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Meet our Sub-Advisors

  • Location: Boston, Massachusetts

    Founded in 1986, Acadian Asset Management has been managing assets for more than 30 years. The firm pioneered the managed volatility strategy, which it uses to reduce risk in emerging markets funds while still targeting benchmark-beating returns. Acadian’s investment team builds diversified portfolios of low volatility stocks from the bottom up, where sector, country and market-cap allocations are largely by-products of stock selection.

    Acadian serves as a sub-advisor to:

  • Location: London, England

    AHL is the quantitative investment business at Man Group plc (“Man”), a global, independent asset manager dedicated to alternative and long-only investing. AHL’s trading strategy is quantitative and 100% systematic. The approach is primarily directional, with systems sampling thousands of prices daily to identify and profit from momentum opportunities across a broad range of sectors, including currencies, bonds, stocks, energies, interest rates, metals and agriculturals.

    AHL has a global footprint with employees in New York, London, Oxford, Pfaffikon and Hong Kong. Additionally, AHL continues to be an academically focused firm, employing more than 75 researchers on staff with approximately half holding Ph.D. degrees.

    AHL serves as a sub-advisor to:

  • Location: Irving, Texas

    American Beacon has more than 20 years of investment management experience. We offer a variety of products and investment advisory services to numerous institutional and retail clients, including mutual funds, corporate cash management and separate account management. Clients include defined benefit plans, defined contribution plans, foundations, endowments, corporations, financial planners and other institutional investors.

    In addition to managing and administrating the American Beacon Funds, American Beacon manages assets of the following fund:

  • Location: Cincinnati, Ohio

    Bahl & Gaynor Investment Counsel, Inc., is a privately owned boutique firm that specializes in multi-cap dividend growth strategies. Bahl & Gaynor’s investment process is based on the belief that dividends pay dividends. Dividends are not only valuable in and of themselves, but also signal management’s confidence in the business and sense of duty to the shareholders. Through their process, Bahl & Gaynor seeks to identify dividend-paying dominant companies with clear competitive advantages and superior products that are easy to understand, profitable and easy to grow. Since 1990, the firm has been investing in high-quality dividend-paying stocks, seeking to protect and grow their clients’ hard-earned wealth.

    Bahl & Gaynor serves as a sub-advisor to:

  • Location: Dallas, Texas

    Barrow uses a value-oriented investment strategy to identify larger, well-known companies that they believe are undervalued and temporarily out of favor. Their portfolios consistently reflect all three traditional value characteristics: low price-to-earnings (P/E) ratio, low price-to-book value (P/B) ratio and high dividend yield. Barrow's approach to the equity markets is based on their underlying philosophy that the inefficiencies in the market can be exploited through adherence to a value-oriented process dedicated to the selection of securities on a bottom-up basis.

    In fixed income, Barrow defines value as temporarily mispriced securities with yield-to-maturity advantages over Treasury bonds of comparable maturity. They identify each opportunity from the bottom up, building a duration-neutral portfolio designed to “out-yield” the market. In this way, Barrow seeks to achieve higher total returns for their fixed income clients with below-benchmark volatility.

    Barrow serves as a sub-advisor to the following funds:

  • Location: Philadelphia, Pennsylvania

    Founded in 1986, Brandywine offers an array of equity, fixed income and balanced portfolios that invest in U.S. and global markets. Brandywine, which is a wholly owned subsidiary of Legg Mason, Inc., believes that companies with the lowest stock prices relative to current earnings, book value and free cash flow provide superior returns over market cycles. They combine the proven success of value investing with an emphasis on buying leading companies with strong management, solid financial positions and favorable earnings prospects.

    Brandywine’s fixed income philosophy is a value-driven, active, strategic approach. They believe that a client’s portfolio should be invested in markets offering significant value, as defined by above-average real interest rates. They seek to capture excess returns through strategic investment in countries, currencies, sectors and securities, rather than by maintaining minimum, core commitments, reflective of the benchmark. Their investment strategy concentrates on top-down analysis of macroeconomic conditions to determine where the most attractive valuations exist.

    Brandywine serves as a sub-advisor to the following funds:

  • Location: Houston, Texas

    Bridgeway, a Houston-based investment management firm formed in 1993, offers expertly designed investment building blocks to select institutions and advisors. Statistically driven and grounded in academic theory, Bridgeway's disciplined investment process reflects a passion for evidence, data and logic. Putting investors' long-term interests first at all times is the cornerstone of the firm's unique culture and core business values of integrity, performance, cost efficiency and service.

    Bridgeway is committed to making a positive impact within the community at large and donates 50% of its investment advisory profits to non-profit organizations.

