Investment Strategy

• We employ a value with growth approach to investing
• Our goal is to uncover and invest, for the long term, in undervalued equities, which have the
  potential to realize their full value
• We are primarily bottom-up stock pickers emphasizing a fundamental analytical approach
• Our focus is on a mix of qualitative and quantitative factors highlighting management quality

Investment Parameters

• Invests on a multi-cap basis
• No more than forty positions at any one time
• No leverage
• Cash is used as a hedge
• Investment decisions are taken on a consensus basis