Timucuan Asset Management

Timucuan Asset Management is a private investment firm headquartered in Jacksonville, Florida. Established in 1988, the firm manages funds for high net worth individuals, family offices and institutional investors in a concentrated value-oriented style. Timucuan seeks to preserve and grow capital over time by investing in businesses that are competitively advantaged, well managed and undervalued. Investment Approach ▪ Long-Term View We consider a long-term investing horizon to be a critical factor in attaining superior investment results. Timucuan evaluates a company’s prospects over a multi-year period and bases decisions on an assessment of intrinsic worth within this time frame. We accept quotational fluctuations in stock prices in pursuit of growth over the long term, and prefer to own businesses for extended periods. ▪ Concentrated Portfolio Holdings Our portfolios are concentrated in 12 to 18 positions. We believe that the depth of our research process mitigates the risk of misjudging a business’s prospects and the nature of our concentrated holdings allows each position to have a meaningful impact on portfolio results. ▪ Non-Restrictive Opportunity Set We do not manage portfolios with a benchmark in mind and are not constrained by company size, industry, location, or growth profile in our search for qualifying investments. Our investment decisions are not predicated on an overall market view. ▪ Risk We define risk as the permanent loss of capital. We aim to minimize this risk by focusing on businesses that fall within our areas of expertise, and by requiring a margin of safety in each investment as represented by a favorable price-to-value relationship.