
The Firm
We are value disciplined investment managers that own outstanding companies for the long term. We are 100% owner-managed.
What Makes Us Different
1
We invest with a long-term business owner mindset.
We are process-focused and think in probabilities.
2
We take a capital cycle approach with a focus on supply.
3
4
Margin of safety throughout the entire investment process reduces investment risk and preserves the investors’ original capital.
5
Our portfolios are concentrated, exhibit low turnover,
and compound returns tax efficiently.
6
We are committed to ‘alpha generation’ over
‘asset gathering’.

Our Philosophy
We think about investing as buying partial ownership in a real business.
Our Mindset
Thinking and acting as business owners versus focusing on market movements.
Business Ownership
We own proven businesses with competitive advantages and trade our holdings infrequently.
Great Businesses
Great businesses compound invested capital at faster than market returns over long periods of time.
The Investment Framework
We focus our investment research on those fundamental business factors that have been shown to drive long-term returns
Industry – stability and predictability
Business – sustainable competitive advantages
Management incentives, strategy and capital allocation
Qualitative information with long shelf life that
cannot be collected by machines

Meet the Team
Eldred Rock Partners' long-term success is a result of our team's strength and culture of continuous learning. Meet our seasoned professionals with multifaceted experience, aligned to deliver exceptional value to our clients.
Portfolio Management & Investment Analysis

Stefan Gräter, PhD, CFA, Portfolio Manager
Stefan Gräter is Co-founder of Eldred Rock Partners, managing its U.S. Value strategy since 2005 with a top-quartile track record. His engineering background informs a disciplined, checklist-driven investment process emphasizing a margin of safety, treating client capital with an owner's care. Stefan fosters a collaborative team valuing trust and diverse perspectives, maintaining a calm, focused approach grounded by his time outdoors.
• University of Texas at Austin, PhD in Civil Engineering

Evan Smith, CFA, Portfolio Manager
Evan Smith joined Eldred Rock Partners in 2024 and brings a unique perspective through diverse experience in investment management, corporate finance, and entrepreneurship. Curiosity led him away from engineering to investment research and management. Along with further experience in industry and as a business owner, along the way he found joy in the discipline of endurance sports. Consistent activity keeps his temperament and application of Eldred Rock's investment process consistent too.
• Univ. of Texas at Austin, BS in Mechanical Engineering

Jeff Fahrenbruch, CFA, Portfolio Analyst
Jeff Fahrenbruch joined Eldred Rock Partners as a Portfolio Analyst in 2025, bringing over two decades of investment management experience from roles including portfolio manager at Barrow Hanley Global Investors (Vanguard Windsor II) and co-manager of the Oakview Capital Value Fund. His background as an elite collegiate golfer (Ben Hogan Award winner) informs the disciplined, process-driven approach he applies rigorously to value investing. Jeff contributes this structured methodology and extensive analytical experience to the collaborative investment efforts at Eldred Rock.
• University of Texas at Austin, BBA in Finance

Jonathan Lewis, Portfolio Manager
Jonathan Lewis is Co-founder of Eldred Rock Partners and is the co-manager of the International Value strategy. A veteran of the United States Air Force and also of value investing, Jonathan brings a deep understanding of how companies create and build shareholder value. Informally, he serves as Chief Value Discipline Officer by guiding strict adherence to Eldred Rock's Investment Philosophy and Process. A business owners' mindset is his Pole Star.
• Indiana University, MBA in Finance & Accounting

Yifan Zhang, CFA, Portfolio Analyst
Yifan Zhang joined Eldred Rock as a Portfolio Analyst in 2022, capitalizing on experience managing investments at the New York State Teachers' Retirement System and at U.S. Trust. His diverse background, which began with technical development at Swiss Re before a transition to portfolio management, informs his comprehensive approach to investment analysis. Yifan embodies a commitment to continuous learning, researching successful investors and contributing valuable insights and collaborative spirit to the Eldred Rock team.
• University of Texas at Austin, MBA in Investment Mgmt

Jody Nguyen, Portfolio Data Analyst & Trader
Jody Nguyen joined Eldred Rock Partners in 2025 and is responsible for portfolio administration, data management, and trading. Jody has gained extensive experience working for independent investment advisors, implementing investment initiatives and enhancing systems to drive organizational efficiency. Leveraging her background in Management Information Systems, Jody is leading Eldred Rock's initiative to enhance portfolio monitoring and decision-making processes. Outside of work, Jody enjoys playing music and cheering on her favorite baseball team.
• Univ. of Texas at Austin, BBA in Management Info. Systems
Operations, Client Success & Business Development
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John Derrick, CFA, Chief Operating Officer
John Derrick joined Eldred Rock Partners in March 2023 as Chief Operating Officer and Chief Compliance Officer. He brings a wealth of experience gained during his 30 years in the investment management industry. In a wide-ranging investment career, John has been a portfolio manager, director of research, and entrepreneur. He was also a board member and past president of the CFA Society of San Antonio. John’s diverse background provides for a well-balanced perspective not only for Eldred Rock’s investment strategies but also for firm-related risks and opportunities.
• University of Texas at Arlington, BBA in Finance

Debra Fries, Operations Manager
Debra Fries joined Eldred Rock Partners in January of 2022 with 35 years of experience in financial operations, client services and compliance. In various roles, Ms. Fries was responsible for daily operations, client service and trading. Her career in financial operations includes lead back-office roles for mortgage lenders, regional and national banks and front-office, client facing positions in lending and business development. As a manager in banking, she provided the final review related to regulatory compliance, audits, fraud issues, documentation control and authored related training manuals outlining new operations processes and procedures.
Strategic Advisor

Ryan Scott, Co-Founder
Ryan Scott is a Co-Founder of Eldred Rock Partners and serves as an ongoing strategic advisor. Ryan brings a unique perspective on how companies can generate long-term value by leveraging sustainable, competitive advantages that yield investment returns exceeding industry averages, embodying the long-term business mindset foundational in Eldred Rock's investment philosophy. Ryan is an outdoor enthusiast, philanthropist, and loves spending time with his family in The Woodlands, TX.
• Trinity University, BS in Business

Aldo Perez, Business Development Executive
Aldo Perez spearheads the company's outreach efforts, with a particular focus on independent advisors. His career in revenue generation includes the successful launch of a de novo bank branch to building out a boutique investment banking brand. As a Portfolio Manager for both a commercial bank and an RIA, he developed significant direct buyside investment experience. Outside the office, Aldo is usually between or at a game proudly watching one of his four boys take the field / court / track of whatever sport is in season.
• St. Mary’s University, BBA in Corporate Financial Mgmt