quarterly fund portfolio report
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7242019 Quarterly Fund Portfolio Report
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Accel Corporation
Business Description
Corporation) is a Taiwanese multinational hardware and electronics corporation headquartered in XizhiNew Taipei City Taiwan Acers products include desktop and laptop PCs tablet computers servers
storage devices displays smartphones and peripherals It also provides e-business services tobusinesses governments and consumers In 2012 Acer was the fourth largest personal computer
vendor in the world
Company Financial Info
ManagementBill GatesPresident
William Henry Bill Gates III (born October 28 1955) is an American business magnate philanthropistinvestor computer programmer and inventor[2][3][4] Gates is the former chief executive and chairmanof Microsoft the worldrsquos largest personal-computer software company which he co-founded with PaulAllen He is consistently ranked in the Forbes list of the worlds wealthiest people[5] and was thewealthiest overall from 1995 to 2009mdashexcluding 2008 when he was ranked third[1] in 2011 he was thewealthiest American and the worlds second wealthiest person[6][7] According to the BloombergBillionaires List Gates became the worlds richest person again in May 2013 a position that he last heldon the list in 2007[8] As of June 2014 he is still the richest[1] During his career at Microsoft Gatesheld the positions of CEO and chief software architect and remains the largest individual shareholderwith 64 percent of the common stock[a] He has also authored and co-authored several books
Eric ShannonPresident
As of date Period Revenue EBITDA Net Income Cash Total
9302011 Quarterly 100 10 5 10 12
6302011 Quarterly 200 20 10
12312010 Annual 234 40 16 5
12312009 Annual 125 10 5 12 28
Location SwitzerlandCA (Palo Alto)
Industry Energy amp Natural Resources
Board Representation Yes
Financing Round Series A
Percent of Company Owned 3500
Current Investment Valuation USD16500000
Basis for Valuation Comparables - Fair Market
Investment Amount USD10000000
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Recent Developments
The company is projecting revenue of $13 million in 2009 New CEO hired on August 13 2009 andalready making changes to the Executive Team Long term product strategy in place ndash Board ofDirectors approved updated 2009-2011 business plan as presented by the new CEO RampD is executingwell though product still in beta Operating expenses further reduced to conserve cash in a highly
competitive marketplace Current cash should be sufficient until profitability
Eric Emerson Schmidt (born April 27 1955) is an American software engineer businessman and theexecutive chairman of Google[3] In 2013 Forbes ranked Schmidt as the 138th-richest person in theworld with an estimated wealth of $83 billion As an intern at Bell Labs Schmidt did a complete re-writeof the Lex analysis software program for the Unix computer operating system From 1997 to 2001 hewas chief executive officer of Novell From 2001 to 2011 he served as the CEO of Google He servedon various other boards in academia and industry such as the boards of trustees for both CarnegieMellon University and Princeton University
Max SchmidtCEO
Max is one of the best-known entrepreneurs of the personal computer revolution Although he is
admired by many a number of industry insiders criticize his business tactics which they consider anti-competitive an opinion which has in some cases been upheld by the courts In the later stages of hiscareer Gates has pursued a number of philanthropic endeavors donating large amounts of money tovarious charitable organizations and scientific research programs through the Bill amp Melinda GatesFoundation established in 2000
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Ampersand Electrics
Business Description
Founded in 1977 Boston Electronics Corporation is a US-based technical distributor and tradingcompany We specialize in UV visible and IR photodetection components and in signal processing
electronics for photodetection We also are a unique and desirable source of high-purity optical andelectronic materials including silicon germanium and sapphire
Company Financial Info
Management
James HufftCEO
James Eugene Jim Carrey (born January 17 1962) is a Canadian American actor comedian andproducer Carrey has received four Golden Globe Award nominations winning two Known for his highlyenergetic slapstick performances he has been described as one of the biggest movie stars inHollywood
Eric SmithCFO
Eric was a bright but inattentive student He left the University of Illinois at Urbana-Champaign at theend of his second year after not taking his final exams because his adoptive mother had just died Afterspending a summer in Northern California where he lived with his friend Chuck Weiss he attended theUniversity of Chicago for one term where he first encountered computer designing In 1964 at 20 yearsof age he moved to northern California permanently
Bill GatesPresident
William Henry Bill Gates III (born October 28 1955) is an American business magnate philanthropistinvestor computer programmer and inventor[2][3][4] Gates is the former chief executive and chairmanof Microsoft the worldrsquos largest personal-computer software company which he co-founded with PaulAllen He is consistently ranked in the Forbes list of the worlds wealthiest people[5] and was thewealthiest overall from 1995 to 2009mdashexcluding 2008 when he was ranked third[1] in 2011 he was the
wealthiest American and the worlds second wealthiest person[6][7] According to the BloombergBillionaires List Gates became the worlds richest person again in May 2013 a position that he last heldon the list in 2007[8] As of June 2014 he is still the richest[1] During his career at Microsoft Gatesheld the positions of CEO and chief software architect and remains the largest individual shareholderwith 64 percent of the common stock[a] He has also authored and co-authored several books
