The information on this site is intended only for institutional investors and consultants to separately managed account investors. It is not intended for use by or distribution to members of the general public. The information on this site is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy any security which may be referenced herein. The information on this site is published without regard to the investment objective, financial situation or specific needs of any particular investor. The information on this site is intended for U.S. residents only and is not intended for investors in any jurisdiction in which distribution or purchase is not authorized.

Please confirm that you have read and agree to the terms above.

Thank you for your interest in Victory Capital Management. To download this document, please complete the registration form below. You will only need to complete this form one time to access site content.






  • Victory Capital may use my email to send out periodic news, announcements, and product information.

*All fields are required
Submit

Investment Approach

The RS Concentrated All Cap Strategy seeks to produce superior long-term risk adjusted returns by investing in durable small, mid and large capitalization companies that are led by strong management teams and are attractively valued.

Philosophy & Process

The RS Value Team seeks to invest in good companies, led by strong management teams that are attractively valued. Our decision to invest in any company starts with business analysis and with understanding the company’s unit-level economics. Our work on unit-level economics helps us determine the quality of the business and the headwinds it may face in the future. We seek to invest in companies that can create shareholder value because of either an improvement in the returns of the existing assets of the business or attractive reinvestment opportunities. We are long-term investors who use our investment time horizon as a competitive advantage and are attracted to out-of-favor and/or misunderstood companies in the market.

The next step in our process is to assess the management team. Our evaluation of a company’s management team is critical to our investment decision. We regularly meet with management to gauge how they think about their business—Are they focused (and compensated) on growing earnings at any cost or do they understand return on invested capital and how value is created? Additionally, we perform detailed operational and strategic historical analyses of management’s decisions—looking at acquisitions and asset sales, repositioning of and changes to strategy, and measures of capital stewardship. This analysis provides us with the conviction to invest with strong management teams that are able to navigate through short-term market volatility and deliver long-term shareholder value.

The final step in our analysis is valuation. To the RS Value Team, value investing is buying a business at a discount to what we believe it is actually worth. We determine what a company is worth by assessing a company’s current share price versus its future cash flow streams or long-term net asset value based upon the management team’s plan for value creation. We pay close attention to a company’s financial strength, scrutinizing financial statements, and we run various financial models to understand our downside. This quantitative analysis gives us confidence in our investment thesis, and helps us determine at what stock price we are comfortable investing.

Daniel Lang

Daniel Lang is Chief Investment Officer of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Lang began his investment career in 2001. Prior to joining RS Investments in 2009, he was a portfolio manager at Farallon Capital Management covering the global biotechnology, medical device, pharmaceutical, and health care services industries. Previously, he was a senior associate at venture capital firm Brilleon Capital US and the co-founder and CFO of Sapient Medical Group. Mr. Lang’s business and investment experience was preceded by a distinguished career practicing medicine. He was a fellow in cardiology and a post-doctoral research fellow at the University of California, San Francisco. Additionally, he was board certified in internal medicine and served as a chief medical resident at Mount Sinai Hospital in New York.

Mr. Lang holds a B.A. in chemistry from Cornell University and an M.D. from Cornell University Medical College.

Tyler Dann

Tyler Dann is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Prior to joining RS Investments in 2014, Mr. Dann was a portfolio manager and senior research analyst with Invesco Aim Capital Management, where he was sector head for energy and basic materials. Previously, he was senior research analyst at Banc of America Securities. While there, he led a research team making investment recommendations on oil and refining stocks and contributing to the firm's oil price forecast. Previously, he held various positions at Credit Suisse First Boston and SBC Warburg.

Mr. Dann holds an A.B. in Germanic languages and literatures from Princeton University. He is a CFA® charterholder.

Robert J. Harris

Robert Harris is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Harris began his investment career in 1998 and worked as a financial services analyst at Dresdner RCM Global Investors LLC before joining RS Investments in 2005. He also spent seven years as a flight engineer in the United States Air Force.

Mr. Harris holds a B.A. in political science from Sonoma State University and an MBA from Golden Gate University.

Joseph Mainelli

Joe Mainelli is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Mainelli began his investment career in 1994. Prior to joining RS Investments in 2007, he was an equity research analyst focused on small- and mid-cap value investments at David J. Greene & Company. Previously, he was an equity research analyst at Sagamore Hill Capital and ING Furman Selz Asset Management.

Mr. Mainelli holds a B.A. in anthropology from Princeton University and an MBA from Columbia Business School.

Andy Walker

Andrew Walker is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Walker began his investment career in 1996 and worked as a financial analyst at Janus Capital Group for 12 years covering the power and industrial industries prior to joining RS Investments in 2011. Previously, he was a financial analyst in the corporate finance and investment banking divisions of Goldman, Sachs & Co.

