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Investment Approach

The Trivalent Emerging Markets Equity team believes that the basis for successful International Equity investing is rooted in a research-driven process that focuses on stock selection and investing in companies offering repeatable business success, within a risk-aware framework. The team’s investment process seeks to identify companies with under-appreciated business momentum and valuation advantages relative to peers. They seek to understand what makes a company successful, and why the company is mispriced relative to its earnings and its peers.

Philosophy & Process

The goal of the strategy is to create a broadly diversified portfolio, typically holding between 50 and 80 securities from the countries represented in the MSCI Emerging Markets-ND Index. Each security is carefully selected, not only for its potential alpha contribution to the portfolio, but also for its overall impact on the portfolio’s risk profile. Risk controls, which help to control unintended risk and highlight stock selection, are a key part of the portfolio construction process.
Dan LeVan, Chief Investment Officer

Dan LeVan is Chief Investment Officer of Trivalent Investments. In this role, he oversees the management of Trivalent’s international and emerging markets equity strategies and manages a team of investment professionals who have been working together for over 20 years. He is also lead portfolio manager of the International Small-Capitalization Equity strategy and its related mutual and collective funds. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

An early institutional investor in the international small-cap space, Mr. LeVan has specialized in this asset class since he began his investment career in 1994 with Standish, Ayer & Wood (currently a subsidiary of BNY Mellon). While at BNY Mellon, he worked with a team of investment professionals who were responsible for managing over $15 billion in international equity assets, $3 billion of which was in international small-cap. There he developed the foundation of the international small-cap investment approach that the team employs today. In 2007, Mr. LeVan and the team joined Munder from The Boston Company (a subsidiary of BNY Mellon), forming the Munder International Equity team. Munder Capital Management was acquired by Victory Capital in October 2014.

Prior to his investment career, Mr. LeVan served as a U.S. Air Force captain for six years. He holds a B.S. in electrical & computer engineering from Clarkson University, an MBA from Bentley College and an M.S. in finance from Boston College. He is a CFA® charterholder and member of the CFA Institute.


Peter Carpenter, Senior Portfolio Manager

Peter Carpenter is a senior portfolio manager for Trivalent Investments. In this role, he serves as lead manager of the International Core ACWI ex-U.S. Equity strategy and its related mutual fund and lead manager of the International Core Equity strategy. He is also a member of the team managing the International Small-Capitalization Equity and Emerging Markets Equity strategies. Additionally, he is responsible for research coverage of the Consumer Discretionary and Industrials sectors for the international team. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In 1994, Mr. Carpenter joined Standish, Ayer & Wood, where he worked with the other members of what would eventually become the Munder International Equity team. Standish was acquired by Mellon in 2001, and in 2003 Mellon moved the team under its equity manager, The Boston Company. Mr. Carpenter joined Munder’s International Equity team in August 2007. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Carpenter holds a B.A. from Middlebury College and an MBA from Boston University. He is a CFA® charterholder and member of the CFA Institute.

Robert Cerow, Senior Equity Analyst

Robert Cerow is a senior equity analyst for Trivalent Investments. He is a member of the team managing the International Core Equity, International Small-Capitalization Equity and Emerging Markets Equity strategies and serves as co-manager of the Emerging Markets Small-Capitalization Equity strategy. He is also responsible for research coverage of the Health Care and Telecommunication Services sectors for all international equity strategies. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In 1996, Mr. Cerow joined Standish, Ayer & Wood, where he worked with the other members of what would eventually become the Munder International Equity team. Standish was acquired by Mellon in 2001, and in 2003 Mellon moved the team under its equity manager, The Boston Company. Before joining Standish, Mr. Cerow was a registered representative in the dealer services group at Putnam Investments. He joined Munder’s International Equity team in August 2007. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Cerow holds a B.A. from St. Lawrence University in economics and writing. He is a CFA® charterholder and member of the CFA Institute.

John Evers, Senior Portfolio Manager

John Evers is a senior portfolio manager for Trivalent Investments. In this role, he serves as co-manager of the International Small-Capitalization Equity strategy and its related mutual and collective funds and as lead manager of the Emerging Markets Small-Capitalization Equity strategy. He is also a member of the team managing the international core equity strategies and is responsible for research coverage of the Financials and Real Estate sectors. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Munder Capital Management was acquired by Victory Capital in October 2014. Trivalent Investments is a Victory Capital Investment franchise.

