The Founder’s Perspective

Dear Clients, Colleagues and Partners,

At Pugh Capital, we have always believed in thinking long term, building strategy, and executing with discipline. Like interest compounding, consistent and measured effort grows more powerful over time. We also believe in sharing our vision and strategy openly with clients, partners, and employees and we benefited from collaboration, shared ownership, and collective wisdom. After 35 years of building, leading, learning, and serving as CEO of Pugh Capital, my official retirement date of June 30, 2026, has arrived. I am writing with deep gratitude for the remarkable journey we have shared.

Dr. Laurie Santos, a Yale professor, teaches Psychology and the Good Life, the most popular class in the University’s history. During my recent 45th reunion weekend, she highlighted that life’s most meaningful returns come not only from achievement, but from gratitude, connection, purpose, generosity, and using our strengths in service of something larger than ourselves.

When Scott Greiwe and I started Pugh Capital in 1991, our vision was to create a diverse investment management firm that clients would trust and invest with, and employees would experience as a place of purpose, excellence, and belonging. We could not have known then how closely that vision would reflect the very elements Dr. Santos identifies as central to a happy and fulfilling life.

I am especially grateful to our clients, past and present, for your support, your belief in our vision, and the opportunity to help bring it to life. I now appreciate more fully the courage it took for early clients to hire us when we were a startup with limited assets under management. We began with one $5 million account from the pension plan of our prior employer. That first account gave us our start; our clients and champions helped make us endure.

Today, Pugh Capital manages more than $13 billion in assets on behalf of our clients. I am especially proud that over $4.5 billion came from existing clients who chose to deepen their relationship with us through additional contributions. I have always viewed that trust as one of the clearest signs that we were doing the work the right way.

Over time, we built more than a business; we built a culture. It is reflected in a talented team that leads with passion, ownership, integrity, service, excellence, and diversity. It translates to low turnover and highly productive and engaged employees who display curiosity and care that shape how we work together and serve our clients.

As I retire, I do so with confidence, gratitude, and pride. Earlier this year, I passed the leadership baton to Deanna Hobson as Chief Executive Officer. She brings the judgment, strategic vision, leadership, and values to guide Pugh Capital forward. Deanna is supported by a deep bench of Pugh Capital leaders and professionals. Our next generation is ready to lead with passion and purpose, elevating collective talent into collective achievement.

To our clients, employees, and partners, thank you for your trust, commitment, generosity, and belief in our mission. You helped build not only a firm, but a community.

These 35 years have been a joyful and intellectually stimulating journey. As I step into retirement, I carry forward gratitude for what has been given, connection to the people who made it possible, purpose in the impact we created, and confidence that Pugh Capital’s future is in strong hands.

With heartfelt appreciation,