Pemigewasset

Partners, L.P.

Fund Investment Objectives

Established in 1994, Pemigewasset Partners L.P. is a directional, long/short U.S. equities fund employing a growth at reasonable prices (GARP) strategy. The Fund aims to be a fund for all seasons by providing consistent, absolute returns regardless of market conditions. Our investment process is based on solid, fundamental research with technical and quantitative overlays for initial screening purposes. The fund utilizes a variety of disciplines to mitigate risk including: avoiding the use of leverage and derivatives, limiting exposure to individual investments, maintaining the portfolio's overall net exposure within prescribed bounds, and maintaining a ten to twenty percent long position in stocks of senior gold producing companies.