EMINENCE CAPITAL, LP

Eminence Capital, LP is an investment advisor registered with the SEC. They offer a range of advisory services and investment strategies, including speculative ones that carry substantial risk. The firm emphasizes that they may offer any service or engage in any investment strategy they deem appropriate, subject to each client's objectives and guidelines. Clients should be prepared for the possibility of substantial or total loss of capital. Eminence Capital conducts periodic best execution reviews to ensure they are obtaining the best possible execution for their clients' accounts. They also have policies and procedures in place to address trade allocation and aggregation, and to manage potential conflicts of interest arising from contemporaneous trading.

The Investment Adviser employs a research-driven, "quality value" investment strategy that emphasizes traditional value investing principles, focusing on investing in high-quality businesses and avoiding or shorting low-quality ones. This strategy involves maintaining a concentrated portfolio and focusing research efforts on fewer companies to accurately assess their quality and value, aiming for above-average long-term capital appreciation. The Investment Adviser also considers the overall investment climate for equity securities, assessing the economic outlook, Federal Reserve policy, and valuation levels for the stock market. The level of net exposure of each Fund's portfolio is adjusted based on the identification of attractive investments and the assessment of the overall investment environment. The Investment Adviser intends to increase net market exposure when the investment climate is favorable.

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