VOSS CAPITAL, LP

Voss Capital, LLC is a Texas limited liability company wholly owned and controlled by Travis Cocke, who is also the Chief Investment Officer. Voss was founded in August 2011 and is based in Houston, Texas. Voss's use of brokerage commissions to obtain investment research services and pay for administrative costs creates a conflict of interest, as the Funds pay for these services that may benefit Voss more than the Funds. This practice, known as "soft-dollars," could increase Voss's profitability by allowing them to acquire these services without using their own resources. The availability of these non-monetary benefits could also influence Voss's choice of brokers. However, the Fund's Offering Documents authorize these practices to the fullest extent permitted by law.

Voss employs a bottom-up strategy to select individual securities for its long portfolio. They focus on identifying attractive businesses with recurring revenue, strong free cash flow, high returns on invested capital, and owner-oriented management teams. They initiate long positions when the reward/risk ratio is favorable and look for potential catalysts to drive revaluation. They exit positions when the security reaches its valuation target, fundamentals deteriorate, the margin of safety erodes, or more attractive alternatives emerge. For its short portfolio, Voss targets poor businesses trading at substantial premiums to their intrinsic value. They prioritize clear and identifiable catalysts that will drive a revaluation. Desirable characteristics for short investments include management mediocrity, low barriers to entry, poor returns on invested capital, and aggressive accounting practices. They initiate short positions when the reward/risk ratio is favorable and exit positions when the overvaluation is remedied, fundamentals improve, or the catalyst fails to materialize.

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