Institutional Small/Micro-Cap Value Strategy

"The firms we buy have 'fortress balance sheets', are simple to understand and are run by people with a vested interest in the firm's success. We have strict criteria in these regards that are non-negotiable when it comes to being included in our portfolio" - Brian Rafn

Accolades

3-year and 5-year performance rank in the top 1% of the 200+ Small-Cap Value Managers tracked by Evestment Alliance (12/31/09).

Earned title of Small-Cap "Investment Manager Top Gun" and "Bull & Bear Master" from Informa Investment Solutions (12/31/09).

Pensions & Investments ranks the Morgan Dempsey Small/Micro-Cap Strategy as the top performing small-cap blend separate account manager over the previous 5-years (12/31/09).

Philosophy

We believe that disciplined, fundamental, bottom-up research is the key to gaining an information advantage. We examine a full company history and apply rigorous forensic accounting in an attempt to understand our companies better.

We focus on the area of the market where we can gain a significant edge through fundamental research. Our ability to pursue micro-cap companies in addition to small-caps provides us with opportunities that are off limits to larger institutional strategies.

We pursue companies with strong competitive characteristics and equally strong balance sheets that are selling at a discount to our conservative intrinsic value estimates. A fortress balance sheet is at the cornerstone of all our investment decisions.

We believe in having conviction in our analysis and patience in our convictions. We want to be long-term partners with the great companies and exceptional management teams we have assembled in our portfolio.

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