ANABRANCH CAPITAL MANAGEMENT, LP

The Adviser expects its portfolio to be significantly concentrated but seeks to manage this concentration to avoid excessive exposure. They believe their due diligence process and focus on investing in businesses with strong fundamentals mitigate risk. At times, the Adviser may short securities to hedge specific exposures. The Adviser identifies businesses trading at a significant deviation from intrinsic value through rigorous due diligence. This includes analyses of financial statements, regulatory filings, financial models, interviews, and meetings with management teams. The primary focus is on businesses with attractive growth prospects, compelling customer value propositions, and market-leading competitive positions.

The Adviser employs a concentrated, fundamental long-term investment strategy aimed at generating high risk-adjusted returns. They seek to invest in securities trading at a discount to their intrinsic value due to market inefficiencies, offering potential for significant capital appreciation over a multi-year horizon. The Adviser favors businesses with compelling customer value propositions, market-leading and sustainable competitive positions, and attractive growth prospects, especially those led by highly capable management teams. The Adviser employs a highly concentrated approach, typically investing in approximately eight to twelve positions, and has a long-term focus, seeking investments with the potential for attractive compounded annual returns over at least a three-to-five-year holding period. While generally having a significant long bias, the Adviser may also short securities to hedge specific exposures or when a security is believed to be materially overvalued. The Adviser seeks to manage concentration to avoid excessive exposure and believes thorough due diligence and a focus on strong fundamentals mitigate risk.

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