Daniel F. Ryan

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.

Milestone Partners invests in companies located in the United States with an EBITDA of USD 3 - 50 million and revenues of USD 10 - 250 million. The firm focuses on tech enabled solutions, financial services and manufacturing sectors. It participates in buyouts and recapitalization transactions with an investment size of USD 10 - 75 million and transaction size of USD 25 - 250 million. It acquires control equity investments and also makes minority investments.

Provides trading services

Functions as a College/University

Midocean Partners invests in middle market companies located in the North America with an enterprise value of USD 150 - 750 million. The firm targets companies operating in the fields of business and consumer services sectors. It provides financing for buyout stage capital requirements with an investment size of USD 75 - 300 million. It acquires majority interest.