Vulcan Value Partners Small Cap VVPSX

The fund seeks to achieve long-term capital appreciation by investing primarily in publicly traded small-cap companies the fund believes to be both undervalued and possessing a sustainable competitive advantage. The fund seeks to determine business or intrinsic value through disciplined financial analysis. The fund may invest up to 30% of net assets in publicly traded foreign securities and may hold up to 15% of net assets in illiquid securities. It is non-diversified.