We believe good investments are a product of paying attractive prices relative to the quality of the companies in which we invest. Investors who ignore short-term market jitters and focus instead on a potential portfolio company's underlying strength are better positioned to identify opportunities to buy good companies at attractive prices. Our investment professionals focus on company fundamentals to identify true value opportunities.

Our investment approach is pure bottom-up and research-driven. The three stages of our research approach are;

1)

Database screening to identify companies that meet our value criteria primarily by using price/earnings, price/book value and dividend yield,

2)

Financial analysis to identify the strength and liquidity of the balance sheet and cash flows, and

3)

Fundamental analysis of each company’s products, franchise, market opportunities and management.

Meeting with company management is a critical step for us in making the final assessment. Based on this thorough research process, our goal is to identify attractive value opportunities relative to the quality of the company to construct our portfolio. Continuous efforts are made to rotate capital to better value opportunities. All of our investment professionals participate in each process as research analysts and portfolio managers.