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Investment Approach

The Expedition International Micro Cap strategy invests in high-quality companies with long-term secular growth prospects. We do not construct portfolios that are merely representative of the asset class; rather, we aim to produce portfolios of high-quality and exceptionally dynamic companies, with a focus on those operating in industries offering attractive investment opportunities as a result of secular changes. Within these areas, we seek to find the companies with the highest probability of achieving success through industry-leading proprietary products and services, sustainable margins, and strong balance sheets. Valuation analysis is then conducted to determine whether the company’s stock is undervalued.

Philosophy & Process

We believe that over a full market cycle greater returns can be achieved with lower fundamental risk by investing in companies operating in industries and providing products and services that have sound and improving prospects going forward. Although portfolio country and sector weightings are the result of bottom-up stock selection, for the purposes of diversification and risk control, a broad country and industry representation is sought in the portfolio.
Margaret Lindsay, CIO - Expedition Investment Partners, Lead Portfolio Manager

Margaret Lindsay is the Chief Investment Officer and lead portfolio manager of the Expedition non-U.S. small cap equity strategies. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Ms. Lindsay joined Victory Capital in 2006 with 25 years prior investment experience. Before joining Victory Capital, Ms. Lindsay was Director of Global Small Cap Equity and head of the non-US small/mid cap team at an affiliate of Franklin Templeton Investments for 15 years. Prior to that, she had 10 years of experience in non-U.S. equity strategy, analysis and sales. She was with S.G. Warburg Securities and Drexel Burnham Lambert. Prior to that, she was a consultant for Gellman Research Associates, advising clients on economic policy and international trade.

Ms. Lindsay holds a Bachelor of Arts from Dickinson College, a Master of Science from Drexel University and a Master of Business Administration in International Finance from the Wharton School at the University of Pennsylvania. She is fluent in German.

Joshua Lindland, CFA, Senior Portfolio Manager/Analyst

Joshua Lindland is responsible for smaller cap research in Southern Europe, Brazil, Canada and the U.K., alongside Reuben Scherzer. He is also responsible for leading our research in the financial sector. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

He joined Victory Capital in 2006 with 8 years prior investment experience. Prior to joining Victory Capital, he held a similar role at an affiliate of Franklin Templeton Investments and before that he managed a team of analysts at Barra RogersCasey.

Mr. Lindland holds a Bachelor of Arts in International Studies from Muhlenberg College and a Master of Business Administration from Columbia University. He is fluent in Spanish with a working knowledge of Italian. He also serves on the Board of Observers of Muhlenberg College. He is a CFA charterholder.

Tiffany Kuo, CFA, Senior Portfolio Manager/Analyst

Tiffany Kuo leads smaller cap research for markets in Asia, with a special focus on Greater China and Japan, as well as guiding our work on the technology sectors in Asia. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

She joined Victory Capital in 2006 following 4 years prior investment experience. Before joining Victory Capital, Ms. Kuo held a similar role at an affiliate of Franklin Templeton Investments. Before that, she worked with an international law firm, Law Offices of Robert W. Snyder, and had experience in business valuation at Deloitte & Touche.

Ms. Kuo holds a Bachelor of Arts in International Economics and Japanese from the University of California, Los Angeles, and a Master of Business Administration in Finance and Corporate Accounting from the University of Rochester, Simon Business School. Ms. Kuo is fluent in Mandarin with a working knowledge of Japanese. She is a CFA charterholder.

Reuben Scherzer, Portfolio Manager/Analyst

Reuben Scherzer is responsible for research on smaller cap stocks in the Nordic region, Germany, Eastern Europe, Israel and the U.K., alongside Joshua Lindland.  The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

He joined Victory Capital in 2006 with 9 years prior investment experience. Before joining Victory Capital, he held a similar role at an affiliate of Franklin Templeton Investments and prior to that he had experience as both a trader and an analyst for Malley Associates Capital Management, E. Magnus Oppenheim & Company, and the Thalheim Fund, where he researched and traded technology stocks.

Mr. Scherzer holds a Bachelor of Science in Marketing from Yeshiva University and a Master of Business Administration from Fordham University. He has a working knowledge of Hebrew.

