We believe that systematic mistakes by investors, combined with structural and temporal features of markets, create security mispricings. Extensive empirical evidence supports this belief. Our disciplined and systematic process exploits these mispricings, seeking to build high risk-adjusted return portfolios for our clients. Southsand also recognizes that markets are adaptive, that investment strategies go in and out of favor, and risk/reward relationships change over time. We acknowledge the importance of recognizing shifts in the market environment and knowing the value of different pieces of information at different points in time across global markets. We also know that, at times, even the most sophisticated stock selection attributes will converge towards temporary macro risk trends. Managing these risks is paramount to the long-term success of any given strategy. Southsand has long believed that environmental, social, and governance (ESG) considerations go hand-in-hand with traditional investment issues, having implemented ESG criteria into our investment process in the 1990s.