By extensive fundamental bottom-up research, we identify companies with quality businesses selling at a significant discount to their intrinsic value. These securities often are identified in the following categories: 1) Small market capitalization, 2) Hidden earnings, 3) Hidden assets, 4) Long busines cycles, 5) Complicated capital structure, and 6) Special situations. The Fund invests globally. Security selection is value-driven. The Fund, which has the ability to short, is typically a long-only fund.