Investment Philosophy

The team focuses on mid-cap companies with characteristics such as turnarounds, emerging growth and undervalued companies, that can potentially benefit from catalysts such as new management, a more favorable business cycle, product innovation, and/or margin improvement. The team believes fundamental research can uncover opportunities to invest in companies that are attractively valued and have the potential to benefit from catalysts for future earnings recovery.

  • Mid Cap Fundamental Investors

    Long-tenured, seasoned team with the disciplined temperament for mid cap investing.

  • Catalyst Driven Value

    Disciplined process focused on mid cap opportunities, demonstrating strong fundamentals and identifiable catalysts for growth.

  • Volatility Leads to Opportunity

    A team and process that lean into volatile markets which they believe are well-positioned for recoveries.

Fund Management

  • Suzanne Franks

    Associate Portfolio Manager

    Industry start:  
    2004
    Year joined:  
    2021
  • Bill Hench

    Head of Small Cap Team and Portfolio Manager

    Industry start:  
    1992
    Year joined:  
    2021
  • Adam Mielnik

    Associate Portfolio Manager

    Industry start:  
    2014
    Year joined:  
    2021

Investment Process

The team uses a bottom-up process, building the portfolio stock by stock.

  • 01

    Narrow the Universe

    The team narrows the approximately 800 US Mid Cap Stock Universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.

  • 02

    Conduct Fundamental Research

    The team aims to identify companies that have low multiples and a potential catalyst for improvement.
     

    Low Multiples
    • The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
    • Holdings typically fall into at least one category below:
      • Turnarounds
      • Emerging growth
      • Undervalued companies

    Catalyst for Improvement
    • Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
    • Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
      • New management
      • More favorable business cycle
      • Margin improvement
      • Product innovation
  • 03

    Construct Portfolio

    • Diversified with approximately 40-70 holdings
    • Annual turnover expected 10%–20%

Share Class I-UC

Fees and Minimums

Minimum Investment$1 million
Open to New InvestorsYes
Reference IndicatorNone
Entry ChargeNo Charge
Exit ChargeNo Charge
Ongoing Charges0.75%
Performance FeeNone

As of April 2026

    Share Class W-UC

    Fees and Minimums

    Minimum Investment$20 million
    Open to New InvestorsYes
    Reference IndicatorNone
    Entry ChargeNo Charge
    Exit ChargeNo Charge
    Ongoing Charges0.50%
    Performance FeeNone

    As of April 2026