Investment Objective

Fund Characteristics

• Quality equity securities of small companies believed to offer a long-term investment value

Investment Approach

• We believe the key to successful investing is striking a balance between attractive valuations and solid fundamentals
• Seeks to identify undervalued companies with sound business fundamentals
• Favors companies that are trading at low price/earnings and price/cash flow multiples, possess strong balance sheets with solid cash positions and little or no long-term debt, and have low ratios of market value to sales
• Key investment criteria include: a stock price at a material discount to a company’s intrinsic value, a reasonable expectation of improving profitability over the next three years, a skilled and committed management team, a strong capital structure, and positive corporate change within a three-year investment horizon

What Makes this Fund Different?

• A rigorous and disciplined investment process utilizing a number of valuation measures and in-depth fundamental research –taking a universe of 11,000 companies to a list of approximately 200 candidates for investment
• A team approach structured so that so that each team member has specific industry and sector expertise, with the team making investment decisions collectively
• A comparatively concentrated portfolio, with the Fund only owning the Team’s best ideas