    Bridgeway serves as a sub-advisor to:

  • Location: Los Angeles, California

    Causeway is an independently owned, international and global equity investment management firm that began operations in June 2001. Causeway specializes in managing international and global value equities, using a bottom-up approach and value-oriented criteria backed by fundamental research of international stocks in developed markets. Their clients include corporate, public and Taft-Hartley pension plans, mutual funds, endowments, foundations, corporations and individuals.

    Causeway serves as a sub-advisor to:

  • Location: Los Angeles, California

    Founded in 1991, the investment professionals at Crescent Capital Group LP adhere to an investment discipline based on a comprehensive “bottom-up” analysis of credit worthiness. Crescent uses a team approach dedicated to each asset class and capitalizes on the expertise of the portfolio managers and research analysts. Through their credit research process, the team attempts to select those issuers exhibiting superior credit characteristics.

    Crescent’s philosophy emphasizes a strong credit culture, principal preservation and exercising sound investment judgment to limit downside risk and uphold a repeatable investment process. This philosophy exploits credit market inefficiencies with a strict lending discipline that should benefit investors throughout the entire credit cycle.

    Crescent serves as a sub-advisor to:

  • Location: Minneapolis, Minnesota

    Founded in 2013, Foundry Partners is an independent, boutique asset management company that specializes in providing active management to the institutional investment community. With a collective focus and determination to build a world-class asset management company, the firm’s founders purchased growth and value assets from Clear Arc Capital (formerly Fifth Third Asset Management) and Dreman Value Management. As part of those acquisitions, the accompanying portfolio management teams transitioned to Foundry Partners. Through autonomous investment teams, Foundry Partners is able to offer diverse products while still maintaining the unique boutique and independent atmosphere in which they believe. The firm, headquartered in Minneapolis, also has an office in Cleveland, Ohio, which is where the small-cap value investment team is based.

    Foundry Partners serves as a sub-advisor to:

  • Location: Houston, Texas

    Garcia Hamilton & Associates, LP, based in Houston, Texas, is an investment management company that offers high-quality, fixed-income strategies for institutional investors. Founded in 1988, the firm’s diversified client base includes public funds, jointly trusteed plans, endowments and corporations. The firm is 100% employee-owned and certified as a Texas HUB and a MBE/MWBE firm in several states.

    Garcia Hamilton serves as a sub-advisor to:

  • Location: New York, New York

    GLG LLC (“Man GLG”) is an investment advisory firm formed in April 2002. Man GLG is a limited liability company that is directly owned by Man Litchfield, Inc. Man Litchfield is a wholly owned subsidiary of Man Investments Holdings, Inc., which is a subsidiary of Man Group plc, the ultimate parent company of Man GLG.

    Man GLG serves as a sub-advisor to:

  • Location: New York, New York
    (with investment professionals located in Kolding, Denmark and Zurich, Switzerland)

    Founded in 2007, Global Evolution has distinguished itself with its singular focus on and long-standing expertise in the sovereign debt of emerging and frontier market countries. Global Evolution’s investment process involves both a top-down approach to assess macroeconomic factors affecting the relationships between developed, emerging and frontier countries, and a bottom-up process to determine the countries in which the portfolio will invest.

    Global Evolution serves as a sub-advisor to:

  • Location: Chicago, Illinois

    GCM Grosvenor, headquartered in Chicago, Ill., is one of the world’s largest and most diversified independent alternative asset management firms. Offering comprehensive public and private markets solutions, providing clients with a broad suite of investment and advisory choices that span hedge funds, private equity, infrastructure and real estate, the firm has been managing alternative investment portfolios on behalf of clients since 1971. GCM Grosvenor’s global client base includes public and private pensions, sovereign wealth entities, banks, corporations, insurance companies, charitable organizations, endowments and high net worth individuals.

    Grosvenor serves as a sub-advisor to:

  • Location: Plano, Texas

    Hillcrest is a registered investment advisor established in 2007. The strengths of the firm lie in the combination of philosophy, people, process and the resulting performance. Hillcrest believes that a consistent and repeatable pattern of outperformance is achieved by combining the techniques and insights of traditional analysis with concepts related to Behavioral Finance. At the center of the Hillcrest investment philosophy is the belief that company information alone is not the only factor that affects the price of a stock. Instead, investors have behavioral biases that cause irrational price fluctuations, a human element that is often ignored. Hillcrest uses Behavioral Finance in its investment process to take advantage of mispricing opportunities derived from the human element.

    Hillcrest serves as a sub-advisor to:

  • Location: Chicago, Illinois

    Established in 1991 as an SEC-registered investment advisor, Holland specializes in the investment management of large- and mid-cap growth equity strategies. The firm is 100% employee owned and managed, and is both minority- and female owned.

