Mr. Schaff has been a co-portfolio manager of the Phocas Small Cap Value product since its inception, and he co-manages the Phocas U.S. Equity REIT portfolios. For twenty years (1986 to 2005), Mr. Schaff managed institutional equity portfolios and mutual funds for Bay Isle Financial, LLC (“Bay Isle”), Janus Capital Group, Berger LLC, and the Undiscovered Managers organization. Mr. Schaff was President and Chief Investment Officer of Bay Isle before it became a fully-owned subsidiary of Janus Capital Management, and was President of Bay Isle and Portfolio Manager at Janus Capital Management. Over that time, he developed a strong performance track record. Mr. Schaff earned his Masters’ degree in Engineering from the University of California, Davis. He also holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco. Mr. Schaff served as Trustee and Chairperson of the investment committee of Alameda County Employees’ Retirement Association from 1998 to 2003. He is a past President of the Alameda Unified School Board.

Ms. Foreman is the President at Phocas Financial Corporation. Prior to joining the firm, Ms. Foreman was the Founder and CEO of Morningside Asset Management, an Atlanta based investment firm. Prior to founding Morningside, Ms. Foreman was Co-CEO at Gray & Company Global Investment Solutions where she served on the executive and investment committees to provide portfolio and operational oversight. Prior to Gray & Company, Ms. Foreman served as Chief Administrative/Compliance Officer for United Investment Managers. Before joining UIM, she was Vice President Marketing/Client Services for The Kenwood Group, analyst for Edward Jones, and investment representative for OLDE Stockbrokers. Ms. Foreman is the Vice President of the National Association of Securities Professionals – Atlanta Chapter. Ms. Foreman is also a Troop Leader for the Girls Scouts of Greater Atlanta. Ms. Foreman holds a B.S. in Finance from the University of Illinois at Urbana-Champaign, and a M.B.A. from the University of Missouri.

Mr. Murray co-manages the Phocas Financial Corporation’s REIT and Equity Income portfolios and given the significant weighting of REITs in the Russell 2000 Value Index, supports the Phocas Small Cap Value strategy. From 1999 to 2005, James was the Trader and Senior REIT Analyst for Bay Isle Financial Institutional REIT portfolios and mutual fund. Mr. Murray brings strong analytical and quantitative skills to the research team and portfolio management process, with particularly strong expertise in modeling real estate companies. Prior to that, he spent four years at Charles Schwab, where he supervised that firm’s Tax and Dividend Departments. Mr. Murray earned his B.A. degree in Economics from Kenyon College. He holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco.

Ms. Chiu has more than a decade of investment adviser compliance experience. She commenced her investment industry career at Wells Fargo Nikko Investment Advisors, and then joined Symphony Asset Management, where she became that firm’s Compliance Administrator. Ms. Chiu subsequently worked at investment managers including BARRA, and Ashfield Capital Partners. As one of the first employees of Symphony Asset Management, she is equipped with an intense understanding of compliance functions and operations at growing investment managers. Over Ms. Chiu’s career to date, she has developed detailed awareness of the Investment Advisers Act of 1940, and the Investment Company Act of 1940. Ms. Chiu is a Notary Public, and earned her B.S. in Business Administration, with an emphasis on Computer Information Systems from San Francisco State University.

Mr. Granger is a Principal at Phocas Financial Corporation. Prior to joining the firm, Mr. Granger was the Director of Research at Leading Edge Investment Advisors, a manager-of-managers for institutional investors. He was also a generalist investment analyst at General Motors Asset Management, working as the sole investment analyst there covering small cap growth stocks. While previously employed as a multi-sector investment analyst at the then Dresdner Bank, and at Value Line Publishing, he analyzed and authored research reports on companies in such diverse industries as aerospace, capital equipment, commercial banking, computer services, cement and construction aggregates, defense, food, insurance, integrated oil, media, specialty chemicals, and tire and rubber. Mr. Granger began his financial services career as a mergers and acquisitions analyst at Lehman Brothers. Mr. Granger earned his B.A. in Economics from Yale University.

Ms. Gagné has 20 years of experience in asset management. She launched her finance career as a client analyst in the private wealth management divisions of Goldman Sachs and Morgan Stanley with teams that each managed more than $2 billion. Ms. Gagné then joined Morgan Stanley Prime Brokerage where she was responsible for some of the largest and most active hedge fund accounts in the San Francisco Bay Area, generating revenues over $10 million. Before joining Phocas, she was the Director of Operations at both Cambrian Capital, an energy hedge fund that managed $1.2 billion, and Genetic Finance (now Sentient Technologies), a start-up firm offering an artificial intelligence-driven quantitative hedge fund.

Ms. Gagné earned her B.S. in Business Administration with an emphasis in Corporate Management from California State University East Bay.

Mr. Wallace brings over a decade of financial services experience to bear at Phocas Financial Corporation. He focuses his efforts on the consumer and industrial economic sectors. He commenced his investment industry career at AXA Advisors, and then joined Trugent Capital, a hedge fund focused on public equities. At Trugent Capital, Mr. Wallace was responsible for conducting primary research, proprietary modeling, and general equity analysis to recommend and following paired trades as an analyst. He was also responsible for executing trades using a variety of trading systems and platforms. Mr. Wallace graduated from Texas Christian University, where he earned his Bachelor of Business Administration degrees in Marketing and Entrepreneurial Management.

Mr. Cheng started his investment career with Phocas Financial in 2016 and covers the health care and technology economic sectors. Mr. Cheng received his Bachelor of Science degree in Business Administration with an emphasis in Corporate Accounting and Finance from San Jose State University in December 2016. He has passed CFA Level 1.