1. Growth-Driven Value Investing in
Tomorrow’s Most Valuable Businesses
March 2015

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 Founded: February 2014, based in New York City
 Investment Style: Growth-Driven Value
 Portfolio Strategy: Global Equity Long/Short
 Research Approach: Multidisciplinary Fundamental
 Objective: Long-term, sustainable, and superior capital appreciation.
ABOUT THIRD SQUARE INVESTMENTS

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I. INVESTMENT PHILOSOPHY & APPROACH
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We look for high growth opportunities by forecasting long-term future demand.
To identify the deepest, most strategic pools of future demand, we analyze critical factors using a multidisciplinary framework coupled
with constant ‘on-the-ground’ and ‘hands-on’ research.
By knowing the most significant sources of future demand, we can identify today’s most promising growth industries and companies.
- History - Demographics
- Sociology - Social Trends
- Psychology - Consumer Behavior
- Statistics - Technological Advancements
- Economics - Geopolitical Relations
- Finance - Business Competitive Landscape
IDENTIFY DEEP, STRATEGIC POOLS OF FUTURE DEMAND
Select Great Quality,
High Growth Business
Identify Deep, Strategic
Pools of Future Demand
Buy At The
Right Price
Hedge Against
Market Risk
Our Multidisciplinary Framework Critical Factors We Analyze

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We choose great quality, high growth businesses based on a simple but strict set of five criteria.
 Sustainable Revenue Growth – Identify companies whose products/services address significant current and future demand.
 Competitive Advantage – Identify companies with a substantial ‘economic moat’ protecting its competitive position and profits.
 Sustainable Market Leadership – Identify companies that are and will be well-positioned to maintain leading market share.
 Financial Strength – Avoid companies with substantial debt and limited access to liquidity.
 Transparent Business Model – Avoid companies that are relatively small, highly regulated, or have few customers.
Select Great Quality,
High Growth Business
Identify Deep, Strategic
Pools of Future Demand
Buy At The
Right Price
Hedge Against
Market Risk
SELECT GREAT QUALITY, HIGH GROWTH BUSINESSES

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We will buy only when market prices are sufficiently below our calculated intrinsic value, presenting us with a clear bargain and margin of
safety.
Public markets are not perfect in their ability to price company stock. In the short term, equity prices can deviate widely from the
underlying company’s intrinsic value due to factors like investor sentiment, price momentum, and general market dynamics.
Our discipline allows us to enter into positions with conviction so as to not be distracted by short term price volatility going forward.
Select Great Quality,
High Growth Business
Identify Deep, Strategic
Pools of Future Demand
Buy At The
Right Price
Hedge Against
Market Risk
BUY AT THE RIGHT PRICE

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To protect the value of our portfolio during periods of general market weakness, and to maximize long run returns, we will enter into
short positions in stocks over-priced relative to their underlying business value.
 Our tactical shorts focus on businesses incorrectly perceived by the market as belonging to high-growth themes, and whose stock
prices are likely to correct materially in the near term.
 Our strategic mid-to-long term shorts consists of deteriorating businesses poised to lose market value over time.
Like our long investments, fundamental research and insight into future demand form the basis of our short strategy.
© 2015 Third Square Investments, LLC | www.thirdsq.com | Confidential, Do Not Distribute
Select Great Quality,
High Growth Business
Identify Deep, Strategic
Pools of Future Demand
Buy At The
Right Price
Hedge Against
Market Risk
HEDGE AGAINST MARKET RISK