Both bottom up and top down:

• Company, industry and macro information are considered in thesis construction and portfolio management.

• Company and industry-specific information generally plays a much more important role than global and country-specific macro-economic factors, but all factors are actively considered in portfolio construction, positioning and risk control.

• While company specific investments comprise a majority of our investment activity over a market cycle Coanjo sometimes engages in macro oriented investments, especially for hedging purposes. We strive to make each a source of positive returns over the long term.

• It is worth noting that the investment environment from 2008 forward has been more dependent than normal on macro factors, and could remain so.