Invest boldly Manage risk wisely


Bill Kitchel and Whit Maroney founded Millrace Asset Group with their own capital along with funding from family, friends, and a loyal client base. Prior to that, they both worked at Alex Brown during the early 1990’s when Alex Brown was one of the preeminent investment banks for rapid-growth technology companies. That experience stoked their interest in smaller, innovative, rapidly growing technology, business service, and health care companies. Yet they also observed that the volatility in these businesses required investors to be nimbler than the typical buy and hold approach used when investing in more mature businesses.

In 1996, Whit joined Greenville Capital Management and then urged Bill to join him the following year where they helped manage the firm’s $550 million in small cap growth assets. From their experience in the years leading into the late ‘90’s Internet bubble and its subsequent collapse, they yearned to be able to short-sell stocks to more fully capitalize on their research insights and valuation disciplines while also having this additional portfolio management tool to protect capital better during declining markets.

Bill and Whit formed Millrace in late 2001 and began management of a long/short strategy at the start of 2002 so they could fully implement what they previously learned regarding the importance of risk management, sell disciplines, and the utility of short selling to smooth returns and dampen losses during market downturns. Initial investors included family, friends, and prior clients who shared the same vision for a risk managed but highly productive investment strategy. Since then, many others have “joined the club” with the comfort of knowing that the Millrace team is the largest investor group in the strategy, thus ensuring that our interests are fully aligned with those of our clients.