About Our Firm


Founded in 1992, we are a privately held money management firm in Minneapolis, specializing in institutional and family asset management.

From left: Paul Pender, CFA; Beth Hickey; Ben Johnson, CFA; Matt Weight, CFA, 
Fred Speece, Jr. CFA; Judy Haeg; Pete Swanson, CFA 


Principals are co-investors, reflecting their commitment to our investment approach and clients.


We invest in good cultures and good businesses that meet our high standards for "well-managed, financially powerful and attractively priced."


We focus on a single, time-tested fundamental investment approach: high quality, classical value applied in the mid to small cap sectors of the market.

  • Separate account management is available with a minimum investment of $5 million.
  • Commingled management is available to accredited investors in the form of the Speece Thorson Capital Group Value Fund with a minimum investment of $1 million.


Our ability to add value over the index is demonstrated by our:

  • Long-term investment horizon
  • Independent research and portfolio management team
  • Disciplined valuation methods
  • Concentrated portfolio
  • In depth knowledge of our companies, their culture, business and management
From left: Ben Johnson, CFA, Paul Pender, CFA, Matt Weight, CFA, Fred Speece, CFA; Peter Swanson, CFA