About
BHZ Capital Management focuses on an event driven, long/short investment strategy in the community and regional banking sectors. Utilizing a fundamental, relative value approach to capitalize on the ongoing consolidation trend, BHZ strategy concentrates on:
Banks that are acquisition targets of aggressive consolidators and capturing takeover premiums in advance of acquisition announcement and
Select merger arbitrage transactions post-acquisition announcement.
The senior investment team has nearly 70 years of experience evaluating and investing in the sector and have worked together for for over 20 years.

ROBERT HENDERSHOTT, Ph.D.
Co-Founder & Co-Portfolio Manager
30 Years of Experience
Responsible for management of the portfolio as well as market research. Determines portfolio composition and position sizing. Primary responsibility for trading.
Co-founded BH Equity Research, LLC in 1998 to implement an investment strategy in the community and regional back sector that began in academia. He sub-advised a $200-million long/short hedge fund investing in community bank stocks from 1998 to 2006.
In 2006, Mr. Hendershott partnered with Context Capital Partners, LP as the Portfolio Manager of two private equity funds (vintage 2006 and 2008) that solely invested in community banks. In 2010, he launched the long/short strategy that is today BHZ Consolidation Fund, LP.
Associate Professor of Finance at Santa Clara University. BS in Electrical Engineering from Stanford University and a PhD in Finance from Ohio State University.

YARON BROOK, Ph.D.
Co-Founder & Managing Director
25 Years of Experience
Co-founded BH Equity Research, LLC in 1998 to implement an investment strategy in the community and regional bank sector that began in academia He sub-advised a $200-million long/short hedge fund investing in community bank stocks from 1998 to 2006.
In 2006, Mr. Brook partnered with Context Capital Partners, LP to form two private equity funds (vintage 2006 and 2008) that solely invested in community banks. In 2010, he co- founded the long/short strategy that is today BHZ Consolidation Fund, LP.
Chairman of the Board of the Ayn Rand Institute, a non-profit organization. BS in Civil Engineering from Technion (Israel Institute of Technology) and a PhD in Finance from the University of Texas, Austin.

RYAN ZAFFUTO
Co-Portfolio Manager & Head of Research
15 Years of Experience
Joined BH Equity Research, LLC in 2004. Served as VP of Research from 2010 – 2018. Appointed Co-Portfolio Manager in 2018.
Assisted the Co-Founders in their sub-advisory role to a $200-million long/short hedge fund investing in community bank stocks from 2004 to 2006. Worked with Co-Founders to perform analysis and research for the vintage 2006 and 2008 private equity funds.
BS in Management Science and a BA in Mathematics-Applied Science from the University of California, San Diego.

KEN LI, CFA, CAIA
Chief Operating Officer & CCO
Formerly, worked as VP of Marketing Strategy & Analytics at CRC Health Group, a $0.5B revenue Bain Capital company, which was acquired by Acadia Healthcare (Nasdaq: ACHC). Led marketing strategy, development, contracting, and analytics functions.
Managing Director at BH Equity Research from 2002 to 2009.
BS in Business Administration from University of California, Berkeley – Haas School of Business and an MBA in Finance from the Yale School of Management.
Holds the CFA® charter and CAIA® charter.