Todd D. Nunnelley

Mr. Nunnelley, CFA, is the Senior Managing Director of the General Partner and leads the Value Fund investment team. Since 1999, he has held several positions within HMC, including Director of Risk Management for the Firm’s hedge fund assets from 2003 to 2007. In this role, he led the risk management effort for numerous investment strategies including distressed securities, convertible arbitrage, and merger arbitrage/event driven, among others. Additionally, from November 2005 to March 2007 Mr. Nunnelley managed an investment portfolio employing a strategy consistent with the strategy employed by the Value Fund. From 1999 to 2003, Mr. Nunnelley held positions which were focused on analyzing and managing investments in value-oriented strategies. From 1997 to 1999, Mr. Nunnelley worked as a Corporate Finance Analyst at The Robinson-Humphrey Company. Mr. Nunnelley holds a Bachelor of Science degree in Commerce & Business Administration from The University of Alabama.

A. Daniel Thomasson

Mr. Thomasson, CFA, is the Director of Investments for the Value Fund investment team and has been with HMC since April 2007. From 2002 to 2007 Mr. Thomasson was a Research Analyst with AmSouth Asset Management where he was a part of the value research team. While at AmSouth he had primary responsibility for researching the industrial, energy, materials and technology sectors. From 1998 to 2000 Mr. Thomasson was an associate analyst on the aerospace and defense research team at Prudential Securities. In that role he built financial models and wrote research reports on companies under coverage. From 1996 to 1998 Mr. Thomasson was a research assistant on the wireless telecom services research team at Prudential Securities. Mr. Thomasson is a CFA charter holder and holds a Bachelor of Arts degree in Economics from Duke University and a Master of Business Administration degree from the University of North Carolina at Chapel Hill.

Zachary P. Turnage

Mr. Turnage, CFA is a Director of Investments for the Value Fund’s investment team. Prior to joining HMC in October of 2007, Mr. Turnage was Portfolio Manager & Equity Analyst for the Retirement Systems of Alabama. In this role, he co-managed the RSA Small Cap Active Portfolio and held research responsibilities for numerous sectors. From 2003 to 2005 Mr. Turnage was employed with Westwood Holdings Group, where he held the position of Assistant Vice President, served on the Small Cap Value portfolio management team, and worked as an analyst supporting all of the Westwood Equity Portfolios. Prior to Westwood, Mr. Turnage held various positions with AmSouth Asset Management Company including Portfolio Manager for the AmSouth Value Opportunity Portfolio and as an equity analyst for the Value Team. Mr. Turnage was designated a CFA in 2001 and holds a Master of Business Administration degree in Finance from Auburn University Montgomery. He also has a Bachelor of Science degree in Business Administration from Samford University. Mr. Turnage is a former President of the CFA Society of Alabama and currently serves on its Board of Directors.