Circa Capital provides investment management services to individual and businesses, and outsourced Chief Investment Officer services to advisory firms across North America. Learn more about what we can do for you by clicking the links above or by scrolling down.
People
Travis Raish, CFA 
Travis has over 25 years of experience in professional money management, including experience as a portfolio manager and as an equity analyst. His work includes consulting with advisory firms and managing stock-based portfolios for institutions and individuals.
Travis also taught at the college level for several years as an adjunct professor with The College for Financial Planning in Greenwood Village, Colorado. There he mentored thousands of financial planners through the Investment Planning curriculum of the CFP (Certified Financial Planner) program of study, and through the investment curriculum in the College’s MS in Finance degree program.
Travis has a BSBA in Finance from Colorado State University and an MBA with a concentration in finance from Regis University. He is also a CFA (Chartered Financial Analyst) charterholder.
Stephen Davenport, CFA
Steve brings a wide assortment of experience and knowledge to Circa Capital. He has spent his career working with families and individuals to manage the risk of concentrated equity positions. He applies sophisticated equity options tactics to improve client outcomes. During a career at State Street, Fleet Bank, Wilmington Trust and SunTrust, Steve has helped clients navigate complex situations to achieve their goals. He believes unique situations deserve custom solutions.
Steve has a BS in Math/Computer Science from Providence College, a BS in Industrial Engineering from Columbia University and an MS in Finance from Carroll School of Management at Boston College. He holds the CFA designation and he is a member of CFA Society Atlanta.
Steve is very active in the community as a founder and board member of ASFIP Foundation. The Foundation works to improve the financial well-being of young adults in the Georgia community.
Circa Capital Advisory Board Members
Marcus Sturdivant Sr.
I often reflect on financial literacy’s profound impact on individuals and families. In a world where financial decisions can feel overwhelming, empowering people with knowledge is just as important as the strategies we implement. Financial literacy is not merely about understanding numbers; it’s about fostering confidence, enabling informed choices, and guiding individuals toward their aspirations.
I continue to stay informed on the latest market trends and investment strategies, and I am reminded that the essence of my work lies in building lasting relationships grounded in trust and mutual respect. I am committed to delivering exceptional service, fostering open communication, and celebrating each milestone!
James Callahan, CPA, CFA
James has over twenty years of fixed income research experience, having most recently served as a senior high yield credit research analyst for approximately eleven years at State Street Global Advisors (SSGA). His SSGA employment experience also included approximately eight years as a senior investment grade research analyst. Prior to SSGA, James worked as a high yield research analyst at BancBoston Robertson Stephens. James began his career in public accounting, and worked for a number of local CPA firms in Massachusetts and California.
James has a B.S. in Accounting from Northeastern University and an MBA from the F. W. Olin Graduate School of Business at Babson College. Additionally, he is a CPA, and has earned the right to use the CFA
(Chartered Financial Analyst) designation.
Clem Miller, CFA
In the spring of 2023, Clement K. Miller, CFA began teaching at Georgetown University’s School of Foreign Service as an adjunct professor. He enjoys writing regular LinkedIn posts on investing and geopolitics and has plans to expand this activity to other social media.
While at Wilmington Trust, he was Senior PM of the firm’s own international mutual fund and also managed relationships with some of the world’s best investment managers and stock pickers. He was a voting member of the firm’s Investment Committee and Portfolio Management Committee. He wrote frequent blog posts mainly covering international investment issues.
He is a member of the CFA Institute and the 700-member Baltimore CFA Society, for which he served as President for two years. He has also served on the board of two additional non-profits.
George Haupfuhrer, CFA
More than 43 years of Financial Services experience working primarily with institutional clients in their asset allocation, manager selection, and performance monitoring. Extensive experience serving on finance/investment committees and boards of Non-Profit organizations.
Currently interested in serving on more finance/investment committees and possibly boards of Non-Profits.
Advisors
Outsourced Chief Investment Officer (OCIO)
We lend our expertise to advisory firms with over $300 million in assets under management, that want the competitive advantage of having an experienced CFA charterholder on their team.
Every advisory firm that we work with is unique but we are commonly asked to perform the following services:
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- Review existing or create new model portfolios
- Recommend new investments when necessary
- Conduct portfolio reviews for existing and prospective clients
- Rebalance portfolios periodically
- Provide commentary about economic and market conditions
- Conduct periodic due diligence on investments for regulatory purposes
Though our services may differ from advisor to advisor, our goal is always the same; we want to help you deliver the best possible investment experience to your clients.
Investment Management
We manage portfolios directly for clients on Schwab’s platform as Separately Managed Accounts.
Our stock strategies are built on the premise that we only buy companies that we believe are of the highest quality, that have sustainable competitive advantages, good growth prospects and are financially healthy.
Our fixed income strategy is also built on the premise that quality matters, and while we make fewer investments in specific debt instruments, we are always mindful of the tradeoff we are making between risk and return.
Concentrated Stock
If your client has a large investment in a stock or security that they either can’t or won’t sell, we have the expertise to help manage risk. Using options to help protect investments from a significant loss or to generate additional income, we have the ability and the experience to help you better meet the needs of your high-net-worth clients.
Strategies are customized to the individual client, and include:
Covered Call Writing
As an exit strategy, it adds income and allows for the sale of the underlying security at an agreed-upon price.
As an income generation strategy, it adds income and is managed to avoid the sale of the underlying security.
Hedging
Using a combination of options in an attempt to achieve a more stable range of outcomes for the underlying security.
Protected Equity
A strategy designed to reduce the risk of significant loss associated with the underlying security.
For additional information about our Concentrated Stock services, please review the sample analysis below.
Community
Giving back to the community is important to the members of Circa Capital, and we continue to support the following non-profit organizations and their respective missions. Please click the logos to learn more.
Steve has also been active in developing financial literacy skills among young adults in Georgia. The organization has created videos to teach foundational skills that are essential to helping people make wise financial decisions. Enjoy the following video for more information.
Content
Uncertain times
I’ve never been a gambler. Not that I have anything against it. I simply don’t enjoy putting money at risk when the outcome depends on luck. Even with things like March Madness or friendly wagers on sporting events, I’m not inclined to participate. If I can’t be reasonably sure about the result, I’m not interested. …
Fast Out Of The Gates
We’re only two weeks into the new year, and it already feels like we’re seeing a flurry of activity. Do all these domestic and international developments matter? And how should we think about 2026 in terms of what truly affects us personally? Like many of you, I make resolutions to eat better and exercise more. …
Grace and Gratitude
As we reflect on another year, we’re reminded that the most meaningful parts of life rarely show up on a balance sheet. Markets rise and fall, portfolios change, and economic headlines come and go—but the constants that truly sustain us are far deeper: faith, family, friendship, and the blessing of walking alongside people we care …