Otter Creek is a long/short mutual fund with a six-year track record, with only one down year since inception. The strategy targets "T-bills" plus 500 basis points in return. The strategy is approximately 25 long positions and 25 short positions. The long positions are selected through fundamental research which includes focusing on secular trends and a thematic macro overview. In addition, the fund has invested in value-oriented and special situation ideas, which the investment team believes are undervalued or misunderstood by the markets, while the short positions are driven by what the team believes are mispriced securities based on balance sheets, income statements, and peer group analysis among other factors. The strategy has the flexibility to invest across the capital structure including senior debt, convertible and preferred securities. The strategy is able to maintain a net short position, though it has rarely done so. In times when this kind of decision is made, the net short position has never exceeded -5%, delta adjusted. The short position includes a combination of common stock and put options positions on individual securities. The net long exposure rarely exceeds 30% net long delta adjusted. The strategy offers daily liquidity.