Mannik Dhillon is President of Investment Franchises and Solutions and Head of ETFs at Victory Capital — a firm that manages a lineup of independent investment boutiques under a shared platform, with a business model informed by Mannik's earlier career evaluating asset managers on the institutional consulting side at Hewitt and Wilshire. He joined Victory in 2015 as Head of Product and has since grown into a leadership role across investment franchises, solutions, and the firm's ETF business.
In this episode, Mannik walks through VFLO — the VictoryShares Free Cash Flow ETF — which has grown to roughly six to nine billion in assets in the three years since its June 2023 launch. He explains why VFLO isn't really a free cash flow product but a better way to measure value, why traditional value metrics like price to book have lost their power in an economy built on intangibles and IP, and how VFLO's two enhancements to the standard free cash flow yield approach — forward-looking cash flow estimates and a growth filter that removes the worst growers from the eligible universe — have produced a track record that outperformed value, core, and growth benchmarks over three years with zero Magnificent Seven exposure.
Mannik also gets into how the free cash flow methodology has been extended across market caps and geographies (VFLO, SFLO, GFLW, IFLO, and GRIN), what future extensions are under research (enhanced income variations, more sector-complete versions, a global strategy), and how the pairing of VFLO with GFLW is being used by advisors to build differentiated wings around a passive core. He also walks through Victory's multi-boutique franchise model and why he believes independent, autonomous investment teams supported by a centralized (but not standardized) platform produce better outcomes for clients.
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