Buckley Capital is a value-oriented fund focused on North American small and mid-cap equities, with a core portfolio of 12-15 long positions. We underwrite our investments to five and ten-year time horizons, and our average holding period is approximately two years. We seek a combination of high business quality, double-digit earnings growth, and low valuation, with our new positions typically trading below 10 times near-term earnings. Our portfolio is therefore concentrated in consumer stocks, financials, healthcare, and industrials—four sectors with structurally lower valuation multiples. We make extensive use of alternative data to identify mispriced securities, monitor the progress of our positions, and predict upcoming inflections in a company’s core business, which serve as clear catalysts for our investment theses. In response to the recent proliferation of alternative data and primary research networks available to investors, since 2020, we have significantly increased our alternative data spending, enhanced our sell-side relationships, and expanded our network of industry experts. As a result, we have outperformed our relevant benchmarks by ~1274 bps per year since the beginning of 2020.