Diversified Value Equity | About Us | Brandywine GLOBAL

Diversified Value Equity

Diversified Value Equity Introduction Video
Henry Otto and Steve Tonkovich co-lead the Diversified Value Equity team whose members average more than 15 years' experience. Brandywine Global's Diversified Value Equity team manages process-driven strategies designed to optimize risk-adjusted returns and offer drawdown protection.

Investment Team Heads

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Henry F. Otto
Managing Director & Portfolio Manager
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Henry F. Otto
Henry is the founder and co-lead portfolio manager of the Diversified Value Equity strategies. Prior to joining Brandywine Global in 1988, he was with Dimensional Fund Advisors, Inc., where he managed and traded small cap portfolios and developed computer systems to structure portfolios and analyze performance (1984-1987), and the Chicago Board of Trade as a financial economist developing financial-based futures and options (1982-1984). He earned both an M.B.A. in Finance and Economics and a B.A. in Economics from the University of Chicago. Henry is a member of the Firm's Executive Board.
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Steven M. Tonkovich
Managing Director & Portfolio Manager
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Steven M. Tonkovich
Steve is co-lead portfolio manager of the Diversified Value Equity strategies. He plays an integral role in the team's continual refinement of the Diversified Value Equity investment process and the Firm's ongoing research into value investing. Prior to joining the Firm in 1989, he was with the Wharton School of the University of Pennsylvania as a research analyst in the Finance Department (1987-1989) and the Moore School of Electrical Engineering of the University of Pennsylvania as a research assistant (1986-1987). Steve earned a B.S.E in Finance and Regional Science from the Wharton School. He is a member of the Firm's Executive Board.
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Investment Team

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Michelle K. Bevan, CFA
Portfolio Manager
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Michelle K. Bevan, CFA
Michelle is a portfolio manager and securities analyst on the Diversified Value Equity team. She contributes to the quantitative and fundamental analysis of securities for the Diversified Value Equity portfolios by consistently applying Brandywine Global's disciplined exclusionary process. She is the lead portfolio manager for the Diversified Mid Cap Value strategies. Michelle joined the Firm in 1995. She is a CFA® charterholder and earned an M.B.A. in Finance and a B.S. in Finance from the University of Delaware, graduating cum laude.
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Nick (Yang) Cai
Quantitative Equity Analyst
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Nick (Yang) Cai
Nick is a quantitative equity analyst for our Diversified Equity strategies. Prior to joining Brandywine Global in February 2011, Nick completed internships with The Bank of East Asia, HSBC, and Tullet Prebon SITICO Limited. He earned a Master of Science in Mathematics from Rutgers, The State University of New Jersey and graduated summa cum laude with a Bachelor of Science in Applied Mathematics from Western Michigan University. Nick holds the Financial Risk Manager (FRM) certification and has successfully passed Exam FM - Financial Mathematics and Exam P - Probability given by the Society of Actuaries and Casualty Actuarial Society.
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Neo (Zurong) Cao
Quantitative Equity Analyst
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Neo (Zurong) Cao
Neo Cao is a quantitative equity analyst on our Diversified Equity team, responsible for supporting all aspects of the team’s quantitative research. Prior to joining the Firm on a full-time basis in 2015, Neo was an intern with Brandywine Global on the Diversified Equity team in 2014. Neo also completed internships at the Standard Chartered Bank and Huatai Securities Co, Ltd, both in Nanjing, China. Neo earned a B.S. in Biological Engineering from Nanjing Forestry University and just recently completed an M.S. in Financial Engineering at Stevens Institute of Technology.
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David Clipper
Associate Portfolio Manager
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David Clipper
Dave is an associate portfolio manager and research analyst on the Diversified Value Equity team. He contributes to the quantitative and fundamental analysis of securities and management of the Diversified Value Equity portfolios by consistently applying Brandywine Global's disciplined exclusionary process. He is also involved in continual refinement of the Diversified Value Equity investment process and the Firm's ongoing research into value investing. He joined the Firm in 2004 and has been a member of the Diversified Value Equity team since 2006. Prior to joining Brandywine Global, Dave was a trader for Orion Financial (2003-2004) and had spent 13 years in the field of psychology before making the career shift toward finance. He earned an M.B.A. in Finance from the University of Pittsburgh, holds a Master's degree from the University of California at Berkeley, and a B.A. from Penn State University.
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Michael J. Fleisher
Portfolio Manager
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Michael J. Fleisher
Mike is a portfolio manager on the Diversified Value Equity team with lead oversight of the Dynamic Large Cap Value Equity, Quantitative Global Equity, and Quantitative International Equity strategies. In addition, Mike oversees the quantitative development and analysis function for Brandywine Global's Diversified Value Equity strategies and contributes to the Firm's ongoing research into value investing. Before joining the Firm in 1997, Mike was a senior fund accountant for Merrill Lynch (1995-1997), and a mutual fund analyst for SEI Corporation (1993-1995). Mike earned a B.S. in Accounting from the University of Delaware.
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Joseph J. Kirby
Portfolio Manager
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Joseph J. Kirby
Joe is the lead portfolio manager for the Diversified Large Cap Value Equity strategy. He serves as a portfolio manager and securities analyst on the Diversified Value Equity team. Joe contributes to the quantitative and fundamental analysis of securities for the Diversified Value Equity portfolios by consistently applying Brandywine Global's disciplined management exclusionary process. Since joining the Firm and Diversified Team in 1994, Joe has been involved in each aspect of the portfolio process, including leading the trading efforts for all Diversified portfolios from 1997 through 2000. Prior to joining Brandywine Global, he was with CoreStates Financial Corporation as an auditor (1992-1994). Joe earned a B.S. in Finance from DeSales University.
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Diversified Large Cap Value Webcast
October 19, 2017
Diversified Large Cap Value Webcast
July 19, 2017
Diversified Large Cap Value Webcast
April 11, 2017
Diversified Large Cap Value Webcast
January 24, 2017

