Buckley Capital is a value-oriented fund focused on North American small and mid-cap equities, with a core portfolio of 12-15 core positions. We underwrite our investments to five-year time horizons, and our average holding period is approximately three years. We seek a combination of high business quality, double-digit earnings growth, and low valuation. We are generalists concentrating on 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 12% per year since 2020.