Small Cap Value

Downside Protection

We seek to own companies with strong balance sheets, consistent profitability, and discounted absolute valuation.

Upside Potential

We utilize extensive fundamental analysis to look for companies that have management teams with clear operational and strategic plans to unlock inherent value.

Portfolio Construction and Maintenance

We construct portfolios by positioning capital with the best absolute value opportunities, where risk is measured by the potential for permanent loss of capital, and reward is measured by execution of company specific actions to unlock shareholder value.

Sell Discipline

Holdings may be sold for the following reasons:

• If full valuation is realized.
• If an opportunity with a more attractive risk/reward is identified.
• If the company is acquired.
• If management is unable or unwilling to unlock shareholder value, which is monitored and articulated through our Thesis Trackers.