Small Cap, L.P.

Fund Investment Objectives

Midsummer Small Cap targets investments in North American listed small-cap equities with market capitalizations under $1.5 billion. The manager employs a fundamental, research driven investment process with a six to eighteen month investment time horizon. Midsummer invests in equities both long and short and through follow-on offerings, depending on the risk reward profile of the opportunity. Midsummer aims to mitigate the risks inherent in small-cap investing through disciplined portfolio construction, sector diversification, and liquidity management. In applying this approach, Midsummer offers a unique strategy for accessing the small-cap market and leverages the expertise it has acquired through over ten years of operation in the small-cap sector in the evaluation and trading of small-cap firms. The fund typically maintains gross equity exposure in the range of 90 to 150 percent and net exposure of 30 to 50 percent. AUM is not disclosed.