Master Fund

Fund Investment Objectives

Guepardo employs a value-oriented absolute-return strategy and process, designed to maximize long-term returns with less volatility than Ibovespa, Brazil's benchmark stock index. The Firm believes that markets tend to be irrational in the short-run but prices converge to fair value in the long-run. Guepardo's team does intensive fundamental research and analysis using a private equity mentality in the public markets. The Fund does not use shorting or leverage.