The Chilton Small Cap & Mid Cap Strategy, managed by Richard L. Chilton, Jr., is a long/short equity fund that seeks to generate returns across market cycles through strong stock selection driven by rigorous fundamental bottom-up research and a long-term focus with a bias towards high quality and sustainable business models. The strategy's investment process takes a two-step approach. First, Mr. Chilton and his team focus their research on understanding and assessing the quality of a business model by reviewing and analysing a company's ROIC, capital allocation track record, dividend growth, free cash flow generation, competitive positioning / barriers to entry, and pricing dynamics. After identifying a superior business model, the next step in the investment process is to adopt an appropriate and thoughtful valuation framework to determine entry points. The portfolio is constructed from the bottom-up in primarily U.S. domiciled small cap and mid cap equities diversified across sectors and companies. It is expected that at least 80% of the portfolio will be invested in companies under $10 billion market cap. The fund uses leverage conservatively and is typically positioned between 40% - 60% net long.