Dearborn Partners - Third River Focus Value

FOCUS VALUE seeks a long-term, above-average absolute return by investing in a concentrated portfolio of small-capitalization companies at a discount to our estimate of intrinsic value. Our primary risk constraint is to minimize the potential for permanent loss of capital. The portfolio employs a non-diversified, conviction style of investment, typically holding 15 to 25 equity positions and cash positions of less than 10%, typically averaging 7%.