AJR Fund is a long/short fund that invests in U.S. publicly-traded equity securities. Atlantic's investment strategy is bottom up and fundamentally driven, focusing on high conviction investments in publicly traded equities. The fund seeks to achieve capital appreciation through (i) long investments in undervalued companies, which are temporarily out-of-favor and candidates for an earnings turnaround, restructuring or takeover, (ii) short investments in overvalued companies with near-term catalysts, and (iii) actively managing its net market exposure. Atlantic is often a constructively engaged shareholder, seeking to create unique diligence opportunities and work with senior management to build win-win proposals for both shareholders and management. Our investment team focuses its research on approximately 450 high-quality industrial, consumer and business service franchises with market capitalizations between $1 billion and $30 billion. In selecting long investments, we apply a business owner's mindset, which emphasizes predictability of cash flows and adhere to a strict buy/sell discipline. The fund has a typical net exposure range of 30%-60% and a typical gross exposure range of 95%-135%. Generally, investments include equity securities and short sales but exclude futures.