Eun Cho, Portfolio Manager/Analyst

Eun Cho is responsible for smaller cap research in Australia, South-East Asia, and South Korea. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

He joined Victory Capital in 2006 following 3 years prior investment experience. Before joining Victory Capital, Mr. Cho held a similar role at an affiliate of Franklin Templeton Investments. Before that he was an analyst at American International Group and had previous experience in investment analysis at Pinnacle Associates and Morgan Stanley.

Mr. Cho holds a Bachelor of Science in Operations Research from Columbia University and a Bachelor of Science in Engineering Physics from Jacksonville. He has a working knowledge of Korean.

 

Fumiko Hagiwara, CFA, Portfolio Manager/Analyst

Fumiko Hagiwara is responsible for smaller cap research in Japan and South East Asia. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

She joined Victory Capital in 2006. Prior to joining Victory Capital, she was a credit analyst with Mizuho Corporate Bank in New York and was also with Merrill Lynch in the research department. Before that, she was an accountant with Tokyo Denki University in Japan. In 2015 she relocated to her home country, Japan, where she continues to work with the team as a research consultant.

Ms. Hagiwara holds a Bachelor of Arts in Literature from Waseda University in Tokyo and a Master of Business Administration in Accountancy from Baruch College. She is a Certified Public Accountant (not in public service). Ms. Hagiwara is a Japanese national and is fluent in English. She is a CFA Charterholder.

 

Gaurav Lunia, Portfolio Manager/Analyst

Gaurav Lunia is responsible for research on smaller cap companies in India, the Middle East, S. Africa, as well as assisting Margaret Lindsay in France. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

He joined Victory Capital in 2008. Before joining Victory Capital he was an investment associate with Allen Partners. Before that, he was a co-founder and senior marketing manager of Lunia Designs.

Mr. Lunia holds a Bachelor in Business Administration from Pace University and a Master of Business Administration in General Management from INSEAD (France). He is fluent in Hindi with a working knowledge of French.

 

Robert Zhang, Portfolio Specialist/Analyst

Robert Zhang is responsible for smaller cap research in Southeast Asia, alongside Mr. Cho, and assists Ms. Kuo on Hong Kong/China. He also provides quantitative support and acts as a liaison between the investment and the sales team across Expedition’s non-U.S. small cap strategies. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

He joined Victory Capital in 2008. Before joining Victory Capital, he was a market risk measurement specialist at Key Bank Corp and before that, a market price forecasting analyst with First Energy Corp.

Mr. Zhang holds a Bachelor of Science in Computer Science and Engineering from Ohio State University and a Master of Science in Financial Engineering from Kent State University. He has completed Level II of the Chartered Financial Analyst program. He has a working knowledge of Mandarin.

 
Investment Approach

The Expedition International Micro Cap strategy invests in high-quality companies with long-term secular growth prospects. We do not construct portfolios that are merely representative of the asset class; rather, we aim to produce portfolios of high-quality and exceptionally dynamic companies, with a focus on those operating in industries offering attractive investment opportunities as a result of secular changes. Within these areas, we seek to find the companies with the highest probability of achieving success through industry-leading proprietary products and services, sustainable margins, and strong balance sheets. Valuation analysis is then conducted to determine whether the company’s stock is undervalued.

Philosophy & Process

We believe that over a full market cycle greater returns can be achieved with lower fundamental risk by investing in companies operating in industries and providing products and services that have sound and improving prospects going forward. Although portfolio country and sector weightings are the result of bottom-up stock selection, for the purposes of diversification and risk control, a broad country and industry representation is sought in the portfolio.

Joshua Lindland, CFA

Senior Portfolio Manager/Analyst

Joshua Lindland is responsible for smaller cap research in Southern Europe, Brazil, Canada and the U.K., alongside Reuben Scherzer. He is also responsible for leading our research in the financial sector. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

He joined Victory Capital in 2006 with 8 years prior investment experience. Prior to joining Victory Capital, he held a similar role at an affiliate of Franklin Templeton Investments and before that he managed a team of analysts at Barra RogersCasey.

Mr. Lindland holds a Bachelor of Arts in International Studies from Muhlenberg College and a Master of Business Administration from Columbia University. He is fluent in Spanish with a working knowledge of Italian. He also serves on the Board of Observers of Muhlenberg College. He is a CFA charterholder.

