Mr. Murray co-manages the Phocas Financial Corporation’s REIT and Equity Income portfolios and given the significant weighting of REITs in the Russell 2000 Value Index, supports the Phocas Small Cap Value strategy. From 1999 to 2005, James was the Trader and Senior REIT Analyst for Bay Isle Financial Institutional REIT portfolios and mutual fund. Mr. Murray brings strong analytical and quantitative skills to the research team and portfolio management process, with particularly strong expertise in modeling real estate companies. Prior to that, he spent four years at Charles Schwab, where he supervised that firm’s Tax and Dividend Departments. Mr. Murray earned his B.A. degree in Economics from Kenyon College. He holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco.