About Goodwood

Goodwood Inc. (and the "Goodwood Fund") was founded in October 1996 by Peter Puccetti using a value investment methodology that would be repeatable over time. Goodwood's objective is to achieve above average performance in the markets by using a bottom-up, value-oriented, active and often event-driven approach to investing. This has been achieved by investing in companies trading below our estimate of their true, underlying worth (i.e. by buying one dollar for fifty-cents).

Each day we use a fundamental and research-driven stock selection process. We are seeking to be long those companies that are financially healthy with profitable operations, possess redundant and/or unrecognized assets, are led by quality management, and which are trading below, in our estimate, their intrinsic values. Conversely, we seek to sell short companies with excessive market valuations relative to their true underlying value, companies that are financially vulnerable due to excessive debt, and/or have deteriorating fundamentals. Therefore, we advocate that the true character of the Goodwood Fund is that of a "concentrated value fund that can make short sales". This methodology has been the foundation for our growing success and strong past performance results.

While the Goodwood Funds actively invest in the North American equity markets, unitholders should expect a high exposure to Canada. Further, the Goodwood Funds use little to no leverage and are valued both weekly and again at month-end.

We take pride in our reputation for our open investor communication, and strive to continually strengthen our commitment to providing superior transparency to our unitholders. We publish a "Monthly Commentary" (via e-mail) on the first business day of each month. The goal of this regular correspondence is to openly communicate the performance results of your fund and to provide you with specific details concerning the investments held within the fund. We subscribe to the notion that it is in the collective interest of the fund to have unitholders better understand the companies which we own (and short) and the specific rationale for our investments.

Complete and full transparency is available to unitholders, as we feel reporting only a net asset value number offers no guidance, nor insight, to what constitutes the net asset value (that being your investment). As well, we have no false illusions that in periods of lackluster performance the content of the Monthly Commentary's are more thoroughly reviewed and scrutinized.