools are adjunctive to the portfolio management process. All investments must qualify on fundamental grounds.

ESG And Climate Change Integration

Environmental, Social, and Governance (ESG) and climate change related risks and opportunities are integrated throughout our investment process and across portfolios.

There are three key pillars to our ESG and climate change integration: fundamental bottom-up ESG / climate research, corporate engagement, and proxy voting. Our Responsible Investment Policy, Proxy Voting Guidelines, and Modern Slavery Statement are available here.

Portfolio Construction & Risk Assessment

Our portfolio construction process aims to maximize risk-adjusted returns by rank ordering investment options among qualifying investments according to expected return. We systematically assess these opportunities against estimates of absolute volatility and co-variance. Position weights among qualifying investments are set to maximize expected return for a given level of volatility as measured against the portfolio’s return benchmark.




Lewis A. Sanders is the founder, CEO, and Co-CIO of Sanders Capital, LLC.

Mr. Sanders was the former Chairman & CEO (2005-2008) and CEO (2003-2005) of AllianceBernstein L.P. He served as Vice Chairman and CIO from (2000-2003), when Alliance Capital merged with Sanford C. Bernstein & Co., Inc.

Prior to that, Mr. Sanders was the Chairman and CEO of Sanford C. Bernstein & Co., Inc. (1993-2000). In his 32 years at Bernstein, Mr. Sanders was also the President and COO, with senior responsibility for all research and investment management operations (1981-1993) EVP of research and investment management (1979-1981) and Research Director (1972-1981). Mr. Sanders joined Bernstein in 1968 as a Research Analyst. Before joining Bernstein, he was a Research Assistant at Oppenheimer Co. for two years.

Mr. Sanders serves as a Board Member of Memorial Sloan-Kettering Cancer Center, Weill Cornell Medicine and The Norton Art Museum; and as a Trustee of The Rockefeller University.

John P. Mahedy

Co-CIO & Research Director

John P. Mahedy is the Co-CIO and Research Director at Sanders Capital, LLC.

Mr. Mahedy previously served as CIO of U.S. Value Equities at AllianceBernstein L.P. in 2009 and was Co-CIO (2003-2009). He also served as AllianceBernstein’s Director of Research for U.S. Value Equities (2001-2008).

Prior to that, Mr. Mahedy was a senior research analyst at Sanford C. Bernstein & Co., Inc.’s institutional research and brokerage unit covering the domestic and international energy industry (1995-2001) and the oil services industry (1988-1991). He also covered oil services at Morgan Stanley (1991-1995). Mr. Mahedy began his career as a senior auditor with Peat Marwick Main & Co.

Frank D. Speno

Director of Marketing & Client Service

Frank D. Speno is the Director of Marketing & Client Service at Sanders Capital, LLC.

Prior to joining Sanders Capital, he held several senior roles in distribution and product management at AllianceBernstein L.P. in the years 2000–2009. Mr. Speno’s roles at AllianceBernstein included: Executive VP of AllianceBernstein’s All Asset Deep Value Fund; Executive VP of Global Consultant Relations; Executive VP of Global Retail Distribution; Senior VP of Institutional Marketing; and Product Manager for Bernstein Value Equity. Mr. Speno began his career at Sanford C. Bernstein & Co., Inc. in 1995 as a Director of Consultant Relations and was promoted to manage the firm’s West coast client and business development efforts.

Prior to joining Sanford C. Bernstein & Co., Inc., Mr. Speno spent five years as a Regional Director for ANB Investment Management in Chicago, served as a Marketing Director for Quaker Capital Management and worked with E.F. Hutton & Co. in its Capital Markets program.

Michael T. Borgia


Michael T. Borgia is the CFO at Sanders Capital, LLC.

Prior to joining Sanders Capital, he was co-Head of Global Operations for AllianceBernstein L.P.(2001-2008).

Previously, Mr. Borgia served as the Head of Operations (1992-2001), Head of Investment Management Operations (1981-1991) and Operations Manager (1978-1980) at Sanford C. Bernstein & Co., Inc. He began his career as a Senior Accountant at Seidman & Seidman.

Mr. Borgia currently serves on the board of the Boys & Girls Club of Oyster Bay-East Norwich.

Alex Shabshis

Director of Quantitative Analysis

Alex Shabshis is the Director of Quantitative Analysis at Sanders Capital, LLC.

Prior to joining Sanders Capital, he served as Co-Head of Product Development of the Alternative Investments unit of AllianceBernstein L.P. (2007 – 2009).

