tephan Maikkula serves as a portfolio manager on the Route 20 Global Fund and is the Founder and Chief Investment Officer of Devil’s Head Capital, the firm he established in October 2023.
His background reflects more than two decades in international and global equity management. From 2016 through 2023, Stephan was a Senior Portfolio Manager on the Global Ex-U.S. Equity team at Macquarie Asset Management, where he served as the lead portfolio manager for the firm’s International Small Cap Strategy. Earlier, from July 2007 through February 2016, he held a series of investment roles at UBS Asset Management, leaving as a portfolio manager on the Global ex-U.S. Growth Equities team.
Prior to UBS, Stephan was a generalist analyst on the International Growth team at Nicholas-Applegate Capital Management, where he covered European equities. He served previously as an analyst and portfolio manager with the Employees Retirement System of Texas, was a portfolio manager for the MBA Investment Fund during graduate school, and completed an investment analyst internship at the Teacher Retirement System of Texas. Earlier in his career, Stephan spent six years at Cargill in commodity merchandising, conducting fundamental and technical analysis across global commodity markets — a foundation that continues to shape his macro perspective today.
Stephan earned a Bachelor’s degree from Saint John’s University (MN) and an MBA from the University of Texas at Austin. He holds both the Chartered Financial Analyst (CFA) and Chartered Market Technician (CMT) designations and is a member of the CFA Institute and the CMT Association.