Hickory Lane Capital Management LP (“Hickory Lane” or the “Firm”) is a fundamentals-based equity asset manager that employs a multi-disciplinary approach to generate strong risk-adjusted returns on longs and shorts. The Firm’s strategy is centered on i) long-term bottom-up investing, ii) top-down analysis, and iii) rigorous risk management. Hickory Lane approaches investing from a balance sheet perspective, ensuring an understanding of how the capital structure affects equity value. The Firm’s shorts seek to hedge idiosyncratic risks directly related to the long portfolio. For the long portfolio, Hickory Lane seeks companies that exhibit the following characteristics: (i) high-quality business, (ii) favorable sector dynamics, (iii) stellar management team, (iv) strong free cash flow generation and balance sheet, and (v) attractive valuation. The short portfolio is comprised of hedges meant to mitigate risks directly associated with the longs, including: (i) company-specific, (ii) sector, and (iii) market. Individual shorts exhibit issues associated with their (i) business, (ii) financial performance, (iii) management team, or (iv) valuation.