The JCClark Patriot Trust is a long bias North American equity Fund. The Fund aims to provide lower volatility relative to overall equity markets and a lower market correlation than most equity funds. Based on extensive fundamental research the Fund invests primarily in U.S. and Canadian equities, focusing on high quality public companies trading at significant discounts to their perceived intrinsic values. The Fund has a focused investment strategy, dealing primarily in the purchase of equities that pass a rigorous process of 'bottom up' fundamental analysis of the target investment's balance sheet integrity and cash earnings capabilities. Mitigation of risk is achieved by diversifying investment holdings across several industry sectors, and by maintaining a portfolio of no less than twenty securities. Although the Fund operates predominately as a 'long biased' investment trust, it may from time to time utilize hedging strategies which involve the 'short sale' of securities or the utilization of derivatives as a means to reducing the downside risk of market declines.