The FAMA Valor Class seeks to generate returns by investing in a long portfolio of value stocks. The Fund employs a bottom-up, value-based approach to investing in Brazilian equities. The investment process is research driven and focuses on in-depth fundamental analysis within a risk management framework. The Fund utilizes an active investment style and, as such, seeks to develop close relationships with company management and participate on the fiscal boards of portfolio companies. Investments are typically longer-term.