Core Value Fund

Invests in publicly traded stocks in the Telecommunications, Telecommunications Technology and Information Technology Industries

Seek above average returns with lower than average long term downside risk
Patiently invest in the kind of companies we would like to own
Mid-Cap and Small-Cap biased, but seek value opportunistically when conditions are right (e.g., large cap tech in 2011)
Value Investment fundamentals — high FCF, low relative EBITDA and Revenue/EV multiples, floor of value demonstrated in recurring revenue and/or balance sheet assets
Wait for fundamental value to be achieved while generating interim returns through options and buying/selling within a trading range

RATIONALE

Public market bias toward high-growth technology stocks
Complex accounting treatments and cash cycle mask true cash flow potential of small/mid cap companies
Little to no coverage among sell-side analysts decreases visibility of small/mid cap companies

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