GWA Capital Partners believes that value is created through careful research and a proactive dialogue with company management and its shareholders. Such an approach requires a careful analysis of a company and its industry. Hence, GWA is often looking for companies that are neglected, overlooked or abandoned by the mainstream - laggards in their industry or perceived as under-performing due to correctable management-related issues. Such companies are often characterized by a stock price decline of more than 50% over a two-year period. This method is quite different from the traditional approach applied by most money managers who typically seek out the best companies and the best management. This method of investing is costly, time consuming and is beyond the mandate of most traditional money managers, in that it requires a different set of analytical and management skills and discipline.

We define proactive investing as "investing with the intention of working with shareholders to effect a change in the company's operations, or otherwise influence management in order to increase shareholder value." GWA’s track record has demonstrated that our own proprietary process has been successful in a variety of situations. This process, or investment method, is intended to reduce the risk associated with traditional stock investments. This is an important feature to keep in mind when determining risk-adjusted returns.

We will seek to position the Fund to earn a return on investment by identifying and investing in solid businesses that sell at distressed prices due to operational or management-related issues, and then working to lead and unify shareholders to effect changes that will create value for all share-holders.

By building a consensus among shareholders, and working constructively to influence a company's management and board, GWA believes that our Funds can be the catalyst necessary to unlock shareholder value.

"But one thing is for sure: The next time Guy Adams decides to take on a big company, he won't have any trouble being taken seriously."

- Institutional Investor Magazine, April 10, 2002