The Fund invests in small and mid-cap listed companies in the Asia-Pacific region ex-Japan with low gearing and no known corporate governance issues. We are interested in companies with high-quality assets on their balance sheets which are not reflected in their stock market values. For example companies that are trading well below net working capital less all liabilities, or at a large discount to break-up or liquidation value, or at a very low multiple of price to free cash flow. We buy at a deep discount to intrinsic value and with a large margin-of-safety, and then wait until this value crystallizes in the market. The fund has a monthly gate of 20% of NAV.