Our quantitative portfolio managers combine the power of institutional investing strategies–such as leverage and shorting techniques, absolute return and hedge fund replication strategies–with the transparency and liquidity of a mutual fund structure to help investors complement their traditional portfolio holdings.
Michael P. Byrum, CFA
 Chief Investment Officer, Quantitative Strategies
Mike, who has been with Rydex|SGI since 1993, was part of the original Rydex investment team and was the inaugural manager of many of the Rydex products, including the Rydex sector fund lineup. Today, he continues to play an instrumental role in product development and investment strategy at Rydex|SGI and oversees the trading, research and portfolio-management activities of the firm’s quantitative strategies team, which focuses on target beta, alternative, opportunistic and asset allocation strategies. Mike is the chairman of the Investment Strategy Committee and the Risk Management Committee. He is also a member of the firm’s Credit Review Committee. Prior to joining Rydex|SGI, Mike served in a brokerage capacity with Money Management Associates, the registered investment advisor to Rushmore Funds Inc. Mike earned his bachelor’s degree in finance from the Miami University of Ohio. He has earned the right to use the Chartered Financial Analyst® (CFA) designation and is a member of the CFA Institute and the CFA Society of Washington. Mike has been quoted extensively in the business press and has made numerous appearances on CNBC. He was the senior contributor to the NASDAQ-100 Investor’s Guide 2001-2002 and NASDAQ-100 Investor’s Guide 2002-2003.
Heiko Ebens, Ph.D.
 Director of Research
As director of research, Heiko Ebens leads the team’s research efforts with a focus on developing investment strategies in the areas of alternative investments and asset allocation. Heiko has joined Rydex|SGI with more than 10 years of experience in leading research teams, developing and distributing investment strategies. Most recently, he served as global head of research at Capstone Holdings Group, where he was responsible for the firm’s research framework and client solutions. He was also managing director and head of global equity derivatives research at Merrill Lynch, where he built the firm’s research— driven structured product platform, with products ranging from alternative investments to broad-based asset allocation solutions. He also spent two years as an analyst with Morgan Stanley. While at Merril Lynch, Heiko and his team were consistently recognized for their structured product and flow research in the Pan-European Thompson— Extel Poll and Institutional Investor Sell-Side Surveys in the Americas and Pacific Rim. His hedge fund replication work is highlighted in the Merrill Lynch 2007 European Structured Funds House of the Year award. His academic work is recognized for advances in forecasting risk and asset allocation and is published in the Journal of Financial Econometrics and the Journal of Alternative Investments. Heiko holds a Ph.D. in economics from Johns Hopkins University. He holds FINRA series 7, 24 and 63 licenses.
Matthew Wu, Ph.D., CFA
 Portfolio Manager
Matthew joined Rydex|SGI in July 2001. His work has covered a wide research area, from stock selection to hedge fund replication. Currently, he is focused on researching strategic and tactical asset allocation strategies as well as managing the asset allocation funds: the Rydex|SGI All-Asset Funds and Rydex|SGI Alternative Strategies Allocation Fund. Before joining Rydex|SGI, Matthew was vice president and senior quantitative analyst at Putnam Investments. He was also an economic assistant at the U.S. Consulate General in Shanghai. Matthew holds a bachelor’s degree and a master’s degree in management science from Fudan University in Shanghai and a Ph.D. in economics from Boston University and has also earned the right to use the Chartered Financial Analyst® designation. He has presented research about market liquidity and predictability at national academic conferences and has also been quoted in The Chicago Tribune, Dow Jones Newswire, The Newark (N.J.) Star Ledger, USA Today, the Dallas Morning News, Financial Planning, Institutional Investor, On Wall Street and Risk magazine.
Mike Dellapa, CFA, CAIA
 Portfolio Manager
Mike joined Rydex|SGI in 2000. Mike oversees the development and execution of investment strategies for new and existing alternative investment products, including Rydex|SGI Multi-Hedge Strategies and U.S. Long Short Momentum funds. Prior to his current position, Mike was director of research and research analyst. He is a member of the firm’s Investment Leadership Team and Investment Strategy Committee. Before joining Rydex|SGI, Mike worked as an equity research analyst at Invista Capital Management, where he researched new investment opportunities for the firm. Previously, he was owner/consultant of Dellapa Consulting Inc., as well as a senior consultant with Andersen Consulting. Mike has a bachelor’s degree in mechanical engineering from the University of Maryland, an MBA from the University of Chicago and has earned the right to use the Chartered Financial Analyst® and Chartered Alternative Investment Analyst (CAIA) designations.
