Michael Melby, CFA, FRM serves as the Founder and Portfolio Manager of Gate City Capital Management, which is named after his hometown of Glendive, Montana, nicknamed 'Gate City'. His educational background includes The University of Chicago Booth School of Business from 2009 to 2011, and he holds certifications as both a Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM) through recognized global organizations. Before founding Gate City Capital in 2014, Michael had experience at Deutsche Bank, Notre Dame Investment Office, and Crystal Rock Capital. Michael Melby's investment philosophy emphasizes treating each investment decision as if purchasing or selling the entire company, with a focus on robust due diligence and long-term investment horizons. The firm has produced a 22.4% net annualized return since inception compared to 14.8% for the S&P 500, demonstrating his ability to generate alpha through concentrated micro-cap value investing. Under his leadership, Gate City manages a concentrated portfolio focused on micro cap value companies with a long-term horizon, targeting companies with real assets, little or no leverage, and strong management evaluated on intelligence, integrity, and work ethic. Michael's approach includes thorough financial reviews, discounted cash flow analysis, company visits, and engagement with management to assess downside risk. The team he has assembled includes Research Analysts Nicholas Bodnar and Harry Sauers, as well as Toby Biebl, CPA, who serves as CFO and COO.

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Gate City Capital Management, LLC is an investment management firm that seeks to provide investors with attractive long-term investment returns through the construction of a concentrated portfolio focused on U.S. micro-cap companies. Gate City Capital Management constructs its investment portfolio through in-depth fundamental analysis focused on the potential risk and reward of each investment. Gate City focuses on the potential downside risk of each investment in order to provide an appropriate margin of safety. GCCM's primary investment objective is to generate attractive long-term returns by constructing a concentrated portfolio of micro-cap value equities, generally defined as companies with a market capitalization between $10 million and $500 million, publicly traded in the United States or Canada. The firm employs an in-depth, fundamental analysis, treating each investment decision as if purchasing or selling the entire company, emphasizing a robust due diligence process and a long-term investment horizon. They only add a company to their portfolio if they believe it has at least 50% upside with minimal downside. Portfolios are concentrated, typically fewer than 20 positions, with larger weightings for opportunities with the most attractive risk/return profiles. The firm's investment approach emphasizes thorough fundamental analysis and a long-term horizon, aiming to purchase companies at significant discounts to intrinsic value, with a margin of safety to limit downside risks. Their strategy targets companies with understandable business models, defendable market positions, capable and aligned management, stable free cash flow, and strong balance sheets. Their intrinsic value calculation uses a 12.5% discount rate consistently to avoid lowering return expectations during poor market conditions.

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