The JCClark Focused Opportunities Fund seeks absolute return on capital through a classic long-short hedged style. The Fund invests in North American equities and stresses hands-on fundamental research. The manager seeks to execute a focused investment strategy by managing a concentrated portfolio of the firm's most promising investment ideas. Typically the Fund holds between 10-30 positions in aggregate, both long and short. The manager avoids directional bets on the market and aims for minimal market exposure. All investments are made in publicly-traded securities (mainly equities). The Fund maintains a variable bias and its beta-adjusted net exposure is generally lower than its dollar-weighted net exposure. Net exposure has ranged slightly since inception but is on average less than 40%. Security selection is the primary focus as the manager attempts to buy high quality companies trading at a significant discount to their intrinsic values and short businesses with: 1) weak fundamentals, 2) poor or overly promotional management, and 3) aggressive accounting. The manager and investment team perform significant internal due diligence on all investment ideas.