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Investment Approach

The Integrity Small Cap Value Equity strategy is focused on achieving capital appreciation by maintaining a diversified portfolio of small capitalization stocks that are currently undervalued yet poised to outperform.

Philosophy & Process

To identify stocks, our disciplined process seeks two key elements: prudent value and improving sentiment. Prudent value implies that a statistically "cheap" stock, trading below our estimate of intrinsic value, will deliver strong total return over time. The portfolio construction process identifies catalysts that lead to improving investor sentiment. Risk exposure is continuously evaluated throughout the process to ensure consistent long-term performance versus the index. The team is focused on the underlying fundamentals of a stock that we believe are responsible for long-term out-performance. Risk controls and a strict sell discipline focused on negative fundamental development, a catalyst change, or overvaluation, have been an integral part of this process and we believe will continue to be, an important part of the success of this strategy in generating a competitive risk/return profile for our clients. This approach has weathered numerous market environments since its inception.
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.

Adam Friedman, Senior Portfolio Manager, Integrity

Adam Friedman is a senior portfolio manager for Integrity Asset Management’s value strategies. He is a member of Integrity’s value equity management team and lead portfolio manager for the Mid-Cap Value Equity strategy. He is responsible for research coverage of the Information Technology and Consumer Discretionary 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. Friedman has more than 24 years of investment management experience. He has been featured in The New York Times and The Wall Street Journal and has appeared as a guest on CNBC, CNNfn TV, Bloomberg TV and Bloomberg Radio. After completing his undergraduate studies at the University of Maryland, he earned his MBA from Case Western Reserve University.

Joe A. Gilbert, CFA, Portfolio Manager, Integrity

Joe Gilbert is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is responsible for research coverage of the Consumer Staples sector and insurance and transportation industries.

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. Gilbert has more than 19 years of extensive security research experience. He earned his undergraduate degree and MBA from the University of Maryland. He is a CFA® charterholder.

J. Bryan Tinsley, Portfolio Manager, Integrity

Bryan Tinsley is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is responsible for research coverage of the Energy and Materials sectors and commercial services industry. 

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. Tinsley has more than 19 years of portfolio management, research and performance analysis experience. He is a graduate of Transylvania University and earned his MBA from Case Western Reserve University. He is a CFA® charterholder and a member of the CFA Society of Cleveland.

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.

Michael Wayton is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is responsible for research coverage of the Consumer and Information Technology 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. Wayton has more than 15 years of investment management, research and quantitative analysis experience. He is a graduate of The Ohio State University. He is a CFA® charterholder and member of the CFA Society of Cleveland.

 

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 Small Cap Value Equity strategy is focused on achieving capital appreciation by maintaining a diversified portfolio of small capitalization stocks that are currently undervalued yet poised to outperform.

Philosophy & Process

To identify stocks, our disciplined process seeks two key elements: prudent value and improving sentiment. Prudent value implies that a statistically "cheap" stock, trading below our estimate of intrinsic value, will deliver strong total return over time. The portfolio construction process identifies catalysts that lead to improving investor sentiment. Risk exposure is continuously evaluated throughout the process to ensure consistent long-term performance versus the index. The team is focused on the underlying fundamentals of a stock that we believe are responsible for long-term out-performance. Risk controls and a strict sell discipline focused on negative fundamental development, a catalyst change, or overvaluation, have been an integral part of this process and we believe will continue to be, an important part of the success of this strategy in generating a competitive risk/return profile for our clients. This approach has weathered numerous market environments since its inception.

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.

Adam I. Friedman

Senior Portfolio Manager

Adam Friedman is a senior portfolio manager for Integrity Asset Management’s value strategies. He is a member of Integrity’s value equity management team and lead portfolio manager for the Mid-Cap Value Equity strategy. He is responsible for research coverage of the Information Technology and Consumer Discretionary 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. Friedman has more than 24 years of investment management experience. He has been featured in The New York Times and The Wall Street Journal and has appeared as a guest on CNBC, CNNfn TV, Bloomberg TV and Bloomberg Radio. After completing his undergraduate studies at the University of Maryland, he earned his MBA from Case Western Reserve University.

Joe A. Gilbert, CFA

Portfolio Manager

Joe Gilbert is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is responsible for research coverage of the Consumer Staples sector and insurance and transportation industries.

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. Gilbert has more than 19 years of extensive security research experience. He earned his undergraduate degree and MBA from the University of Maryland. He is a CFA® charterholder.

J. Bryan Tinsley, CFA

Portfolio Manager

Bryan Tinsley is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is responsible for research coverage of the Energy and Materials sectors and commercial services industry. 

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. Tinsley has more than 19 years of portfolio management, research and performance analysis experience. He is a graduate of Transylvania University and earned his MBA from Case Western Reserve University. He is a CFA® charterholder and a member of the CFA Society of Cleveland.

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.

Michael P. Wayton, CFA

Portfolio Manager

Michael Wayton is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is responsible for research coverage of the Consumer and Information Technology 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. Wayton has more than 15 years of investment management, research and quantitative analysis experience. He is a graduate of The Ohio State University. He is a CFA® charterholder and member of the CFA Society of Cleveland.

 

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.