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Investment Approach

The Integrity Micro Cap Value Equity strategy invests in a diversified portfolio of micro capitalization stocks that are currently undervalued, but poised to outperform.

Philosophy & Process

Integrity believes that superior risk-adjusted performance is achieved by maintaining a diversified portfolio of micro capitalization stocks that are trading below Integrity’s estimate of intrinsic value and have improving investor sentiment. This strategy seeks to invest in the right company, at the right price, and at the right time:

Right Company – Companies with profitable reinvestment opportunities and/or willingness to return profits to shareholders. In addition, factors such as a company’s economic value added (EVA), capital allocation discipline, and the impact of past management decisions are continuously evaluated.

Right Price – Our process not only seeks to identify the right companies, but to purchase those companies at the right price. We analyze stocks to uncover their true intrinsic value.

Right Time – Continuous and rigorous fundamental analysis is applied as Integrity searches for a catalyst to indicate improving investor sentiment. Catalysts are typically company, industry or macroeconomic developments.
Daniel G. Bandi, CFA, Chief Investment Officer, Integrity

Daniel Bandi is Chief Investment Officer for Integrity Asset Management’s value equity strategies and lead portfolio manager for the company’s Small-Cap Value Equity strategy and Small/Mid-Cap Value Equity strategy. He is responsible for research coverage of the Financials and Industrials sectors. 

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Bandi has more than 24 years of investment management experience. He and his team have been featured in The New York Times, The Wall Street Journal, The Financial Times and Investor's Business Daily and have appeared as guests on CNBC, CNNfn TV, Bloomberg TV and other media outlets. He graduated from the University of Pittsburgh and earned an MBA from Texas A&M University-Commerce. He is a CFA® charterholder.


Daniel J. DeMonica, CFA, Senior Portfolio Manager, Integrity

Dan DeMonica is a senior portfolio manager for Integrity Asset Management’s value strategies. He is a member of Integrity’s value equity management team and co-lead portfolio manager for the Micro-Cap Value Equity strategy. He is responsible for research coverage of the Health Care, Utilities, Telecommunication Services and Consumer Staples sectors.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. DeMonica has more than 20 years of investment management experience. He has been featured in The New York Times, The Wall Street Journal and Forbes magazine and has appeared as a guest on CNBC and Bloomberg TV. He graduated from Indiana University-Bloomington and earned his MBA from Case Western Reserve University. He is a CFA® charterholder.

 

 

Mirsat Nikovic is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is also co-lead portfolio manager for the Micro-Cap Value Equity strategy. He is responsible for research coverage of the Real Estate, Financials and Industrials sectors.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Nikovic has more than 18 years of security research experience. He is a graduate of John Carroll University. He is a CFA® charterholder and member of the CFA Society of Cleveland.

Sean Burke is a portfolio manager and member of Integrity Asset Management’s value equity management team. His primary focus is the Micro-Cap Value Equity strategy. 

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Burke has more than nine years of investment management industry experience. He was promoted to the Integrity value equity management team in 2011 after a four-year tenure with the company’s equity trading and operations groups. He is a graduate of Cleveland State University.

 

Brian Cavalier is head of equity trading and a member of Integrity Asset Management’s value equity management team. In this role, he manages all trading-related activities for Integrity’s products, including the Small-Cap Value Equity, Small/Mid-Cap Value Equity, Mid-Cap Value Equity and Micro-Cap Value Equity strategies.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Cavalier has more than 15 years of investment management industry experience. He is a graduate of John Carroll University. He is a member of the Cleveland Security Traders Association and Columbus Stock and Bond Club.

 

Investment Approach

The Integrity Micro Cap Value Equity strategy invests in a diversified portfolio of micro capitalization stocks that are currently undervalued, but poised to outperform.

Philosophy & Process

Integrity believes that superior risk-adjusted performance is achieved by maintaining a diversified portfolio of micro capitalization stocks that are trading below Integrity’s estimate of intrinsic value and have improving investor sentiment. This strategy seeks to invest in the right company, at the right price, and at the right time:

Right Company – Companies with profitable reinvestment opportunities and/or willingness to return profits to shareholders. In addition, factors such as a company’s economic value added (EVA), capital allocation discipline, and the impact of past management decisions are continuously evaluated.

Right Price – Our process not only seeks to identify the right companies, but to purchase those companies at the right price. We analyze stocks to uncover their true intrinsic value.

Right Time – Continuous and rigorous fundamental analysis is applied as Integrity searches for a catalyst to indicate improving investor sentiment. Catalysts are typically company, industry or macroeconomic developments.

Daniel J. DeMonica, CFA

Senior Portfolio Manager

Dan DeMonica is a senior portfolio manager for Integrity Asset Management’s value strategies. He is a member of Integrity’s value equity management team and co-lead portfolio manager for the Micro-Cap Value Equity strategy. He is responsible for research coverage of the Health Care, Utilities, Telecommunication Services and Consumer Staples sectors.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. DeMonica has more than 20 years of investment management experience. He has been featured in The New York Times, The Wall Street Journal and Forbes magazine and has appeared as a guest on CNBC and Bloomberg TV. He graduated from Indiana University-Bloomington and earned his MBA from Case Western Reserve University. He is a CFA® charterholder.

 

 

Mirsat Nikovic, CFA

Portfolio Manager

Mirsat Nikovic is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is also co-lead portfolio manager for the Micro-Cap Value Equity strategy. He is responsible for research coverage of the Real Estate, Financials and Industrials sectors.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Nikovic has more than 18 years of security research experience. He is a graduate of John Carroll University. He is a CFA® charterholder and member of the CFA Society of Cleveland.

Sean A. Burke

Portfolio Manager

Sean Burke is a portfolio manager and member of Integrity Asset Management’s value equity management team. His primary focus is the Micro-Cap Value Equity strategy. 

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Burke has more than nine years of investment management industry experience. He was promoted to the Integrity value equity management team in 2011 after a four-year tenure with the company’s equity trading and operations groups. He is a graduate of Cleveland State University.

 

Brian T. Cavalier

Head of Equity Trading

Brian Cavalier is head of equity trading and a member of Integrity Asset Management’s value equity management team. In this role, he manages all trading-related activities for Integrity’s products, including the Small-Cap Value Equity, Small/Mid-Cap Value Equity, Mid-Cap Value Equity and Micro-Cap Value Equity strategies.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Cavalier has more than 15 years of investment management industry experience. He is a graduate of John Carroll University. He is a member of the Cleveland Security Traders Association and Columbus Stock and Bond Club.