Gold Fund

Portfolio Managers

Rachel Benepe

Portfolio Manager - Gold Fund

Ms. Benepe is a graduate of the University of Pennsylvania and received her MBA from Columbia Business School in 2003. Before attending business school, she worked for Prudential Securities as an Investment Banking Analyst and at Lehman Brothers as an Equity Research Associate focusing in basic industry, metals and mining. After completing her MBA, Ms. Benepe researched beverages for three years at both Gabelli and Company and Citigroup and was also an investment analyst at Artemis Advisers, focusing on consumer, retail, media and industrials. Ms. Benepe is responsible for covering retail, gold, metals and mining industries, steel and coal, automobiles and beverages.

Matthew McLennan, CFA

Portfolio Manager - Global, Overseas, U.S. Value, and Gold Funds
Head of the Global Value Team

Born in Rabaul, Papua New Guinea, Matthew McLennan grew up in Queensland, Australia, received his Bachelor of Commerce with first-class honors from the University of Queensland and holds the Chartered Financial Analyst (CFA) designation. He started his career with Queensland Investment Corporation in 1991, where he subsequently managed over one billion dollars in international equity portfolios. In 1994 Mr. McLennan joined Goldman Sachs in Sydney, where he worked for a year before moving to New York to join Goldman Sachs Asset Management’s (GSAM) U.S. Value Team as a Small Cap Research Analyst. In 1997 he was appointed Portfolio Manager and at the end of 1998, Senior Portfolio Manager and Co-Portfolio Manager of the U.S. Small Cap and U.S. Mid Cap Value strategies. In 2001 Mr. McLennan co-founded and was named Equity Chief Investment Officer of an investment strategy group for Goldman’s private client business and in 2002 became a Managing Director of the firm. In 2003 he moved to London to become Co-Founder of GSAM’s Global Equity Partners and Senior Portfolio Manager of a focused global equity portfolio for the firm’s private wealth management clients. The portfolio used a value-driven approach with an absolute return focus that emphasized low turnover and resilience in distressed environments. Mr. McLennan is a member of the Executive Committee of the Leadership Council of the Harvard School of Public Health and serves as a member of the Board of Directors for the Foundation of the University of Queensland in America and on the Global Advisory Board of Advance, the leading network of expatriate Australian professionals. He also serves on the Trinity School Board of Trustees where he is as a member of the Investment and Education Committees.