Investment Objectives

The investment objective of the ACR Equity International Fund (the “Fund”) is to protect capital from permanent impairment while providing a return above both the Fund’s cost of capital and the Fund’s benchmark (MSCI ACWI ex USA Index) over a full market cycle. Return objectives are subordinate to the objective of preserving capital. There is no assurance that the Fund’s return objectives will be achieved.

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ACR Alpine Capital Research is a fundamental valuation based asset management firm. Our investment philosophy is rooted in principles essential for successfully evaluating fundamental value and risk, which we believe is the key to investment success.