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Victory Sophus China Fund

Michael Reynal Product Detail Page Header Image

Investment Approach

The Victory Sophus China Fund seeks to provide long-term growth of capital by investing primarily in equity securities of Chinese companies.

Philosophy and Process

Sophus Capital believes that equity markets reward earnings growth during most market environments. The Fund’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.

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Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than that cited.

Class A performance quoted "with maximum sales load" reflects the current maximum sales charge of 5.75%. The sales load on Class C shares is deferred and will be charged if you redeem shares within one year of purchase. The contingent deferred sales load is 1.00% of the purchase or sale price of the shares, whichever is less. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated above would be lower.

Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least July 31, 2018. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.

Class Y shares of the Fund are only available to investors that meet certain eligibility requirements.

Returns are average annual total returns, except those for periods of less than one year, which are cumulative.

The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes China-affiliated corporations and H shares listed on the Hong Kong Exchange, and B shares listed on the Shanghai and Shenzhen exchanges. Effective May 1, 2013, RS Greater China Fund was renamed “RS China Fund” and, in connection with this change, the Fund’s index was changed from the MSCI Golden Dragon Index to the MSCI China Index, which is a more appropriate comparative, broad-based market index for the Fund. (The MSCI Golden Dragon Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the China region. The MSCI Golden Dragon Index consists of the following country indexes: China, Hong Kong and Taiwan.) Index results assume the reinvestment of dividends paid on the stocks constituting the index. You may not invest in the index, and, unlike the Fund, the index does not incur fees or expenses.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus pageRead the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Securities focusing on a single country may be subject to higher volatility.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

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Holdings are subject to change.

Characteristics
Weighted harmonic average is the average market capitalization of all companies in a portfolio with each company weighted according to its percent of the portfolio. Market capitalization is the total dollar value of all outstanding shares computed as number of shares times current market price. Avg Price/Earnings Ratio (Last 12 Months & Next 12 Months) Shows the multiple of earnings at which a stock sells. Determined by dividing current stock price by earnings per share for the relevant 12 month period. Earnings per share for the P/E ratio are determined by dividing earnings for the relevant 12 month period by the number of common shares outstanding. Average Price/Book Ratio: Compares a stock’s market value to the value of total assets less total liabilities (book value). Dividend yield is total cash dividends paid as a percent of market capitalization at the end of the period. The yield for the index is the total of all dividends paid over twelve months divided by the total market capitalization. Return on Equity is net income divided by common equity. A measure of how well a company used reinvested earnings to generate additional earnings. EPS is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Long-Term Debt/Capitalization is an indicator of financial leverage. Shows long-term debt as a proportion of the capital available. Determined by dividing long-term debt by the sum of long-term debt, preferred stock and common stockholder's equity. Source: FactSet Research Systems, Inc.

Target metrics reflect our stated goals and are not absolute limits as these are affected by various factors like market fluctuations.
Percentage allocations listed above may not sum to 100% due to rounding methodology. 

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Securities focusing on a single country may be subject to higher volatility.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website. 

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.

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.

Fees & Expenses

Annual fund operating expenses are listed below. Victory Capital is committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

This calculator is intended to help you assess the impact of the operating expenses of the Class A, C, R, or Y shares of the Fund on the Fund’s potential returns. The calculator allows you to assume that you have made a hypothetical investment of any amount in Class A, C, R, or Y shares of the Fund for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s operating expenses through Year 1 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Your actual costs may be higher or lower. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses.

Annual Fund Operating Expenses

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The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least July 31, 2018. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.

Investment Approach

The Victory Sophus China Fund seeks to provide long-term growth of capital by investing primarily in equity securities of Chinese companies.

Philosophy and Process

Sophus Capital believes that equity markets reward earnings growth during most market environments. The Fund’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.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Securities focusing on a single country may be subject to higher volatility.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website. 

Annualized Returns

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Risk Measures

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Annual Expenses

(As of 05/01/2017)

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Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than that cited.

Class A performance quoted "with maximum sales load" reflects the current maximum sales charge of 5.75%. The sales load on Class C shares is deferred and will be charged if you redeem shares within one year of purchase. The contingent deferred sales load is 1.00% of the purchase or sale price of the shares, whichever is less. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated above would be lower.

Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least July 31, 2018. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.

Class Y shares of the Fund are only available to investors that meet certain eligibility requirements.

Returns are average annual total returns, except those for periods of less than one year, which are cumulative.

The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes China-affiliated corporations and H shares listed on the Hong Kong Exchange, and B shares listed on the Shanghai and Shenzhen exchanges. Effective May 1, 2013, RS Greater China Fund was renamed “RS China Fund” and, in connection with this change, the Fund’s index was changed from the MSCI Golden Dragon Index to the MSCI China Index, which is a more appropriate comparative, broad-based market index for the Fund. (The MSCI Golden Dragon Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the China region. The MSCI Golden Dragon Index consists of the following country indexes: China, Hong Kong and Taiwan.) Index results assume the reinvestment of dividends paid on the stocks constituting the index. You may not invest in the index, and, unlike the Fund, the index does not incur fees or expenses.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus pageRead the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Securities focusing on a single country may be subject to higher volatility.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

Characteristics (As of {{::asOf | date:"MM/dd/yyyy"}})

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GNMA securities are backed by the same full faith and credit guarantee offered by U.S. Treasury securities which is an unconditional commitment to pay interest and principal on debt. This guarantee applies only to the underlying securities in the Fund and not to the Victory Fund for Income.

100.00

Average Life Structure (%) (As of {{::asOf | date:"MM/dd/yyyy"}})

Holdings are subject to change.

Characteristics
Weighted harmonic average is the average market capitalization of all companies in a portfolio with each company weighted according to its percent of the portfolio. Market capitalization is the total dollar value of all outstanding shares computed as number of shares times current market price. Avg Price/Earnings Ratio (Last 12 Months & Next 12 Months) Shows the multiple of earnings at which a stock sells. Determined by dividing current stock price by earnings per share for the relevant 12 month period. Earnings per share for the P/E ratio are determined by dividing earnings for the relevant 12 month period by the number of common shares outstanding. Average Price/Book Ratio: Compares a stock’s market value to the value of total assets less total liabilities (book value). Dividend yield is total cash dividends paid as a percent of market capitalization at the end of the period. The yield for the index is the total of all dividends paid over twelve months divided by the total market capitalization. Return on Equity is net income divided by common equity. A measure of how well a company used reinvested earnings to generate additional earnings. EPS is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Long-Term Debt/Capitalization is an indicator of financial leverage. Shows long-term debt as a proportion of the capital available. Determined by dividing long-term debt by the sum of long-term debt, preferred stock and common stockholder's equity. Source: FactSet Research Systems, Inc.

Target metrics reflect our stated goals and are not absolute limits as these are affected by various factors like market fluctuations.
Percentage allocations listed above may not sum to 100% due to rounding methodology. 

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Securities focusing on a single country may be subject to higher volatility.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website. 

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.

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.

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