Dearborn Partners - Third River Small Cap Value

SMALL CAP VALUE seeks a long-term, above-average absolute return by investing in a diversified portfolio of small market 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 diversified, risk averse style of investment, typically holding 45-55 equity positions and cash positions of less than 10%, typically averaging 5%.