- Research driven, security by
security approach. Bottoms up,
focuses on investment
fundamentals, always starts with strong
balance sheet and conservative accounting.
- Targets security valuations on an
absolute, not relative basis.
Fund will employ a
"buy and hold" strategy.
- Securities often neglected,
overlooked or orphaned in marketplace,
may trade under radar screen of large
institutional investors.
-
Downside risk always assessed
before upside potential. Will attempt
to buy
with margin
of safety to protect against loss of capital.
PORTFOLIO STRUCTURE - SECURITY TYPES
1. Undervalued common stocks that are available at very inexpensive
prices and offer lots of value for price paid.
2. Exchange traded and closed end funds to
provide exposure to a
specific market segment or country.
3. Convertible bonds and preferred stocks provide current income plus
upside potential embedded in their convertibility.
INVESTMENT THEMES
1. Undervalued assets: Companies trading at
less than liquidation or
"private sale" value.
2. Turnarounds: Companies recovering from
depressed results, either
due to company or industry factors.
3. Growth at a Reasonable Price. Faster
growing companies, available
at reasonable valuations.
4. Special Situations: Spin-offs,
liquidations, firms emerging from
Chapter 11 filings, or "broken" IPOs.
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