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Sycamore Small Cap Value Equity

Gary Miller, Chief Investment Officer – Sycamore CapitalFilename
Investment Approach

The Sycamore Small Cap Value strategy employs an opportunistic approach focused on investing in high quality yet undervalued businesses with above-average financial strength that the team believes are currently mispriced by the market, generally due to temporary earnings challenges, negative investor sentiment or cyclical pressures. The team utilizes elements of both deep and relative value in order to exploit the inefficiencies inherent in the small cap asset class as well as the short-term nature of many market participants.

Philosophy & Process

The strategy employs a bottom-up investment process to build a diversified portfolio of small cap companies that the investment team believes are undervalued and offer above-average total return potential. In building portfolios, the team identifies companies that it believes to possess each of the following attributes - undervaluation, above-average financial strength and the prospect for improving fundamentals. A bottom-up, value approach to investing in better businesses offers the clearest path to excess return.



Strategy assets include both discretionary and non-discretionary assets under management that are managed in a similar style.

Gary Miller, Chief Investment Officer – Sycamore Capital

Gary Miller is Chief Investment Officer of Sycamore Capital. He is also lead portfolio manager of the Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Miller joined Victory Capital in 1987. Prior to his tenure as portfolio manager, he served as an equity research analyst for the Small Cap Value and Mid Cap Value Equity strategies.

Mr. Miller holds a B.B.A. in accounting from the University of Cincinnati and an MBA from Xavier University.


Greg Conners, Portfolio Manager

Greg Conners is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Conners joined Victory Capital in 1999 with four years’ prior investment experience as a small-cap research analyst with Carillon Advisers. Prior to his tenure as portfolio manager, he served as a research analyst for the Small Cap Value Equity strategy.

Mr. Conners holds a B.S. in economics from College of Mount St. Joseph and an MBA from Xavier University.

Jeffrey Graff, CFA, Portfolio Manager

Jeffrey Graff is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Graff joined Victory Capital in 2001 with six years’ prior investment experience. Previously, he was employed as an equity analyst with A.G. Edwards & Sons. He began his career in the investment industry as an equity research associate for Roulston & Company.

Mr. Graff holds a B.B.A. from Cleveland State University and an M.Fin. from St. Louis University. He is a CFA® charterholder.

Michael Rodarte, CFA, Portfolio Manager/Research Analyst

Michael Rodarte is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Rodarte joined Victory Capital in 2006. Previously, he worked as an analyst with KeyBanc Capital Markets in its corporate and investment banking groups.

Mr. Rodarte earned his B.B.A. in finance, economics, and international business from Ohio University. He is a CFA® charterholder.

James Albers, CFA, Portfolio Manager/Research Analyst

James Albers is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Albers joined Victory Capital in 2005. Previously, he worked as a consultant with Accenture and IBM Global Services.

Mr. Albers earned a B.S. and an M.S. from the University of Wisconsin. He is a CFA® charterholder.

Jason Brown, CFA, Research Associate

Jason Brown is a research analyst for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

He joined Victory Capital in June 2011 with five years prior investment experience. Previously, Mr. Brown worked as a research associate with KeyBanc Capital Markets covering the packaging and construction materials sector and as a market research associate at FTN Midwest Securities.

Mr. Brown received his B.S.B.A. in finance from Fisher College of Business at The Ohio State University. Additionally, he is a CFA charterholder.

Abigayle Conner, Portfolio Manager Associate

Abigayle Conner is a research analyst for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Ms. Conner joined Victory Capital in 2011. She has prior experience in business analytics at Booz Allen Hamilton and in leveraged currency portfolio management with a student-run proprietary trading group. She has further developed her financial modeling skills through participation in the Training the Street program.

Ms. Conner holds a B.S.B.A. from the University of Dayton, where she was a participant in the John W. Berry, Sr. Scholars Program and a member of the Beta Gamma Sigma International Honor Society. She is a CFA® charterholder.

Erik Nabhan is a portfolio specialist for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Nabhan joined Victory Capital in 2015. Previously, he was a product specialist on the small-cap value team, as well as senior marketing communications associate, with Metropolitan West Capital Management, LLC. Earlier in his career, he was a senior fair valuations associate with Capital Research and Management Co. and also held various roles at State Street Bank.

Mr. Nabhan graduated from Cal State University, Fullerton with a B.A. in business administration with a concentration in finance and a B.A. in economics and minor in international politics. He earned his M.A. from Cal State University, San Bernardino.

