Morningstar Advisor - Spring 2008 - (Page 60) Undiscovered Managers A Bird of a Different Feather By Christine Benz Ralph Shive doesn’t care about style boxes, relative performance, or Wall Street. He just wants to make money for his clients. There are the outward trappings of the Corn Belt, of course. Ralph Shive and the 1st Source funds team work in South Bend, Ind., a sleepy town in the northernmost part of the state best known for being right next to the University of Notre Dame. The office is a small and close-knit operation, occupying the first floor of the 1st Source Bank building in downtown South Bend. Over a hearty lunch at a café a few steps from the office, the team joshes with our server. “She used to babysit for my son,” says Mike Shinnick, who runs the team’s long-short fund. Shive, the firm’s chief investment officer and manager of its flagship fund, 1st Source Monogram Income Equity FMIEX, is plainspoken and direct; his flat speech pattern hints at his Illinois roots. Shive speaks with the air of someone who doesn’t worry about impressing Wall Street consultants and who doesn’t have to answer to in-house marketers. “I don’t care about relative performance. I don’t care about style boxes,” he says. “My philosophy is, ‘Let’s do something intelligent with the money.’ ” Given Shive’s blunt talk and disdain for Wall Street, it’s no surprise that he’s spent his career elsewhere. He started out at a small 60 Morningstar Advisor Spring 2008
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