Accretive Capital Partners employs a niche strategy of identifying undervalued small and micro-cap stocks of fundamentally strong companies which represent attractive take-private candidates. The manager applies a private equity approach to investing, conducting thorough due diligence and maintaining an active dialog with management teams. The philosophy of Accretive Capital Partners is to own equity in companies at significant discounts to its intrinsic value and in outstanding businesses run by exceptional managers. The fund seeks companies its investors would be happy owning were they not publicly traded. The fund is long-only and typically holds investments for three years, producing a long-term to short-term capital gains ratio of approximately 65% to 35% since inception. Actual incepton of the fund is July 2000 and available upon request.