The Spektra Fund is a long-biased value and special situation fund utilizing a disciplined investment process to uncover price/value discrepancies. We run a concentrated fund consisting of heavily vetted companies that are significantly undervalued, meet our stringent qualitative criteria, and possess clear positive catalysts. The fund focuses on one-time events, turnarounds, short-term challenges and market misperceptions within our areas of competence which include technology, consumer goods, retail, services and industrial goods. Equal weight is attributed to business and fundamental analysis with a wide variety of research and analysis activities incorporated to select our relatively few investments. We are bottom-up, conduct in-depth analysis on individual issues, and make conviction buys when the risk-reward asymmetry is heavily in our favor.