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Investment Approach

The Sophus Emerging Markets Small-Cap strategy seeks to provide long-term growth of capital by investing primarily in small-cap equity securities of emerging market companies.

Philosophy and Process

Sophus Capital believes that equity markets reward earnings growth during most market environments. The strategy’s investment team employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes can sustain above-average earnings growth relative to their peers. Fundamental, bottom-up research focuses on companies that rank highly within the investment team’s quantitative screen, with particular emphasis placed on a company’s earnings growth, business strategy, value creation, competitive position, management quality, market position, and political and economic backdrop. The investment team monitors market and sovereign risk as part of the overall investment process.

Mike Reynal

Michael Reynal is Chief Investment Officer of Sophus Capital and a portfolio manager of Victory Sophus Emerging Markets Fund, Victory Sophus Emerging Markets Small Cap Fund and Victory Sophus China Fund. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Reynal began his investment career in 1991 managing equity investments in Latin America, the Mediterranean, the Balkans and other regions. Most recently he was a portfolio manager for Principal Global Investors, where he led the emerging markets team. He also oversaw diversified emerging markets portfolios and specialized regional Asian equity strategies.

Mr. Reynal holds a B.A. from Middlebury College, an M.A. from Christ's College at the University of Cambridge and an MBA from the Amos Tuck School at Dartmouth College.


Michael Ade

Michael Ade is a portfolio manager of the Victory Sophus Emerging Markets Fund, Victory Sophus Emerging Markets Small Cap Fund and Victory Sophus China Fund and member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Ade began his investment career in 2001 and was a co-portfolio manager for diversified emerging markets and Asian equity strategies at Principal Global Investors prior to joining Sophus Capital.

Mr. Ade earned a B.A. from the University of Wisconsin. He is a CFA® charterholder.

Antonio Alvarez

Antonio Alvarez is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Alvarez began his investment career in 2006 and was a research analyst for Principal Global Investors and a project manager at Oxford Analytica before joining Sophus Capital.

Mr. Alvarez received a B.A. in economics from ITAM, Mexico, and an M.A. in economics from the University of Oxford. He is a CFA® charterholder.

Tammy Belshaw

Tammy Belshaw is head of emerging markets research and a member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Ms. Belshaw began her career in the investment industry in 1996 and worked as a research analyst, investment consultant, and emerging markets team member at three firms, most recently Principal Global Investors.

Ms. Belshaw earned an M.A. from Cambridge University. She is a CFA® charterholder.

Rex Chen

Rex Chen is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Chen began his investment career in 2006 and worked as a risk management consultant for Deloitte and as a quantitative research associate at Principal Global Investors before joining Sophus Capital.

Mr. Chen received a B.A. in business information technology from Coventry University, an M.Sc. in information technology from the University of Warwick, and an MBA from Duke University. He is a CFA Level III candidate.

Zoe Chow

Zoe Chow is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Ms. Chow began her investment career in 2006 and prior to joining Sophus Capital was a member of an emerging markets team at Principal Global Investors, where she coordinated quantitative analysis and portfolio analytics for diversified emerging markets and Asian equity portfolios.

Ms. Chow received a B.A. in finance from Singapore Management University. She is a CFA Level III candidate.

Tony Chu

Tony Chu is a portfolio manager of the Victory Sophus China Fund and member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Chu began his investment career in 2002 and worked as an equities research analyst and associate portfolio manager at Principal Global Investors and INVESCO Hong Kong before joining Sophus Capital.

Mr. Chu earned a B.A. from the University of Queensland and an M.A. from the University of New South Wales. He is a CFA® charterholder.

Daniel DoVale

Daniel Do Vale is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Do Vale began his investment career in 2007 and worked as an investment analyst at Principal Global Investors before joining Sophus Capital in 2012.

Mr. Do Vale holds a B.S. in electrical engineering from the Federal University of Santa Catarina in Brazil and an MBA from Duke University. He is a CFA® charterholder.

Maria Freund

Maria Freund is a portfolio manager of the Victory Sophus Emerging Markets Small Cap Fund and member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Ms. Freund began her investment career in 2003 and worked as an analyst at Principal Global Investors before joining Sophus Capital in 2012.

Ms. Freund received a B.A. from Loras College in finance and international business and an MBA from the Tippie College of Business at the University of Iowa. She is a CFA® charterholder.

