Spitfire is a value-oriented investor in publicly-traded, smaller capitalization
companies. We invest in market share leading businesses which generate excess
cash, possess substantial financial flexibility and demonstrate increasing intrinsic
value. Our investments offer the potential for significant upside over a one to
three year holding period while benefitting from a substantial margin of safety.
Most of our targets are underfollowed by sell side analysts and institutional investors and are often attractive acquisition candidates. Since inception, eighteen companies, representing approximately 20% of our investments, have been acquired by strategic or financial buyers.