Host: Taking a step back, Graham, how do you define a value investing?

Wong: We manage the Fund with a more core value philosophy. We define value as the intrinsic value of companies relative to their return on invested capital profile. In other words, we’re looking for undervalued companies with improving or high profit trends. And the way we realize performance or value is that these companies have higher earnings over time and also gets a higher multiple by the market given their quality.