Phil M. Caplan

Functions as real estate investment trust

Provides financial services

Renova Capital Partners seeks investment opportunities in middle market and sustainable infrastructure companies located in the United States. The firm targets companies operating in the fields of energy, water, power, transportation and built environment. It provides financing for buyout and growth capital requirements.

FBR Fund Advisers' actively managed core equity investment strategies employ a combination of proprietary quantitative screens, qualitative analysis and bottom-up fundamental research. They seek to provide clients with a diversified portfolio that emphasizes high-quality, conservatively financed companies that are purchased at low relative and absolute valuations. The firm's initial screening process focuses on profitability and considers returns on owner's capital, growth of book value and operating margins. The initial screening process also considers relative valuation measures including price compared to book value, earnings and cash flow). Companies that meet FBR's initial screening process are then analyzed using qualitative and fundamental research. They assess each companys' business model, industry characteristics, products or services, market position, competitive advantages and the quality of their management team. Each security is monitored and reviewed on a daily basis. The firm's sell discipline identifies securities that no longer meet their investment criteria. In general, a position may be sold if (1) it reaches excessive valuation levels relative to FBR's view of its intrinsic value and company fundamentals (2) it is excluded from the firm's investable universe by failing to meet their initial screening criteria (3) long-term fundamentals deteriorate or (4) a superior investment with a more attractive risk/reward profile is identified.

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Ramsey Asset Management's (RAM) strategy is to identify investment opportunities which they believe have a fundamental value that is materially different than the consensus belief and which will provide attractive returns. They focus on businesses with improving or declining fundamentals in relation to consensus which have near-term (6 - 12 month period) catalysts for short investments or strong fundamentals for long ideas (1-2 year period) in growth, mature, and cyclical companies that fall within their five investment patterns. RAM's divergent view is supported by primary research, proprietary channel checks, and other bottom-up techniques. Ramsey Short-Biased will typically have 25-40 shorts, 5-20 longs and 4-8 stub/pair trades, while Ramsey Short Only will typically have 25-40 shorts and 4-8 stub/pair trades. Net industry concentration is limited to 20%. The maximum size of any one position is also limited to 10% of market value for longs (Short-Biased fund only) and 7% of market value for shorts (both funds). RAM also manages a Total Return fund. Though not limited by sector, RAM tends to invest in the stocks of US small- and mid-cap companies in the finance, consumer durables, process industries and electronic technology sectors. The firm maintains a medium turnover rate.

Functions as a College/University

Provides real estate services