Bailard Appoints Dave Harrison Smith, CFA, as CIO
Continuity and Growth Across Our Investment Team.
SAN FRANCISCO – July 1, 2025 – Bailard is pleased to announce that, as of today, Dave Harrison Smith, CFA, has been promoted to Chief Investment Officer. He succeeds Eric Leve, CFA, who held the role for more than a decade and will continue with the firm as a portfolio manager, fully focused on international markets.
Bailard remains firmly rooted in our core values—accountability, compassion, courage, excellence, fairness, and independence—while continually positioning the firm and our clients for what’s ahead. This leadership evolution reflects both continuity in our investment philosophy and a forward-looking vision for growth.
Dave joined Bailard in 2009 and most recently served as Executive Vice President of Domestic Equities. As CIO, he now oversees all investment strategies across the firm. Eric, who helped shape Bailard’s research efforts for more than three decades, will remain a key part of the investment team, focusing on the global markets he knows so well.
“Throughout Bailard’s 50-plus-year history, we’ve approached leadership transitions with a deep respect for our values and a focus on continuity,” said Sonya Mughal, CFA, Chief Executive Officer. “Today’s news is no different. Dave’s appointment is yet another example of our ability to grow strong talent from within and our commitment to thoughtful succession. He understands who we are and where we’re going.”
A deep bench of professionals—many with years of shared experience—continues to shape Bailard’s investment process. Dave’s appointment builds on that foundation, and reflects our commitment to steady leadership, clear thinking, and delivering meaningful outcomes.
“I’ve been honored to work alongside Dave for more than a decade,” said Leve. “He brings clarity and consistency to everything he does, and I look forward to watching him shape the CIO role. For me, it’s a great moment to return my focus to international equities, a long-time passion of mine. It’s a space that demands close attention and, as recent headlines remind us, remains full of potential and complexity.”
“It’s an honor to step into this role,” said Smith. “We’ve built a disciplined process and a team that’s deeply invested in doing the work. My focus is on carrying that forward by staying curious, thinking critically, and keeping our clients’ goals front and center.”
As of the end of the second quarter, Bailard surpassed $7 billion in assets under management—marking a new high for the firm and highlighting the continued momentum Dave referenced.
Our history has been shaped by principled leadership and the courage to do what’s right for our clients. We invite you to revisit our firm’s journey as we look ahead to this exciting new chapter: https://bailard.com/our-story/.
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About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions. The firm delivers comprehensive wealth management alongside institutional investment strategies across public and private markets.
Bailard’s wealth management offering includes personalized financial and wealth planning, investment portfolio management, and advanced strategies for special situations. Its asset management capabilities span domestic and international equities, fixed income, sustainable and responsible investing, private real estate, and customized solutions designed to meet a diverse range of client needs.
Headquartered in the San Francisco Bay Area, Bailard is a majority employee-owned, woman-led firm with $7.1 billion in assets under management as of June 30, 2025. A Certified B Corporation™ and a signatory to the UN Principles for Responsible Investing, Bailard is proudly independent—built to put clients first, with clear values, extensive experience, and a long-standing commitment to accountability.
Country Indices Flash Report – June 2025
Tariff negotiations intensified as the July 9th reciprocal tariff deadline nears, though the Trump administration signaled flexibility on the cutoff for countries negotiating in “good faith.” The U.S. and China secured a high-level framework that included a key rare earths deal and a tariff truce extension to August 11th. Meanwhile, the UK finalized a 10% tariff rate after a threatened 27.5%; talks are swiftly progressing with the EU. [Read more…]
Built on Trust - Guided by Values
After founding and leading Bersot Capital Management for nearly two decades, Mary Bersot, CFA, joined Bailard this spring with her long-standing clients and colleague Nicholas Risser. In this Q&A with Bailard CEO Sonya Mughal, CFA, Mary reflects on the decision, the values she’s carried throughout her career, and what this next chapter means for her and those she serves.
A PARTNERSHIP ROOTED IN SHARED VALUES
Sonya: When you were thinking about a possible partnership, what mattered most to you?
Mary: Culture came first. I wasn’t actively looking to make a change, but I recognized that clients need more support than ever: deeper planning, more resources, and a broader team. Bailard offered all of that, without asking me to make compromises. It’s an employee-owned firm where people have a vested interest in doing the right thing. This is a relationship business, and I believe a firm thrives when its clients do well. I felt that mindset from the beginning.
Sonya: You mentioned an early lunch as a turning point. Can you share more about that moment and what stayed with you?
Mary: When I met you and Joanne Howard for lunch in Tiburon, I was struck by how closely Bailard’s culture aligned with my own values. Joanne and I had worked together years ago at RCM (now part of Allianz Global Investors), and she had joined Bailard in 2021. Hearing about her experience—along with knowing other former RCM colleagues like Linda Beck and Chris Moshy were here—only deepened my sense that this could be the right fit.
