Braddock

Partners, L.P.

Fund Investment Objectives

Braddock Partners, LP is a US equity long/short, long biased, capitalization agnostic domestic partnership. The portfolio is constructed on three distinct levels - Core, Workbench and Short holdings. The portfolio's Core holdings constitute 50% to 80% of assets and drive the majority of returns. A Core holding is typically a business that: 1) generates attractive and sustainable returns on equity, 2) has an opportunity to continue reinvesting profits into the business at a high rate of return, and 3) has a management team that is highly skilled at managing the business, and behaves with honesty and integrity and in the best interest of long-term shareholders. Intensive research is used to identify potential Core holdings and purchases are only made at attractive prices. The portfolio's other holdings consist of both long and short positions that are identified in the research process. Workbench (long) holdings constitute 10% to 20% of assets while Short positions constitute 5% to 35% of assets and serve to hedge long exposure and enhance portfolio returns.