The Punch Small Cap equity strategy is focused on taking advantage of the persistent inefficiencies in the small cap equity markets. These inefficiencies are created by neglect, lack of attention, and the general unwillingness of sell side firms to research smaller companies that contribute very little, if any, investment banking business. The resulting information gap is widened by the fact that many professional investors manage prohibitively large amounts of capital that force them to simply eliminate smaller, less liquid companies from consideration. This “blind spot” has left a sizable portion of the small cap universe essentially abandoned, creating a pocket of opportunity precisely where thorough research matters the most. The Punch Small Cap Equity strategy is dedicated researching these “true” small cap companies and investing in high quality, value priced businesses that exhibit undiscovered growth potential.