Hal William Reynolds

Hal W. Reynolds is a co-founder of Los Angeles Capital Management, a global quantitative equity manager he helped establish in 2002. He served as the firm's Chief Investment Officer and Chair of the Investment Committee for more than two decades, stepping back from the CIO role in June 2025 as part of a long-term succession plan. He now serves as Vice Chairman and Senior Portfolio Manager and remains on the firm's Board of Directors and its Investment, Management, and Portfolio Review Committees. LACM is 100% employee-owned, managed roughly $34.3 billion in assets as of June 30, 2026, and runs more than 20 equity strategies across developed and emerging markets.

Reynolds earned a BA from the University of Virginia (1980) and an MBA from the University of Pittsburgh (1982), and he holds the Chartered Financial Analyst (CFA) designation. He began his career at Mellon Bank (1982–1989) before joining Wilshire Associates in 1989 as a senior consultant to large ERISA pension plans. At Wilshire he rose to principal and managing director, helped build the Wilshire Compass asset-allocation and manager-optimization platform, and later served as Chief Investment Officer of Wilshire Asset Management (1998–2002), where the Dynamic Alpha model that became LACM's core technology was first developed.

Since co-founding Los Angeles Capital, Reynolds has worked closely with the research team to develop the firm's intellectual foundations: Investor Preference Theory®, the Dynamic Alpha Stock Selection Model®, and the Forward Attribution® process for generating forward-looking expected factor returns. His work centers on the idea that factor returns are dynamic and driven by shifting investor preferences, which the firm's model attempts to forecast rather than treat as static.

• Invests in publicly listed equities, not private/seed companies — the "angel investor / seed round" label in the stub does not match his actual work.
• Runs a quantitative, factor-based process built on LACM's proprietary Dynamic Alpha Stock Selection Model® and Investor Preference Theory®, which hold that expected factor returns are dynamic and change as investor risk preferences shift.
• Uses Forward Attribution® to build forward-looking (not backward-looking) expected returns across factors such as Long-Term Growth, Relative Value, Climate Opportunities, and an Analyst Insight / sentiment model.
• Portfolios span developed and emerging markets globally, offered as institutional strategies (20+) to pension funds, endowments, and other institutional clients.
• Core belief, in his own framing: markets are driven by changing investor preferences, so a manager should continuously re-estimate which factors the market is currently rewarding rather than relying on fixed historical risk premia.