Partners, L.P.

Fund Investment Objectives

The Partnership seeks to generate returns through both long and short equity investments, with an emphasis on U.S. stocks and opportunistic exposure to global equities. The portfolio is constructed position by position based on rigorous fundamental analysis by the investment team. The portfolio normally includes more than 150 positions, with an average long position size of about 1% and an average short position size of about 0.5%. Generally, few long positions are larger than 3% of the total portfolio. The portfolio's exposure has varied over time, driven by market opportunities and conditions. The partnership's gross long exposure has averaged about 95%, and its gross short exposure has averaged about 40%. The partnership's net exposure has averaged 55%, and has ranged between 25% and 85% the majority of the time.