Opportunistic Value Equity
Small Cap Value Equity

Product Description & Performance
Philosophy & Process
Organization

Opportunistic Value Equity
The Opportunistic Value product seeks a long-term, above-average absolute return by investing in a diversified portfolio of companies of any market capitalization at a discount to an estimate of intrinsic value, typically holding 50-70 equity positions and less than 10% cash.

Performance shown is gross of fees. This is supplemental information. Please click here for full Opportunistic Value Product Disclosure.

Small Cap Value Equity
The Small Cap Value product seeks long-term, above-average market capitalization companies at a discount to an estimate of intrinsic value, typically holding 45-55 equity positions and less than 5% cash.

Performance shown is gross of fees. This is supplemental information. Please click here for full Small CapValue Product Disclosure.

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Background
Third River Capital Management, LLC is an independent registered investment advisor located in Chicago, IL.

The firm was established on July 1, 2007. The firm is 100% employee-owned and is a privately held Limited Liability Company. Prior to forming Third River, Robert Harper, CFA and Kevin Silverman, CFA were partners and members of the management team at Two Rivers Capital Management, LLC, which formed in 2004 and ceased investment operations in 2007. Third River Capital Management offers Small Cap Value and Opportunistic Value products via separate account management .

Investment Team
Robert H. Harper, CFA, Partner, Portfolio Manager
Bob has over 35 years of experience in the investment management business. Bob was a partner with Stein Roe & Farnham where he served as a senior analyst. He was a founding partner, and the first Director of Equity Research at Harris Associates/Oakmark Funds for 22 years. In 2000, Bob established Lakefront Capital Management, an equity investment fund. Most recently, he was a founder, partner/portfolio manager at Two Rivers Capital Management until the firm ceased investment operations in June, 2007. Bob has served as the President of the Investment Analysts Society of Chicago. He received his Bachelor’s degree from the University of Illinois and holds a Master’s degree in Finance from Northwestern University.

Kevin Silverman, CFA, Managing Partner, Portfolio Manager
Kevin has over 25 years of experience as an equity analyst in both investment management and capital markets/investment banking. Before co-founding Two Rivers Capital Management in 2004, he was part of a 5-person team managing the $3 billion ABN AMRO Large Cap Growth Fund from 2001 until 2004, while also incubating a concentrated small cap value composite. From 1998 to 2001, Kevin was a nationally ranked sell-side analyst and Managing Director at ABN AMRO Securities. From 1991 until 1998, he was with Everen Securities, where he served as a Managing Director and Senior Analyst. From 1984 to 1991, he was with Harris Associates/Oakmark as an equity analyst and Vice-President. He began his career in 1981 as an equity analyst and vice-president at Duff & Phelps in Chicago. He has served on the Board of the Investment Analysts Society of Chicago. Kevin holds a Bachelor’s degree and a Master's degree in Finance from the University of Wisconsin – Madison.

Michael Valencia, CFA, Senior Equity Analyst
Mike has six years of experience in the investment management business working as an equity analyst and investment performance consultant. He worked at Northern Trust on the Small Cap team as an equity analyst/associate portfolio manager. Prior to his analyst position, Mike was an investment associate supporting senior portfolio managers on institutional separate accounts and Large Cap core mutual funds. Most recently, Mike was a senior equity research analyst at Two Rivers Capital Management. He has a B.S. in Finance from Illinois State University and an MBA with honors from Lake Forest Graduate School. He is also a member of the CFA Society of Chicago.

Jason P. Ryder, Equity Analyst
Jason has 5 years of experience in the investment management and investment consulting business. He was an equity analyst at Loomis Sayles and an investment consulting analyst with Schott Group Investment Consulting. Jason was then an equity analyst at Two Rivers Capital Management for two years, until the firm ceased investment operations in 2007. He holds a Bachelor’s degree in Finance from Michigan State University and a MBA in Finance from Indiana University Kelley School of Business. While at Indiana University, Jason was a member of the Investment Management Academy.

Blake E. Harper, Equity Analyst
Blake has 11 years of experience in investment research and company valuation/strategy. Most recently, Blake founded Raceline Motorworks, an experiential retailer and entertainment company. Before founding raceline, he had advised large public companies on strategy and operations improvements at The Boston Consulting Group. Previously, Blake was an analyst at PaineWebber/UBS. He began his career as a research analyst at Greenwich Associates. Blake has a BA in Economics and Political Science from Colgate University and an MBA with Honors from the University of Chicago Graduate School of Business.

Compliance/Client Services
Kathleen M. Merkle, Chief Administrative Officer
Kathy has over 20 years of experience in the investment industry. Her experience includes investment planning, analysis and sales. At McCabe Financial Network, Kathy was a Corporate Officer (Secretary-Treasurer) who oversaw daily business operations and financial reporting. In 1999, she joined William Blair & Company, LLC in the Private Investor Department. Most recently, Kathy was the chief administrative officer at Two Rivers Capital Management. She graduated from St. Xavier University with a B.A. in Finance. She holds a Series 7 and 63. She is past president of the Palos/Orland Business and Professional Women, a not-for-profit organization.

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