ADVISORY RESEARCH INC

Advisory Research is a private investment management company based out of Chicago. The company was founded in 1974 on the “principles of value investing and the commitment to provide premier investment strategies and the best in client service,” continuing to expand and improve its investment management capabilities throughout its history. The company utilizes a fundamental analysis and a bottom up investment approach to make its asset allocation decisions. Advisory Research conducts its research in house, investing in the value stocks of companies across all value caps with an emphasis on micro-cap companies with capitalizations below $300 million and international investments with those below a $4 billion market capitalization. The firm operates as a subsidiary of Piper Jaffray Asset Management Inc. and is currently headed by Chris D. Crawshaw, who acts as the company’s CEO, CIO, CCO, and chairman. Advisory Research invests most heavily in the energy sector, which alone makes up over half of its total asset allocations, and also invests in the finance, consumer discretionary, utilities and telecommunications, and industrials sectors, among others to a lesser degree, in order of decreasing allocation. The company currently holds approximately $12 billion in total assets under management spread across 1350 accounts with all but 4 of the accounts being discretionary. Although its total number of accounts has only seen moderate growth in recent years, its total assets under management has grown significantly, increasing from $4.5 billion back in 2010 to well over twice that amount today. Advisory Research caters mainly to high net worth individuals, which alone makes up over half of its client base, and also caters to individuals, investment advisors, corporations, pooled investment vehicles, charities, and others. The company currently has 71 employees with 3 investment professionals and 9 broker dealer representatives. Advisory Research’s mutual fund offerings include its All Cap Value, Strategic Income, International All Cap Value, and Emerging Markets Opportunities funds.