Frequently Asked Questions

Devil's Head Capital was founded by Stephan Maikkula in 2023.  Prior to starting the firm, he worked at Macquarie from 2016 to 2023 as a Senior Portfolio Manager on the Global Ex-U.S. Equity team. He was the lead portfolio manager for the firm’s International Small Cap Strategy. Previously, he worked at UBS Asset Management from July 2007 to February 2016 in various investment roles, leaving the firm as a portfolio manager on the Global ex-U.S. Growth Equities team. Prior to UBS, Maikkula worked at Nicholas-Applegate Capital Management as a generalist on the firm’s International Growth team, where he covered Europe. Previously, he was an analyst and portfolio manager with the Employees Retirement System of Texas. Prior to that, Maikkula was a portfolio manager for the MBA Investment Fund and an investment analyst intern at the Teacher Retirement System of Texas. He also worked for Cargill for six years in various commodity merchandising roles, providing fundamental and technical analysis of commodity markets. Maikkula earned a bachelor’s degree at St. John’s University (MN) and an MBA at the University of Texas at Austin. He is a member of the CFA Institute and the CMT Association and holds both the CFA (Chartered Financial Analyst) and CMT (Chartered Market Technician) designations.
 

Devil's Head Capital focuses on both US and International equities with extensive experience investing in small and mid-sized companies.  The firm plans to launch a values-based investment strategy focused primarily on US equities in 2025. The strategy seeks to invest in public companies doing their part to combat human trafficking and forced labor.  Devil's Head is taking a holistic approach that identifies leading firms in the fight against these critical issues along with companies demonstrating the capacity and willingness to meaningfully improve their efforts. Identifying global stars, improvers, industry-specific leaders and companies we can engage and then integrating that approach into a unique, institutional quality investment process are the ultimate goal at Devil's Head Capital.

Devil's Head Capital has established agreements with innovative firms focused on areas such as forced labor and water risk.  The firm's consulting capabilities are primarily geared toward business development opportunities along with helping companies integrate ESG-related elements into their respective strategies.