Gary Rafferty

Gary Rafferty is a partner and portfolio manager/analyst at Snyder Capital Management, L.P., a San Francisco-based value equity manager founded in 1984 and independently owned since January 1, 2016. He joined the firm's portfolio team in 2005 as a research analyst and was promoted to portfolio manager/analyst in 2010. As of the January 1, 2016 management buyout, the firm has been majority owned by Scott Molinaroli, Gary Rafferty, and Charles Swain, making Rafferty one of the firm's principal owners.

Before Snyder Capital, Rafferty built an equity-research and finance background across several institutions. He was a senior associate on the M&A team at Robertson Stephens and an equity analyst on Prudential Equity Group's International Investor team. Earlier, he worked as a management consultant at Sibson and Company (a McKinsey spinoff), where he focused on strategy, management incentives, and return on invested capital, and as an analyst at the Federal Reserve Board covering Japanese banks. His prior work with retail and consumer investments draws him toward consumer and business-services companies in his coverage at Snyder.

Rafferty holds an M.B.A. from Columbia Business School (Columbia University) and a B.A. from Trinity College. At Snyder, he applies the firm's "relative value" philosophy — seeking companies whose strength the market misperceives rather than screening on simple statistical multiples.

• Invests in public equities, not private/venture rounds — specifically U.S. small-cap and small/mid-cap value strategies (the firm also offers a concentrated all-cap strategy).
• The firm's stated philosophy: "investing with a long-term perspective in high-quality, under-appreciated companies will provide consistent, superior returns."
• Uses a "relative value" approach that exploits market misperceptions of a company's strength, targeting businesses trading at substantial discounts to intrinsic value — discounts typically driven by company- or sector-specific "noise."
• Prefers companies with structurally high margins and high normalized free-cash-flow yields, and deliberately avoids using traditional statistical metrics (P/B, P/E) as the starting point for idea generation.
• Rafferty's individual analytical focus is consumer and business-services companies, reflecting his earlier retail-investment experience.