Equitas Fund

Limited

Fund Investment Objectives

We are fundamental equity investors. Investments are made based on each company's potential for value creation over a period of 3 to 5 years. We believe that with a long-term approach and focusing on fundamentals, we can benefit from convergence of market prices and intrinsic value over time. We strongly believe in proprietary field research as a way of obtaining an analytical edge. Our team is constantly looking for anecdotal evidence that tends to precede data. We focus on obtaining a deep understanding of the value drivers and risks of the companies we invest in, as well as of the dynamics of the industries in which they operate.