Paul Galat has 15 years of investment experience. He serves as the Portfolio Manager of the General Partner. Paul started his investment career at Banc of America Securities LLC in Chicago as an Analyst in its Leveraged Finance unit. There, he analyzed business fundamentals with a focus on cash flow generation in order to support leverage from either proposed recapitalizations, acquisitions, or leveraged buyouts. After Banc of America Securities, Paul attended Indiana University’s Kelley School of Business for his Masters of Business Administration. During this period, Paul worked for BayStar Capital Management LLC in Larkspur, California analyzing small cap healthcare companies for BayStar’s convertible arbitrage strategy. Post-graduation, Paul joined Skylands Capital LLC, a Milwaukee-based hedge fund manager that was spun out of Strong Capital Management in 2004. Skylands managed an equity long/short strategy that focused on primary fundamental research. Key determinants of security selection and valuation were free cash flow yield, margin sustainability and return on invested capital. In July 2008, while at Skylands, Paul self-raised and launched a separate pool of capital. This long/short equity strategy utilized the same fundamental drivers for determining security selection as the existing Skylands Funds. In March 2012, Paul joined Advisory Research, a Chicago-based investment manager continuing the long/short equity strategy he previously managed. In January 2017, Paul bought out Advisory Research from its ownership interest in his strategies and joined the Investment Adviser.