Guidelines

Equity Style: Long Short Small-Mid Cap Equity
Concentration: Generally 40-60 Long, 20-40 Short positions
Position Size: Generally 3-4% weight for largest holdings
Opportunistic: Takes advantage of dislocations/special situations
Capacity Constrained: Anticipate $500 mm soft close, $750 mm hard close for the strategy
Investment Products: Available via separately managed account

Portfolio Statistics as of 9.30.18

Alpha Beta Standard Deviation Sharpe Ratio Information Ratio Correlation
Goodwood Long Short Equity (Net) 2.13 0.92  26.81 0.28  -0.04 0.51
Since Inception; Benchmark = Russell 2000 Index TR
Source Data: Total, Monthly Return
Time Period: 1/1/08 – 9/30/18

Market Cap as of 9.30.18*

Long Short Net
Micro 3% 0% 3%
Small 6% (1)% 5%
Mid 48% (16)% 32%
Large 34% (22)%  12%
Average (millions) $6,777 $9,814
Median (millions) $4,941 $8,904

Holdings & Exposures as of 9.30.18*

Total 82 Long Short 91% / (38)%
Long Short  43/ (39) Options (net) 1%
Top 10 33% / (13) Cash 9%
Top 20 57% / (38) Gross Exposure 139%
Top 30 76% / (38) Net Exposure 54%

Top 5 Long Holdings as of 9.30.18*

Eastman Chemical (EMN) 3.88%
Methanex (MEOH) 3.65%
Bio-Rad Laboratories (BIO) 3.46%
Kirby (KEX) 3.45%
Westlake Chemical (WLK) 3.32%

Top 5 Short Holdings as of 9.30.18*

WD-40 (WDFC) (1.59)%
Dr Pepper Snapple Group (DPS) (1.49)%
Check Point Software (CHKP)  (1.33)%
Clorox (CLX)   (1.32)%
C.H. Robinson Worldwide (CHRW) (1.31)%

*Data source: Morningstar Direct – Goodwood Long Short SMA data file