Mr. Dever is in his fifth decade of managing Brandywine Asset Management, an investment management firm he launched in 1982. Brandywine manages a suite of 14 core Enhanced and Target Date Funds for qualified retirement plans, as well as a hedge fund for institutional and high net worth investors. All funds are based on the philosophy that Reduced Loss = Increased Returns. The funds employ Brandywine's innovation of "Risk Replacement" to limit losses and mitigate "Sequence of Return" risk. Risk Replacement replaces the high risk of each fund's underlying benchmark index with the lower risk of a more broadly diversified portfolio, while still retaining 100% exposure to the underlying index.