The Eldred Rock U.S. Value strategy seeks to own high-quality businesses selling below intrinsic value. The manager defines a high-quality company as one with a proven business model that generates attractive economic profits over a business cycle.  The company must possess an identifiable competitive advantage that protects future cash-flows from competition.  Buying companies below a conservative estimate of fair value provides the investor with a margin of safety and reduces the risk of permanent loss of capital. The underlying companies are either domiciled or earn most revenues inside the U.S.  The concentrated portfolio seeks to own only our best ideas and will hold 15 to 20 securities. The low turnover portfolio is highly tax efficient.