Cambrian Japan Fund is a long-only fund that invests in Japanese publicly-traded equity securities and typically concentrates its capital on five to six investments. The fund seeks to achieve capital appreciation through long investments in undervalued companies, which are temporarily out-of favor and are candidates for an earnings turnaround, restructuring or takeover. The investment team focuses its research on approximately 200 high-quality mid-cap 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%.