Points International Ltd

Harspring Capital Management’s funds seeks to achieve superior rates of return over a multi-year period of time by investing in a select number of securities that offer highly compelling risk-reward profiles while selling short a select number of securities for both absolute return generation as well as hedging purposes. The funds’ investments consist primarily of publicly-traded equities (on both US and foreign exchanges), but may also include options, derivatives, bonds, and to a limited degree, privately-held securities or other investments without a readily ascertainable market value. The firm utilizes fundamental analysis of individual securities, in the context of the industries in which they operate.

Pembroke Management manages US and Canadian equity mandates which aims to realize long-term capital appreciation primarily through investment in a portfolio of common shares and other equity securities of predominantly small to medium size capitalization issuers that generally exhibit the potential to achieve above-average long-term earnings or revenue growth. They may also manage portfolios that are North American in scope. Cash reserves of Pembroke’s portfolios may sometimes be invested in high-grade short-term interest-bearing securities. The firm does not currently hedge its portfolios against fluctuations in currencies. Pembroke Management’s equity mandates are suitable for clients who are seeking long-term growth of their capital. The investment analysis for their equity mandates is based on a bottom-up assessment of company-specific factors. The firm seeks to make investments principally in companies that have the prospect to create wealth over a three to five-year period, the firm will trade securities based on factors such as the market environment, valuation, industry fundamentals, and company-specific developments.

QV focuses on long-term ownership of sustainable businesses that are able to compound growth over the long-term while minimizing the risk of loss. The firm applies a disciplined, consistent approach across all investment strategies. Reasonable value and portfolio enhancement form the basis of their equity selection. They identify and purchase companies with attractive valuations, proven track records and sustainable business models. QV select bonds from quality issuers that demonstrate an ability and willingness to uphold good credit standing. Diversification by issuer, sector and term help minimize risk and achieve stability, liquidity and a positive total return over a long-investment horizon. All investment decisions are supported by their own independent research and analysis.