Precog pursues superior returns through long-term investments in what the Fund deems to be severely undervalued securities, while maintaining a focus on limiting risk. The Fund invests primarily in common stocks of both domestically and internationally domiciled companies, of any size or market capitalization. Exchange-listed shares as well as unlisted over-the-counter securities are considered. The Fund may also invest in debt or hybrid securities or other financial instruments which, in their opinion, present special opportunities, including securities of distressed companies and companies already operating under chapter 11 bankruptcy protection. The Fund employs a concentrated, long-term approach for about three years on average.