We at Villanova Investment Management Company utilize a private market value approach to research small capitalization companies in our efforts to provide preeminent investment results for our clients, who are viewed as true partners. Our investment philosophy and process are a testament to the conservative investment styles of our principals. Our primary conviction is that in order to provide strong absolute returns over an extended period of time, which should also lead to superior relative results, investing should be based on an owner-like mentality. We seek to identify undervalued higher-quality companies with solid balance sheets and strong free cash flow generation, while focusing on downside protection when constructing investment portfolios. Furthermore, we believe that the markets are inefficient and full of behavioral biases. These biases regularly offer opportunities to produce superior results that can be achieved by utilizing detailed and rigorous due diligence and leveraging our extensive investment experience (while strictly adhering to our time-tested value principles and unique investment process).