Q:  How would you describe the investment philosophy of your fund? A : We have two funds, the Micro Cap Opportunities Fund and the Emerging Opportunities Fund. Micro Cap has been closed to new investors, but since we had many clients still interested in that space, we launched the Emerging Opportunities Fund. This fund invests even in smaller companies than the Micro Cap fund. You could almost call it a “nano-cap” fund, but we came up with the name Emerging Opportunities. Q:  What is the average market value of the two funds? A : Our firm was established to invest in small and micro-cap companies and we de- fine that space as the smallest of the smallcap stocks. According to the prospectus, we invest in companies with market cap below $250 million. We rank all the companies and separate the part below the bottom eighth decile. Today that number is about $500 million or less and that’s where we start with our Micro Cap fund. There is some overlap between the two funds but, in general, we’re trying to maintain the distinction of the eighth to ninth decile for the Micro-Cap Fund and the ninth to the tenth decile for the Emerging Fund. That means that the average market-cap of the Micro Cap fund is about $250 million, while of the Emerging Fund it’s usually around $100 million or less. Today our average market cap is about $80 million. Q:  Why do you invest in such companies? What value do you find in the smallest part of the market? A : We truly believe that by investing in the smallest companies you get the biggest return for your money, which is obvious if you read Ibbotson long-term data. We take a very long-term approach to our investments, looking over the next three to five years. Hopefully, we’d hold the investment that long in the portfolio. Most ranking services define us as a blend strategy, although we lean toward the value side. We’re certainly looking for some deep value type of investments, but we’re also investing in growth stocks. We have a GARP approach in that space and we want to make sure that we are buying at a discount. Q:  How many companies generally fall into your universe? Are there specific sectors that pop out consistently in that market- cap range? A : Not really. Maybe business service companies end up in the space often but,