The Schafer Cullen Global Small Cap Value Ltd. is a long/short, global value hedge fund that invests in small capitalization stocks. The investment objective of the fund is capital appreciation through the purchase and sale of global equity securities. We target absolute returns over long-term investment horizons with low turnover and limited correlation to major indexes. The fund typically invests long in 30-40 small cap companies diversified across most sectors that meet strict valuation parameters and possess specific catalysts for price appreciation. The fund shorts 25-35 overvalued stocks across all capitalizations with flawed business models and categorically deteriorating fundamentals. The fund was long only through 1999 and long/short since January 2000. AUM reflects the aggregate of the onshore and offshore fund.