Cambrian Fund is a long-only fund that invests in U.S. publicly-traded equity securities and typically concentrates its capital on five to six investments. The fund seeks to achieve capital appreciation through investments in undervalued companies, which are temporarily out-of favor and are candidates for an earnings turnaround, restructuring or takeover. The fund focuses its research on approximately 450 high-quality industrial, consumer and business service franchises with market capitalizations between $1 billion and $30 billion. Our approach to corporate valuation utilizes a bottom up approach to analyzing cash flow and earnings potential and we use constructive shareholder activism, where appropriate. The fund does not invest in options or futures. The fund avoids leverage and typically has a long exposure range of 70%-100%. Performance prior to June 1996 is available upon request as the fund was run as a Managed Account.