Elevation Capital Value Fund: Investors in the Fund own a share of Staples Inc, the world’s largest office products company with operations in 25 countries. Investors with short-term investment horizons often have no patience to wait for implemented changes to “grab” in a turnaround situation. Our analysis suggested that Staples was trading at a significant discount to our estimated intrinsic value. The Company also had strong balance sheet and cash flow generation, which allows it to return capital via share buybacks and dividends to shareholders. We exited our position in May 2015 after a three-year holding period for a satisfactory return.

Learn more about Staples Inc and why we invested in the business by reading our presentation here.