Value Investments

This category consists of "value" investments in securities that we believe are underpriced relative to their intrinsic or fundamental value or relative to other securities or indices that may provide a hedge, or which are expected to appreciate in value due to a catalyzing event or a change in circumstances, including regulatory or legislative change, changing business models, competition, significant corporate events such as spin-offs, recapitalizations, mergers and acquisitions, litigation events, strategic realignments, and other major changes. We believe that our holding periods for value investments are generally longer than is typical in our industry.