The Partnership's investment strategy can be broadly defined as a long-term position building strategy, with a primary focus on small to mid-cap equities, which may also include profit protection through short selling and options trading. The Partnership employs a long-term long/short investment strategy based on a bottom-up, fundamental research-driven analysis focusing on special situations and opportunities. Although the Partnership may invest in both long and short positions, the Investment Manager believes that an overall long position will yield the highest returns based on the Partnership's investment thesis. The Partnership focuses primarily on a concentrated portfolio of 4 to 7 small and mid-cap equities with a minimum average trading volume of 250,000 shares per day and a market cap of at least $500 million. Although special circumstances may present themselves which could cause the Investment Manager to temporarily deviate from the aforementioned guidelines, the Investment Manager's core strategy seeks to adhere to these parameters to ensure a safe exit out of the investments, without adversely affecting the Partnership's target sell price.