Private Capital Management (PCM) follows a single fundamental value-based investment discipline. The firm invests primarily in publicly traded equity securities that trade on North American (predominantly US) exchanges. On occasion, investments may include publicly traded limited partnerships. For certain clients (including clients invested in PCM's Value Focus Strategy or the private and public investment funds they manage), the firm has the ability to invest in various financial instruments or derivatives (options) as well as non-equity securities such as corporate debt. PCM also has the ability to execute short sales for clients that have margin accounts and have permitted short selling. While the securities in which the firm invests typically trade on North American exchanges, they may be issued by companies that are based in, or have significant operations within, foreign countries; and companies that derive a significant portion of their revenues from outside North America. PCM manages two portfolio strategies: Value Equity Strategy and a more concentrated Value Focus Strategy. Both strategies are grounded on the firm's bottom-up investment approach. Clients who participate in the Value Equity Strategy are allowed to impose reasonable restrictions on their accounts, including limitations on investments in specific securities, industries, or sectors. PCM may invest in companies of any market-cap and and typically assumes an investment horizon of 3 to 5 years.

Fine Capital Partners (FCP) employs a combination of long investments and short positions identified by their fundamental security-level research. The firm evaluates several factors with respect to each investment including current market valuation, competitive market position, profit and growth outlook, management capabilities, capital structure, and cash flow generation properties. They rely on numerous sources of publicly available information for investment judgments and when applicable have detailed discussions with the management of potential portfolio companies. While expects that US equity securities will represent a majority of the funds portfolios, there is no limit on the types of investments, asset classes or geographic regions in which the funds may invest. The firm's investment program utilizes leverage which involves the borrowing of funds from brokerage firms, banks and other institutions in order to be able to increase the amount of capital available for marketable securities investments.

SG Capital Management''s investment process is based on bottom up, fundamental analysis. The firm focuses on earnings and select stocks based on whether they think a company may exceed or miss profit expectations given their view of what is priced into the stockThe Cedar Street Funds follow an event-driven, opportunistic strategy, investing in US-listed equities and corresponding options. These funds offer three classes to investors: Market Neutral, Long-Short or Long Only. SG Capital also manages separate accounts that follow the same strategies that the Cedar Street Funds' share classes offer. The Cedar Street Funds focus on investments in US small-cap companies. Unless there are client-imposed restrictions, each share class and corresponding separate account maintain the same portfolio holdings.The Teton Fund is managed following a similar opportunistic strategy, but allows for greater exposure and leverage limits. The Teton Fund may also invest in securities with greater market capitalizations and securities in sectors in which the Cedar Street Funds do not invest. Lastly, this fund also offers the same three classes to investors that the Cedar Street Funds offer: Market Neutral, Long-Short or Long Only. SG Capital also manages separate accounts that follow these strategies that the Teton Fund's share classes offer. The Teton Fund focuses on investments in all-cap US companies. Unless there are client-imposed restrictions, each share class and corresponding separate account maintain the same portfolio holdings.