Prior to that, Mr. Shabshis was a senior quantitative research analyst at AllianceBernstein L.P. (2000 – 2006) and Sanford C. Bernstein & Co., Inc. (1995 – 2000), leading and contributing to the development of forecasting models and multi-asset portfolio construction techniques for a wide spectrum of asset classes, including global equities, currencies, commodities, and fixed income. Previously, Mr. Shabshis was a quantitative analyst at Sanford C. Bernstein & Co., Inc. (1992 – 1994). He began his career at Sanford C. Bernstein & Co., Inc. in 1988, shortly after graduating from The Cooper Union.

Jim C. D’Sidocky

General Counsel & Chief Compliance Officer

Jim C. D’Sidocky is the General Counsel & Chief Compliance Officer at Sanders Capital, LLC.

Prior to joining Sanders Capital in 2022, he was the US General Counsel for Insight Investment (2015 – 2022). Prior to that position, he held the position of Associate General Counsel at Neuberger Berman (2009 – 2015). He also held the position of Managing Director at J.P. Morgan Investment Management (2008 – 2009).

Before joining J.P. Morgan, he held the role of Managing Director/Principal (2006 – 2008), Managing Director (2004 – 2006), Associate Director (2002-2004), Vice President (2001 – 2002) and Attorney (1999 – 2001) at Bear Stearns Asset Management Inc.

Avinash Agarwal

Partner - Research Analyst

Avinash Agarwal is a Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2012, Mr. Agarwal was an equity research analyst at AllianceBernstein L.P. (2006-2012) whose coverage area included the global automotive industry as well as the industrial and consumer sectors.

Prior to joining AllianceBernstein, Mr. Agarwal was a Principal at Booz & Co. (2004-2005) where he provided management consulting services to clients across a broad range of industries. Prior to that position, he held various roles of increasing responsibility at Booz & Co. from 2000-2004. He began his career as a consultant in Booz Allen Hamilton’s Mumbai offices (1998-2000) where he worked on consulting engagements for clients in both private and public sectors.

Tali Asias

Partner - Research Analyst

Tali Asias is a Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2009, Ms. Asias was an Associate in the Restructuring Advisory division at Citadel Investment Group (2009).

From 2004-2007, Ms. Asias was an Investment Banking Analyst within the Financial Sponsors Group at Wachovia Securities where she executed M&A’s and capital-raising transactions on behalf of private equity clients. Prior to that, Ms. Asias was a Consular Services Officer at the General Consulate of Israel (2000-2003). Ms. Asias also held the post of Sergeant in the Ministry of Defense, a unit of the Israel Defense Forces from 1997-1999.

Alan Bluestine

Partner - Fixed Income Research Analyst

Alan Bluestine is a Fixed Income Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2023, Mr. Bluestine focused on investments in venture-backed technology and medical products companies (2017–2022).

From 2007–2016, Mr. Bluestine was the Chief Operating Officer and Principal at RockView Management, LLC, a long-short credit investment manager, where he was responsible for managing traditional and alternative asset portfolios, including investment grade, high yield, distressed debt, bank debt, and credit default swaps. Before joining RockView, Mr. Bluestine was the Chief Operating Officer at Zpoint Advisors LP (2002–2007), which ran an event-driven global macro investment strategy focused on fundamental research of economic data and tactical trading.
He began his career as a distressed debt and bankruptcy analyst at Arthur Andersen & Co. (1988–1992) and as an investment banker specializing wireless communications and small-cap companies (1992–2002).

Di Cai

Partner - Research Analyst

Dr. Di Cai is a Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2013, Dr. Cai was a Summer Associate with Kleiner Perkins (2012) where she was part of the China team focused on healthcare investment. She subsequently worked as a Summer Associate with The Carlyle Group in their Asia Growth Equity Team in Beijing (2012).

From 2009-2011, Dr. Cai worked as a Senior Scientist and Lab Manager at The Scripps Research Institute where she led a team to investigate personalized medicine in lung cancer treatment. From 2005-2009, Dr. Cai was a Research Scientist at the University of Texas Southwestern Medical Center where she discovered a novel biomarker for lung cancer prognosis. Prior to her scientific career, Dr. Cai was a presenter on the Tianjin TV Network, the fourth largest TV Network in China, co-hosting a bilingual talk show to promote English learning and cultural exchange.

Brixen Dillman

Partner - Research Analyst

Brix Dillman is a Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2009, Mr. Dillman was a Valuation Consultant at The World Bank (2008-2009) where he was responsible for risk management of foreign currency and interest rate derivatives. Prior to joining The World Bank, Mr. Dillman was Fleet Portfolio Manager at GATX Corporation (2006-2008) where he developed and implemented financial models covering four areas: railcar investment and lease pricing, commodity supply-demand forecasts, strategic equity investments and direct asset management.