Roy Law

Roy Law is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Law began his investment career in 2006 and worked as a research analyst for Principal Global Investors conducting research and analysis on China and Hong Kong companies before joining Sophus Capital.

Mr. Law holds a B.A. in electronics and communication engineering from University of Hong Kong. He is a CFA® charterholder.

Investment Approach

The Sophus Emerging Markets Small-Cap strategy seeks to provide long-term growth of capital by investing primarily in small-cap equity securities of emerging market companies.

Philosophy and Process

Sophus Capital believes that equity markets reward earnings growth during most market environments. The strategy’s investment team employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes can sustain above-average earnings growth relative to their peers. Fundamental, bottom-up research focuses on companies that rank highly within the investment team’s quantitative screen, with particular emphasis placed on a company’s earnings growth, business strategy, value creation, competitive position, management quality, market position, and political and economic backdrop. The investment team monitors market and sovereign risk as part of the overall investment process.

Michael Ade, CFA

Portfolio Manager

Michael Ade is a portfolio manager of the Victory Sophus Emerging Markets Fund, Victory Sophus Emerging Markets Small Cap Fund and Victory Sophus China Fund and member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Ade began his investment career in 2001 and was a co-portfolio manager for diversified emerging markets and Asian equity strategies at Principal Global Investors prior to joining Sophus Capital.

Mr. Ade earned a B.A. from the University of Wisconsin. He is a CFA® charterholder.

Antonio Alvarez, CFA

Analyst

Antonio Alvarez is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Alvarez began his investment career in 2006 and was a research analyst for Principal Global Investors and a project manager at Oxford Analytica before joining Sophus Capital.

Mr. Alvarez received a B.A. in economics from ITAM, Mexico, and an M.A. in economics from the University of Oxford. He is a CFA® charterholder.

Tammy Belshaw, CFA

Head of Emerging Markets Research

Tammy Belshaw is head of emerging markets research and a member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Ms. Belshaw began her career in the investment industry in 1996 and worked as a research analyst, investment consultant, and emerging markets team member at three firms, most recently Principal Global Investors.

Ms. Belshaw earned an M.A. from Cambridge University. She is a CFA® charterholder.

Rex Chen, CFA

Analyst

Rex Chen is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Chen began his investment career in 2006 and worked as a risk management consultant for Deloitte and as a quantitative research associate at Principal Global Investors before joining Sophus Capital.

Mr. Chen received a B.A. in business information technology from Coventry University, an M.Sc. in information technology from the University of Warwick, and an MBA from Duke University. He is a CFA Level III candidate.

Zoe Chow

Analyst

Zoe Chow is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Ms. Chow began her investment career in 2006 and prior to joining Sophus Capital was a member of an emerging markets team at Principal Global Investors, where she coordinated quantitative analysis and portfolio analytics for diversified emerging markets and Asian equity portfolios.

Ms. Chow received a B.A. in finance from Singapore Management University. She is a CFA Level III candidate.

Tony Chu, CFA

Portfolio Manager

Tony Chu is a portfolio manager of the Victory Sophus China Fund and member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Chu began his investment career in 2002 and worked as an equities research analyst and associate portfolio manager at Principal Global Investors and INVESCO Hong Kong before joining Sophus Capital.

Mr. Chu earned a B.A. from the University of Queensland and an M.A. from the University of New South Wales. He is a CFA® charterholder.

Daniel Do Vale, CFA

Analyst

Daniel Do Vale is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Do Vale began his investment career in 2007 and worked as an investment analyst at Principal Global Investors before joining Sophus Capital in 2012.

Mr. Do Vale holds a B.S. in electrical engineering from the Federal University of Santa Catarina in Brazil and an MBA from Duke University. He is a CFA® charterholder.

Maria Freund, CFA

Portfolio Manager

Maria Freund is a portfolio manager of the Victory Sophus Emerging Markets Small Cap Fund and member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Ms. Freund began her investment career in 2003 and worked as an analyst at Principal Global Investors before joining Sophus Capital in 2012.

Ms. Freund received a B.A. from Loras College in finance and international business and an MBA from the Tippie College of Business at the University of Iowa. She is a CFA® charterholder.

Roy Law, CFA

Analyst

Roy Law is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Mr. Law began his investment career in 2006 and worked as a research analyst for Principal Global Investors conducting research and analysis on China and Hong Kong companies before joining Sophus Capital.

Mr. Law holds a B.A. in electronics and communication engineering from University of Hong Kong. He is a CFA® charterholder.