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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, CIO of INCORE, 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.

He joined Munder in 2007 and has 22 years of capital markets and portfolio management experience. Munder Capital Management was acquired by Victory Capital in October 2014. He was previously with Barclays Global Investors (BGI) as a senior portfolio manager and the head of interest rate and mortgage strategies. There Mr. Goard 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, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Richard Consul, CFA, Senior Portfolio ManagerRichard Consul is head of mortgage-backed securities and interest rate trading for all fixed income strategies and 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 nine 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 and, with DTE Energy as a futures/options trader specializing in crude oil for their $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. Mr. Consul is a CFA® charterholder and is a member of the CFA Institute and the CFA Society of Detroit.

Brad Filips’ primary focus is on performing modeling and credit analysis on corporate bond sectors and issuers. In addition, he also conducts fixed income research and analysis 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 six years of investment industry experience. He was previously with Plante Moran, where he was an investment research analyst 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 ResearchBrad Fush leads the fixed income credit research effort at INCORE Capital Management. 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 22 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, an M.B.A. in Finance and an M.S. in Accounting from Wayne State University. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society of Detroit.

Pamela Iwasko conducts fixed income research and analysis that supports portfolio construction, monitoring portfolio positions, cash flow management and duration/yield curve analysis. Her primary area of 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 28 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 the head of fixed income trading at INCORE and 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 13 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, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Gregory Oviatt, CFA, Senior Portfolio Manager

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

He joined Munder in 2000 and has 20 years of investment industry experience, including significant experience in the credit analysis and portfolio management of corporate bonds and structured product. Mr. Oviatt also served as a portfolio manager on the cash management team responsible for managing $9 billion in cash and fixed income securities. He was previously with National City Investment Management Co. as vice president and money market portfolio manager, and 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, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Adam Thayer, CFA, Senior Portfolio Manager

Adam Thayer manages municipal fixed income strategies at INCORE. He is also 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 and has 17 years of investment industry experience, including serving as a portfolio manager on the mutual fund team which managed a municipal short & 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.

He earned a B.A. in Finance from Michigan State University, is a CFA® charterholder, and a member of the CFA Institute and the 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 head of mortgage-backed securities and interest rate trading for all fixed income strategies and 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 nine 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 and, with DTE Energy as a futures/options trader specializing in crude oil for their $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. Mr. Consul is a CFA® charterholder and is a member of the CFA Institute and the CFA Society of Detroit.

Brad Filips

Credit Research Analyst

Brad Filips’ primary focus is on performing modeling and credit analysis on corporate bond sectors and issuers. In addition, he also conducts fixed income research and analysis 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 six years of investment industry experience. He was previously with Plante Moran, where he was an investment research analyst 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 leads the fixed income credit research effort at INCORE Capital Management. 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 22 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, an M.B.A. in Finance and an M.S. in Accounting from Wayne State University. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society of Detroit.

Pamela Iwasko

Fixed Income Trader/Analyst

Pamela Iwasko conducts fixed income research and analysis that supports portfolio construction, monitoring portfolio positions, cash flow management and duration/yield curve analysis. Her primary area of 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 28 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 the head of fixed income trading at INCORE and 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 13 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, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Gregory Oviatt, CFA

Senior Portfolio Manager

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

He joined Munder in 2000 and has 20 years of investment industry experience, including significant experience in the credit analysis and portfolio management of corporate bonds and structured product. Mr. Oviatt also served as a portfolio manager on the cash management team responsible for managing $9 billion in cash and fixed income securities. He was previously with National City Investment Management Co. as vice president and money market portfolio manager, and 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, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Adam Thayer, CFA

Senior Portfolio Manager

Adam Thayer manages municipal fixed income strategies at INCORE. He is also 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 and has 17 years of investment industry experience, including serving as a portfolio manager on the mutual fund team which managed a municipal short & 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.

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