Penserra Global Investors
The purest form of active investment management.
Penserra Global Investors is a diverse, employee- and minority-owned boutique investment manager specializing in bottom-up, concentrated international equity strategies — founded in 2021 within Penserra Financial Services, an institutional financial services firm established in 2007, with 65 employees across San Francisco, Newport Beach, Chicago, and New York.
We employ a high-conviction, change-oriented strategy that endeavors not only to maximize alpha, but to improve the consistency and repeatability of returns. Because conviction invites overconfidence, we embed accountability checks throughout the process — thinking that stays grounded.
pensar
To think
tierra
Earth, land
Thinkers by nature.
Grounded by design.
Good companies are not enough.
Companies that possess good investment characteristics do not necessarily generate positive returns or alpha. We focus instead on those for which we can identify a positive fundamental delta above market expectations.
Inflecting Growth
Change leads to misunderstanding, and misunderstanding is the prerequisite of alpha. We invest at fundamental inflection points, where market perception lags reality.
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Compounding Quality
We judge moats by their forward trajectory, not their track record. Managements that proactively reinvest convert today’s earnings beats into future ones. Most beats fade; reinvested ones compound.
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Positive Delta
Persistent beats become persistent alpha. Penserra’s 20-year empirical study, “Extracting Alpha from Persistent Earnings Deltas,” documents this pattern across the full market cycle.
Inflecting growth.
Compounding quality.
Positive delta.
The team behind the process.
Investment Team
Kati Gingold, CFA
Co-Chief Investment Officer · Portfolio Manager
Ms. Gingold has over 20 years of global equity research and portfolio management experience across the market-capitalization spectrum. Prior to joining Penserra in 2021, she was at Blue Zone Global Investors, where she developed a concentrated emerging-markets product focused on high-quality businesses with durable value-compounding potential. From 2013 to 2019 she was Managing Director of Emerging Markets Equity Research and Strategy at Cartica Management, an active owner of small- and mid-cap companies in emerging markets, and before that held Senior Analyst and Portfolio Manager roles at Artio Global Investors (formerly Julius Baer Investment Management) focused on international equities. She holds a B.Sc. in Economics and an M.Sc. in Business Administration from Corvinus University of Budapest, and is a CFA charterholder.
Daniel Kim, CFA
Co-Chief Investment Officer · Portfolio Manager
Mr. Kim has over 22 years of experience managing institutional capital across global equities. Prior to joining Penserra, he spent three years at Saturna Capital as Director of Research and Portfolio Manager of a Morningstar five-star rated mutual fund. From 2012 to 2023 he was founder, Chief Investment Officer, and Portfolio Manager of Blackcrane Capital, a global investment management firm, and from 2003 to 2012 he held Portfolio Manager and Director of Research roles at Mastholm Asset Management focused on international equities. He began his career at Samsung Electronics in Seoul. He holds a B.S. in Operations Research and Industrial Engineering and a Master’s in Financial Engineering from Cornell University, and is a CFA charterholder.
Shane Kim
Investment Analyst
Works across research, analytics, and portfolio monitoring, and helps operate the team’s proprietary research platforms, including the Information Screen that drives idea generation. Applies a software-engineering background to build AI-enabled tools that extend the depth and repeatability of the investment process. B.S. in Computer Science, UC Davis.
Amy Alba
Portfolio Analyst
Ms. Alba oversees portfolio trade execution for the firm’s international equity strategies and supports portfolio analytics, cash and position monitoring, and reporting. She brings more than six years of financial services and operations experience, having supported Penserra’s daily trading and portfolio operations since 2020, and previously worked in Client Service Delivery at BNY Mellon. B.S. in Finance and Economics, SUNY Oswego; FINRA Series 7 and Series 66.
Leadership
Jorge Madrigal
Chief Executive Officer
Mr. Madrigal has over 30 years of experience in financial services, including the last fifteen years leading strategy, business development, and recruiting at Penserra, where he was actively involved in launching the firm’s investment management business. He previously spent fourteen years at Barclays Global Investors (now part of BlackRock) as a senior portfolio manager and team leader, overseeing $300 billion in international developed and emerging markets portfolios, including iShares ETF products. He also founded The Penserra Foundation, which supports the well-being of children and young adults. M.B.A., Columbia Business School; M.B.A., Haas School of Business, UC Berkeley.
Lee Geiger
Chief Compliance Officer
Mr. Geiger is Chief Compliance Officer and Financial and Operations Principal at Penserra, where he leads regulatory oversight and operational integrity for the firm. With more than 16 years at Penserra and a multi-decade career on Wall Street, he pairs hands-on trading and sales experience with the rigor of a senior compliance executive, and holds one of the broadest FINRA credential sets in the industry, spanning trading supervision, financial and operations principal duties, municipal and options oversight, and general securities principal functions. M.B.A., Tuck School of Business at Dartmouth; B.A. in Economics, Claremont McKenna College.