13D Activist Fund

The fund primarily allocates capital to common equity securities of U.S. companies across the full range of market capitalizations that are currently the focus of shareholder activism. The advisor identifies an activist as an investor who owns more than 5% of a company's shares and either has a verifiable history of activist engagement or has publicly articulated a specific agenda for change. These agendas may involve seeking Board of Directors positions, enhancing operational performance or corporate governance standards, approving a corporate merger, spinning off a business unit, or selling a significant portion of company assets. This portfolio is characterized as non-diversified.