Steady Through the Storm.

“Ballast isn’t a new idea—it’s a continuation of a philosophy we began building in 2004. In 2015, we created an independent platform to preserve that discipline without compromise: quality-first, downside-first, and long-term aligned.”

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Our Foundation

• Strategy and philosophy unchanged since 2004
• Built for independence and long-term alignment
• Team capital invested alongside clients
• Same team, same approach—refined, not reinvented

Ballast’s Origins

Why should anyone care about another small-cap value strategy? For us, it starts with why we launched Ballast. We weren’t satisfied with the status quo of value investing—too many managers were buying “cheap” stocks without regard for quality or downside.

In 2015, we founded Ballast to preserve and protect a process we began building together in 2004—one rooted in downside-first analysis and a conviction that quality and discipline outperform over full cycles. The firm was created to ensure we could apply our strategy with complete independence, long-term alignment, and zero compromise.

The name “Ballast” symbolizes steadiness in rough seas—a strategy built to cut through choppy markets and keep portfolios afloat when others sink.

The Crew at the Helm

Ballast’s investment team brings decades of experience—and something rarer: a shared mindset shaped by credit discipline and a deep respect for downside risk.

Ragen Stienke, Jay Singhania, and Tom Fogarty came up through the ranks as fundamental analysts, with formative years in credit research and institutional equity strategy. That background shaped their DNA: they analyze stocks like lenders—asking what could go wrong before reaching for return.

They’ve spent their careers navigating crises and recoveries—from the dot-com bust to the global financial crisis to COVID—sharpening a protector’s mentality that still drives every decision.

What motivates them is simple but powerful: do right by clients. That begins with downside-first analysis, and extends to a culture where titles don’t matter—any analyst can challenge any assumption, and healthy debate is part of daily life.

This internal chemistry is Ballast’s hidden edge. There’s no friction—just flow. Decisions are faster, ideas are tested harder, and the team remains focused on one goal: compound capital while protecting it.

The result? A tight-knit team executing a consistent, repeatable process without style drift. That clarity—and the fact that they’ve personally invested alongside clients—creates a culture of accountability, alignment, and humility.