Investment Philosophy

Blackthorn Asset Management L.L.C. follows a value-oriented, long-term investment approach with the objective of achieving superior returns, which are ultimately reflected in capital appreciation. More specifically, we seek to:

• Preserve capital over time.
• Achieve growth with limited risk and volatility.
• Obtain excellent results after tax and inflation.

We are long-term investors, and generally are not short-term traders. Our attention is focused primarily on equity portfolios comprised of listed, marketable securities because we believe that, over time, equities offer greater potential for appreciation with reasonable levels of risk than other types of securities.

We concentrate on companies that appear to reflect relative value. Often, these are large global companies, but may also include smaller companies in rapidly growing industries. For a relatively small portion of the portfolio, we will also invest for “opportunistic” reasons such as companies where there may be a change in management, capital structure or control.

Our research process is driven by:

• Disciplined valuation focus
• Research intensive, fundamentally driven approach
• Search for limited risk, low volatility
• Low portfolio turnover and transaction costs
• No pressure to be fully invested.

Investment Focus

• Equity portfolios of listed, marketable securities
• Fixed income investments in high-grade corporate, treasuries, and municipal bonds
• We seek to invest in companies within industries that are likely to expand faster than others, purchased at reasonable valuations.