Eric Sheridan

Provides brokerage services

MLAM's worldwide approach to equity investing uses a philosophy of identifying relative value among individual stocks and stock markets by focusing primarily on two variables: reinvestment rate and the price-to-book value ratio. There are seven additional screens employed to further refine the process. The factors used to identify value include price-to-cash flow, price-to-earnings ratios, past and future earnings growth and dividend payouts. For asset allocation, a country whose market valuation measurements seem consistently above or below world averages or its own historical averages are over or under-weighted accordingly. The degrees of over or under-weighting are determined by relative economic prospects as measured by the outlook for GNP, inflation and interest rates of each country and their impact on currency movements. By combining a value approach to individual stock selection with asset allocation by country, the firm seeks to achieve consistent performance relative to international equity indexes. MLAM combines top-down and bottom-up analysis and uses proprietary models as part of their research process. Their funds are team-managed.

Intrepid Capital Management is a value manager that employs a conservative, contrarian investment strategy. The firm invests long/short in global equities without regard to market-cap. They invest in derivatives including options, warrants, convertibles and index options and employ leverage to hedge their portfolios. Intrepid uses fundamental research to identify stocks with reasonable valuations that are misunderstood by the market, focusing on cash flow and price-to-sales ratios. The firm may occasionally invest in private equity opportunities.

Citadel Advisors employs, for the benefit of the funds, proprietary investment strategies based upon fundamental research as well as on quantitative analysis. The firm invests in the global public equity, fixed-income, credit and options markets.

Provides brokerage services

Functions as a College/University