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Investment Approach

INCORE Total Return Fixed Income strategy delivers superior risk-adjusted returns by taking advantage of bond market inefficiencies in three key ways: sector allocation, active interest rate and yield curve positioning, and credit selection. At the core of our fixed income philosophy is the view economic cycles create capital market inefficiencies, valuations are cyclical and revert to the mean over time, and value can be consistently added by exploiting these opportunities.

Philosophy & Process

The team starts the analytical process with a top-down view of the world that is complemented with thorough fundamental credit analysis and a collaborative and institutionalized decision making process. To this end we have separate modeling capabilities for risk exposure (top-down) and security selection (bottom-up) decisions, as well as the Investment Strategy and Credit Committees that meet on a weekly basis to discuss the results thereof. All of these efforts are complemented by extensive risk control measures to assure benchmark-relative tracking error is efficiently controlled.
Edward Goard, CFA, Chief Investment Officer

Edward Goard is Chief Investment Officer of INCORE Capital Management. In this role, he is responsible for the oversight of all fixed income strategies and the fixed income team. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Goard joined Munder in 2007 and has 24 years of capital markets and portfolio management experience. Munder Capital Management was acquired by Victory Capital in October 2014. Previously, he was a senior portfolio manager and head of interest rate and mortgage strategies at Barclays Global Investors (BGI). While there, he oversaw a team of fixed income portfolio managers responsible for the management of $100 billion, with direct responsibility for managing $40 billion of fixed income investments. He helped develop and implement several multi-sector core and core-plus fixed income strategies and served as a member of the fixed income investment committee providing expertise in sector allocation, mortgage and interest rate strategy.

Mr. Goard earned a B.S. in international finance from San Francisco State University. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.


Richard Consul, CFA, Senior Portfolio Manager

Richard Consul is a senior portfolio manager for INCORE Capital Management and head of mortgage-backed securities and interest rate trading for all fixed income strategies. He is also a member of the core fixed income portfolio management team. Munder Capital Management was acquired by Victory Capital in October 2014. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Consul has 11 years of investment industry experience and joined Munder in 2010. He was previously with Bank of America in San Francisco and London, where he was a foreign exchange currency trader. He also worked for DTE Energy as a futures/options trader specializing in crude oil for the company’s $1.5 billion internal commodities hedge fund portfolio. 

Mr. Consul earned a B.B.A. in finance with a minor in mathematics and an M.S.E. in financial engineering from the University of Michigan. He is a member of the International Association of Financial Engineers. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Brad Filips

Brad Filips is a credit research analyst for INCORE Capital Management. Brad Fush is director of fixed income credit research for INCORE Capital Management.
 In this role, his primary focus is on performing modeling and credit analysis on corporate bond sectors and issuers. He also conducts fixed income research that supports duration/yield curve analysis, portfolio construction and risk management. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Filips joined Munder in 2011 and has seven years of investment industry experience. Previously, he was an investment research analyst at Plante Moran specializing in performing due diligence on investment managers and analyzing investment strategies.

Mr. Filips earned a B.S. in finance from Northern Michigan University.

S. Brad Fush, CFA, Director, Fixed Income Credit Research

Brad Fush is director of fixed income credit research for INCORE Capital Management. In this role, he leads the fixed income credit research effort. His primary focus is on performing modeling and credit analysis on corporate bond sectors and issuers. Munder Capital Management was acquired by Victory Capital in October 2014. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Fush joined Munder in 2000 and has 24 years of investment industry experience, including significant experience with in-depth credit modeling and credit analysis. He was previously with Comerica Bank, where he was a commercial credit analyst, lender and manager. 

Mr. Fush earned a B.A. in economics from Albion College and an MBA in finance and M.S. in accounting from Wayne State University. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Pamela Iwasko

Pamela Iwasko is a fixed income trader/analyst for INCORE Capital Management. In this role, she conducts fixed income research that supports portfolio construction, monitoring portfolio positions, cash flow management and duration/yield curve analysis. Her primary focus is on analyzing and trading corporate bonds. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Ms. Iwasko joined Munder Capital in 1993 and has 29 years of investment industry experience. Munder Capital Management was acquired by Victory Capital in October 2014.

James Kelts, CFA, Senior Portfolio Manager

James Kelts is a senior portfolio manager and head of fixed income trading for INCORE Capital Management. As a portfolio manager on the core fixed income and enhanced core strategies, his primary focus is on commercial mortgage-backed securities and corporate bonds. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Kelts joined Munder in 2003 and has 16 years of investment industry experience, including significant experience in portfolio management and credit analysis of the corporate bond, commercial mortgage-backed and asset-backed securities sectors. He was previously with Comerica bank, where he was an operations specialist. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Kelts earned a B.A. in finance from Michigan State University. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Gregory Oviatt, CFA, Senior Portfolio Manager

Gregory Oviatt is a senior portfolio manager for INCORE Capital Management. As a senior member of the core fixed income portfolio management team, his primary focus is on corporate bonds. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Oviatt joined Munder in 2000 and has 22 years of investment industry experience, including significant experience in the credit analysis and portfolio management of corporate bonds and structured product. He also served as a portfolio manager on the cash management team responsible for managing $9 billion in cash and fixed income securities. Previously, he was a vice president and money market portfolio manager at National City Investment Management Co. Earlier in his career, he was with First of America Investment Corporation as a money market and fixed income trader. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Oviatt earned a B.A. in economics from Kalamazoo College. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Adam Thayer, CFA, Senior Portfolio Manager

Adam Thayer is a senior portfolio manager for INCORE Capital Management. In this role, he manages municipal fixed income strategies and is responsible for trading taxable and tax-exempt municipal bonds as well as performing credit research and analysis of the municipal sector. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Thayer joined Munder in 2000. He has 19 years of investment industry experience, including serving as a portfolio manager on the mutual fund management team for a municipal short and short-intermediate strategy that received a Lipper Best Fund Award three years in a row for its consistent risk-adjusted performance among its peers over four unique time periods. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Thayer earned a B.A. in finance from Michigan State University. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Investment Approach

INCORE Total Return Fixed Income strategy delivers superior risk-adjusted returns by taking advantage of bond market inefficiencies in three key ways: sector allocation, active interest rate and yield curve positioning, and credit selection. At the core of our fixed income philosophy is the view economic cycles create capital market inefficiencies, valuations are cyclical and revert to the mean over time, and value can be consistently added by exploiting these opportunities.

