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We Couldn't Help But Giggle

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The Adviser's core beliefs are that (1) equity markets are neither completely efficient nor completely inefficient and (2) a disciplined quantitative approach can be used effectively in seeking to outperform market benchmarks. In implementing its investment philosophy, the Adviser uses quantitative tools to analyze and understand the vast amount of data available regarding the markets and securities in which the Adviser is investing. In contrast to the stereotypical "black box" concept of quantitative investing (i.e., obscure mathematical models generating unintuitive trades with no transparency), the Adviser's investment process is "quantitative" in the sense that the Adviser employs quantitative tools to implement a fundamental investment process. The Adviser also believes that a large set of small trades, coupled with systematic risk controls, can offer a more attractive risk-adjusted return than a small set of large trades.

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