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Investment Approach

The Expedition Emerging Markets Small Cap strategy invests in high-quality companies with long-term secular growth prospects. We do not construct portfolios that are merely representative of the asset class; rather, we aim to produce portfolios of high-quality and exceptionally dynamic companies, with a focus on those operating in industries offering attractive investment opportunities as a result of secular changes. Within these areas, we seek to find the companies with the highest probability of achieving success through industry-leading proprietary products and services, sustainable margins, and strong balance sheets. Valuation analysis is then conducted to determine whether the company’s stock is undervalued.

Philosophy & Process

We believe that over a full market cycle greater returns can be achieved with lower fundamental risk by investing in companies operating in industries and providing products and services that have sound and improving prospects going forward. Although portfolio country and sector weightings are the result of bottom-up stock selection, for the purposes of diversification and risk control, a broad country and industry representation is sought in the portfolio.
Margaret Lindsay, CIO - Expedition Investment Partners, Lead Portfolio Manager

Margaret Lindsay is Chief Investment Officer of Expedition Investment Partners and lead portfolio manager of the firm’s non-U.S. small cap equity strategies. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Ms. Lindsay joined Victory Capital in 2006 with 25 years’ prior investment experience. Previously, she was director of global small cap equity and head of the non-U.S. small/mid-cap team at an affiliate of Franklin Templeton Investments for 15 years. Prior to that, she spent 10 years in non-U.S. equity strategy, analysis and sales. She was also with S.G. Warburg Securities and Drexel Burnham Lambert. Earlier in her career, she was a consultant for Gellman Research Associates, advising clients on economic policy and international trade.

Ms. Lindsay holds a B.A. from Dickinson College, an M.S. from Drexel University and an MBA in international finance from the Wharton School of the University of Pennsylvania. She is fluent in German.


Joshua Lindland, CFA, Senior Portfolio Manager/Analyst

Joshua Lindland is a senior portfolio manager/analyst for Expedition Investment Partners. In this role, he is responsible for researching smaller-cap equities in Southern Europe, Brazil, Canada and the U.K. He also leads research coverage of the Financials sector. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Mr. Lindland joined Victory Capital in 2006 with eight years’ prior investment experience. Previously, he held a similar role at an affiliate of Franklin Templeton Investments. He also managed a team of analysts at Barra RogersCasey earlier in his career.

Mr. Lindland holds a B.A. in international studies from Muhlenberg College and an MBA from Columbia University. He is fluent in Spanish with a working knowledge of Italian. He also serves on the Board of Observers of Muhlenberg College. He is a CFA® charterholder.

Tiffany Kuo, CFA, Senior Portfolio Manager/Analyst

Tiffany Kuo is a senior portfolio manager/analyst for Expedition Investment Partners. In this role, she leads smaller-cap research for markets in Asia, with a special focus on Greater China and Japan, and guides Expedition’s work on the technology sectors in Asia. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Ms. Kuo joined Victory Capital in 2006. Previously, she held a similar role at an affiliate of Franklin Templeton Investments. Earlier in her career, she worked at the Law Offices of Robert W. Snyder, an international law firm, and had experience in business valuation at Deloitte & Touche.

Ms. Kuo holds a B.A. in international economics and Japanese from the University of California, Los Angeles, and an MBA in finance and corporate accounting from the University of Rochester, Simon Business School. She is fluent in Mandarin with a working knowledge of Japanese. She is a CFA® charterholder.

Reuben Scherzer, Portfolio Manager/Analyst

Reuben Scherzer is a portfolio manager/analyst for Expedition Investment Partners. In this role, he is responsible for researching smaller-cap stocks in the Nordic region, Germany, Eastern Europe, Israel and the U.K. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Mr. Scherzer joined Victory Capital in 2006 with nine years’ prior investment experience. Previously, he held a similar role at an affiliate of Franklin Templeton Investments. Earlier in his career, he worked as a trader and an analyst for Malley Associates Capital Management, E. Magnus Oppenheim & Company and the Thalheim Fund, where he researched and traded technology stocks.

Mr. Scherzer holds a B.S. in marketing from Yeshiva University and an MBA from Fordham University. He has a working knowledge of Hebrew.

Eun Cho, Portfolio Manager/Analyst

Eun Cho is a portfolio manager/analyst for Expedition Investment Partners. In this role, he is responsible for researching smaller-cap stocks in Australia, Southeast Asia and South Korea. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Mr. Cho joined Victory Capital in 2006. Previously, he held a similar role at an affiliate of Franklin Templeton Investments. He also was an analyst at American International Group and had previous experience in investment analysis at Pinnacle Associates and Morgan Stanley.

Mr. Cho holds a B.S. in operations research from Columbia University and a B.S. in engineering physics from Jacksonville. He has a working knowledge of Korean.

 

Gaurav Lunia, Portfolio Manager/Analyst

Gaurav Lunia is a portfolio manager/analyst for Expedition Investment Partners. In this role, he is responsible for researching smaller-cap companies in India, the Middle East and South Africa, as well as assisting Expedition CIO Margaret Lindsay in France. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Mr. Lunia joined Victory Capital in 2008. Previously, he was an investment associate with Allen Partners. He was a co-founder and senior marketing manager of Lunia Designs earlier in his career.

Mr. Lunia holds a B.B.A. from Pace University and an MBA in general management from INSEAD in France. He is fluent in Hindi with a working knowledge of French.