Traders

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John R. Edelman
Equity Trader
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John R. Edelman
John is the lead trader for the Firm’s micro-, small- and small/mid-cap portfolios and a primary trader for the Wealth Management Group channel. He is also responsible for providing support to the Diversified Value Equity portfolios. John joined the Firm in 1999. Previously, he was with Southcoast Capital as an institutional equity trader (1996-1999), and PNC Bank as a financial analyst (1989-1996). John earned an M.B.A. in Finance from St. Joseph’s University and a B.A. in Finance and Accounting from Lehigh University.
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Kevin McClafferty
Equity Trader
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Kevin McClafferty
Kevin is the primary trader for the Fundamental Equity team’s Wealth Management Group channel. He also supports the U.S. equity trading desk in performing functions for all equity investment strategies at Brandywine Global. Prior to becoming an equity trader in August 2009, Kevin supported the trading desk as a trading assistant and has been with the Firm since 1999. Kevin earned a B.S. in Finance from Wilmington University.
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David A. Tattersall
Head Equity Trader
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David A. Tattersall
Dave is the head trader for Brandywine Global’s equity portfolios. Prior to being appointed to this position in March 2007, he served as lead equity trader for the Firm’s Diversified Value Equity portfolios in addition to providing support to the Fundamental Equity team. He joined the Firm in 2000. Previously, Dave was with OTA Limited Partnership, a full-service institutional broker/dealer, as a financial analyst/trader (1989-2000); First Federal Savings Bank as a senior accountant (1987-1989), and Beneficial Mortgage Corporation as the loan accounting manager (1985-1987). Dave earned a B.S. in Accounting from Pennsylvania State University.
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Donna Van Vlack
Vice President, Equity Trader
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Donna Van Vlack
Donna is the lead trader for the Firm’s large-cap portfolios. Donna joined the Firm in 1996. Previously, she was a trader with Caxton Corporation (1995); vice president and head trader with Chesapeake Partners Management Company (1993-1995); vice president with UBS Securities, Inc. (1991-1993); vice president with Dillon, Read & Co. (1986-1991); vice president and head of trading with Avatar Associates (1982-1985), and a trader with Soros Fund Management (1978-1981). Donna earned a B.A. in History and Political Science from Wellesley College.
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