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Investment Approach

The Trivalent International Core Equity strategy seeks to outperform its benchmark, the MSCI EAFE Index, over an investment cycle while maintaining an appropriate level of risk.

Philosophy & Process

The Trivalent team believes that superior risk-adjusted performance is achieved over time through both fundamental analysis and risk management and that a focused effort on security selection is the key to achieving consistent results. The goal is to create a broadly diversified portfolio from the developed countries represented in the MSCI EAFE 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 avoid unintended risk and highlight stock selection, are a key part to the portfolio construction process. Effective risk management is an essential part in assembling the portfolio and risk controls embedded in our portfolio construction process help to ensure that market capitalization, sector weights, and country allocations remain within predetermined tolerance levels.
Dan LeVan, Chief Investment Officer

Dan LeVan oversees the management of all Trivalent’s international and emerging markets equity strategies. In this role, he manages a team of investment professionals who have been working together for over 17 years. Mr. LeVan is also the lead portfolio manager of the international small-cap 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, and 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, which 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 M.B.A. from Bentley College, and an M.S. in finance from Boston College. He is a CFA® charterholder and a member of the CFA Institute.


Peter Carpenter, Senior Portfolio ManagerPeter Carpenter is lead manager of Trivalent’s international core equity (ACWI ex-US) strategy and its related mutual fund, and lead manager of Trivalent’s international core equity (EAFE) strategy. He is also a member of the team managing Trivalent’s international small-cap and emerging markets equity strategies. Mr. Carpenter is the sector analyst responsible for 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 and Wood, where he worked with the other members of what would eventually become Munder’s 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 M.B.A. from Boston University. He is a CFA® charterholder and is a member of the CFA Institute.
Robert Cerow, Senior Equity AnalystRobert Cerow is a member of the team managing Trivalent’s international core, international small-cap and emerging markets equity strategy, and is co-manager of the emerging markets small-cap equity strategy. He is the sector analyst responsible for 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 and Wood, where he worked with the other members of what would eventually become Munder’s 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 served as a registered representative in the Dealer Services Group at Putnam Investments. Mr. Cerow 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 is a 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 Trivalent’s International Small Cap Equity strategy and its related mutual and collective funds and as lead manager of the Emerging Markets Small Cap strategy. He is also a member of the team managing Trivalent’s International Core Equity strategies, 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 and Wood with the other members of what eventually would become the Munder International Equity team. Prior to that, he was with Wellington Management Company from 1994 to 1998 as a fixed income quantitative analyst. 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 member of the team managing Trivalent’s international core, international small-cap, emerging markets equity and emerging markets small-cap strategies. Mr. Ryan is the sector analyst responsible for 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 team as an international equity analyst, focusing on oil and gas industry research. At The Boston Company, he worked with a team of investment professionals managing over $7 billion in international equities across developed and emerging markets. Prior to The Boston Company, Mr. Ryan was an associate at Banc of America Securities in the leveraged syndicated finance group from 2002 to 2005, where he conducted financial analysis of public and private energy companies. Prior to his investment career, Mr. Ryan worked as 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 M.B.A. 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 a member of the CFA Institute

Jeffrey Sullivan, Senior Portfolio Manager

Jeff Sullivan is co-manager of Trivalent’s international core equity (ACWI ex-US) strategy and its related mutual fund, co-manager of Trivalent’s international core equity (EAFE) strategy, and lead manager of the emerging markets core equity strategy. He is also a member of the team managing Trivalent’s international small-cap and emerging markets small cap strategies. He is the sector analyst responsible for 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 and Wood, where he worked with the other members of what would eventually become Munder’s 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 Lowrey Capital Management. Mr. Sullivan 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 is a member of the CFA Institute.
Investment Approach

The Trivalent International Core Equity strategy seeks to outperform its benchmark, the MSCI EAFE Index, over an investment cycle while maintaining an appropriate level of risk.

Philosophy & Process

The Trivalent team believes that superior risk-adjusted performance is achieved over time through both fundamental analysis and risk management and that a focused effort on security selection is the key to achieving consistent results. The goal is to create a broadly diversified portfolio from the developed countries represented in the MSCI EAFE 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 avoid unintended risk and highlight stock selection, are a key part to the portfolio construction process. Effective risk management is an essential part in assembling the portfolio and risk controls embedded in our portfolio construction process help to ensure that market capitalization, sector weights, and country allocations remain within predetermined tolerance levels.

Peter Carpenter, CFA

Senior Portfolio Manager

Peter Carpenter is lead manager of Trivalent’s international core equity (ACWI ex-US) strategy and its related mutual fund, and lead manager of Trivalent’s international core equity (EAFE) strategy. He is also a member of the team managing Trivalent’s international small-cap and emerging markets equity strategies. Mr. Carpenter is the sector analyst responsible for 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 and Wood, where he worked with the other members of what would eventually become Munder’s 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 M.B.A. from Boston University. He is a CFA® charterholder and is a member of the CFA Institute.

Robert Cerow, CFA

Senior Equity Analyst

Robert Cerow is a member of the team managing Trivalent’s international core, international small-cap and emerging markets equity strategy, and is co-manager of the emerging markets small-cap equity strategy. He is the sector analyst responsible for 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 and Wood, where he worked with the other members of what would eventually become Munder’s 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 served as a registered representative in the Dealer Services Group at Putnam Investments. Mr. Cerow 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 is a 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 Trivalent’s International Small Cap Equity strategy and its related mutual and collective funds and as lead manager of the Emerging Markets Small Cap strategy. He is also a member of the team managing Trivalent’s International Core Equity strategies, 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 and Wood with the other members of what eventually would become the Munder International Equity team. Prior to that, he was with Wellington Management Company from 1994 to 1998 as a fixed income quantitative analyst. 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 member of the team managing Trivalent’s international core, international small-cap, emerging markets equity and emerging markets small-cap strategies. Mr. Ryan is the sector analyst responsible for 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 team as an international equity analyst, focusing on oil and gas industry research. At The Boston Company, he worked with a team of investment professionals managing over $7 billion in international equities across developed and emerging markets. Prior to The Boston Company, Mr. Ryan was an associate at Banc of America Securities in the leveraged syndicated finance group from 2002 to 2005, where he conducted financial analysis of public and private energy companies. Prior to his investment career, Mr. Ryan worked as 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 M.B.A. 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 a member of the CFA Institute

Jeffrey Sullivan, CFA

Senior Portfolio Manager

Jeff Sullivan is co-manager of Trivalent’s international core equity (ACWI ex-US) strategy and its related mutual fund, co-manager of Trivalent’s international core equity (EAFE) strategy, and lead manager of the emerging markets core equity strategy. He is also a member of the team managing Trivalent’s international small-cap and emerging markets small cap strategies. He is the sector analyst responsible for 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 and Wood, where he worked with the other members of what would eventually become Munder’s 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 Lowrey Capital Management. Mr. Sullivan 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 is a member of the CFA Institute.