View Entire Investment Team

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Investment Approach

The Sycamore Small Cap Value strategy employs an opportunistic approach focused on investing in high quality yet undervalued businesses with above-average financial strength that the team believes are currently mispriced by the market, generally due to temporary earnings challenges, negative investor sentiment or cyclical pressures. The team utilizes elements of both deep and relative value in order to exploit the inefficiencies inherent in the small cap asset class as well as the short-term nature of many market participants.

Philosophy & Process

The strategy employs a bottom-up investment process to build a diversified portfolio of small cap companies that the investment team believes are undervalued and offer above-average total return potential. In building portfolios, the team identifies companies that it believes to possess each of the following attributes - undervaluation, above-average financial strength and the prospect for improving fundamentals. A bottom-up, value approach to investing in better businesses offers the clearest path to excess return.



Strategy assets include both discretionary and non-discretionary assets under management that are managed in a similar style.

Our People

Gary Miller, Chief Investment Officer – Sycamore Capital

Gary Miller

Chief Investment Officer – Sycamore Capital

Gary Miller is Chief Investment Officer of Sycamore Capital. He is also lead portfolio manager of the Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Miller joined Victory Capital in 1987. Prior to his tenure as portfolio manager, he served as an equity research analyst for the Small Cap Value and Mid Cap Value Equity strategies.

Mr. Miller holds a B.B.A. in accounting from the University of Cincinnati and an MBA from Xavier University.


Greg Conners

Portfolio Manager

Greg Conners is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Conners joined Victory Capital in 1999 with four years’ prior investment experience as a small-cap research analyst with Carillon Advisers. Prior to his tenure as portfolio manager, he served as a research analyst for the Small Cap Value Equity strategy.

Mr. Conners holds a B.S. in economics from College of Mount St. Joseph and an MBA from Xavier University.

Jeffrey Graff, CFA

Portfolio Manager

Jeffrey Graff is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Graff joined Victory Capital in 2001 with six years’ prior investment experience. Previously, he was employed as an equity analyst with A.G. Edwards & Sons. He began his career in the investment industry as an equity research associate for Roulston & Company.

Mr. Graff holds a B.B.A. from Cleveland State University and an M.Fin. from St. Louis University. He is a CFA® charterholder.

Michael Rodarte, CFA

Portfolio Manager

Michael Rodarte is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Rodarte joined Victory Capital in 2006. Previously, he worked as an analyst with KeyBanc Capital Markets in its corporate and investment banking groups.

Mr. Rodarte earned his B.B.A. in finance, economics, and international business from Ohio University. He is a CFA® charterholder.

James Albers, CFA

Portfolio Manager

James Albers is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Albers joined Victory Capital in 2005. Previously, he worked as a consultant with Accenture and IBM Global Services.

Mr. Albers earned a B.S. and an M.S. from the University of Wisconsin. He is a CFA® charterholder.

Jason Brown, CFA

Research Analyst

Jason Brown is a research analyst for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

He joined Victory Capital in June 2011 with five years prior investment experience. Previously, Mr. Brown worked as a research associate with KeyBanc Capital Markets covering the packaging and construction materials sector and as a market research associate at FTN Midwest Securities.

Mr. Brown received his B.S.B.A. in finance from Fisher College of Business at The Ohio State University. Additionally, he is a CFA charterholder.

Abigayle Conner, CFA

Research Analyst

Abigayle Conner is a research analyst for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Ms. Conner joined Victory Capital in 2011. She has prior experience in business analytics at Booz Allen Hamilton and in leveraged currency portfolio management with a student-run proprietary trading group. She has further developed her financial modeling skills through participation in the Training the Street program.

Ms. Conner holds a B.S.B.A. from the University of Dayton, where she was a participant in the John W. Berry, Sr. Scholars Program and a member of the Beta Gamma Sigma International Honor Society. She is a CFA® charterholder.

Erik Nabhan

Portfolio Specialist

Erik Nabhan is a portfolio specialist for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise.

Mr. Nabhan joined Victory Capital in 2015. Previously, he was a product specialist on the small-cap value team, as well as senior marketing communications associate, with Metropolitan West Capital Management, LLC. Earlier in his career, he was a senior fair valuations associate with Capital Research and Management Co. and also held various roles at State Street Bank.

Mr. Nabhan graduated from Cal State University, Fullerton with a B.A. in business administration with a concentration in finance and a B.A. in economics and minor in international politics. He earned his M.A. from Cal State University, San Bernardino.

View Entire Investment Team