Undervalued Publications:

These are companies that we feel have a wide margin of safety and a future catalyst for the market to realize their value. These are high conviction theses that we may be continuing to accumulate shares of.

Date PublishedTickerPurchase PriceDividendsCurrent Price*Total Return

*As of 10/30/2019

Fairly Valued Publications:

These are companies that we are comfortable holding over the long-term. These companies may not have a wide margin of safety but have some combination of a competitive advantage, high returns on capital, and pay a dividend. Ideally, we will buy companies that we feel are significantly undervalued and then reduce their portfolio weighting when they become fairly valued.

Open DateTickerPurchase PriceDividendsCurrent PriceTotal Return

*As of 10/30/2019

Exited Publications:

These are companies that we no longer own. The market price could be too high relative to our intrinsic value calculation. Our original thesis may prove to be incorrect. The stock may have gone through a special situation (e.g., odd-lot tender, going private transaction), where the exit date is pre-determined within the original thesis.

Open DateClose DateTickerPurchase PriceDividendsClose PriceTotal Return

*Odd lot tender – purchased 99 shares

**Reflects $30 payout on 4 shares