Sonya: You’ve had such a remarkable career. What made this the right next chapter for you personally?
Mary: It’s funny, I don’t think of my career as remarkable. I started out in the late 1970s, when expectations for women were very different. I landed a job at a brokerage firm as a sales assistant. I couldn’t type, so I convinced them to let me take the broker’s exam instead. Over the years, I held senior roles, earned my CFA, and managed large institutional portfolios. What’s kept me going is the connection to clients and the meaning in the work. With Bailard, I can stay close to what I love.
Sonya: Something you said really stuck with me: that, at the end of the day, being a fiduciary means caring enough to find the right home for your clients. Can you share how that idea shaped your journey?
Mary: My clients trust me to put their needs first, and I take that seriously. That means listening, respecting their views, and never compromising that trust. I spent a year getting to know Bailard and came to believe I wouldn’t have to change how I serve clients here. If anything, I could offer more. People ask if I’m sad to leave my firm behind. I’m not. I’m taking it with me.
EXPANDING WHAT’S POSSIBLE FOR CLIENTS
Sonya: What challenges were you seeing in the wealth management landscape that made you think it was time for a change?
Mary: The landscape has changed. Between shifting tax laws, estate planning complexity, and the massive wealth transfer underway, I started to feel like the boutique model was reaching its limits. Clients need more than just good investment management. They need deep financial planning, estate support, thoughtful coordination, and the infrastructure to back it all up. I have that now, and I can stay focused on my clients.
Sonya: Some of your clients said, “We want you to keep doing what you do.” How have you been able to preserve that connection?
Mary: What I heard from clients was clear: they didn’t want a new experience, they wanted to keep the relationship we had. So that’s exactly what we’ve done. Nothing about how I show up for them has changed. If anything, Bailard has allowed me to do even more, while keeping the personal connection we hold so dear.
A CULTURE THAT ENCOURAGES PURPOSE
Sonya: You’ve been involved in nonprofit work for decades. What about Bailard’s culture resonated with you?
Mary: I’ve been on nonprofit boards since the early ’80s. One mentor told me, “Get Involved and stay tuned into others who are less fortunate than you.” That was the best advice I ever got. That mindset is lived out here, from the B Corp Certification® to the work of the Bailard Foundation. I felt immediately that this was a place where my community engagement would be embraced.
Sonya: I know you’re also part of the PCAOB Investor Advisory Group. Why is investor advocacy so important to you?
Mary: The 2008 financial crisis showed just how devastating it can be when corporate misconduct goes unchecked. We all saw people lose their life savings. In 2016, I joined the Investor Advisory Group of the Public Company Accounting Oversight Board (PCAOB), which was created under Sarbanes-Oxley to oversee auditors of public companies and protect investors. That mission runs deep for me. I’ve always believed in doing what’s right for clients, even when it’s not easy. And it’s something I found reflected in Bailard’s ethos too.
Sonya: What’s one thing people often misunderstand about being a financial advisor?
Mary: That it’s glamorous. People imagine client meetings on yachts or in mountain chalets. The reality? Most days it’s spreadsheets, long hours, and a lot of careful listening. I once told my son what I do, and he said, “Mom, you talk on the phone all day.” He wasn’t wrong. This job is about showing up again and again for your clients. That’s where the work, and the trust, really happens.
LOOKING AHEAD WITH CLIENTS, AND WITH CONFIDENCE
Sonya: What do you hope your clients say about you in five or ten years?
Mary: That I’m still here, still doing the work I love. I actually gave retirement a try before starting my firm—and quickly realized it wasn’t for me. I came back because this work brings me joy. I hope clients continue to see someone who cares deeply and who’s steady through both good times and hard ones. That’s always been my promise.
Sonya: What do you want your clients to know about what’s changed? And what hasn’t?
Mary: Trust me, I’m the same person you’ve always known. This change hasn’t taken anything away, it’s only added to what we can do together. I know change can be hard. But I chose this so I could keep showing up in the way my clients deserve, with more resources and a strong team beside me. This wasn’t about stepping back. It was about stepping forward with the right partner.
Sonya: As you look ahead, what are you most excited about?
Mary: Honestly, I’m excited for what this makes possible. I’ve joined a firm with incredible people—some of whom I’ve known since my earliest days in the industry—and that’s energizing. But most of all, I’m looking forward to continuing the relationships I’ve built over the years and helping clients meet whatever comes next with confidence. That’s why I’m here.
