Investment Philosophy

In determining whether a security is undervalued, the Adviser typically employs two distinct valuation methodologies. First, the Adviser seeks out issuers offering their securities at a low price relative to net asset value. Second, the Adviser also may evaluate issuers based on detailed estimates of an issuer's discounted cash flows or earnings potential. In this case, the Adviser evaluates companies and industries that appear to be, in the judgment of the Adviser, temporarily out of favor with the stock market. The Adviser attempts to purchase shares of those companies that, in the Adviser's judgment, are undervalued and also offer the potential for future growth.

Two ways to define value.