Raphael Lamm

Functions as a College/University

CI is an active manager which employs VOF framework, a methodology for processing, filtering and understanding complex qualitative and quantitative information on stocks and industries. They seek to diversity across stocks, industries and geographical exposures. Their portfolios are generally constructed with little reference to index and consider market cap and liquidity risk. CI prefers to invest companies and industries with a specific value proposition that are performing well or in an early phase of turnaround (observation of operating, industry and strategic trends) with focused management (value based leadership). The firm assesses companies for their value latency which may be derived from the net-worth of a company's existing cash flow and net assets or future value that is latent within a company or industry due to their growth opportunities and competitive advantage.

L1 Capital is a style neutral manager which recognizes the equal importance of both value and quality in investing. The investment team conducts detailed fundamental, bottom-up stock research to utilize investment process. The firm invests in high quality businesses trading well below their intrinsic value. Their investment process combines discounted cash flow valuation with qualitative considerations such as management quality, industry & company structure and business trends to identify attractive investment opportunities. The core of the investment approach is a high level of interaction with a wide range of market participants.

Acts as Closed-End Investment Fund/Investment Trust