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About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions. The firm delivers comprehensive wealth management alongside institutional investment strategies across public and private markets. Bailard’s wealth management offering includes personalized financial and wealth planning, investment portfolio management, and advanced strategies for special situations. Its asset management capabilities span domestic and international equities, fixed income, sustainable and responsible investing, private real estate, and customized solutions designed to meet a diverse range of client needs. Headquartered in the San Francisco Bay Area, Bailard is a majority employee-owned, woman-led firm with $6.5 billion in assets under management as of March 31, 2025. A Certified B Corporation™ and a signatory to the UN Principles for Responsible Investing, Bailard is proudly independent—built to put clients first, with clear values, extensive experience, and a long-standing commitment to accountability.
There is no guarantee Bailard or any of its strategies will achieve performance or investment objectives. Past performance is no indication of future results. All investments have the risk of loss. All investments have the risk of loss. Neither Bailard nor any employee of Bailard can give tax or legal advice. Please consult your tax or legal professional for such advice.
Country Indices Flash Report – May 2025
The UK and EU reached a new agreement to ease trade restrictions and boost cooperation on security and energy, marking a significant step towards improved relations since Brexit. [See more…]
Bailard Named San Francisco Chronicle Top Workplace
Independent by design. Empowered by culture.
SAN FRANCISCO – May 12, 2025 – Bailard, an independent wealth and asset management firm, has once again been recognized as one of the San Francisco Chronicle’s Top Workplaces in the Greater Bay Area. Ranked first in the small company category (35-149 employees), this marks Bailard’s second consecutive year on the list—based entirely on employee feedback.
At a time when many financial firms are consolidating, Bailard’s independence continues to set it apart. The firm combines the scale to serve a broad range of clients with the agility and personal touch of a closely connected team. That independence also fuels a workplace culture where employees feel heard, make a difference, and are energized by the work they do.
“Our independence has always been a defining trait of Bailard,” said Sonya Mughal, CFA, CEO of Bailard. “It allows us to be nimble, personal, and direct—whether we’re serving clients or supporting each other as colleagues. We don’t have layers of red tape. We have passion, accountability, and the freedom to do what’s right.”
The award is based on confidential survey results gathered by research partner Energage LLC, which measures key drivers of engaged workplace cultures—such as feeling respected, supported, and empowered.
Rooted in its core values of accountability, compassion, courage, excellence, fairness, and independence, Bailard fosters an environment where employees can bring their best thinking to clients and colleagues alike. With this latest recognition, the firm reinforces its position as a rare combination in financial services: an enduring independent firm with a vibrant, values-led culture.
To learn more about opportunities at Bailard, visit https://bailard.com/careers/.
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About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions. The firm delivers comprehensive wealth management alongside institutional investment strategies across public and private markets.
Bailard’s wealth management offering includes personalized financial and wealth planning, investment portfolio management, and advanced strategies for special situations. Its asset management capabilities span domestic and international equities, fixed income, sustainable and responsible investing, private real estate, and customized solutions designed to meet a diverse range of client needs.
Headquartered in the San Francisco Bay Area, Bailard is a majority employee-owned, woman-led firm with $6.5 billion in assets under management as of March 31, 2025. A Certified B Corporation™ and a signatory to the UN Principles for Responsible Investing, Bailard is proudly independent—built to put clients first, with clear values, extensive experience, and a long-standing commitment to accountability.
About the San Francisco Chronicle Bay Area Top Workplaces
The San Francisco Chronicle Bay Area Top Workplaces is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC. The 2025 Top Workplaces award was released in May 2025, with responses 103 companies recognized across small, midsize, and large categories. Bailard ranked #1 out of 57 participants in the small company category (fewer than 149 employees). The 2024 Top Workplaces award was released in August 2024, with 117 companies recognized. Bailard ranked #2 out of 65 small companies. These awards and recognitions do not evaluate the quality of services provided to clients and are not indicative of Bailard’s future performance. There were no fees to enter. There is no guarantee Bailard or any of its strategies will achieve performance or investment objectives. Past performance is no indication of future results. All investments have the risk of loss.
Country Indices Flash Report – April 2025
U.S. policy and global equities swung wildly during the month as ‘Liberation Day’ was followed by a 90-day pause in many tariffs and the administration’s harsh tone toward Fed Chair Jerome Powell softened. These America-centered policy shocks led to broad dollar weakness: the euro and pound reached three-year highs. EAFE had declined more than 10% before fully recovering, ending April in positive territory.
Quarterly International Equity Strategy Q1 2025
Non-US assets found renewed vigor to begin 2025, in sharp contrast to late 2024. Echoing the first Trump administration eight years ago, U.S. policy uncertainty weighed on the dollar and U.S. equities, while stimulus and reform improved sentiment elsewhere (the Eurozone in particular). The resulting spread of MSCI EAFE over MSCI USA was the widest first-quarter return differential since 1986. While reduced policy visibility may dampen real investment and activity across many countries and industries in the short-term, we believe recent volatility may provoke broader re-examination of allocation to non-US equities, and a constructive starting point for longer-term performance.