View Entire Investment Team

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Investment Approach

The Expedition Emerging Markets Small Cap strategy invests in high-quality companies with long-term secular growth prospects. We do not construct portfolios that are merely representative of the asset class; rather, we aim to produce portfolios of high-quality and exceptionally dynamic companies, with a focus on those operating in industries offering attractive investment opportunities as a result of secular changes. Within these areas, we seek to find the companies with the highest probability of achieving success through industry-leading proprietary products and services, sustainable margins, and strong balance sheets. Valuation analysis is then conducted to determine whether the company’s stock is undervalued.

Philosophy & Process

We believe that over a full market cycle greater returns can be achieved with lower fundamental risk by investing in companies operating in industries and providing products and services that have sound and improving prospects going forward. Although portfolio country and sector weightings are the result of bottom-up stock selection, for the purposes of diversification and risk control, a broad country and industry representation is sought in the portfolio.

Our People

Margaret Lindsay, CIO - Expedition Investment Partners, Lead Portfolio Manager

Margaret Lindsay

Chief Investment Officer - Expedition Investment Partners
Lead Portfolio Manager

Margaret Lindsay is Chief Investment Officer of Expedition Investment Partners and lead portfolio manager of the firm’s non-U.S. small cap equity strategies. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Ms. Lindsay joined Victory Capital in 2006 with 25 years’ prior investment experience. Previously, she was director of global small cap equity and head of the non-U.S. small/mid-cap team at an affiliate of Franklin Templeton Investments for 15 years. Prior to that, she spent 10 years in non-U.S. equity strategy, analysis and sales. She was also with S.G. Warburg Securities and Drexel Burnham Lambert. Earlier in her career, she was a consultant for Gellman Research Associates, advising clients on economic policy and international trade.

Ms. Lindsay holds a B.A. from Dickinson College, an M.S. from Drexel University and an MBA in international finance from the Wharton School of the University of Pennsylvania. She is fluent in German.


Joshua Lindland, CFA

Senior Portfolio Manager/Analyst

Joshua Lindland is a senior portfolio manager/analyst for Expedition Investment Partners. In this role, he is responsible for researching smaller-cap equities in Southern Europe, Brazil, Canada and the U.K. He also leads research coverage of the Financials sector. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Mr. Lindland joined Victory Capital in 2006 with eight years’ prior investment experience. Previously, he held a similar role at an affiliate of Franklin Templeton Investments. He also managed a team of analysts at Barra RogersCasey earlier in his career.

Mr. Lindland holds a B.A. in international studies from Muhlenberg College and an MBA from Columbia University. He is fluent in Spanish with a working knowledge of Italian. He also serves on the Board of Observers of Muhlenberg College. He is a CFA® charterholder.

Tiffany Kuo, CFA

Senior Portfolio Manager/Analyst

Tiffany Kuo is a senior portfolio manager/analyst for Expedition Investment Partners. In this role, she leads smaller-cap research for markets in Asia, with a special focus on Greater China and Japan, and guides Expedition’s work on the technology sectors in Asia. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Ms. Kuo joined Victory Capital in 2006. Previously, she held a similar role at an affiliate of Franklin Templeton Investments. Earlier in her career, she worked at the Law Offices of Robert W. Snyder, an international law firm, and had experience in business valuation at Deloitte & Touche.

Ms. Kuo holds a B.A. in international economics and Japanese from the University of California, Los Angeles, and an MBA in finance and corporate accounting from the University of Rochester, Simon Business School. She is fluent in Mandarin with a working knowledge of Japanese. She is a CFA® charterholder.

Reuben Scherzer

Portfolio Manager/Analyst

Reuben Scherzer is a portfolio manager/analyst for Expedition Investment Partners. In this role, he is responsible for researching smaller-cap stocks in the Nordic region, Germany, Eastern Europe, Israel and the U.K. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Mr. Scherzer joined Victory Capital in 2006 with nine years’ prior investment experience. Previously, he held a similar role at an affiliate of Franklin Templeton Investments. Earlier in his career, he worked as a trader and an analyst for Malley Associates Capital Management, E. Magnus Oppenheim & Company and the Thalheim Fund, where he researched and traded technology stocks.

Mr. Scherzer holds a B.S. in marketing from Yeshiva University and an MBA from Fordham University. He has a working knowledge of Hebrew.

Eun Cho

Portfolio Manager/Analyst

Eun Cho is a portfolio manager/analyst for Expedition Investment Partners. In this role, he is responsible for researching smaller-cap stocks in Australia, Southeast Asia and South Korea. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Mr. Cho joined Victory Capital in 2006. Previously, he held a similar role at an affiliate of Franklin Templeton Investments. He also was an analyst at American International Group and had previous experience in investment analysis at Pinnacle Associates and Morgan Stanley.

Mr. Cho holds a B.S. in operations research from Columbia University and a B.S. in engineering physics from Jacksonville. He has a working knowledge of Korean.

 

Gaurav Lunia

Portfolio Manager/Analyst

Gaurav Lunia is a portfolio manager/analyst for Expedition Investment Partners. In this role, he is responsible for researching smaller-cap companies in India, the Middle East and South Africa, as well as assisting Expedition CIO Margaret Lindsay in France. The Victory Capital non-U.S. small cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Mr. Lunia joined Victory Capital in 2008. Previously, he was an investment associate with Allen Partners. He was a co-founder and senior marketing manager of Lunia Designs earlier in his career.

Mr. Lunia holds a B.B.A. from Pace University and an MBA in general management from INSEAD in France. He is fluent in Hindi with a working knowledge of French.

View Entire Investment Team