The Davis Strategic Growth Fund, LP (the Fund) is a long/short equity hedge fund, primarily focused on large-cap equities in the S&P 500. We believe that an actively managed, concentrated portfolio of well-researched ideas will outperform the S&P 500 Index. We will generally combine a top-down approach with disciplined fundamental company analysis starting with a macroeconomic analysis of industry conditions and market variables. We then apply sector specific analysis, relative and absolute company valuation and performance analysis, and utilize our extensive industry network to generate proprietary research. We also make selective investments in early-stage, small-cap, and mid-cap companies, both private and public, where unique opportunities may exist. We use strict risk management techniques to reduce market risk and protect profits. We also employ shorting strategies to generate profits and hedge against market risk. Our goal is to achieve positive returns in all market environments.