Searching for investment opportunities

We believe that fundamentally mispriced equities are more often found in an environment characterized by:

• Little, poor or no coverage from international investment banks

• Low liquidity or size barring large institutions from investing
  

• Large perceived risks due to uncertainty or lack of understanding by many market participants are reflected in low valuations

• Fast-changing businesses with wide divergence in opinions on future value

• External non-fundamental or irrational factors influencing share price

• Special situations, distressed securities

Our primary area of interest are market segments where these qualities are witnessed more often, in particular:

• Small-cap stocks
  

• Emerging markets"Emerging” industries, e.g. technology stocks