Valley Forge

Capital LP

Fund Investment Objectives

Valley Forge Capital, L.P. is a long biased equity fund, which seeks to outperform the S&P 500 Index over a multi-year timeframe. The fund uses a buy and hold, value based, contrarian strategy that seeks out companies trading at a large discount to their intrinsic value. The fund will use rigorous bottom-up fundamental analysis of individual companies across all industries, sectors and market capitalizations. The fund will seek to invest in a concentrated portfolio of its best ideas, generally consisting of twenty positions or less. The fund's holdings will be mostly long common stock positions with opportunistic short or put positions. The fund intends to focus mainly on U.S. traded companies but may target some foreign stock investments. Historically, the fund has used no leverage and maintained on average a 25% cash position.