Partners L.P.

Fund Investment Objectives

The Investment Manager (Westerly) will employ a long/short directional investing strategy to exploit inefficiently priced securities that are drawn from a pool of opportunities and sectors that Westerly's principals have been tracking for years. Westerly believes that companies with valuations below $3 billion in market capitalization often fall off the radar screen of larger funds and for sell-side coverage and, therefore, greater inefficiencies in their valuations are at work. The universe of ideas will heavily, but not exclusively, weight representation in the small to mid-cap growth segments and technology sector, and will often focus on companies and sectors at key points of change. The strategy will likely include recent IPOs, turnarounds, and mispricing around special situations. Many value ideas are expected to be on the cusp of (re-)discovery by growth managers. Short positions are typically entered into in anticipating of a near term negative event. Westerly generally avoids solely valuation-based triggers for short positions.