Sandpiper Investment Process

The Sandpiper strategy is to emphasize investments that will produce a combination of capital gains and current income. Our investment objective is to obtain long term capital appreciation and to avoid losses, particularly during unfavorable market conditions.

We believe that investment success is not limited by geography or industry. In our pursuit of attractive investment candidates, Sandpiper considers a diverse array of investments. This approach allows Sandpiper maximum scope within the universe of potential investment candidates.

Throughout the research process, Sandpiper maintains access to all necessary industry and professional resources in order to maximize research depth.

On the private side, our belief is that smaller private equity investments, high quality real estate, and well structured debt provide attractive return opportunities. Within each of these areas, we focus on opportunities with strong, high quality management or development teams that offer sound business plans while maintaining a solid financial condition.

On the public side, we believe an array of public securities, including stocks, bonds, and options present the greatest opportunity for attractive returns to achieve the Fund's objective. Our focus is on companies with fundamental characteristics that offer the highest probability to produce capital appreciation over both near and longer term periods.

Sandpiper’s investment process includes direct, strategic participation in our private company investments. Participation is actively sought on the Board of Directors or as Advisory Board members.

Objectives

Maximize Absolute Returns Over Life of Fund
Manage and Minimize Risk Throughout Investment Process
Concentrate on Strongest Research Ideas
Maintain Financial Perspective
- Focus on Valuation
- Management's Achievement of Financial Targets
Seek long-term evolving values driven by identifiable catalysts that enhance Total Returns
Avoid losses during periods of unfavorable market conditions

Process

Foster Dynamic Deal Sourcing System
Employ Broad Industry Approach
Maintain Access to Industry-Specific Expertise
Exploit Asset Class Inefficiencies
Allow for Reasonable Time Horizon
Identify Exit Strategies During Selection Process
Continuously Monitor Investments