VALUEWORKS LLC

ValueWorks LLC is a Registered Investment Advisor (RIA) that provides advisory services. They sponsor two Wrap Programs: The GMS Group, L.L.C. Wrap Fee Program and The Charles Schwab-ValueWorks Wrap Fee Program. ValueWorks is committed to acting in the best interests of its clients, providing suitable advice, full disclosure of potential conflicts of interest, and best execution of transactions. Charles Lemonides is the sole owner of ValueWorks, which presents a potential conflict of interest as his opinion on the suitability of investments may be sought, and he personally benefits from client participation. ValueWorks has a policy to protect client interests and prioritize them in every situation.

ValueWorks employs a clearly defined research process to guide investment decisions, targeting securities believed to demonstrate attractive value. The process involves identifying securities that match investment criteria, focusing on opportunities misunderstood by the general market. The assets are then identified and appraised to determine the company’s underlying value, considering operating businesses, real-estate holdings, natural resources, and other assets. The quality of the assets is assessed to determine their likelihood of appreciation over time. The investment strategy also includes assessing claims against a company’s assets and comparing the market price of the claims to the company’s underlying value. If a security trades at a discount, factors that could eliminate the valuation gap and increase its price are identified before making a purchase decision. Positions are continuously monitored to determine if the original investment thesis still applies, and positions are exited when a security reaches full valuation or changes invalidate the original thesis. Leverage may be used in accounts that pay performance fees, which can make portfolio performance more volatile.

(Subscription Required)