As of date Period Revenue EBITDA Net Income Cash Total
9302010 Quarterly 10000000 800000 500000 1000000 2500000
6302010 Quarterly 8000000 950000 350000 400000 23000003312010 Quarterly 12000000 759000 400000 350000 2100000
12312009 Annual 25000000 1500000 1000000 2500000 3500000
Location MA - Wellesley
Industry Pharmaceuticals
Board Representation Yes
Financing Round Mezzanine
Percent of Company Owned 1000
Current Investment Valuation USD21500000
Basis for Valuation Comparables - Conservative
792014Page 3 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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Recent Developments
Ampersands third-quarter earnings missed our target as higher expenses and the fallout from theEuropean debt crisis dragged down the Electronics leader
The letdown announced Thursday stemmed from Ampersands expanding payroll and a run-up in theUS dollar that has been driven by fears that the euro will crumble if governments in Greece SpainPortugal and Italy default on their perilously high debts
792014Page 4 of 6Powered by Dynamo
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CrossBow Publishing
Business Description
TEAC AMERICA INC is the largest subsidiary of Tokyo-based TEAC Corporation a billion-dollar globalcorporation and a world leader in recording technology for over five decades From simple magnetic
recording devices to sophisticated digital and optical equipment to CD and DVD Printers TEAC hascreated a wide variety of innovative products for creating and enjoying music as well as disc printingpublishing industrial and aerospace applications
Company Financial Info
Management
Bill GatesPresident
William Henry Bill Gates III (born October 28 1955) is an American business magnate philanthropistinvestor computer programmer and inventor[2][3][4] Gates is the former chief executive and chairmanof Microsoft the worldrsquos largest personal-computer software company which he co-founded with PaulAllen He is consistently ranked in the Forbes list of the worlds wealthiest people[5] and was thewealthiest overall from 1995 to 2009mdashexcluding 2008 when he was ranked third[1] in 2011 he was thewealthiest American and the worlds second wealthiest person[6][7] According to the BloombergBillionaires List Gates became the worlds richest person again in May 2013 a position that he last heldon the list in 2007[8] As of June 2014 he is still the richest[1] During his career at Microsoft Gatesheld the positions of CEO and chief software architect and remains the largest individual shareholderwith 64 percent of the common stock[a] He has also authored and co-authored several books
Beverly CrusherCEO
Commander Beverly Crusher MD (born Beverly Cheryl Howard) played by actress Gates McFaddenis a fictional character on the television series Star Trek The Next Generation and its subsequent spin-off films She was a regular character in the show for all but the second of its seven seasons She wasthe chief medical officer of both the Enterprise-D and Enterprise-E
Adam SmithCFO
Adam Smith (5 June 1723 OS (16 June 1723 NS) ndash 17 July 1790) was a Scottish moral philosopher anda pioneer of political economy One of the key figures of the Scottish Enlightenment[1] Smith is bestknown for two classic works The Theory of Moral Sentiments (1759) and An Inquiry into the Natureand Causes of the Wealth of Nations (1776) The latter usually abbreviated as The Wealth of Nationsis considered his magnum opus and the first modern work of economics Smith is cited as the father ofmodern economics and is still among the most influential thinkers in the field of economics today
As of date Period Revenue EBITDA Net Income Cash Total
12312009 Annual 25 4 2 0 5
9302009 Quarterly 15 5 3 5 6
6302009 Quarterly 23 12 3 4 7
Location FL - West Palm Beach
Industry Pharmaceuticals
Board Representation Yes
Financing Round Series A
Percent of Company Owned 1200
Current Investment Valuation USD38000000
Basis for Valuation At Cost
792014Page 5 of 6Powered by Dynamo
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Recent Developments
Clearly the story this quarter for Dell was a jump in gross margins Corporate gross margin in thequarter was 195 up from 166 in the second quarter and 173 a year ago Product gross marginumped to 168 from 136 in the previous quarter and 137 a year ago Lower component prices
were a big contributor to the higher margins For the fourth quarter the company sees marginsretreating based on a higher mix of consumer products and shifting PC prices
792014Page 6 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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Recent Developments
The company is projecting revenue of $13 million in 2009 New CEO hired on August 13 2009 andalready making changes to the Executive Team Long term product strategy in place ndash Board ofDirectors approved updated 2009-2011 business plan as presented by the new CEO RampD is executingwell though product still in beta Operating expenses further reduced to conserve cash in a highly
competitive marketplace Current cash should be sufficient until profitability
Eric Emerson Schmidt (born April 27 1955) is an American software engineer businessman and theexecutive chairman of Google[3] In 2013 Forbes ranked Schmidt as the 138th-richest person in theworld with an estimated wealth of $83 billion As an intern at Bell Labs Schmidt did a complete re-writeof the Lex analysis software program for the Unix computer operating system From 1997 to 2001 hewas chief executive officer of Novell From 2001 to 2011 he served as the CEO of Google He servedon various other boards in academia and industry such as the boards of trustees for both CarnegieMellon University and Princeton University
