TWST: Please start with a brief history and overview of Phocas Financial.

Mr. Schaff: We're a small team. Primarily, we do our own fundamental research. We do it pretty much the old-fashioned way, reading annual reports, 10-Ks, 10-Qs and working through the numbers. We focus on valuations and try to seek what drives valuations. Obviously, they vary all over the map and across sectors. And as we do that today we tend to be value-sensitive, so we're probably considered a value shop. It's really sort of nuts and bolts, it's grinding every day over financials and a lot of data.

TWST: We're focusing on small-cap value investing today, so would you describe your investment strategy in that regard, and give us a snapshot of the portfolio?