DGHM Enhanced Value LP Monthly Commentary

DGHM is a boutique US value investment management firm, founded over 30 years ago with the goal of being a leading practitioner of quality value, which considers not only valuation, but also a company's profitability, capital efficiency, and their balance sheet strength. Key differentiating characteristics of the firm include its unique 9-member investment team, working together side by side on each of the firm's products. This Sector Specialist structure facilitates a fundamental research edge that has led to consistent alpha generation and risk management. The average tenure of the members of the investment team is over 25 years, while the years spent working together at DGHM totals 17 on average. DGHM believes that the continuity of the investment team, coupled with the consistent application of its time tested investment process, leads to consistent risk adjusted investment returns over full market cycles. Every employee of DGHM either owns equity, or is compensated with equity ownership interest so that the corporate culture is both collegial and focused on the best interests of clients.About the DGHM MicroCap Value StrategyDGHM employs a fundamental, value-driven investment philosophy with a particular expertise in small- and microcap investing. The firm’s team of nine Sector Specialists is passionate about uncovering high-quality franchises trading at discounts to intrinsic value. The DGHM MicroCap Value strategy has achieved an annualized return of 14.0% since its inception in 1990*. *As of March 31, 2016, gross of fees.For further information, please contact: Michael Dunn Vice President Director of Sales and Marketing (212) 400-2230 mdunn@dghm.com