EchoStar Corp.

EdgePoint Investment Group seeks to buy growth companies at value prices and makes long-term investments viewing stock as an ownership interest in a company and seeking to acquire these ownership stakes at prices below their assessment of their true worth. The firm focuses on companies with strong competitive positions, defendable barriers to entry and long-term growth prospects that are run by competent management teams. These holdings generally reflect their views looking out more than five years. EdgePoint Investment Group buys good, undervalued businesses and holds them until the market fully recognizes their potential. They sell a security for one of two reasons: (1) if their thesis about the company is deemed no longer valid. If the firm can no longer stand behind their thesis, they can no longer stand behind an ownership interest in the business and the position is sold; and (2) there's a constant culling process whereby they continuously strive to upgrade the quality of their portfolios with better ideas. For fixed income investments, the firm looks for securities that provide an attractive return through coupon payments and/or capital appreciation while focusing on the borrower's (or bond issuer's) ability to meet its debt obligations through the payment of periodic coupons and the return of the original principal at maturity.

Hound’s investment process and philosophy is value-oriented and powered by very deep fundamental research. Their investment process involves original, primary research where the firm believes they have a deep understanding of critical variables that differ from market expectations. When the investment process generates a compelling idea, Hound will usually establish a new position. The firm often starts with a small position and adds to it as their conviction increases or as additional information comes to their attention, whether through the passage of time or additional research. Hound will exit a position when: (1) the position has been proven right and it is time to redeploy the capital (2) the position was wrong (3) they identify better ideas (4) the position becomes too large a portion of the portfolio or (5) it is distracting to the firm's portfolio management process.

PWAM employs an opportunistic investment strategy. The firm generally pursues three main hedge fund strategies: long/short (hedged equity) investing, event-driven investing and credit/high yield investing. While the firm focuses on these strategies, they may engage in other strategies from time-to-time to take advantage of changing market conditions and other investment opportunities.