The Manager employs a fundamental bottom-up investment process to construct a concentrated yet diversified portfolio of 15-25 dividend stocks of undervalued companies with a market capitalization of at least EUR 100 million at the time of investment. A dividend stock is considered to have an expected dividend yield of at least 2%, although the Fund may add to an existing investment with a lower dividend yield if it already holds a position in that company. The Fund’s investment process focuses on identifying what the Manager considers to be high quality, undervalued companies that offer the potential for asymmetric risk/reward outcomes. Undervaluation can occur for several reasons, including, but not limited to, poor current or prospective business performance, change in management, poor investor sentiment around the sector or the economy, reorganizations, or neglect as a result of information scarcity. The Manager’s in-depth investment approach focuses on six key investment characteristics: The Business Model, Valuation, Financial Strength, Dividend, Shareholder Orientation, ESG Orientation.