Quarterly Technology Equity Strategy Q1 2025
The Bailard Technology Strategy posted a 1Q25 total return of -9.35% net of fees—ahead of both the benchmark index (S&P North American Technology Index) and the competitor-comprised benchmarks. The Morningstar U.S. Open End Technology Category returned -9.98% and the Lipper Science and Technology Fund Index returned -10.88%, while the S&P North American Technology Index returned -11.43%. Over longer time periods of 3, 5, and 10 years, the Strategy’s net returns continued to lead the competitor’s peer benchmarks—quite substantially, as seen in the table to the right.
Despite market volatility in Q1, we have not significantly altered our positioning. Our view is that nothing is broken in tech, and we remain convicted in our investment process. With prices and valuation changing dramatically, we expect to optimize our positioning by bolstering or adding high-quality companies trading at attractive discounts to long-term value. We anticipate stabilization in industry fundamentals and fiscal policy in the latter part of this year.
Quarterly Small Value Strategy Q1 2025
Policy uncertainty, mixed economic and inflation numbers, and a declining stock market prompted investors to opt for the perceived safety of large cap stocks in the first quarter. Though trade wars disproportionally hurt larger cap stocks due to their much greater international exposure, and the new administration’s proposed deregulatory initiatives relatively help smaller companies, fear of recession eclipsed any other rational analysis during the period. As a result, small cap stocks now appear to be discounting a severe recession based upon price declines, while large cap stocks are barely discounting a mild one.
What Matters Most Hasn’t Changed
Editor’s Note: We’re proud to share this piece from Dave, who took the reins as Bailard’s Chief Investment Officer (CIO) on July 1, succeeding Eric Leve, CFA. With clear-eyed perspective and deep respect for what endures, he reflects on what this role means to him and how he plans to build on the firm’s strong foundation.
When I joined Bailard in 2009 as a Client Associate, I didn’t fully know what path I was setting out on. But I knew I had landed somewhere special. The role gave me a front-row seat at the intersection of research and relationships. I wasn’t just learning how the investment market works, I was learning how to make it work for real people. I was immediately drawn to Bailard’s entrepreneurial spirit and culture of shared ideas.
Over time, I gravitated toward technology investing. The pace of change and complexity captivated me, and I enjoyed the intellectual challenge of separating hype from substance. I’ve spent most of the last decade immersed in tech: first as an analyst, then a co-portfolio manager, and ultimately leading our tech strategies.
In 2021, I was promoted to Executive Vice President and began working more closely with Eric Leve, our longtime CIO. That shift didn’t take me away from research, which I still love. Instead, it gave me a broader view of our investment platform. Eric’s mentorship during this time was invaluable. As I move into the CIO role, I do so with deep appreciation for Bailard’s enduring approach and a clear understanding of what remains essential to our philosophy.
Eric has dedicated 38 years to Bailard, helping shape how we invest and playing a meaningful role in many careers. While he’s stepping back from firmwide leadership, he continues to co-manage our international portfolios. It’s a well-earned change in his career, one that reflects not just personal longevity, but the strength and depth of the firm. As our CEO, Sonya Mughal, has shared, “Careers like Eric’s don’t happen by chance. They reflect the kind of culture we’ve built at Bailard, one rooted in shared purpose where people grow and stay for all the right reasons.” Many colleagues have dedicated their professional lives here, serving clients across decades and market cycles. That kind of continuity matters.
Transitions like this are meaningful, but they don’t require a shift in philosophy. Bailard has long invested with patience, rigor, and purpose—and that won’t change. We’ll still rely on deep research and shared insight, guided by the trust clients place in us. We’ll be opportunistic when it makes sense and patient when it doesn’t.
In this new role, I bring energy and focus, with a commitment to exploring new ideas, embracing innovation, and helping ensure client portfolios are positioned for both today and tomorrow. We have a strong team in place. My job is to support them, challenge them, and help them thrive.
Peter Hill, who served as both CIO and later CEO of Bailard, was known for saying, “Always hire someone smarter than yourself.” It’s a philosophy I’ve carried with me, and one that feels especially true when I look around the table. Working with such capable and focused colleagues raises the standard in the best possible way. It’s what keeps this job both humbling and rewarding.
This transition isn’t about change for its own sake. It’s about building steadily on what works, with both continuity and care, all in the same spirit that has long defined our work. I’m grateful for the foundation that’s been laid, and for the chance to carry forward what matters most.
Thank you for your continued trust in Bailard. I’m honored to serve you in this role.