Bailard Named a Top Bay Area Corporate Philanthropist
Continuing an upward climb on the San Francisco Business Times list, reflecting a values-driven culture of giving.
SAN FRANCISCO – August 7, 2025 – Bailard is honored to be named one of the Top 100 Corporate Philanthropists in the Bay Area by the San Francisco Business Times—marking the firm’s fifth consecutive year on the list. Bailard climbed to #65 for 2025, continuing its upward trajectory from #89 in its first appearance in 2021 and joining a distinguished group of honorees including Salesforce, Google, the San Francisco 49ers, and Levi Strauss.
The Corporate Philanthropy Awards shine a spotlight on Bay Area companies that demonstrate a strong commitment to the community through charitable giving and volunteerism. For Bailard, this recognition reflects the firm’s deep-rooted values and the role philanthropy plays in its culture, from the board room to everyday employee life.
“Being named to the Philanthropists’ list for five years running is a meaningful marker of who we are,” said Sonya Mughal, CFA, Chief Executive Officer of Bailard. “It’s about more than generosity. This kind of recognition speaks to consistency, intention, and a culture rooted in values. What stands out most to me is how this team continues to live those values through their actions, year after year.”
Bailard employees regularly roll up their sleeves for volunteer efforts, from building playhouses and renovating homes with Habitat for Humanity to mentoring students in financial literacy. These hands-on moments bring the firm’s values to life and connect employees with the communities they serve. Bailard is also grateful to the 360 nonprofit organizations it has supported since the Bailard Foundation’s inception in 2019. Their work inspires continued commitment and deepens the firm’s sense of purpose.
Bailard’s impact is made possible through the combined efforts of Bailard, Inc. and the Bailard Foundation, which focuses on three core areas: affordable housing, homelessness and poverty, and financial literacy. Since its founding in 2019, the Foundation has granted more than $1.25 million, with over 90% benefiting local Bay Area nonprofits. In addition to grants, the Foundation supports employee giving through a matching program and coordinates volunteer events that continue to bring the team together in service.
A group of Bailard employees and Foundation Board members attended the SFBT Corporate Philanthropy Summit last week to celebrate alongside peers and partner organizations. For the team, it was a chance to see Bailard’s values in action and feel part of something bigger than any one firm or initiative.
To learn more about the Bailard Foundation, visit https://bailard.com/bailard-foundation/.
About the San Francisco Business Times’ Top Corporate Philanthropists in the Bay Area
This achievement does not evaluate the quality of services provided to clients and is not indicative of Bailard’s future performance. The San Francisco Business Times’ Top Corporate Philanthropists in the Bay Area is an annual award, given in July of each year. SFBT recognizes the top 100 for-profit companies and nonprofit healthcare institutions based on the year’s cash donations to charitable organizations across the Greater Bay Area, including the counties of Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma. Bailard ranked #65 in 2025, #71 in 2024, #79 in 2023; #82 in 2022; and #89 in 2021. There was no fee to enter. Please visit the SFBT for more information: https://www.bizjournals.com/sanfrancisco/subscriber-only/2025/08/01/the-top-corporate-philanthropists-in-the-bay-area.html. Past performance is no indication of future results. All investments have the risk of loss.
About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions with comprehensive wealth management and investment strategies across public and private markets. Headquartered in the San Francisco Bay Area, the woman-led, majority employee-owned firm manages over $7 billion in assets as of June 30, 2025. A Certified B Corporation™ and signatory to the UN Principles for Responsible Investing, Bailard combines deep expertise with a long-standing commitment to putting clients first.
Country Indices Flash Report – July 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…]
Quarterly International Equity Strategy Q2 2025
Non-U.S. equities built on a strong first quarter with continued gains in the second, albeit with significant short-term swings along the way. Trade and political uncertainties continued to weigh on the U.S. dollar, providing a boost for firms’ revenues and profits outside American borders. Similar concerns are likely to weigh on economic growth, causing convergence in GDP expectations for 2025 between the U.S. and other developed markets. By contrast, several themes have seen expectations increase year-to-date, including defense, financials, and infrastructure. These and other diverse potential catalysts support our belief that the events and strong performance of the year-to-date can be the start of a favorable long-run cycle.
Quarterly Technology Equity Strategy Q2 2025
The Bailard Technology Strategy posted a 2Q25 total return of 22.98% net of fee—slightly below the category benchmark, the S&P North American Technology Index, which returned 23.38%—but ahead of competitor benchmarks, i.e. the Morningstar U.S. Open End Technology Category, which returned 22.66% and the Lipper Science and Technology Fund Index, which returned 22.48%. Year to date, the Strategy led the NA Tech Index, Morningstar US OE Tech Category, and the Lipper Sci & Tech Index by 2.21%, 1.07%, and 2.33%, respectively. As of June 30, 2025, the Strategy’s net returns over the 3-, 5-, and 10-year periods exceeded the returns of the competitor peer benchmarks.
Quarterly Small Value Strategy Q2 2025
Investors shrugged off initial trade war panic, and risk-on sentiment dominated thereafter. Both growth stocks and low-quality “junk” stocks benefited. Barring a recession, small cap stocks are positioned to relatively benefit from tariff policy, deregulation, and interest rate cuts. Valuation differences between small caps and large caps make the relative benefits even more compelling.
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…]
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.