Mr. Walker holds a B.A. in economics and history from Yale University and an MBA from Harvard Business School. He is a CFA® charterholder.

Ryan Wilsey

Ryan Wilsey is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Wilsey joined RS in 2016 from Parnassus Investments, where he spent six years as a portfolio manager and senior research analyst. He has been a professional investor since 2001, working at Scout Capital, Greylock Partners and Summit Partners. Before he began his investment career, he worked at Opsware Inc., a software company that was later sold to Hewlett-Packard.

Mr. Wilsey graduated summa cum laude with a B.S. in engineering from Princeton University and earned an MBA from Harvard Business School.

Investment Approach

The RS Concentrated All Cap Strategy seeks to produce superior long-term risk adjusted returns by investing in durable small, mid and large capitalization companies that are led by strong management teams and are attractively valued.

Philosophy & Process

The RS Value Team seeks to invest in good companies, led by strong management teams that are attractively valued. Our decision to invest in any company starts with business analysis and with understanding the company’s unit-level economics. Our work on unit-level economics helps us determine the quality of the business and the headwinds it may face in the future. We seek to invest in companies that can create shareholder value because of either an improvement in the returns of the existing assets of the business or attractive reinvestment opportunities. We are long-term investors who use our investment time horizon as a competitive advantage and are attracted to out-of-favor and/or misunderstood companies in the market.

The next step in our process is to assess the management team. Our evaluation of a company’s management team is critical to our investment decision. We regularly meet with management to gauge how they think about their business—Are they focused (and compensated) on growing earnings at any cost or do they understand return on invested capital and how value is created? Additionally, we perform detailed operational and strategic historical analyses of management’s decisions—looking at acquisitions and asset sales, repositioning of and changes to strategy, and measures of capital stewardship. This analysis provides us with the conviction to invest with strong management teams that are able to navigate through short-term market volatility and deliver long-term shareholder value.

The final step in our analysis is valuation. To the RS Value Team, value investing is buying a business at a discount to what we believe it is actually worth. We determine what a company is worth by assessing a company’s current share price versus its future cash flow streams or long-term net asset value based upon the management team’s plan for value creation. We pay close attention to a company’s financial strength, scrutinizing financial statements, and we run various financial models to understand our downside. This quantitative analysis gives us confidence in our investment thesis, and helps us determine at what stock price we are comfortable investing.

Tyler Dann II, CFA

Analyst, RS Value

Tyler Dann is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Prior to joining RS Investments in 2014, Mr. Dann was a portfolio manager and senior research analyst with Invesco Aim Capital Management, where he was sector head for energy and basic materials. Previously, he was senior research analyst at Banc of America Securities. While there, he led a research team making investment recommendations on oil and refining stocks and contributing to the firm's oil price forecast. Previously, he held various positions at Credit Suisse First Boston and SBC Warburg.

Mr. Dann holds an A.B. in Germanic languages and literatures from Princeton University. He is a CFA® charterholder.

Robert J. Harris

Analyst, RS Value

Robert Harris is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Harris began his investment career in 1998 and worked as a financial services analyst at Dresdner RCM Global Investors LLC before joining RS Investments in 2005. He also spent seven years as a flight engineer in the United States Air Force.

Mr. Harris holds a B.A. in political science from Sonoma State University and an MBA from Golden Gate University.

Joseph Mainelli

Analyst, RS Value

Joe Mainelli is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Mainelli began his investment career in 1994. Prior to joining RS Investments in 2007, he was an equity research analyst focused on small- and mid-cap value investments at David J. Greene & Company. Previously, he was an equity research analyst at Sagamore Hill Capital and ING Furman Selz Asset Management.

Mr. Mainelli holds a B.A. in anthropology from Princeton University and an MBA from Columbia Business School.

Andrew Walker, CFA

Analyst, RS Value

Andrew Walker is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Walker began his investment career in 1996 and worked as a financial analyst at Janus Capital Group for 12 years covering the power and industrial industries prior to joining RS Investments in 2011. Previously, he was a financial analyst in the corporate finance and investment banking divisions of Goldman, Sachs & Co.

Mr. Walker holds a B.A. in economics and history from Yale University and an MBA from Harvard Business School. He is a CFA® charterholder.

Ryan Wilsey

Analyst, RS Value

Ryan Wilsey is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Wilsey joined RS in 2016 from Parnassus Investments, where he spent six years as a portfolio manager and senior research analyst. He has been a professional investor since 2001, working at Scout Capital, Greylock Partners and Summit Partners. Before he began his investment career, he worked at Opsware Inc., a software company that was later sold to Hewlett-Packard.

Mr. Wilsey graduated summa cum laude with a B.S. in engineering from Princeton University and earned an MBA from Harvard Business School.