The Pinnacle Value Fund
A Series of Bertolet Capital Trust
8000 Town Centre Drive, Suite 400
 Broadview Heights, OH 44147
Shareholder Services (877) 369-3705 x 115 Toll Free
(440) 922-0066

Organization and Philosophy

Founded in January 2003, Bertolet Capital LLC is a registered investment advisor specializing in the analysis of small and micro-cap securities on a value basis. The firm is advisor to the Pinnacle Value Fund (PVFIX), an SEC registered mutual fund.

We believe that small and micro-cap companies offer compelling return opportunities. They often operate niche businesses and focus on a limited number of areas where they excel. Balance sheets are often more conservative and insiders are often major shareholders. They often generate excess cash flow which can be used for dividends, share buybacks, debt repayment or acquisitions. They are often inefficiently priced in the marketplace.

We focus on understanding the intrinsic value of a business and employ a strict fundamental approach that emphasizes the strategic, operating and financial dynamics impacting the business. We attempt to purchase securities trading at a substantial discount to underlying asset values or earnings power. We are conservative investors and prefer an adequate margin of safety.

We are risk adverse and attempt to limit risks in several ways. First, we try to be well diversified across multiple industries and companies. Next, we have the ability to hold cash in the absence of suitable investment ideas. Finally, we try to wait for the right price when buying or selling.