Philosophy & Process

The team starts the analytical process with a top-down view of the world that is complemented with thorough fundamental credit analysis and a collaborative and institutionalized decision making process. To this end we have separate modeling capabilities for risk exposure (top-down) and security selection (bottom-up) decisions, as well as the Investment Strategy and Credit Committees that meet on a weekly basis to discuss the results thereof. All of these efforts are complemented by extensive risk control measures to assure benchmark-relative tracking error is efficiently controlled.

Richard Consul, CFA

Senior Portfolio Manager

Richard Consul is a senior portfolio manager for INCORE Capital Management and head of mortgage-backed securities and interest rate trading for all fixed income strategies. He is also a member of the core fixed income portfolio management team. Munder Capital Management was acquired by Victory Capital in October 2014. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Consul has 11 years of investment industry experience and joined Munder in 2010. He was previously with Bank of America in San Francisco and London, where he was a foreign exchange currency trader. He also worked for DTE Energy as a futures/options trader specializing in crude oil for the company’s $1.5 billion internal commodities hedge fund portfolio. 

Mr. Consul earned a B.B.A. in finance with a minor in mathematics and an M.S.E. in financial engineering from the University of Michigan. He is a member of the International Association of Financial Engineers. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Brad Filips

Credit Research Analyst

Brad Filips is a credit research analyst for INCORE Capital Management. Brad Fush is director of fixed income credit research for INCORE Capital Management.
 In this role, his primary focus is on performing modeling and credit analysis on corporate bond sectors and issuers. He also conducts fixed income research that supports duration/yield curve analysis, portfolio construction and risk management. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Filips joined Munder in 2011 and has seven years of investment industry experience. Previously, he was an investment research analyst at Plante Moran specializing in performing due diligence on investment managers and analyzing investment strategies.

Mr. Filips earned a B.S. in finance from Northern Michigan University.

S. Brad Fush, CFA

Director, Fixed Income Credit Research

Brad Fush is director of fixed income credit research for INCORE Capital Management. In this role, he leads the fixed income credit research effort. His primary focus is on performing modeling and credit analysis on corporate bond sectors and issuers. Munder Capital Management was acquired by Victory Capital in October 2014. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Fush joined Munder in 2000 and has 24 years of investment industry experience, including significant experience with in-depth credit modeling and credit analysis. He was previously with Comerica Bank, where he was a commercial credit analyst, lender and manager. 

Mr. Fush earned a B.A. in economics from Albion College and an MBA in finance and M.S. in accounting from Wayne State University. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Pamela Iwasko

Fixed Income Trader/Analyst

Pamela Iwasko is a fixed income trader/analyst for INCORE Capital Management. In this role, she conducts fixed income research that supports portfolio construction, monitoring portfolio positions, cash flow management and duration/yield curve analysis. Her primary focus is on analyzing and trading corporate bonds. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Ms. Iwasko joined Munder Capital in 1993 and has 29 years of investment industry experience. Munder Capital Management was acquired by Victory Capital in October 2014.

James Kelts, CFA

Senior Portfolio Manager

James Kelts is a senior portfolio manager and head of fixed income trading for INCORE Capital Management. As a portfolio manager on the core fixed income and enhanced core strategies, his primary focus is on commercial mortgage-backed securities and corporate bonds. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Kelts joined Munder in 2003 and has 16 years of investment industry experience, including significant experience in portfolio management and credit analysis of the corporate bond, commercial mortgage-backed and asset-backed securities sectors. He was previously with Comerica bank, where he was an operations specialist. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Kelts earned a B.A. in finance from Michigan State University. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Gregory Oviatt, CFA

Senior Portfolio Manager

Gregory Oviatt is a senior portfolio manager for INCORE Capital Management. As a senior member of the core fixed income portfolio management team, his primary focus is on corporate bonds. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Oviatt joined Munder in 2000 and has 22 years of investment industry experience, including significant experience in the credit analysis and portfolio management of corporate bonds and structured product. He also served as a portfolio manager on the cash management team responsible for managing $9 billion in cash and fixed income securities. Previously, he was a vice president and money market portfolio manager at National City Investment Management Co. Earlier in his career, he was with First of America Investment Corporation as a money market and fixed income trader. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Oviatt earned a B.A. in economics from Kalamazoo College. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Adam Thayer, CFA

Senior Portfolio Manager

Adam Thayer is a senior portfolio manager for INCORE Capital Management. In this role, he manages municipal fixed income strategies and is responsible for trading taxable and tax-exempt municipal bonds as well as performing credit research and analysis of the municipal sector. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Thayer joined Munder in 2000. He has 19 years of investment industry experience, including serving as a portfolio manager on the mutual fund management team for a municipal short and short-intermediate strategy that received a Lipper Best Fund Award three years in a row for its consistent risk-adjusted performance among its peers over four unique time periods. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Thayer earned a B.A. in finance from Michigan State University. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.