Research, research and more research. Fundamental, hands-on research is the cornerstone of the Van Wagoner investment process. This thorough research helps us find small, lesser-known companies that aren't actively followed by Wall Street. That's where potential upside opportunity comes from. And it's why we conduct on-site visits, seek the insight of industry analysts as well as interview management, customers, competitors and suppliers. Our firsthand research gives us in-depth understanding and knowledge of emerging companies and industries. We then use that knowledge to envision how a new product or service will fill a need. Or create a whole new market. To carry out this process, we've assembled an experienced investment team with a wealth of market knowledge. The extensive research behind every trading decision allows the team to remain confident in its holdings regardless of how the market is performing. In gathering information on the companies in which we invest, we often discover innovative products and trends emerging in private companies. This private company research is an essential element of the core research process at Van Wagoner. It gives us insight into emerging trends that may affect the companies we hold in our Funds. It also allows us to crossover with the private company into the public market with a greater level of confidence. The investments we make in these private companies generally are in the very late stages of their private life - right before they go public. These companies already have an established product, customers, seasoned management and a strong market niche, so the research process is very similar to that of public companies.

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