Spitfire is a value-oriented investor in smaller and mid-capitalization public companies. We invest in high quality, market share leading businesses which demonstrate attractive return on capital characteristics and increasing intrinsic value over time. Our companies typically generate substantial free cash flow and offer the potential for significant upside over a multi-year holding period while benefitting from a substantial margin of safety. Most of our companies are underfollowed by analysts and investors and are often attractive acquisition candidates. Since inception, nineteen companies, representing approximately 20% of our investments, have been acquired by strategic or financial buyers.