Mr. Evers joined Munder in 2007. Previously, he worked for Standish, Ayer & Wood with the other members of what eventually would become the Munder International Equity team. From 1994 to 1998, he was a fixed income quantitative analyst with Wellington Management Company. He began his career in 1991 as a programmer/analyst at Aetna Life & Casualty.

Mr. Evers holds a B.S. in business administration from the University of Maine and an M.S. in finance from Boston College. He is a CFA® charterholder and member of the CFA Institute.

Anthony Ryan, Senior Equity Analyst

Anthony Ryan is a senior equity analyst for Trivalent Investments. He is a member of the team managing the International Core Equity, International Small-Capitalization Equity, Emerging Markets Equity and Emerging Markets Small-Capitalization Equity strategies. He is also responsible for research coverage of the Energy and Utilities sectors for all international equity strategies. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In June 2014, Mr. Ryan joined Munder’s International Equity team as an international equity analyst focusing on oil and gas industry research. Previously, he worked at The Boston Company with a team of investment professionals managing over $7 billion in international equities across developed and emerging markets. From 2002 to 2005, he was an associate at Banc of America Securities in the leveraged syndicated finance group, where he conducted financial analysis of public and private energy companies. Prior to his investment career, he was an oilfield services engineer in the Kingdom of Saudi Arabia for four years. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Ryan holds an M.Sc. in petroleum engineering from the Imperial College Royal School of Mines in London, an MBA with a concentration in finance from Boston College and a B.Sc. in chemistry from the University of Sheffield. He is a CFA® charterholder and member of the CFA Institute.

Jeffrey Sullivan, Senior Portfolio Manager

Jeff Sullivan is a senior portfolio manager for Trivalent Investments. In this role, he serves as co-manager of the International Core ACWI ex-U.S. Equity strategy and its related mutual fund, co-manager of the International Core Equity strategy and lead manager of the Emerging Markets Equity strategy. He is also a member of the team managing the International Small-Capitalization Equity and Emerging Markets Small-Capitalization Equity strategies. Additionally, he is responsible for research coverage of the Consumer Staples and Materials sectors for all international equity strategies. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In 1998, Mr. Sullivan joined Standish, Ayer & Wood, where he worked with the other members of what would eventually become the Munder International Equity team. Standish was acquired by Mellon in 2001, and in 2003 Mellon moved the team under its equity manager, The Boston Company. Prior to joining Standish, Mr. Sullivan served as central European analyst for Lowry Capital Management. He joined Munder’s International Equity team in August 2007. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Sullivan holds a B.A. in economics from Washington & Jefferson College. He is a CFA® charterholder and member of the CFA Institute.

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Investment Approach

The Trivalent Emerging Markets Equity team believes that the basis for successful International Equity investing is rooted in a research-driven process that focuses on stock selection and investing in companies offering repeatable business success, within a risk-aware framework. The team’s investment process seeks to identify companies with under-appreciated business momentum and valuation advantages relative to peers. They seek to understand what makes a company successful, and why the company is mispriced relative to its earnings and its peers.

Philosophy & Process

The goal of the strategy is to create a broadly diversified portfolio, typically holding between 50 and 80 securities from the countries represented in the MSCI Emerging Markets-ND Index. Each security is carefully selected, not only for its potential alpha contribution to the portfolio, but also for its overall impact on the portfolio’s risk profile. Risk controls, which help to control unintended risk and highlight stock selection, are a key part of the portfolio construction process.

Peter Carpenter, CFA

Senior Portfolio Manager

Peter Carpenter is a senior portfolio manager for Trivalent Investments. In this role, he serves as lead manager of the International Core ACWI ex-U.S. Equity strategy and its related mutual fund and lead manager of the International Core Equity strategy. He is also a member of the team managing the International Small-Capitalization Equity and Emerging Markets Equity strategies. Additionally, he is responsible for research coverage of the Consumer Discretionary and Industrials sectors for the international team. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In 1994, Mr. Carpenter joined Standish, Ayer & Wood, where he worked with the other members of what would eventually become the Munder International Equity team. Standish was acquired by Mellon in 2001, and in 2003 Mellon moved the team under its equity manager, The Boston Company. Mr. Carpenter joined Munder’s International Equity team in August 2007. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Carpenter holds a B.A. from Middlebury College and an MBA from Boston University. He is a CFA® charterholder and member of the CFA Institute.

