Spyglass Investment Strategy Overview

10 Portfolio Construction & Risk Management * 25 Stock Limit Portfolio Allocation Parameters Bucket 1 Bucket 2 Bucket 3 ~33% ~33% ~33% Phase 3 ~25% Position Limit: 7% Phase 2 ~50% Sector* Limit: 25% Phase 1 ~25% Legacy Bloomberg Industry Classification System (BICS) Level III classification (Industry Subgroup) Position sizes are driven by discount to risk-adjusted present value 15

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