Integrated Capital Management (iCM) originated as a “lift out” of the investment department from one of the nation’s largest mutual insurance companies. There, our process was used to manage the $775mm proprietary investment program since 2004. However, our story begins nearly 15 years prior to that in one of the nation’s largest pension departments. At iCM, we believe that while investor emotions influence prices and performance in the short run, in the long run valuations rule the day. By following a contrarian valuation oriented approach, iCM attempts to add value through a series of quantitative investment models designed to establish relative valuations among asset classes. By overweighting those opportunities that are inexpensive and underweighting those that are expensive, we believe that investors can reduce risk and enhance return over a full market cycle. Michael A. Paciotti, CFA, Chief Investment Officer Mike is responsible for the oversight and management of iCM's investment strategies. Prior to co-founding iCM, Mike was responsible for overseeing the proprietary investment programs for Guardian Life Insurance Company's $3B investment advisory business. Mike received a B.S. and M.B.A. from the University of Scranton. He is a CFA charter holder and a member of the CFA Institute as well as the CFA Society of Philadelphia.