Separately Managed Accounts

Roumell

Roumell Asset Management has two primary portfolio options: Roumell Opportunistic Value and Roumell Balanced. Roumell Asset Management is first and foremost a value-oriented manager. We have always tended toward smaller and mid-sized companies because they are more likely to be inefficiently priced, and therefore, value investment candidates. However, when market conditions dictate we will also consider large cap opportunities. In short, we seek value first, in whatever market segment that it occurs.

Roumell Opportunistic Value Accounts

Standard. Standard Opportunistic Value accounts can have up to 100% of their assets invested in stocks. Historically, these accounts have emphasized common stocks. However, we will also selectively purchase a mixture of high-yield individual bonds and discounted closed-end bond funds if we believe that these securities offer a favorable risk/reward profile. When fully invested, we will typically hold about 30-35 positions with a target maximum individual security concentration of 3% at initial purchase. In the absence of sufficient investment opportunities, we will hold cash.

Concentrated. Concentrated Opportunistic Value accounts are managed similarly to Standard Opportunistic Value accounts except that we hold fewer positions. When fully invested, we will typically hold about 20-25 positions with a target maximum individual security concentration of 5% at initial purchase. As a result, Concentrated Opportunistic Value accounts should experience greater volatility than Standard Opportunistic Value accounts. As with our Standard Opportunistic Value accounts, we will remain in cash in the absence of compelling investment opportunities albeit to a lesser extent than in Standard Opportunistic Value accounts.

Roumell Balanced Accounts

Balanced accounts combine stocks, bonds, and cash. Investors can choose between four allocation models: 65% equity and 35% fixed-income and cash is the most common. However, three other models ranging from a low of 30% equity exposure to a high of 75% are also available.

Roumell Asset Management has a minimum account value of $1 million.



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