90 West Investment Philosophy

At different points in an economic cycle, certain sectors do well while others struggle. Within this there are over and under valued companies. The pairs strategy takes advantage of these valuation anomalies.

Quality mid to small cap resource stocks provide exceptional returns at different points of the cycle.

Near the low points of stock market cycles, mid to small cap companies become extremely cheap. An example of this is in the last cycle when Independence Group listed in early 2001 at around 20 cents and by mid 2006 it had run to in excess of $9 a share.

The aim of the manager is to have a limited number of negative months. This is achieved by vigilant watch on risk management and the net exposure of the fund.

The manager has a very hands-on approach with companies. He is very active in seeing companies both on-site and off-site.

Experience, knowledge and an active contact network backed up by relevant analysis are key ingredients in making investment decisions.