Robert Cerow, CFA

Senior Equity Analyst

Robert Cerow is a senior equity analyst for Trivalent Investments. He is a member of the team managing the International Core Equity, International Small-Capitalization Equity and Emerging Markets Equity strategies and serves as co-manager of the Emerging Markets Small-Capitalization Equity strategy. He is also responsible for research coverage of the Health Care and Telecommunication Services sectors for all international equity strategies. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In 1996, Mr. Cerow joined Standish, Ayer & Wood, where he worked with the other members of what would eventually become the Munder International Equity team. Standish was acquired by Mellon in 2001, and in 2003 Mellon moved the team under its equity manager, The Boston Company. Before joining Standish, Mr. Cerow was a registered representative in the dealer services group at Putnam Investments. He joined Munder’s International Equity team in August 2007. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Cerow holds a B.A. from St. Lawrence University in economics and writing. He is a CFA® charterholder and member of the CFA Institute.

John Evers, CFA

Senior Portfolio Manager

John Evers is a senior portfolio manager for Trivalent Investments. In this role, he serves as co-manager of the International Small-Capitalization Equity strategy and its related mutual and collective funds and as lead manager of the Emerging Markets Small-Capitalization Equity strategy. He is also a member of the team managing the international core equity strategies and is responsible for research coverage of the Financials and Real Estate sectors. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Munder Capital Management was acquired by Victory Capital in October 2014. Trivalent Investments is a Victory Capital Investment franchise.

Mr. Evers joined Munder in 2007. Previously, he worked for Standish, Ayer & Wood with the other members of what eventually would become the Munder International Equity team. From 1994 to 1998, he was a fixed income quantitative analyst with Wellington Management Company. He began his career in 1991 as a programmer/analyst at Aetna Life & Casualty.

Mr. Evers holds a B.S. in business administration from the University of Maine and an M.S. in finance from Boston College. He is a CFA® charterholder and member of the CFA Institute.

Anthony Ryan, CFA

Senior Equity Analyst

Anthony Ryan is a senior equity analyst for Trivalent Investments. He is a member of the team managing the International Core Equity, International Small-Capitalization Equity, Emerging Markets Equity and Emerging Markets Small-Capitalization Equity strategies. He is also responsible for research coverage of the Energy and Utilities sectors for all international equity strategies. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In June 2014, Mr. Ryan joined Munder’s International Equity team as an international equity analyst focusing on oil and gas industry research. Previously, he worked at The Boston Company with a team of investment professionals managing over $7 billion in international equities across developed and emerging markets. From 2002 to 2005, he was an associate at Banc of America Securities in the leveraged syndicated finance group, where he conducted financial analysis of public and private energy companies. Prior to his investment career, he was an oilfield services engineer in the Kingdom of Saudi Arabia for four years. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Ryan holds an M.Sc. in petroleum engineering from the Imperial College Royal School of Mines in London, an MBA with a concentration in finance from Boston College and a B.Sc. in chemistry from the University of Sheffield. He is a CFA® charterholder and member of the CFA Institute.

Jeffrey Sullivan, CFA

Senior Portfolio Manager

Jeff Sullivan is a senior portfolio manager for Trivalent Investments. In this role, he serves as co-manager of the International Core ACWI ex-U.S. Equity strategy and its related mutual fund, co-manager of the International Core Equity strategy and lead manager of the Emerging Markets Equity strategy. He is also a member of the team managing the International Small-Capitalization Equity and Emerging Markets Small-Capitalization Equity strategies. Additionally, he is responsible for research coverage of the Consumer Staples and Materials sectors for all international equity strategies. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In 1998, Mr. Sullivan joined Standish, Ayer & Wood, where he worked with the other members of what would eventually become the Munder International Equity team. Standish was acquired by Mellon in 2001, and in 2003 Mellon moved the team under its equity manager, The Boston Company. Prior to joining Standish, Mr. Sullivan served as central European analyst for Lowry Capital Management. He joined Munder’s International Equity team in August 2007. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Sullivan holds a B.A. in economics from Washington & Jefferson College. He is a CFA® charterholder and member of the CFA Institute.