North Star Partners II L.P. commenced operations on April 1, 2004. The Partnership is dedicated to the tradition of value investing and focuses on the small-cap sector of the equities markets. Investments are made with a large margin of safety by buying stocks that are trading at a significant discount to estimated true economic value, and our approach is historically associated with Ben Graham's value investing disciplines. The Partnership also invests in special situations including spin-offs, shareholder activism, private transactions, event-driven opportunities and hidden assets. North Star has a long bias but also employs shorting and active management of market exposure to further limit risk. AUM is reported on a quarterly basis prior to September 2011.