• Mission and Values
• Investment Approach
• Fund Information
• Commentary and News
• Invest with Us
• About the Advisor
• Contact Us
• Home

• By avoiding arbitrary constraints, we define our investment universe as broadly as possible and invest without regard for company size or geographic location. Our goal is simply to identify attractive investments wherever they exist.
• We typically invest in common stocks, but may invest in other types of securities (debt instruments, preferred stock, etc.) that offer an attractive risk to reward ratio.

• We aim to be experts at valuing businesses in order to identify companies trading at a discount to their intrinsic value.
• Our appraisals rely on conservative estimates and are based on any combination of discounted cash flow models, private transaction multiples, and net asset values.
• When using discounted cash flow models, we focus on estimating the long-term, normalized cash-generating capability of a business over a full economic cycle.
• We favor businesses that are able to grow their intrinsic value over time, through some combination of intelligent capital allocation, a strong balance sheet, and a durable competitive advantage.

• We require a minimum 30% discount to intrinsic value before committing capital to a new investment.
• We sell an investment under three circumstances: 1) when prices reach our estimate of intrinsic value; 2) when the long-term fundamentals of the company have deteriorated (value impaired) due to factors such as a worsening competitive environment or poor management decisions; or 3) to reallocate capital into an investment trading at a greater discount.
• The Fund's portfolio is concentrated in our best investment ideas and will usually include fewer than 25 holdings. The Fund is a "non-diversified" fund, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers or securities. The Fund's portfolio is constructed one idea at a time, from the bottom-up, with no pre-determined industry allocation. Cash is a by-product of the flow of ideas in and out of the Fund's portfolio, meaning there is no minimum or maximum target percentage of cash.
• Annual portfolio turnover should typically be low, which would result in lower transaction costs and fewer realized capital gains over time.

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.