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Exceptional Investment Funds
DGHM US MicroCap Value Fund


  ISIN Class NAV Fx Daily MTD YTD

DGHM US MicroCap Value Fund

The investment objective of the Compartment is to provide long-term capital appreciation over a multi-year investment horizon by investing primarily in a diversified portfolio of publicly traded micro cap equity securities of US based companies, which the Investment Manager believes to be undervalued. The Compartment's portfolio will generally be comprised of approximately 70 to 90 positions of companies with a market capitalisation at the time of investment of between USD50 million and USD1 billion.

The Compartment may, on an ancillary basis, invest in US-based companies with higher or lower market capitalizations as well as in non-US based companies. The Compartment may invest in American Depository Receipts and American Depository Shares.

The Compartment will invest, under normal circumstances, at least 90% of its net assets in publicly traded equity securities, including common stocks, preferred stocks, convertible securities, and similar instruments of various issuers.

 Within the same limits as above, the Compartment may also purchase exchange-traded funds whose underlyings belong to the Compartment's investment universe.

On an ancillary basis, the Compartment has the flexibility to invest in other types of securities when the Investment Manager believes they offer more attractive opportunities or as a temporary defensive measure in response to adverse market, economic, political, or other conditions, or to meet liquidity, redemption, and short-term investing needs. Under normal market conditions, investment in liquid assets and debt instruments of any kind will not exceed 10% of the Compartment's net assets. In exceptional market circumstances and on a temporary basis only, this limit may be increased to 100% with due regard to the principle of risk spreading.

For the avoidance of doubt, the Compartment will not invest more than 10% of its net asset in UCITS and other UCIs (as defined under "Investment Restrictions" (A) (1) d)).

Investment Process

In identifying securities to be held by the Compartment, the Investment Manager uses the following methods:

 The Investment Manager uses a bottom-up selection process to attempt to identify equity securities of companies that appear to be selling at a discount relative to the Investment Manager’s assessment of their potential value. The Investment Manager focuses on cash flows, historical profitability, projected future earnings, and financial condition of individual companies in identifying which securities the Compartment may purchase. The Investment Manager may weigh other factors against a company’s valuation in deciding which companies may appear attractive for investment. These factors may include the following:
  • quality of the business franchise,
  • competitive advantage,
  • economic or market conditions,
  • deployment of capital, and
  • reputation, experience, and competence of the company’s management

The Investment Manager believes that equity securities purchased at prices below their potential value not only protect capital, but offer significant price appreciation once the market recognizes the particular security’s potential value.

Generally, securities are sold when the characteristics and factors used to select the security change or the security has appreciated to the point where it is no longer attractive for the Compartment to hold the security in its portfolio of investments.

In pursuit of its investment objective, the Compartment may invest a significant portion of its assets in one or more sectors of the equity securities market, such as healthcare, technology, natural resources, etc.

Investment Manager

Dalton, Greiner, Hartman, Maher & Co., LLC ("DGHM") has been appointed as Investment Manager to manage the investment and reinvestment of the assets of the Compartment.

DGHM was founded in 1982 as Dillon Read Capital, the money management subsidiary of the investment bank, Dillon Read by Tim Dalton, CFA, Ken Greiner, CFA, Jim Hartman, CFA and Kevin Maher, CFA. In 1990, the four founding principals purchased the business from Dillon Read and formed DGHM, receiving SEC registration in April 1990.

In February, 2004 an 80% interest in the firm was sold to Boston Private Financial Holdings, Inc., which is organized as a bank holding company focusing on wealth management through private banking and investment services. The remaining 20% is owned by DGHM employees with the largest shareowners being key professionals involved in the investment process and management of the firm.

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Investors should refer to the Hereford Funds prospectus for complete information.
Daily Fund Nav's
Date Class NAV Daily %
26/11/2020 D 112.9 0.53%
26/11/2020 CIU 182.73 0.52%
26/11/2020 AI 111.11 0.52%
26/11/2020 CB 172.2 0.52%
26/11/2020 L2 154.86 0.55%
26/11/2020 L1 158.29 0.52%
more info
Date Class NAV Daily %
25/11/2020 D 188.83 -0.69%
17/09/2020 BI 135.55 -0.7%
25/11/2020 AI 240.88 -0.69%
more info
Date Class NAV Daily %
19/08/2020 A1 75.557919 N/A
19/08/2020 L 101.426967 N/A
more info
Date Class NAV Daily %
25/11/2020 U 356.3 0.19%
25/11/2020 D 534.8 0.19%
25/11/2020 BI 242.91 0.19%
25/11/2020 AI 341.8 0.19%
more info

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