Ryan Harder, CFA
 Portfolio Manager
Ryan joined Rydex|SGI in 2004 as an assistant portfolio manager. He was promoted to portfolio manager in 2005. In his current role of senior portfolio manager, he leads the team of portfolio managers and analysts responsible for managing the firm’s leveraged and inverse funds, as well as managing various alternative funds. He sits on Rydex|SGI’s Credit Review Committee and is a member of the Investment Leadership Team. Before joining Rydex|SGI, Ryan served as an equity research analyst and assistant portfolio manager handling international equities at WestLB Asset Management. Ryan started his career in risk management with CIBC World Markets in 1998. He earned a bachelor’s degree in economics from Brock University and master’s in international securities, investment and banking from the ICMA Centre at the University of Reading, UK. Ryan is a member of the Dallas Society of Financial Analysts and has earned the right to use the Chartered Financial Analyst® designation.
Ann Ruff
 Fixed Income Portfolio Manager
Anne joined Rydex|SGI in 1996 as the portfolio manager for Rydex|SGI U.S. Government Money Market Fund. She currently also manages the Inverse Government Long Bond Fund, the Government Long Bond Advantage Fund and their variable trust fund counterparts. Anne established the securities lending program at Rydex|SGI and is responsible for daily cash investment. As chair of the Credit Review Committee, she oversees counterparty credit analysis. She is also a member of the Washington Association of Money Managers. Prior to joining Rydex|SGI, Anne served as assistant vice president and portfolio manager of a $2.5 billion fixed-income portfolio for the United Services Life Insurance Co. Her areas of expertise include money market instruments, U.S. Treasury and agency bonds, corporate bonds, collateralized mortgage obligations and mortgage-backed and asset-backed securities. Anne has nearly 30 years of experience in the financial services industry. She holds a bachelor’s degree in economics and French from Marygrove College in Michigan. Anne frequently speaks to the financial press on the bond markets and fixed-income funds. She has been quoted in SmartMoney, Forbes, Investment Advisor and Bloomberg News.
Larry Shank, CFA, CAIA
 Portfolio Manager
Larry first joined Rydex|SGI in 2001. As portfolio manager, he is responsible for researching, developing and managing strategies used in the Rydex|SGI Multi-Hedge Strategies and U.S. Long Short Momentum funds. Prior to his current position, he was a research analyst responsible for performing quantitative research on multiple asset classes. Larry graduated summa cum laude with a bachelor’s degree in finance from the Massachusetts College of Liberal Arts, and holds a master’s degree in business administration from the Tepper School of Business, Carnegie Mellon University. He has earned the right to use the Chartered Financial Analyst (CFA)® and Chartered Alternative Investment Analyst (CAIA) designations. He is a member of the CFA Society of Washington.
James R. King, CFA
 Portfolio Manager
Jim rejoined Rydex|SGI in 2011 as a portfolio manager responsible for managing ETFs after having worked as a consultant for three years. He was with the firm from 1996 to 2008, in roles ranging from shareholder services representative to portfolio manager to director of portfolio management. Jim holds a bachelor’s degree in finance from the University of Maryland. He has also earned the right to use the Chartered Financial Analyst® designation. Jim has been quoted in publications such as The Wall Street Journal, Reuters and BusinessWeek. He has also been a speaker at industry events, discussing ETFs, stock baskets and trader-friendly mutual funds.
Richard P. Toole
 Senior Equity Trader
Rich has more than 15 years of experience trading securities in the financial markets, including nine years with Rydex|SGI. As the senior equity trader on the Rydex|SGI desk, he oversees all equity trading activity and equity index replication. Prior to this role, Rich was an equity trader with Rydex Global Advisors. He is a member of the firm’s Investment Leadership Team. Prior to joining the firm, Rich was a member of a wealth management team with the Private Banking and Investment Group at Merrill Lynch, where he was responsible for developing asset allocation and tactical investment strategies. Rich began his career with Credit Suisse in its foreign exchange derivatives group in New York. Rich holds a bachelor’s degree in finance from the University of Delaware and holds FINRA series 7 and 55 licenses.
Thomas M. Matteini
 Senior Derivatives Trader
Tom has more than 12 years of experience trading securities and derivatives in the financial markets. He joined Rydex|SGI in 2003 as a derivatives trader and was promoted in July 2007 to senior derivatives trader. In this role, Tom is responsible for helping to manage the execution strategies for more than 70 of the firm’s funds, including its alternative, index and hedge fund product lines. Tom has extensive experience in trading stocks, futures, options, swaps, ETFs and structured notes. He works closely with portfolio managers to manage risk, minimize market impact and generate alpha for the firm’s index, commodity, currency and fixed-income funds. Prior to joining the Rydex|SGI team, Tom spent five years at TJM Institutional Services in Chicago in charge of day-to-day operations of the off-the-floor futures desk before becoming a trader specializing in interest-rate futures and fixed-income securities. During his tenure at TJM, Tom helped manage and execute trades for several multi-million dollar hedge funds. He began his career as an editor with Forbes Custom Publishing. Tom has a bachelor’s degree in psychology from Loyola College. He currently holds series 7 and 55 licenses.
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