The Small Cap Fund typically holds 20-40 positions in businesses up to the largest market capitalization in the Russell 2000 Index. Core positions are generally 5% of portfolio with position sizes being valuation-driven. Portfolio includes 24-26 stocks with weighted average market cap of $4.7 billion and median market cap of $3.5 billion. The fund maintains low turnover of 21.7-29% consistent with long-term investment approach and focuses on companies in Real Estate Services, Professional Business Support Services, and Electrical Components sectors.

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Value investors who do not look for cheap stocks but instead seek high quality businesses with inherently stable values and wait patiently for them to become discounted. The fund focuses on companies with sustainable competitive advantages that allow them to produce free cash flow and earn superior cash returns on capital. The investment approach emphasizes value stability and purchasing companies at a discount to their intrinsic value, reflecting a dual margin of safety approach. The fund will not invest in any business trading above fair value estimate.

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