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 stock The 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.

Global Alpha Capital Management focuses exclusively on investments in small-cap equities on a global basis. The firm employs a core investment style that combines growth and value characteristics. Their investment approach is based on a fundamental, bottom-up security selection process. The investment strategies used are mainly long-term purchases (securities held for more than a year) with some short-term purchases (securities held for less than a year). The portfolio managers at Global Alpha believe that sales and profit growth are key determinants of value creation. Their fundamental approach seeks to identify companies with unrecognized and accelerating earnings growth potential. Bottom-up stock selection is based on global themes within a concentrated portfolio. Global Alpha's key investment themes can be exploited over the long-term and may include, among others, emerging market consumers, health care, technology, alternative energy, environment, outsourcing. The firm believes that diversification at multiple levels is critical to managing risk.^