ValueWorks, LLC

ValueWorks is a US-focused, fundamental value investment management firm that takes a long-term disciplined approach to investing. We determine the value of a publicly traded company by identifying, analyzing and pricing its assets and, just as important, the claims against those assets. We invest in mispriced securities up and down the capital structure. We don't view mark-to-market volatility as risk-to-principle, and thus are more inclined to build our positions as valuation dislocations widen. It is our belief that value investing works because controlling quality assets at a discount to what they are worth provides attractive returns over time. We have utilized this approach for over 20 years throughout periods of market euphoria and enthusiasm; through periods of crisis and panic; and through periods of market ennui. We believe that is how wealth is built over time. Our investors understand this, and use us to build that type of exposure. We have stayed with this discipline, and draw the simple conclusion that is in our name: value investing works.