Tracy Cao

Tracy Cao, CFA, is Vice President and Team Lead for Manager Research, Multi-Manager Strategies at Xponance, Inc., a Philadelphia-based investment management firm. In this capacity, she leads the sourcing, evaluation, and ongoing due diligence of external investment managers for the firm's multi-manager platform, with a particular focus on active global equities – especially non-U.S. public equity strategies – and capacity-constrained managers. Tracy is recognized for her expertise in identifying and supporting emerging, entrepreneurial, and diverse asset managers, and she regularly publishes market insights on global equity and manager research topics.

With over a decade at Xponance and its predecessor FIS Group, Tracy's career encompasses progressive roles from Research Analyst to Senior Research Analyst prior to her current leadership position. She has deep experience overseeing manager due diligence processes, collaborating on investment program design, and fostering the growth of women and minority-owned investment firms, reflecting Xponance's core commitment to diversity and inclusion. Her early experience includes equity research roles at UBS Investment Bank in Amsterdam and Hong Kong as well as investment advisory at Merrill Lynch Wealth Management.

Tracy holds a Master of Science in Finance from Johns Hopkins University Carey Business School, a Master in Business Economics from Universiteit van Amsterdam, and a Bachelor of Science in Insurance from Dongbei University of Finance and Economics in China. She is a CFA charterholder and is well regarded for her contributions to advancing emerging manager research within the global equities and alternatives investment sectors.