the goal: controlling quality assets at compelling valuations.

We are value investors. We uncover opportunity by understanding a company's underlying value -- independent of market volatility. This process limits risk while unlocking uncommon upside potential.

At their most fundamental, stocks and bonds are claims against the assets of a company. The value of the assets then, is the key to determining what a company could be worth. Generally, these assets include operating businesses, but they may also include real-estate holdings, natural resources, patents, royalty rights, cash, interests in other businesses, or other publicly held securities. Our process is designed to gain a claim against these assets at a discount to their underlying value.

 

 

 

 

 

The above benchmark indices are unmanaged indices. The benchmark performance numbers reflect the reinvestment of dividends and interest but do not reflect the deduction of any fees or expenses. ValueWorks' value investing style is not limited to the securities in any of the above indices and utilizes specific investment techniques which are not utilized in the above indices and which may or may not increase volatility. Returns include all dividends, interest, accrued interest and other cash flows received as they may result from the implementation of a particular investment strategy. Trade date accounting has been used. Results for the full period are time weighted. Accounts are included in composite at the start of the first full month under management. Exiting accounts are included through the last full month under management.

“Top 10 Holdings” are complied from the aggregate holdings of the ValueWorks' Capital Appreciation Composite. Neither this nor any other reference to specific securities in this publication is intended to be a recommendation to purchase or sell these or any other securities.

As of 03/31/2007 the Capital Appreciation composite consisted of 441 accounts and $171,469,384 in assets; while the Balanced Composite consisted of 114 accounts and $75,390,670 in assets. Together this represents 99.28% of total accounts and 86.37% of total assets. Combined, these represent over 99% of the accounts, and approximately 90% of the assets managed by ValueWorks LLC. These results were generated at other firms prior to the fourth quarter of 2001. Results for other composites are available upon request.

Past performance is not a guarantee of future results.

 

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