"We are disciplined investors and adhere to a process that has worked well over long periods of time."

Mark A. Meulenberg, CIO

About Us

Masonry Capital is a boutique, value-oriented investment manager that employs a business owner’s mindset in identifying a broad range of opportunities overlooked by others. Our objective is to produce above-average returns for our partners via a conservative yet opportunistic approach to investing in publicly traded securities.

We seek out dislocations in the market and often invest in areas neglected by short-term oriented investors. Based on our experience and a long-term view we can distinguish between short-term issues and fundamental challenges facing a business and are able to identify a potential path that will lead to value realization.

We employ a convictions-based approach that combines a concentrated, core group of quality businesses with a diverse selection of capacity constrained special situations that are less tied to general stock market performance.


Mark A. Meulenberg, CFA

Chief Investment Officer, Managing Partner

Mark serves as Chief Investment Officer and Managing Partner of Masonry Capital Management.

In January 2008, Mark joined VNB Wealth Management (predecessor firm) as a portfolio manager and research analyst. Immediately prior to joining the firm, Mark ran the long/short public equity portfolio for a multi-strategy hedge fund in Charlotte, North Carolina. From 2000 to 2007, he worked within the investment management arm of Brown Brothers Harriman & Co. During his time with the firm, he served as a member of the firm’s Investment Policy Committee for three years and was the Chairman of the Committee until his departure. Prior to joining Brown Brothers Harriman & Co., he worked for U.S. Trust Company as a Portfolio Manager. Mark began his career in investment management with Sanford Bernstein & Co. Inc. and left the firm as an Associate Portfolio Manager.

Mark graduated from Cornell University with a B.S. in Applied Economics and Business Management in 1993 and is a Chartered Financial Analyst.



Clay J. Sefter

Chief Operations Officer, Chief Compliance Officer

Clay currently serves as Chief Operating Officer and Chief Compliance Officer of Masonry Capital Management. Due to his proven track record of leadership and operational excellence, Clay was promoted to COO and CCO in January 2024. Clay plays a pivotal role in driving the strategic direction and day-to-day operations of Masonry.

Clay joined Masonry in 2022 as Managing Director after serving five years as Vice President and Assistant Portfolio Manager at Charlottesville-based Chase Investment Counsel. At Chase, Clay was an integral member of the investment team and assisted in idea generation and trading across the firm’s actively managed investment strategies. He also led the Mid Cap Growth investment strategy for over two years and managed all fixed income investments for clients in balanced accounts. Prior to joining Chase in 2016, he spent six years as a senior analyst with healthcare financial consulting firm CDR Associates, and two years as a staff accountant with Grossman Yanak & Ford, a public accounting firm based in Pittsburgh, PA.

Clay earned his B.S. in Business Administration and Accounting from Geneva College, located in Beaver Falls, Pennsylvania, and has passed Level 1 of the CFA exam.



Shan Meulenberg

Office Manager, Client Service Officer

Shan is our dedicated Office Manager and Client Service Officer who ensures the smooth operation of our workplace. With keen attention to detail and exceptional organizational skills, she oversees administrative tasks and supports our clients and team. Shan graduated from the University of Georgia with a degree in Mathematics Education.



Brief History

April 2024 – The ownership of Masonry Capital Management transferred from Virgina National Bank to an entity wholly-owned by Mark Meulenberg, the Chief Investment Officer and Managing Partner.

March 2000 – Virginia National Bank began managing investments for private clients, endowments and foundations utilizing a catalyst-driven, value-based strategy, through its trust division.

2018 – Virginia National Bankshares Corporation, a bank holding company, formed Masonry Capital as a wholly-owned subsidiary that operated as a registered investment advisor.