Nuveen Multi-Strategy Income and Growth Fund 2 (NYSE: JQC)
Quarterly Market Commentary | Glossary
FUND MANAGER
An independently managed wholly owned subsidiary of Principal Global Investors, LLC, founded in 1987 is one of the country’s leading managers of preferred securities. Spectrum specializes in the management of diversified preferred security portfolios for institutional investors. Currently, Spectrum is sub-advisor to the preferred securities component of several Nuveen Closed-End Funds. Spectrum Asset Management is led by two principals with a combined 50 years of preferred securities experience. The investment team averages more than 15 years each in the preferred securities market. Spectrum used a value-oriented management style, which emphasized rigorous research to identify appropriate companies, sectors and market opportunities.
Founded in 1994 by a team of industry veterans known for their pioneering work in quantitative analysis, Symphony Asset Management LLC is an institutional market leader in alternative and traditional investment strategies. Fundamental to Symphony’s investment philosophy is the concept that both quantitative and qualitative methods have value. The ability to blend these values into a unified, risk-controlled investment process is a skill that sets Symphony apart as an institutional money manager. Prior to implementation, each of our strategies has been thoroughly tested in one of the industry’s most sophisticated research environments. The resulting process is intellectually robust and independent of any one person’s influence or abilities.
Value and Global/International Investment Expertise
Tradewinds seeks to provide superior risk-adjusted returns through an analyst-driven, value-oriented process. Portfolio managers look for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals,renewed management focus, industry consolidation or company restructuring.
Adhere to value philosophy.
Capitalize on short-term market inefficiencies - fear, greed and misperceptions.
MANAGER BIOS
  Gunther Stein
Mr. Stein, Chief Investment Officer, is responsible for Symphony's fixed-income and equity investments. Mr. Stein joined Symphony in 1999. He has over 20 years of investment and research experience and is actively involved with the management of the firm's fixed income products. Prior to joining Symphony, Mr. Stein spent six years at Wells Fargo where he was most recently a High-Yield Portfolio Manager and previously an Associate in the firm's Loan Syndications & Leveraged Finance Group. Before joining Wells Fargo, Mr. Stein worked for First Interstate Bank as a Eurocurrency deposit trader. He also worked for Standard Chartered Bank in Mexico City and Citibank Investment Bank in London. Mr. Stein received an MBA from the University of Texas at Austin and a BA in economics from the University of California, Berkeley.
  David Iben
Prior to joining NWQ in 2000, and forming the affiliate Tradewinds, Mr. Iben was lead Portfolio Manager, CEO, and a founding member of Palladian Capital Management. Before launching Palladian, he worked at Cramblit & Carney, Inc. managing large institutional accounts. Formerly, he was acting CIO at the Farmers Group, responsible for $16 billion of investable assets before his departure in 1996. During his fourteen years at Farmers Group, Mr. Iben analyzed fixed income and equity securities and managed various insurance and ERISA portfolios.
  David Wang
David Wang - Director of Equity Securities at Symphony. David's responsibilities also include design, research and implementation of Symphony's long-only equity strategies. David joined Symphony in 1994 from BARRA, Inc., where he was a member of the Active Strategies Group. At BARRA, he was responsible for investment strategy research, portfolio construction and rebalancing of several domestic and global equity funds. David received his MBA from the University of Illinois at Urbana-Champaign and holds a BS degree in Chemical Engineering from Tamkang University in Taipei.
  Eric Olson
Eric C. Olson, CFA - As Director of International Equity Strategies Eric is responsible for coordinating portfolio management, trading and research for Symphonys international strategies. Eric is lead portfolio manager of the Symphony international long-only and market neutral strategies. When he joined Symphony in 1998, Eric was responsible for research and development of domestic and international quantitative strategies. Prior to joining Symphony, he was a member of the Active Strategies Group at Barclays Global Investors working on domestic and international quantitative stock selection operations. Eric has over 19 years of analysis experience in finance and science. He received his BS in Mathematics and Physics from St. Lawrence University, New York. He has received the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco.
  Bernard M. Sussman
Mr. Sussman is Chief Investment Officer, Chairman of Spectrum's Investment Committee, and is involved in business development. Prior to joining Spectrum in 1995, Mr. Sussman was with Goldman Sachs & Co. for nearly 18 years. A General Partner and head of the Preferred Stock Department, he was in charge of sales, trading and underwriting for all preferred products and was instrumental in the development of the hybrid market. He was a Limited Partner at Goldman Sachs from December 1994 through November 1996. BS Industrial Relations and MBA Finance, Cornell University.
  L. Phillip Jacoby
Managing Director and Senior Portfolio Manager. Mr. Jacoby joined Spectrum in 1995 as Portfolio Manager. Previously, Mr. Jacoby was a Senior Investment Officer at USL Capital Corporation (a subsidiary of Ford Motor Corporation) and was a co-manager of a the preferred stock portfolio of its US Corporate Financing Division for six years. Mr. Jacoby began his career in 1981 with The Northern Trust Company, Chicago and then moved to Los Angeles to join E.F. Hutton & Co. as a Vice President and Institutional Salesman, Generalist Fixed Income Sales through most of the 1980s. BSBA (Finance), Boston University School of Management.
  Mark A. Lieb
Mr. Lieb is Chief Financial Officer and is responsible for business development. Prior to founding Spectrum in 1987, Mr. Lieb was a founder, Director and Partner of DBL Preferred Management, Inc., a wholly owned corporate cash management subsidiary of Drexel Burnham Lambert, Inc. Mr. Lieb was instrumental in the formation and continual development of all aspects of DBL Preferred Management, including the daily management of preferred stock portfolios for institutional clients, general hedging strategies, and market strategies employed by the firm. Mr. Lieb's prior employment included the development of the preferred stock trading desk at Mosley Hallgarten & Estabrook. BA Economics, Central Connecticut State College; MBA Finance, University of Hartford.
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