    Holland employs a high quality, conservative growth equity investment style. This approach reflects the investment team's basic belief that the value of conservative investing is "not losing it." The strategy provides participation in rising markets and protection in declining markets. Holland's philosophy is grounded in bottom up, fundamental research and its strength lies in individual stock analysis. Focusing on a three- to five-year investment horizon, the team seeks high quality companies with earnings that are growing faster than the general market; are selling at reasonable valuation; have strong balance sheets; superior managements; niche products or services with dominant competitive positioning; and insiders who are owners of the stock.

    Holland serves as a sub-advisor to:

  • Location: Los Angeles, California

    H&W believes that a value approach to portfolio management can provide superior long-term performance with below average volatility. Investor psychology can lead to irrational decisions resulting in the mispricing of stocks. H&W strives to exploit these opportunities by employing disciplined purchase and sell criteria, rigorous in-house fundamental research and a bottom-up stock selection process with emphasis on tangible valuation support. H&W has four major attributes: they’re experienced (track record of more than 30 years), dedicated (committed to independent, in-depth research), disciplined (consistent, time-proven value-oriented investment process) and independent (majority employee-owned).

    Hotchkis serves as a sub-advisor to the following funds:

  • Location: New York, New York

    Ionic is an alternative asset management firm that focuses on relative-value arbitrage and event-driven investment strategies. Within the relative-value arbitrage strategies, Ionic strives to generate negatively correlated returns and outperformance in uncertain markets using a variety of asset classes. Headquartered in New York, the firm also has an office in San Francisco.

    Ionic serves as a sub-advisor to:

  • Location: New York, New York

    Lazard, an SEC-registered investment advisor, is a subsidiary of Lazard Freres & Co. LLC. Lazard’s bottom-up fundamental investment process seeks to generate strong relative returns over a market cycle by investing in companies with strong and/or improving financial productivity at attractive valuations.

    Lazard’s distinguishing features include a global footprint, a broad-based team of more than 250 investment personnel worldwide, dedicated in-house research, a focus on security selection in the investment process, distribution across multiple channels and a strong commitment to excellence.

    Lazard serves as a sub-advisor to:

  • Location: Boston, Massachusetts

    Founded in 1924, MFS is one of the oldest investment management firms in the U.S. Today, MFS is a global investment manager with investment personnel in key financial centers worldwide, serving millions of individuals and hundreds of institutions in more than 70 countries. MFS leverages its global research platform to identify undervalued, high quality companies that have sustainable, durable franchises, generate significant free cash flow, maintain strong balance sheets and have strong management teams who are good stewards of capital. Their valuation approach is flexible and they place a strong emphasis on cash flow and returns-based methodologies. MFS focuses on downside risk management at the individual security level.

    MFS serves as a sub-advisor to:

  • Location: Newport Beach, California

    PIMCO is a global investment management firm founded in 1971. The firm is a company of Allianz SE, located in Munich. The PIMCO fixed income team consists of more than 250 portfolio managers and research analysts across the spectrum of the fixed income sectors. The absolute return-oriented strategy is governed by PIMCO’s investment philosophy and unique, disciplined secular investment process, which focuses on long-term economic, social and political trends that may have lasting impacts on investment returns. The absolute return strategy invests in those ideas in which the firm has the strongest conviction resulting from PIMCO’s secular and cyclical thinking, global themes and integrated investment process without the constraints of a benchmark. Bottom-up strategies, including credit analysis, quantitative research and individual issue selection are then taken into account in conjunction with the top-down strategies in actively selecting the strategy’s portfolio positions, with careful consideration given to the dual objective of providing attractive risk-adjusted returns and mitigating the risk of capital losses over the long term.

    PIMCO serves as a sub-advisor to:

  • Location: Los Angeles, California

    Payden & Rygel is one of the largest privately owned global investment advisors in the U.S. Serving pension funds, operating funds, insurers, foundations, endowments and individuals since 1983, the firm offers a full array of investment strategies and products, including U.S. and global fixed-income and equity, as well as absolute return strategies. The organization serves as advisor to the Payden family of U.S.-based mutual funds and Irish-domiciled funds. Fully owned by senior executives, Payden & Rygel is headquartered in Los Angeles, Calif., and has an international presence with more than 350 client relationships worldwide.

    Payden & Rygel serves as a sub-advisor to:

  • Location: New York, New York

    Pzena is a classic value investor that seeks to buy good businesses at low prices. They focus exclusively on companies whose stocks are selling in the cheapest 20% of the investable universe based on price to normal earnings and are typically underperforming their historically demonstrated earnings power. They apply intensive fundamental research to these companies. Companies are included in the portfolio when the following five criteria are met: (1) the current valuation is low compared to the company’s normalized earnings power, (2) current earnings are below historic norms, (3) the problems are judged to be temporary, (4) management has a viable strategy to generate earnings recovery and (5) there is meaningful downside protection in case the earnings recovery does not materialize. A concentrated portfolio exclusively focused on companies such as these should generate meaningful excess returns for long-term investors.