From 2004-2005, Mr. Dillman was an Investment Analyst at Regis Management Company, LLC (CA) where he sourced, screened and monitored investments for a private family asset management firm. Prior to that, Mr. Dillman was a Technology M&A Analyst at Credit Suisse (2002) where he analyzed mergers for global technology manufacturing and service leaders. From 2001-2002, Mr. Dillman worked in Thailand as a Restructuring Associate focused on divestitures and the capital restructuring of large corporations.

Mr. Dillman is a CFA® charterholder.

Daniel Eguche

Partner - Research Analyst

Daniel Eguche is a Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2017, Mr. Eguche was a Principal at The Compass Group (2012-2017) where he was responsible for managing a startup frontier markets-focused fund.

Prior to joining The Compass Group, Mr. Eguche was an Equity Research Associate at Susquehanna International Group (2010-2012) where his area of focus was the oilfield services sector. From 2009-2010, Mr. Eguche was a Private Equity Associate at EEA Fund Management where he helped manage a fund focused on renewable energy investments. He began his career as an Investment Banking Analyst at Credit Suisse where he worked in the Global Energy Group from 2006-2009.

Mr. Eguche is a CFA® charterholder.

Monali Jhaveri-Weeks

Partner - Research Analyst

Monali Jhaveri-Weeks is a Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2011, Ms. Jhaveri-Weeks was with McKinsey & Company as a Senior Associate (2009) and a Business Analyst (2005-2007).

While at McKinsey & Co., she focused on growth strategy and M&A initiatives on behalf of Indian, Brazilian and UK-based companies in the financial services, retail, and public sectors. Prior to McKinsey and Co., Ms. Jhaveri-Weeks was a Financial Analyst at Morgan Stanley in the Firm Strategy & Execution Group (2003-2005) where she evaluated M&A opportunities and developed strategic initiatives across the company’s business units.

Akhil Kapoor

Partner - ESG
Research Analyst

Akhil Kapoor is a Research Analyst – ESG at Sanders Capital, LLC.  Prior to joining Sanders Capital in 2021, Mr. Kapoor held various roles at AllianceBernstein: Research Analyst (2005-2008); Senior Research Analyst (2008-2020); and Senior Strategist – Climate Change, Responsible Investing (2020).

Prior to AllianceBernstein, Mr. Kapoor was a Sr. Director of Strategy & Business Development at Honeywell Corporation (2003-2005).

Before joining Honeywell Corporation, Mr. Kapoor was an Industry Expert – Resources and Industrials (2002-2003) at McKinsey and Co.  Mr. Kapoor began his career at BOC Gases in 1990, and in 2000, he co-founded an e-commerce company which focused on meeting the needs of mid-size corporations in the chemicals industry.

Debbie Lau

Partner - Research Analyst

Debbie Lau is a Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2011, Ms. Lau was with Chilton Investment Company where she was an Equity Research Analyst (2007-2011) focusing on long-short equity investments.

Prior to attending business school, Ms. Lau was a Credit Research Associate covering Financial Institutions with Fidelity Investments in the U.S. Fixed Income Division (2001-2003) and Fidelity International in Hong Kong (2003-2005).

Ms. Lau is a CFA® charterholder.

Edward Reynolds

Partner - Research Analyst

Edward Reynolds is a Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2017, Mr. Reynolds was a Summer Associate at both BlackRock and Cowen & Co. covering the global automotive and surface transportation sectors, respectively. Prior to that, Mr. Reynolds was an Associate at Citadel Execution Services (2009-2014).

Mr. Reynolds served as an officer in the U.S. Army from 2006-2009.

Steven Sanders

Partner - Research Analyst

Steven Sanders is a Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2009, Mr. Sanders was a Strategist & Transition Manager with Bank of America Merrill’s Global Wealth Management Division (2008-2009).

Prior to that, Mr. Sanders served as a Senior Specialist on Merrill Lynch’s Global Wealth Management Strategy & Business Development team (2006-2008) and on the Sell-Side Research Strategy team (2008) as an internal consultant and principal banker for the firm.

Jonny Wright

Partner - Research Analyst

Jonny Wright is a Research Analyst at Sanders Capital, LLC. Prior to joining Sanders Capital in 2016, Mr. Wright held a number of positions with Nomura Securities (2011–2016) before becoming a senior research analyst responsible for coverage of U.S. Multi-Industrials.

Prior to Nomura, Mr. Wright participated in Ernst & Young’s corporate finance graduate program in London (2008–2011) where he qualified as a Chartered Accountant.

Mr. Wright is a CFA® charterholder.

Frank M. Castellucci

Partner - Director of Operations and Head of Trading

Frank M. Castellucci is the Director of Operations and the Head of Trading at Sanders Capital, LLC. Prior to joining Sanders Capital in 2009, Mr. Castellucci was an Assistant Vice President of Client Reporting at AllianceBernstein L.P. (2008-2009).

Prior to that position Mr. Castellucci served as the Manager of High-Net-Worth Reporting (2007-2008), Manager of Global Reporting (2005-2008) and Global Reporting Analyst (2004-2005) for AllianceBernstein.

Kurt Wiesenmaier

Partner - Operations Manager

Kurt Wiesenmaier is the Compliance Officer at Sanders Capital, LLC. Prior to joining Sanders Capital in 2021, Mr. Wiesenmaier was a Real Estate Salesperson in Commercial & Residential Sales at Houlihan Lawrence Brokerage (2014 – 2021). Prior to this position, he was the Vice President of Client Sales & Operations at American Import Shippers Association (2010 – 2014).

Mr. Wiesenmaier began his career at AllianceBernstein L.P. in 2005. His roles included Administrative Officer, India Outsourcing Initiative (2009 – 2010); Manager of High-Net-Worth Reporting (2008 – 2009); Manager of Global Reporting (2006 – 2009), and Global Reporting Analyst (2005 – 2006).

Eric Hansen

Deputy Chief Compliance Officer

Eric Hansen is the Deputy Chief Compliance Officer at Sanders Capital, LLC.

Prior to joining Sanders Capital in 2022, Mr. Hansen was the Deputy Chief Compliance Officer for Intech Investment Management, LLC (“Intech”). Prior to that, Mr. Hansen held roles of increasing responsibility for Intech including Director, Risk & Compliance (2015 – 2021); Senior Compliance Manager (2010 – 2015) and Compliance Officer (2005 – 2010).

Mr. Hansen is a Certified Securities Compliance Professional (CSCP) and a Member of the National Society of Compliance Professionals.

Paul Carlson

Compliance Officer

Paul Carlson is the Compliance Officer at Sanders Capital, LLC. Prior to joining Sanders Capital in 2022, Paul was a Senior Investment Associate at Northern Trust (2014-2022). Prior to Northern Trust, he worked for J.P. Morgan Chase as an Operations Research Specialist (2012-2014). Paul started his career as an Equity Analyst & Portfolio Administrator for a small RIA that was based in central Florida (2011-2012).

Paul is a Member of the National Society of Compliance Professionals.

Christina M. Restivo

Partner - Office Manager & Executive Administrator to the CEO

Christina Restivo is the Office Manager and Executive Administrator to the CEO. Ms. Restivo has over 30 years of experience assisting C-Level executives in the finance and global investment industry.

Before joining Sanders Capital at its inception, she was an Assistant Vice President and the Executive Assistant to Lewis Sanders, Chairman & CEO, AllianceBernstein (2005 – 2008); Executive Assistant to Roger Hertog, President of Sanford C. Bernstein & Vice-Chairman, AllianceBernstein (1999 – 2005); and an Executive Assistant to Zalman Bernstein, Chairman & Founder of Sanford C. Bernstein (1990 -1999). Prior to that, Ms. Restivo worked at Exxon Corporation for many years culminating as Executive Office Administrator to the Corporate Secretary (1989-1990).

Kapa Benjamin

Partner - Executive Assistant - Client Relations

Kapa Benjamin is the Assistant Office Manager & Executive Assistant to Co-CIO/Research Director & Director of Marketing/Client Service.

Before joining Sanders Capital at its inception, she was the Assistant to John Mahedy, Co-CIO of U.S Value Equities, AllianceBernstein (2004 – 2009). Prior to that, Ms. Benjamin worked at Proskauer Rose LLP as a Human Resources Assistant (2000 – 2004).

Jenise Link

Executive Assistant

Jenise Link is an Executive Assistant at Sanders Capital. Ms. Link has over 20 years of experience supporting C-Level executives in the legal field and government industry.

Before joining Sanders Capital, she was an Information Technology Senior Manager supporting the CIO of Palm Beach County government (2018-2022); Senior Manager supporting the Director of Justice Services (2012-2018); and Senior Analyst supporting the Executive Director of the Palm Beach County Commission on Criminal Justice (2006- 2012 and 2001-2005).