Clarkston Partners Fund Institutional Class 

Under typical market conditions, the fund predominantly channels its investments into equity securities issued by U.S. companies with small and medium market capitalizations. Its holdings within this equity category may encompass common stocks, preferred stocks, and convertible securities. The fund also retains the flexibility to invest in international equity markets through American Depositary Receipts (ADRs). The Adviser's selection process focuses on identifying high-quality businesses that are perceived as undervalued relative to their anticipated long-term free cash flows. It is important to note that this fund is classified as non-diversified.