Board Assessment Management

Investment Process

Company Filings

Sourcing raw data from SEC filings, earnings calls & proxy statements

Company
Filings

SEC · 10-K · Proxy

Proprietary
Model

AI Scoring Engine
Insurance & Banking
Risk Framework

Scorecards

M. K. WIRTH

ENERGY · CVX

Experience

Track Record

Shareholding

BAM Rating

Portfolio
Construction

Technology33%

Financials13%

Cons. Disc.10%

Other44%

For illustration purposes only. Back test and not real life return.

About

01 · Philosophy

Management drives outcomes.

Every fundamental you can measure — revenue growth, margin expansion, capital efficiency — originates in a decision made by a person in a boardroom. We invest at the source, not the symptom.

The S&P 500 is not 500 companies. It is 500 leadership teams with 500 distinct decision-making cultures.

02 · Methodology

Qualitative leadership, made quantitative.

We read every DEF 14A proxy filing in the S&P 500. We score boards across eight dimensions — from track record and shareholding to incentive alignment and governance quality — producing a composite 0–10 leadership score for each company.

The same analytical rigour applied to credit risk in banking — now applied to the people running public companies.

03 · Outcome

Systematic. Repeatable. Alpha-generating.

When you buy great leadership and short poor leadership, the spread compounds. Our process converts a structural edge — access to information the market consistently misprices — into sustained outperformance across market cycles.

Leadership quality is persistent. Markets underprice it. That gap is our alpha.

Leadership Dimensions

Executive Competence

Track record of delivering measurable results across economic cycles.

Incentive Alignment

Compensation structures that reward long-term shareholder value creation.

Ownership Alignment

Meaningful insider shareholding that creates shared stakes with investors.

Governance Quality

Board independence, diversity of expertise, and oversight effectiveness.

Capital Allocation

Disciplined deployment of capital towards highest-return opportunities.

Succession Planning

Depth of leadership pipeline and clarity of long-term continuity.

Technology Orientation

Board capacity to guide and challenge digital transformation strategies.

Execution History

Consistent delivery against stated strategic goals and guidance.

Team

01 — Founder

Johan
Barkhuysen

Chief Executive Officer

Hons BCom · CFA

Founder and CEO of Board Assessment Management and Anomaly Capital. Former Head of Asset Management South Africa at Stonehage Fleming (2023–2025). Previously CEO and Portfolio Manager at Rootstock Investment Management (2008–2023).

02 — Co-Founder

Francois
Dercksen

Data Analyst

BCom Actuarial Science · Stellenbosch

Co-Founder of Board Assessment Management and Founder of RFX 3D Printing (2025). Currently completing a Bachelor of Commerce in Actuarial Science at Stellenbosch University.

03 — Analyst

Rohan van
Loggerenberg

Data Analyst

BDatSci · Stellenbosch

Data Analyst at Board Assessment Management. Gold Medal Winner at the Beijing Youth Science Creation Competition for "Optimisation of Artificial Neural Network Training." Currently completing a Bachelor of Data Science at Stellenbosch University.

04 — Analyst

Louis
Burger

Investment Professional

MEng Ind Eng (Cum Laude) · CFA Level I

Data Engineer and Data Scientist at Spatialedge (2024–2026). Led the design and delivery of scalable data pipelines and analytics solutions, ingesting high-volume multi-source data and applying forecasting and classification models to real-world business problems.

Portfolios

Leadership-weighted portfolio view.

Top Holding per Sector Total Holdings 92

Information Technology 33%

cādence

Cadence Design Systems · 3.25%

Anirudh Devgan, CEO · Mgmt Score: 8.1 · Sector Avg: 7.2

Financials 13%

jack henry

Jack Henry & Associates · 2.02%

David B. Foss, CEO · Mgmt Score: 9.6 · Sector Avg: 6.4

Consumer Discretionary 10%

·APTIV·

Aptiv PLC · 8.59%

Kevin P. Clark, CEO · Mgmt Score: 7.7 · Sector Avg: 6.5

Communication Services 10%

Alphabet

Alphabet Inc. · 10.38%

Sundar Pichai, CEO · Mgmt Score: 8.3 · Sector Avg: 6.7

Health Care 9%

Johnson&Johnson

Johnson & Johnson · 3.08%

Joaquin Duato, CEO · Mgmt Score: 7.9 · Sector Avg: 6.7

Industrials 9%

EMERSON.

Emerson Electric · 1.31%

Lal Karsanbhai, CEO · Mgmt Score: 9.9 · Sector Avg: 6.5

Consumer Staples 5%

Sysco

Sysco Corp · 0.90%

Kevin Hourican, CEO · Mgmt Score: 10.0 · Sector Avg: 6.7

Energy 4%

Chevron

Chevron · 1.64%

Mike Wirth, CEO · Mgmt Score: 9.7 · Sector Avg: 6.3

Utilities 3%

Materials 2%

Real Estate 2%

Top 10 Holdings

BAMCOR

Name	CEO	Sector	Weight	Score	Avg
Alphabet Inc.	Sundar Pichai	Communication	10.4%	8.3	6.7
Aptiv PLC	Kevin P. Clark	Consumer Disc.	8.6%	7.7	6.5
Cadence Design Systems	Anirudh Devgan	Tech	3.2%	8.1	7.2
Johnson & Johnson	Joaquin Duato	Health Care	3.1%	7.9	6.7
Adobe Inc.	Shantanu Narayen	Tech	2.8%	8.0	7.2
NetApp, Inc.	George Kurian	Tech	2.7%	8.0	7.2
ServiceNow, Inc.	Bill McDermott	Tech	2.4%	7.9	7.2
Vertex Pharmaceuticals	Reshma Kewalramani	Health Care	2.3%	7.7	6.7
PTC Inc.	Neil Barua	Tech	2.3%	7.9	7.2
Analog Devices, Inc.	Vincent Roche	Tech	2.2%	7.8	7.2
TOTAL			40.1%	7.9	7.0

Merqube US Large Cap

Name	CEO	Sector	Weight	Score	Avg
NVIDIA Corp	Jensen Huang	Tech	7.6%	7.4	7.2
Apple Inc	Tim Cook	Tech	6.6%	7.4	7.2
Microsoft Corp	Satya Nadella	Tech	4.9%	7.4	7.2
Amazon.com Inc	Andy Jassy	Consumer Disc.	3.6%	7.7	6.5
Alphabet Inc Class A	Sundar Pichai	Communication	3.1%	8.3	6.7
Broadcom Inc	Hock E. Tan	Tech	2.6%	7.3	7.2
Alphabet Inc Class C	Sundar Pichai	Communication	2.4%	8.3	6.7
Meta Platforms Inc	Mark Zuckerberg	Communication	2.2%	7.6	6.7
Tesla Inc	Elon Musk	Consumer Disc.	1.9%	7.8	6.5
Berkshire Hathaway B	Greg Abel	Financials	1.6%	6.5	6.4
TOTAL			36.5%	7.6	6.8

We measure the peoplebehind performance.

Management drives outcomes.

Qualitative leadership, made quantitative.

Systematic. Repeatable. Alpha-generating.

Leadership-weighted portfolio view.

We measure the people
behind performance.