NITE focuses on innovation and growth through a research process that identifies undervalued opportunities expected to materialize over several years. Portfolio selection is based on five key traits: a superior value proposition, a landgrab mentality, optimized for scale, platform models, and effective capital allocators. The strategy emphasizes fundamental value investing, designed to generate superior returns by capitalizing on industry and company-specific dynamics. It adopts a forward-looking valuation approach that avoids technical analysis and macroeconomic forecasting. Instead, it relies on detailed, ongoing research that combines top-down and bottom-up analysis, prioritizing innovative, customer-centric businesses with scalable models and effective capital allocation, while also considering obsolescence risk. Positions are held for a minimum of three years, ideally 10+ years. Generally, the portfolio will consist of 15 to 25 equity securities and cash and cash equivalents, capped at 5%.