    Pzena serves as a sub-advisor to:

  • Location: New York, New York

    Sound Point Capital Management, LP, is a credit-oriented alternative asset manager established by Stephen Ketchum in 2008. Mr. Ketchum has more than 24 years’ experience in credit structuring, advisory and investment management, and a successful track record of building and managing teams. Sound Point is the investment advisor for numerous limited partnerships, collateralized loan obligations, and separate accounts managed on behalf of institutions, pensions, foundations, insurance companies, wealth management firms, family offices and high net worth individuals. Sound Point’s primary investment objective is to preserve capital in all market conditions and to generate attractive rates of return with low volatility.

    Sound Point serves as a sub-advisor to:

  • Location: Houston, Texas

    Stephens Investment Management Group, LLC (“SIMG”) was established in 2005 and specializes in equity investment management focused on small and mid-capitalization growth companies. SIMG is a subsidiary of Stephens Investments Holdings LLC, a privately held and family-owned company.

    SIMG serves as a sub-advisor to:

  • Location: Seattle, Washington

    SiM is an independent and 100% employee-owned company dedicated to providing superior investment management for institutional and individual clients. The Senior High Yield Team members have worked together for almost twenty years and previously managed the Principal High Yield-A Fund from its inception in 1998 until 2009. SiM analyzes industry fundamentals and company cash flows to take advantage of secular trends and to opportunistically invest in out-of-favor sectors. SiM also invests in alternative investments and instruments across the capital structure. Combined with a long investment horizon, this proven investment approach provides the foundation for achieving long-term client objectives. More information can be obtained at the company web site:

    SiM serves as a sub-advisor to:

  • Location: Stamford, Connecticut

    SGA is an independent, employee-owned, institutional investment management firm specializing in large-cap growth equity investing. Founded in 2003, the firm believes that cash flow is the ultimate arbiter of value. SGA focuses only on a few low-risk businesses that offer predictable earnings and cash flow growth over the long term.

    SGA serves as a sub-advisor to:

  • Location: Fort Lauderdale, Florida

    Templeton is indirectly owned by Franklin Resources, Inc., a global investment organization operating as Franklin Templeton Investments, which has more than 60 years of investment experience. Templeton believes in a disciplined, yet flexible, long-term approach to uncovering value-oriented investments regardless of current market trends on a worldwide scale.

    Templeton serves as a sub-advisor to:

  • Location: Boston, Massachusetts

    TBC was founded in 1970 in Boston, Massachusetts, by Boston Safe Deposit & Trust Company, one of the oldest financial institutions in the U.S. with origins dating back to the 1800s. TBC is part of BNY Mellon Asset Management, one of the world’s leading asset management organizations, encompassing BNY Mellon’s affiliated investment management firms and global distribution companies.

    TBC believes that successful investing is achieved through a program that is focused on valuation, to provide significant upside potential while mitigating downside risk; research, as a thorough understanding of company fundamentals is the key to determining value; and discipline, as consistent outperformance requires a disciplined, repeatable investment process.

    TBC serves as a sub-advisor to the following funds:

  • Location: Richmond, Virginia

    Founded in 1994 by Stephen M. Goddard as the dedicated equity advisor to First Colony Corporation — a publicly traded insurance company — The London Company now provides portfolio management services to a mix of institutional investors. The employee-owned firm is headquartered in Richmond, Virginia and is dedicated to delivering superior, consistent returns with lower downside risk.

    The London Company serves as a sub-advisor to the following fund:

  • Location: Charlotte, North Carolina

    WEDGE believes that a fundamentally sound, value-oriented discipline, employing independent fundamental analysis, and enhanced by rigorous quantitative research will produce superior long-term returns. Furthermore, WEDGE believes that strong buy and sell disciplines are required to ensure consistency and style integrity over time. WEDGE is primarily focused on identifying pricing discrepancies or unrecognized value among high quality, market-leading companies, with a defendable competitive advantage. Secondarily, the firm seeks to add incremental value by overweighting or underweighting specific sectors of the market, based on the firm’s perception of broader industry and economic factors, as well as company specific fundamentals.

    WEDGE serves as a sub-advisor to:

  • Location: Milford, Connecticut

    Zebra Capital Management is an asset management firm founded in 2001 by Roger Ibbotson, a professor of finance at Yale University. Mr. Ibbotson founded Zebra to bring his research advantage and decades of equity market analysis to investors. Zebra’s strategies seek to generate strong performance, without incurring additional volatility or beta exposure.

    Zebra believes positive, long-term equity returns are driven by systematically exploiting market characteristics supported by basic, economic principles. By seeking out fundamentally strong, but overlooked, less demanded and undervalued securities, Zebra believes it can generate attractive returns without taking on significant levels of risk or leverage.

    Zebra serves as a sub-advisor to the following funds: