Stanley Partners Fund PDF

STANLEY PARTNERS FUND
2013
Investor Presentation
Strictly Confidential Not For Distribution
Table of Contents
Page 3
EXECUTIVE SUMMARY
Page 4
MANAGING PARTNER BIO
Page 5
COMPETITIVE ADVANTAGES
Pages 6-9
INVESTMENT PROCESS
Page 10
SAMPLE INVESTMENT
Pages 11-12
PORTFOLIO ARCHITECTURE AND PROFILE
Page 13
OPERATIONS AND INFRASTRUCTURE
Page 14
SUMMARY OF TERMS AND SERVICE PROVIDERS
Pages 15-16
EQUITY MARKET VALUATION AND SPREADS
Page 17
SUMMARY AND PERSPECTIVE
Pages 18-21
APPENDIX 1: PERFORMANCE
Page 2
Executive Summary
Over twenty years experience executing a highly disciplined research-intensive intrinsic value investment
program in a variety of market and operating environments
Experienced Manager
Distinguished investment record spanning over 20 years of sole discretion for investment decisions with
strong results at each operating platform and AUM ranging from $500mm to $15bn
Created the US Value Equity operation for Invesco Aim in 1998. Managed $15bn AUM with investment
results near top decile in Lipper and Morningstar categories and about 300bps above the S&P500 and Russell
1000 Value indexes (9/98-5/10)
Long-term Intrinsic Value investment strategy
Proven Value Strategy
Long-short value equity Fund with a long US equities bias that will opportunistically invest in global valuation
opportunities across the entire equity market capitalization universe
Seek to substantially outperform the S&P 500 Index, hedge funds, bonds and cash over a complete market
cycle while minimizing the risk of a permanent loss of capital
Differentiated investment alternative to traditional long-only and long-short equity strategies
Uncommon alignment of interests, operating policies and fee structure inspired by Warren Buffetts original
investment partnership
True Partnership
Managing partner has substantial majority of net worth invested in the fund (about $20mm) and has agreed
to no common stock investments outside the fund
Commercial policies that ensure profit on our own capital is the primary economic incentive
Past performance does not guarantee future results. There is a possibility for loss as well as the potential for profit when investing in the Stanley Partners Fund described
herein. Performance referred to herein was achieved at a prior firm and does not represent or guarantee continued positive results. The Principal of Stanley Capital
Management, LLC was employed at Invesco from 7/98 to 5/10 and managed Invesco Basic Value Fund. The investment portfolios managed at the prior firm consist of strategies
and securities which may vary significantly from those employed at Stanley Capital.
Page 3
Managing Partner
Bret Stanley has over 20 years of investment experience in managing concentrated value equity portfolios as a chief
investment officer, group head, senior portfolio manager and an equity analyst.
1987
Bret Stanley, CFA
Mr. Stanleys professional

experience spans the spectrum
from sell-side analyst to buy-side
portfolio manager, boutique
institutional asset manager to
global mutual fund/asset
manager, and lead PM to CIO
with oversight of a variety of
investment strategies and
teams.
1989
1990
Lovett Underwood /
Rotan Mosle
Founder &
Managing Partner
Mr. Stanley earned a BBA degree

in finance with a minor in
economics from the University of
Texas. He earned a Masters in
Finance from the University of
Houston. His masters thesis was
on value investing and he is also
a CFA charterholder.
1988
1991
1992
1993
1994
1995
1997
1998
Van Kampen
Morgan Stanley
Gulf Investment Management
Equity Analyst
Portfolio Manager
Equity Analyst
Internship
Sheppards
London, England
1998
1999
2000
Portfolio Manager
Lead Manager of Value Trust
Fund
Ranked a top 10
Value Manager by
Nelsons
2001
2002
2003
2005
2004
2006
Co-Manager of Growth &

Income; Equity Income Fund
2007
2008
2009
2010
Invesco Aim
Head of Value,
SPM
Chief Investment Officer

Head of Value / Lead Manager
Mid and Large Cap Funds and SMAs
Lead Manager
Basic Value Fund
Featured in Value Investing with the Masters

by Kirk Kazanjian
1996
2011
Stanley
Capital
Top Quartile Results

1998-2010
Founder and
Managing Partner of
Stanley Partners
Fund
Page 4
Competitive Advantages
Seasoned
Investment Manager
Differentiated and Proven

Investment Process
Experienced in managing
concentrated high-alpha portfolios in
a variety of market and economic
environments
An investment program instead of a

financial product
Uncommon alignment of interests

achieved with operating policies
Approach structured to capture major

valuation opportunities that stem from
overreaction to negative news and
short time horizons
Substantial majority of Managing

Partners net worth invested in the
Fund
Proven practitioner of Intrinsic Value

investment process in highly
transparent and regulated vehicles
Benefitted from operating on multiple
platforms with oversight for many
different investment strategies
Familiar with the intellectual fortitude
and operating environment conducive
to success
Proprietary intrinsic value database

Developed unique processes for idea
generation, financial statement
analysis, applied valuation, portfolio
construction and risk management
Rich access to third-party investment
management software, quant models,
market data and Wall Street research
True Partnership
Managing Partner agrees to no

common stock investments outside
the Fund
Fair fees
AUM level constrained to preserve
opportunity set and ensure
investment profit remains the
primary economic incentive
Page 5
Intrinsic Value Approach Overview
Intrinsic value philosophy
Measurable value based on cash flows and independent of market

price
Stock prices are more volatile than business values
Buy at large discount to intrinsic value
Long-term investment horizon; quality businesses
Application of process
Rigorous and independent fundamental research

Restate GAAP financials to economic financials
Intrinsic Value database of about 600 companies and 1500 pairs
Emphasize quality businesses run by good stewards of capital
Concentrated portfolio of deep-value opportunities
Longs and Pairs: > 50% upside to intrinsic value
Unpaired Shorts: Intersection of poor valuation, earnings quality and
weakening business trends
Goals
Long-term capital appreciation above inflation and market

Above-market value content in portfolio
Opportunistic portfolio architecture exposed to market volatility
when valuation opportunity is attractive
Margin of Safety at the stock and portfolio level
Intrinsic
Value
Margin of
Safety
Quality
Buy Good Companies at Great Prices
Page 6
Portfolio Intrinsic Value

We believe value is what you get and price is what you pay. The difference between the two is what Ben Graham referred to as the
margin of safety. The chart below illustrates Ben Grahams concept of portfolio intrinsic value and how prices follow value over the
long run. The sources of portfolio intrinsic value growth are: 1) portfolio activity where fully valued holdings are sold for more
attractive alternatives; and 2) accretion or intrinsic value growth of existing holdings.
$100
Price
Intrinsic Value Estimate
$36
Portfolio Intrinsic Value is

generally more stable
Margin of Safety
$21
A large margin of safety or discount

to intrinsic value improves the
probability of capital preservation
and appreciation
$14
$10
Market prices are more

volatile than business values
$11
12/98
12/99
12/00
12/01
12/02
12/03
12/04
12/08
12/06
12/07
12/08
12/09
12/10
The chart is hypothetical and illustrates Ben Grahams concept of portfolio intrinsic value. A large discount between estimated intrinsic value and market price
may be an indication of portfolio value content and theoretically improves the probability of capital preservation and appreciation. This chart is for illustrative
purposes only and does not represent the actual market price or estimated intrinsic value of any portfolio.
Page 7
Investment Process Detail
STOCK SELCECTION: LONGS & PAIRS
Fundamental research to identify the

most compelling valuations opportunities
Idea Generation
Intrinsic Value Database is primary
mechanism and context for idea generation:
About 600 individual companies and 1500
pre-identified unique pairs
Consistent value assumptions throughout
the database ensure rank order
Level accounting basis (add back
amortization, restructuring charges, ESO
treatment, etc)
Rank appreciation potential between price
and intrinsic value for individual stocks and
the relative upside for pairs
Quantitative screens, third-party quant
models, broker research and professional
relationships augment idea
Maintain discipline and invest only in companies

with determinable intrinsic value. Be patient and
wait for large mis-pricings whether in longs, pairs
or shorts.
Research and
Analysis
Rigorous fundamental
research and financial
statement analysis including
review of company filings,
third-party research,
management commentary
and earnings calls
Recasting GAAP financial
statements into more
revealing economic financial
statements
Use economic financial
statements for ROI and DCF
analysis
Utilize Graham and Dodd
central tendency valuation
analysis
Limit portfolio commonality

and remain market
capitalization agnostic
Investment
Selection
Optimize upside to
intrinsic value,
confidence in
valuation, portfolio
benefit and quality
of business
Unpaired longs
require 50% upside
to intrinsic value
estimate over 2-3yr
investment horizon
Relative value pairs
require nearportfolio-average
upside over 2-3yr
investment horizon
Risk/Reward
Assessment
Margin of safety concept
drives both security
selection and portfolio
construction
Intrinsic Value Database
provides important
context for security
assessment
Identify reasons for
valuation opportunity
and critical elements of
differentiated viewpoint
Establish fundamental
benchmarks to monitor
thesis development
Typical position size 3%6%
Page 8
Investment Process Detail
STOCK SELCECTION: UNPAIRED SHORTS
For unpaired shorts we are focused on

the timeliness of the valuation
opportunity versus the magnitude of the
valuation opportunity for our longs
Idea Generation
Idea generation is the inverse of what
we seek in longs with the addition of a
required catalyst:
We do NOT short on valuation alone
Seeking companies that are
experiencing eroding business
trends that are not fully reflected in
current valuation
Intrinsic Value Database combined
with quantitative models designed to
identify companies with high
propensity to underperform in the
short term
Utilize same analysis employed to
avoid early entry into emerging
valuation opportunities for our longterm investments
Utilize both individual stocks and ETFs to achieve

the desired portfolio architecture
Research and
Analysis
Fundamental research with a
greater emphasis on short
term business trends, analyst
expectations and degree of
fundamental and valuation
downside
Gauge quality of earnings
through accounting analysis
that emphasizes changes in
accruals
Shorter time horizon and

tighter risk tolerance
Investment
Selection
Looking for the
intersection of
aggressive
management
guidance, low quality
earnings presentation,
eroding fundamentals,
full valuation and poor
relative strength
Risk/Reward
Assessment
Stop loss
Short interest evaluation
Establish fundamental
benchmarks to monitor
thesis development
Limited time horizon for
identified stresses to
emerge
Typical position 1%-2%
Review of company filings,

third-party research,
management commentary
and earnings calls
Analysis of consensus
estimate trend and marginal
impact of changes
Page 9
Sample Investment: UnitedHealth (UNH)
OPPORTUNITY
Commercial underwriting cycle pressures industry earnings
UNH EPS estimates declined 25% and stock declined 55%

relative to the market by Mar 2008
Made UNH the single largest position at 7x NTM EPS offering

over 200% upside to intrinsic value
As reform details became defined the fear of the unknown

subsided
NAIC definition of MLRs (still evolving) suggested MLR caps

would not prevent margin recovery
Forward EPS estimates rise from $2.95 to $4.25
PE multiple expands from 7x to 13x but still below historic

average of 18x
Stock rises over 200% from lows
Negative sentiment compounded by uncertain regulatory

environment as Obama targets insurance reform and
universal healthcare in 2009
Public option is defeated but ObamaCare becomes law in

March 2010
Uncertainty surrounding the impact of MLR caps and future

profitability
Wall Street negative on insurers due to short-term visibility
ANALYSIS
RESULT
Extensive analysis of margin compression, industry

profitability, company response and quality of earnings
Studied impact of Massachusetts Health reform and

monitored NAIC discussion panels on implementation of MLR
minimums
Concluded health reform would have a minor impact on the

level of profit (<10%) and negligible to positive impact on
volume and earnings growth
Believed UNH earning power was $4.50-$5.00 compared to

consensus estimates of $3.50
$60
EPS Decline
ObamaCare
$20
Page 10
Portfolio Architecture
Our valuation research provides insight into the optimal portfolio architecture for the prevailing market opportunity.
This means up to 100% net market exposure when valuations are attractive and limited exposure to market direction
and volatility when valuation opportunities are scarce
Generally our portfolio will have a long bias because profits

grow and markets rise over time
Valuation levels and spreads are easily observed from our

intrinsic value database
Valuation levels combined with equity valuation spreads, credit

spreads, monetary policy and term structure analysis form the
basis for strategic portfolio construction between:
Low Net Market Exposure: Below-average valuation
opportunity, tight equity and credit spreads, flattening
yield curve and decelerating economic activity
100% Net Long Extension (130/30): Compelling absolute
valuations, wide credit and equity spreads, steepening
yield curve and recovering economic activity
Id rather have a lumpy 15% return than a smooth 10%.

Warren Buffett
Page 11
Portfolio Profile
Position Limits
No long position greater than 10%

No short greater than 5%
Geographical Limits
25% maximum exposure to any single foreign country
Weighting
25% cap on industry weights
Number of Positions
20-40 long holdings

0-30 short holdings
50% - 100% net long
Exposure Ranges
50% - 130% typical long-position range

10% - 100% typical short-position range
Longs: 2-3 years
Holding periods
Pairs: 1-3 years

Shorts: less than 6 months
Individual
Position Sizes
Typically initiate 2-4%

Maximum 10%
Portfolio characteristics and other information are provided as of the date of this presentation. Current or future characteristics and other information may vary significantly from
those provided herein and Stanley Capital Management, LLC undertakes no obligation to notify the recipient of any such variances.
Page 12
Operations and Infrastructure
Stanley Capital Management has tried to create the ideal operating environment for long-term value investing by outsourcing or
automating virtually everything but investment decision making. The benefits of the operating platform are all investment decisions
are made exclusively by the managing partner, groupthink is eliminated, distractions are limited and a rigorous compliance and
operations infrastructure is provided through our affiliation with Blue River Partners and other service providers.
Blue River Operations and Compliance Management
Investor Communications and Transparency
Blue River provides institutional-quality operations and compliance

services to approximately 60 different funds/RIAs with aggregate
AUM of about $25bn
Registered investment advisor subject to surprise examination
Principals of Blue River Partners, LLC have key industry experience

from firms such as Swank Capital, Highland Capital, PWC, Rothstein
Kass, Akin Gump and Skadden Arps
Monthly report detailing performance, portfolio profile and

characteristics
Provides turnkey access to full operations , regulatory and

compliance team
Independent regulatory and compliance
Complete audit trail and record safekeeping
Implementation and monitoring of compliance program
Additional layer of independence for back-office functions
Monthly account statements prepared by outside administrator
Quarterly partnership letter with detailed investment perspective

and outlook
Website and client portal serves as repository for all historic
information
Access to portfolio manager on scheduled investor calls or by
request
Entre to service provider network with favorable pricing
Disclosure of open positions as required by law; voluntary

disclosure of material closed positions, positive and negative
Key liaison with service providers enabling managing partner to focus

on investment management
Partnership with leading service providers
Page 13
Key Terms and Service Providers
Management fee
0% for limited number of initial investors

1% for follow-on investors
Performance fee
20%
Account minimum
$1,000,000
Subscriptions
Monthly
Redemptions
Quarterly, with 45 days written notice

1yr soft lock with 1% redemption fee
High-water Mark
Yes
Prime Services
Wells Fargo
Outsourced Operations
Blue River Partners
Legal Counsel
Akin Gump Strauss Hauer & Feld LLP
Fund Administrator
Kaufman Rossin Fund Services
Auditor
Rothstein Kass
Custodians/Prime
Brokers
JP Morgan; Goldman Sachs
The terms of investment products listed herein are subject to change. Additional information regarding the funds listed herein, including fees, expenses and risks of investment, is
contained in the offering memorandums and related documents, and should be carefully reviewed. An offer of solicitation of an investment in the Stanley Partners Fund will only be
made pursuant to an offering memorandum.
Page 14
Market Valuation
Buying stocks when real earning yields were above 4.5% has produced 2-yr returns of +40% since 1950
12%
S&P500 Real Earnings Yield

Jan 1952 - Dec 2012
10%
8%
Stocks Cheap
6%
4%
Median
Stocks Expensive
2%
0%
-2%
Jan-52
Jan-53
Jan-54
Jan-55
Jan-56
Jan-57
Jan-58
Jan-59
Jan-60
Jan-61
Jan-62
Jan-63
Jan-64
Jan-65
Jan-66
Jan-67
Jan-68
Jan-69
Jan-70
Jan-71
Jan-72
Jan-73
Jan-74
Jan-75
Jan-76
Jan-77
Jan-78
Jan-79
Jan-80
Jan-81
Jan-82
Jan-83
Jan-84
Jan-85
Jan-86
Jan-87
Jan-88
Jan-89
Jan-90
Jan-91
Jan-92
Jan-93
Jan-94
Jan-95
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Large Cap Bubble
Source: Bloomberg, Empirical Research Partners, Robert Shiller, Standard & Poors, US Federal Reserve, Stanley Capital Management Analysis. Real Earnings
yield equals rolling 15-yr geometric trend-line EPS divided by price less expected inflation. Since 1982, inflation expectation based on Cleveland Federal
Reserve measure; prior to 1982, 5-yr CPI growth.
Page 15
(2.0)
Dec-52
Dec-53
Dec-54
Dec-55
Dec-56
Dec-57
Dec-58
Dec-59
Dec-60
Dec-61
Dec-62
Dec-63
Dec-64
Dec-65
Dec-66
Dec-67
Dec-68
Dec-69
Dec-70
Dec-71
Dec-72
Dec-73
Dec-74
Dec-75
Dec-76
Dec-77
Dec-78
Dec-79
Dec-80
Dec-81
Dec-82
Dec-83
Dec-84
Dec-85
Dec-86
Dec-87
Dec-88
Dec-89
Dec-90
Dec-91
Dec-92
Dec-93
Dec-94
Dec-95
Dec-96
Dec-97
Dec-98
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Equity Valuation Spreads
Spreads tightening from wide to tight is the environment most conducive to value-based stock selection
Equity Valuation Spreads

1952 April 2013
3.0
2.0
Spreads widening = Valuation failing
1.0
0.0
(1.0)
Source: Sanford Bernstein, Empirical Research Partners, Stanley Capital Management analysis.

Page 16
Summary and Perspective
Stanley Partners is a private investment partnership pursuing a proven value strategy, executed by an experienced manager
The Partnership offers an uncommon alignment of interests, investor-friendly operating policies and fee structure
Managing partner has invested the substantial majority of his net worth in the Partnership (about $20mm) and has agreed to no
common stock investments outside the fund
Limited number of investors obtain 0% management fee structure no fees if we dont earn profits
Currently in second round of third-party capital with < 20 slots at 0% management fee and $1mm minimum
Partners Fund offers access to a proven investment program that evolves based on market opportunity. This is distinct and
different from an investment product like a long-only mutual fund or long-short hedge fund
Portfolio and strategy are long-term oriented and should benefit from the normalization of stock and bond valuations
Recent portfolio price-to-value ratio ranked in the top quartile of observations during the past 20 years
Stock valuations suggests superior long-term returns versus cash, bonds and gold and explain our high (near 100%) net exposure
to market direction
The future is never clear; you pay a very high price in the stock market for a cheery consensus
Warren Buffett
Past Performance does not guarantee future results
Page 17
Appendix 1: Performance
Partnership: Good Results for the Right Reasons
Cumulative Net Return as of Mar 31, 2013
Excerpts from Partner Letters:
Valuation opportunity trumps global risks

Partners Fund
53.3%
3Q11
Super-normal returns expected over 1-3 years
Opening
S&P 500 Index
Global liquidity wave not well understood
43.4%
1Q12
MSCI World Index
HFR Equity Hedge Fund Index
35.5%
15.0%
Low equity return predictions are at odds with facts and

history
Double dip recession fears are overblown
3Q12
Financial repression means risky assets are safe and

perceived safe havens are risky
High-quality portfolio with 9% free cash flow yield

Barclays Aggregate Bond Index
SPDR Gold Trust
4.7%
-3.2%
Experiencing normal post-crisis revaluation process

4Q12
1Q13
2nd Round
The Great Rotation is an eventuality

Portfolio should benefit from increase in company
valuations and decrease in the value of bond proxies
Page 19
Partners Fund Fact Sheet 2nd Round of Capital

Profile
Stanley Partners Fund is a private investment partnership following a proven long-term intrinsic value investment strategy. The objective is to outperform
the S&P 500 Index over a full market cycle while minimizing the risk of a permanent loss of capital. The fund will have a long bias and be up to 100% net
long, but will also short securities to hedge market exposure, reduce volatility and potentially augment long-only returns. Portfolio architecture will be a
function of prevailing valuation opportunities and risks but may range from market neutral (0% net long) to long extension (130/30, 100% net long). Bret
Stanley has invested the substantial majority of his net worth in the fund, has agreed to no investments in common stocks outside the fund and adopted a
variety of other commercial policies to ensure an uncommon alignment of interests.
Portfolio Characteristics
Portfolio Exposure
PE NTM
P/BK
Div Yld
Mkt Cap (Bn)
ROE
Sales Growth
Summary Results, Net
Portfolio Exposure, Net
12.4x
1.7x
1.2%
$59.4
18%
3%
Cash
Consumer Disc
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Tech
Materials
Telecom
Utilities
0%
12%
-3%
9%
35%
15%
30%
16%
-6%
-2%
-5%
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
12.8%
16.3%
-9.0%
8.0%
6.7%
11.3%
YTD
Since 10/1/11
11.3%
53.3%
Opened to outs i de ca pi ta l 10/1/11
Monthly
Monthly Returns,
Results Net
Netof
ofFees
Feesand
andExpenses
Expenses
2011
2012
2013
Jan
Feb
Mar
Apr
May
Jun
8.7%
6.0%
5.3%
-0.6%
1.6%
5.7%
-1.9%
-10.3%
3.4%
Jul
-0.7%
0.0%
Aug
-8.9%
5.8%
Sept
-13.4%
2.2%
Oct
18.5%
-0.4%
Nov
-3.7%
1.6%
Dec
-1.1%
5.5%
YTD
-11.6%
22.1%
11.3%
Fund Profile
Inception
Min Investment
Management Fee
Incentive Fee
AUM
7/1/2011
$1mm
0% limited / 1%
20%
$50mm
High Water Mark

Lockup
Redemption Notice
Subs/Reds
Ops/Compliance
Yes
1yr Soft (1%)
45 days
Monthly/Qtrly
Blue River Partners
Auditor
Legal
Administrator
Prime Services
Prime Brokers
Rothstein Kass
Akin Gump
KRFS
Wells Fargo
JPM and Goldman
20 slots with $1mm minimum investment and 0% management fee

Page 20
Prior Results
The table below shows the performance record of Invesco Basic Value during Bret Stanleys management period
Cumulative Total Returns
Dates
AIM Basic
Value Fund
Class A
Shares at
NAV
S&P 500
Index
+/S&P 500
Economic and Tech Boom
10/08/9803/24/00
65%
60%
5%
Value Comeback
03/31/9906/30/99
21%
6%
15%
2002 Bear Market
03/24/0010/09/02
-25%
-47%
22%
Full Market Cycle
03/24/0007/19/07
75%
15%
60%
Low Volatility/Tight Spreads
01/01/0407/31/07
36%
40%
-4%
Full Valuation Cycle
09/08/9807/31/07
168%
72%
96%
Great Recession
07/31/07-03/09/09
-66%
-52%
-14%
Recovery Rally
03/09/0903/31/10
124%
77%
47%
Entire Period of Management
09/08/9805/11/10
91%
39%
53%
Environment
Top 15% Morningstar Rank

Past performance does not guarantee future results. There is a possibility for loss as well as the potential for profit when investing in the Stanley Partners
Fund described herein. Performance referred to herein was achieved at a prior firm and does not represent or guarantee continued positive results. The
Principal of Stanley Capital Management, LLC was employed at Invesco from 7/98 to 5/10 and managed Invesco Basic Value Fund. The investment
portfolios managed at the prior firm consist of strategies and securities which may vary significantly from those employed at Stanley Capital.
Page 21
Performance Disclosure
Performance quoted is past performance and cannot guarantee comparable future results. Performance for Invesco Basic Value
Fund shown at NAV for Class A shares does not include the applicable front-end sales charges, which would have reduced the
performance. There is a possibility of loss as well as the potential for profit when investing in the fund. Performance information is
net of fees and expenses and includes the reinvestment of dividends and other income. Performance information in some periods is
not fully burdened by the performance fee if the Fund was below its high water market and not accruing a performance fee for part
or all of the period.
This confidential report is only intended for the recipient and may not be redistributed without the prior written consent of Stanley
Capital Management, LLC. This report is provided for informational purposes only and does not constitute an offer or a solicitation
to buy, hold, or sell an interest in the Stanley Partners Fund or any other security. An investment in the Stanley Partners Fund is
speculative and involves substantial risks. Additional information regarding the funds listed herein, including fees, expenses and
risks of investment, is contained in the offering memorandum and related documents, and should be carefully reviewed. An offer or
solicitation of an investment in the Stanley Partners Fund will only be made pursuant to an offering memorandum. There can be no
guarantee that the Stanley Partners Fund will achieve its investment objective. Certain information included in this document is
based on information obtained from sources considered to be reliable, however no representation is made with respect to the
accuracy or completeness of such data. The data source is Bloomberg unless otherwise noted.
Information contained in this report is as of end of the referenced period unless otherwise noted.
The S&P 500 Total Return Index is a market cap weighted index of 500 widely held stocks often used as a proxy for the overall U.S.
equity market. Indexes are unmanaged and have no fees or expenses. An investment cannot be made directly in an index. The
portfolios of Stanley Capital Management consist of securities which vary significantly from those in the benchmark indexes listed
above. Accordingly, comparing results shown to those of such indexes may be of limited use.
Page 22
Disclosures
This presentation is for informational purposes only and is intended solely for the person whom it is
delivered. This document is confidential and may not be reproduced or distributed without the express
written consent of Stanley Capital Management, LLC. All information contained herein is preliminary,
limited and subject to completion, correction or amendment. This document does not constitute an
offer to sell or the solicitation of an offer to purchase any securities of Stanley Partners Fund, LP. Any
such solicitation may only be made by means of delivery of an Offering Memorandum, which will
contain material information not included herein and shall supersede amend and supplement this
document in its entirety.
Page 23
For more information please contact:
Bret Stanley, CFA

713.900.3200
bret@stanleycap.com

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STANLEY PARTNERS FUND

MANAGING PARTNER BIO

PORTFOLIO ARCHITECTURE AND PROFILE

OPERATIONS AND INFRASTRUCTURE

SUMMARY OF TERMS AND SERVICE PROVIDERS

EQUITY MARKET VALUATION AND SPREADS

SUMMARY AND PERSPECTIVE