Tiffany Kuo, CFA

Senior Portfolio Manager/Analyst

Tiffany Kuo leads smaller cap research for markets in Asia, with a special focus on Greater China and Japan, as well as guiding our work on the technology sectors in Asia. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

She joined Victory Capital in 2006 following 4 years prior investment experience. Before joining Victory Capital, Ms. Kuo held a similar role at an affiliate of Franklin Templeton Investments. Before that, she worked with an international law firm, Law Offices of Robert W. Snyder, and had experience in business valuation at Deloitte & Touche.

Ms. Kuo holds a Bachelor of Arts in International Economics and Japanese from the University of California, Los Angeles, and a Master of Business Administration in Finance and Corporate Accounting from the University of Rochester, Simon Business School. Ms. Kuo is fluent in Mandarin with a working knowledge of Japanese. She is a CFA charterholder.

Reuben Scherzer

Portfolio Manager/Analyst

Reuben Scherzer is responsible for research on smaller cap stocks in the Nordic region, Germany, Eastern Europe, Israel and the U.K., alongside Joshua Lindland.  The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

He joined Victory Capital in 2006 with 9 years prior investment experience. Before joining Victory Capital, he held a similar role at an affiliate of Franklin Templeton Investments and prior to that he had experience as both a trader and an analyst for Malley Associates Capital Management, E. Magnus Oppenheim & Company, and the Thalheim Fund, where he researched and traded technology stocks.

Mr. Scherzer holds a Bachelor of Science in Marketing from Yeshiva University and a Master of Business Administration from Fordham University. He has a working knowledge of Hebrew.

Eun Cho

Portfolio Manager/Analyst

Eun Cho is responsible for smaller cap research in Australia, South-East Asia, and South Korea. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

He joined Victory Capital in 2006 following 3 years prior investment experience. Before joining Victory Capital, Mr. Cho held a similar role at an affiliate of Franklin Templeton Investments. Before that he was an analyst at American International Group and had previous experience in investment analysis at Pinnacle Associates and Morgan Stanley.

Mr. Cho holds a Bachelor of Science in Operations Research from Columbia University and a Bachelor of Science in Engineering Physics from Jacksonville. He has a working knowledge of Korean.

 

Fumiko Hagiwara, CFA

Research Consultant

Fumiko Hagiwara is responsible for smaller cap research in Japan and South East Asia. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

She joined Victory Capital in 2006. Prior to joining Victory Capital, she was a credit analyst with Mizuho Corporate Bank in New York and was also with Merrill Lynch in the research department. Before that, she was an accountant with Tokyo Denki University in Japan. In 2015 she relocated to her home country, Japan, where she continues to work with the team as a research consultant.

Ms. Hagiwara holds a Bachelor of Arts in Literature from Waseda University in Tokyo and a Master of Business Administration in Accountancy from Baruch College. She is a Certified Public Accountant (not in public service). Ms. Hagiwara is a Japanese national and is fluent in English. She is a CFA Charterholder.

 

Gaurav Lunia

Portfolio Manager/Analyst

Gaurav Lunia is responsible for research on smaller cap companies in India, the Middle East, S. Africa, as well as assisting Margaret Lindsay in France. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

He joined Victory Capital in 2008. Before joining Victory Capital he was an investment associate with Allen Partners. Before that, he was a co-founder and senior marketing manager of Lunia Designs.

Mr. Lunia holds a Bachelor in Business Administration from Pace University and a Master of Business Administration in General Management from INSEAD (France). He is fluent in Hindi with a working knowledge of French.

 

Robert Zhang

Portfolio Analyst

Robert Zhang is responsible for smaller cap research in Southeast Asia, alongside Mr. Cho, and assists Ms. Kuo on Hong Kong/China. He also provides quantitative support and acts as a liaison between the investment and the sales team across Expedition’s non-U.S. small cap strategies. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

He joined Victory Capital in 2008. Before joining Victory Capital, he was a market risk measurement specialist at Key Bank Corp and before that, a market price forecasting analyst with First Energy Corp.

Mr. Zhang holds a Bachelor of Science in Computer Science and Engineering from Ohio State University and a Master of Science in Financial Engineering from Kent State University. He has completed Level II of the Chartered Financial Analyst program. He has a working knowledge of Mandarin.