A Long/Short Equity Approach Reflecting Current Market Conditions

1. A Long/Short Equity
Approach Reflecting
Current MarketConditions

2. A Long/Short
Equity
Approach
Reflecting
Current
Market
Conditions
As managing partner of Selkirk Management, LLC, Stewart
Strawbridge utilizes deep fundamental research as a basis for
long/short equity positions spanning the globe. Stewart
Strawbridge and his partners have extensive auditing and
operational experience that enables them to carefully calibrate and
manage portfolio risk. Following the dramatic gains of 2013,
investors in 2014 face a fluctuating market dynamic.With investors
finding low yields bonds unattractive, they are increasingly seeking
out long/short equity mutual fund pathways as a way of hedging
exposure to stocks.

3. A Long/Short
Equity
Approach
Reflecting
Current
Market
Conditions
The long/short strategy involves simultaneously owning long
positions in attractive equities that are likely to rise in value, while
shorting companies that are unattractive and likely to decrease in
stock value.A particular advantage of this approach in the current
economic environment is that recent gains have not been evenly
spread over the entire market. In 2013, many companies with
relatively low ratings in the C range had more dramatic upswings
thanA-plus rated holdings.This dynamic creates an opportunity to
short low-quality firms that have become overvalued, while seeking
out high-quality firms that still have upward movement potential.A
market-neutral strategy involves actively balancing these long and
short holdings in such a way that risk is as minimal as possible.