The Entrepreneurial Value Fund, L.P. invests primarily in publicly traded equity securities of companies located in North America across any market capitalization where we see opportunity. The Fund maintains a concentrated portfolio of investments, often holding less than 20 long equity positions that will generally comprise from 2% to 10% of EVF's assets depending on market conditions. EVF invests across a number of sectors and industries including financial services, information technology, consumer discretionary, telecommunications, media, industrials, healthcare, energy, utilities, and consumer staples. While investment decisions are ultimately valuation driven, EVF has a history of concentrating investments among information technology holdings in particular. EVF generally maintains a more concentrated portfolio than other PCM vehicles and may trade more frequently in names that are held across other PCM accounts. Additionally, EVF may invest in non-equity investments but will generally comprise less than 20% of the Fund's assets at the time of investment. Non-equity investments may include corporate debt, US Treasury and Agency securities, derivatives, foreign securities, or other investments that are not typically held in other PCM vehicles. While we have not initiated any short positions in several years, EVF has the capacity to make short investments. EVF may also utilize margin, provided, that the market value of the securities purchased on margin shall not exceed 20% of the market value of the Fund's aggregate assets. The Fund may also sell covered calls or puts as well as sell uncovered put options on equity securities or indices. EVF's investment approach derives from the core belief that the function of any business is to generate value for its owners over the long term. Consistent with this view, PCM identifies potential investment opportunities through a single-discipline, proprietary research process. EVF uses a bottom-up, value based investment approach focused on identifying companies whose equity securities are trading at a significant discount to the company's intrinsic value. PCM views a company's intrinsic value as being primarily dependent on its capacity to generate discretionary cash flow throughout a business cycle, adjusted to reflect the risks inherent in the business. Discretionary cash flow is the cash generated by a company from its ongoing operations less the capital expenditures and other investments that are necessary to sustain and grow the business. PCM believes that discretionary cash flow is a superior gauge of a company's long-term capacity to grow its business and return value to shareholders. Discretionary cash flow can also be used by companies to accomplish a number of goals that may increase shareholder value such as repurchasing stock, paying down debt, paying dividends to shareholders, or making strategic acquisitions.