Small Cap Growth | Voya Investment Management

Small Cap Growth


The team believes stock prices follow earnings and cash flow over time and invests in companies with strong growth prospects and cash flow generation.  As generalists with industry expertise, they conduct intensive bottom-up fundamental analysis to identify companies with superior revenue and earnings potential that are trading at sustainable valuations.

Key Benefits

  • Experienced team of generalists with industry expertise
  • Consistently applied philosophy and process across various market cycles driven by bottom-up fundamental analysis
  • Diversified, high quality, risk adjusted portfolio positioned to outperform the Russell 2000 Growth benchmark



As of 5/31/231 Month3 MonthYTD1yr3yr5yr10yrSince Inception (8/01/04)
Composite Gross-1.13-4.074.542.119.827.6312.2611.10
Composite Net-1.21-
Gross Excess Return-1.15-0.48-0.32-0.575.194.904.362.78

* Russell 2000 Growth Index

Past performance does not guarantee future results.

Periods greater than one year are annualized. Performance data is considered final unless indicated as preliminary. Tygh Capital Management, Inc. (“TCM”) claims compliance with the Global Investment Performance Standards (GIPS®). TCM is an independent investment management firm established in 2004 and registered with the Securities and Exchange Commission. Monthly performance is based on full GIPS Composite returns. Access the GIPS page for full composite details.

The Composite performance information represents the investment results of a group of fully discretionary accounts managed with the investment objective of outperforming the benchmark. Information is subject to change at any time. Gross returns are presented after all transaction costs, but before management fees. Returns include the reinvestment of income. Net performance is shown after the deduction of a model management fee equal to the highest fee charged.


Investment Team

Michael Coyne

Michael Coyne, CFA

Head of Small Cap Growth, Portfolio Manager

Years of Experience: 26

Years with Voya: 1

Michael Coyne is head of small cap growth and portfolio manager at Voya Investment Management. Prior to joining Voya, he was a portfolio manager at Tygh Capital Management. Previously, Michael was an equity analyst covering the retail sector at Columbia Management. Prior to that, he held financial analyst roles at Capital Resource Partners and Bear Stearns. Michael earned an MBA from the University of California Los Angeles and a BA in engineering science from Dartmouth College. He is a CFA® Charterholder.
Mitchell Brivic

Mitchell Brivic, CFA

Portfolio Manager

Years of Experience: 28

Years with Voya: 1

Mitchell Brivic is a portfolio manager on the small cap growth team at Voya Investment Management. Prior to joining Voya, he was a portfolio manager at Tygh Capital Management. Previously, Mitchell was a senior equity analyst on the small/mid cap team at Columbia Management. Prior to that, he served as an associate portfolio manager and senior equity analyst for small cap growth products at USAA Investment Management. Mitchell earned an MBA from The Wharton School of Business at University of Pennsylvania and a BBA summa cum laude from Baylor University. He is a CFA® Charterholder.
Scott Haugan

Scott Haugan, CFA

Portfolio Manager

Years of Experience: 24

Years with Voya: 1

Scott Haugan is a portfolio manager on the small cap growth team at Voya Investment Management. Prior to joining Voya, he was a portfolio manager at Tygh Capital Management. Previously, Scott was an institutional equity salesperson at First Analysis Securities. Prior to that, he held equity analyst/research analyst positions at Columbia Management and Pacific Crest Securities. Scott earned a BS in business from Montana State University and is a CFA® Charterholder.


Peer Rankings: eVestment collects information directly from investment management firms and other sources believed to be reliable; however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution. All categories not necessarily included. Totals may not equal 100%. Copyright 2013-2023 eVestment Alliance, LLC. All Rights Reserved. Voya Investment Management composite peer rankings represent percentile rankings which are based on monthly gross of fee returns and reflect where those returns fall within the indicated eVestment’s universe. eVestment provides third party databases, including the institutional investment database from which the presented information was extracted. The eVestment institutional investment database consists of over 1,500 active institutional managers, investment consultants, plan sponsors, and other similar financial institutions actively reporting on over 10,000 products. Additional information regarding eVestment rankings for year to date and since inception performance of the composites is available on eVestment’s website. For more information about the rankings presented above, including universe and additional time periods, please see our detailed eVestment ranking slides.

Principal Risk

The principal risks are generally those attributable to investing in stocks and related derivative instruments. Holdings are subject to market, issuer and other risks, and their values may fluctuate. Market risk is the risk that securities or other instruments may decline in value due to factors affecting the securities markets or particular industries. Issuer risk is the risk that the value of a security or instrument may decline for reasons specific to the issuer, such as changes in its financial condition. More particularly, the strategy invests in smaller companies which may be more susceptible to price swings than larger companies because they have fewer resources and more limited products, and many are dependent on a few key managers.