Max SchmidtCEO
Max is one of the best-known entrepreneurs of the personal computer revolution Although he is
admired by many a number of industry insiders criticize his business tactics which they consider anti-competitive an opinion which has in some cases been upheld by the courts In the later stages of hiscareer Gates has pursued a number of philanthropic endeavors donating large amounts of money tovarious charitable organizations and scientific research programs through the Bill amp Melinda GatesFoundation established in 2000
792014Page 2 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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Ampersand Electrics
Business Description
Founded in 1977 Boston Electronics Corporation is a US-based technical distributor and tradingcompany We specialize in UV visible and IR photodetection components and in signal processing
electronics for photodetection We also are a unique and desirable source of high-purity optical andelectronic materials including silicon germanium and sapphire
Company Financial Info
Management
James HufftCEO
James Eugene Jim Carrey (born January 17 1962) is a Canadian American actor comedian andproducer Carrey has received four Golden Globe Award nominations winning two Known for his highlyenergetic slapstick performances he has been described as one of the biggest movie stars inHollywood
Eric SmithCFO
Eric was a bright but inattentive student He left the University of Illinois at Urbana-Champaign at theend of his second year after not taking his final exams because his adoptive mother had just died Afterspending a summer in Northern California where he lived with his friend Chuck Weiss he attended theUniversity of Chicago for one term where he first encountered computer designing In 1964 at 20 yearsof age he moved to northern California permanently
Bill GatesPresident
William Henry Bill Gates III (born October 28 1955) is an American business magnate philanthropistinvestor computer programmer and inventor[2][3][4] Gates is the former chief executive and chairmanof Microsoft the worldrsquos largest personal-computer software company which he co-founded with PaulAllen He is consistently ranked in the Forbes list of the worlds wealthiest people[5] and was thewealthiest overall from 1995 to 2009mdashexcluding 2008 when he was ranked third[1] in 2011 he was the
wealthiest American and the worlds second wealthiest person[6][7] According to the BloombergBillionaires List Gates became the worlds richest person again in May 2013 a position that he last heldon the list in 2007[8] As of June 2014 he is still the richest[1] During his career at Microsoft Gatesheld the positions of CEO and chief software architect and remains the largest individual shareholderwith 64 percent of the common stock[a] He has also authored and co-authored several books
As of date Period Revenue EBITDA Net Income Cash Total
9302010 Quarterly 10000000 800000 500000 1000000 2500000
6302010 Quarterly 8000000 950000 350000 400000 23000003312010 Quarterly 12000000 759000 400000 350000 2100000
12312009 Annual 25000000 1500000 1000000 2500000 3500000
Location MA - Wellesley
Industry Pharmaceuticals
Board Representation Yes
Financing Round Mezzanine
Percent of Company Owned 1000
Current Investment Valuation USD21500000
Basis for Valuation Comparables - Conservative
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Recent Developments
Ampersands third-quarter earnings missed our target as higher expenses and the fallout from theEuropean debt crisis dragged down the Electronics leader
The letdown announced Thursday stemmed from Ampersands expanding payroll and a run-up in theUS dollar that has been driven by fears that the euro will crumble if governments in Greece SpainPortugal and Italy default on their perilously high debts
792014Page 4 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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CrossBow Publishing
Business Description
TEAC AMERICA INC is the largest subsidiary of Tokyo-based TEAC Corporation a billion-dollar globalcorporation and a world leader in recording technology for over five decades From simple magnetic
recording devices to sophisticated digital and optical equipment to CD and DVD Printers TEAC hascreated a wide variety of innovative products for creating and enjoying music as well as disc printingpublishing industrial and aerospace applications
Company Financial Info
Management
Bill GatesPresident
William Henry Bill Gates III (born October 28 1955) is an American business magnate philanthropistinvestor computer programmer and inventor[2][3][4] Gates is the former chief executive and chairmanof Microsoft the worldrsquos largest personal-computer software company which he co-founded with PaulAllen He is consistently ranked in the Forbes list of the worlds wealthiest people[5] and was thewealthiest overall from 1995 to 2009mdashexcluding 2008 when he was ranked third[1] in 2011 he was thewealthiest American and the worlds second wealthiest person[6][7] According to the BloombergBillionaires List Gates became the worlds richest person again in May 2013 a position that he last heldon the list in 2007[8] As of June 2014 he is still the richest[1] During his career at Microsoft Gatesheld the positions of CEO and chief software architect and remains the largest individual shareholderwith 64 percent of the common stock[a] He has also authored and co-authored several books
Beverly CrusherCEO
Commander Beverly Crusher MD (born Beverly Cheryl Howard) played by actress Gates McFaddenis a fictional character on the television series Star Trek The Next Generation and its subsequent spin-off films She was a regular character in the show for all but the second of its seven seasons She wasthe chief medical officer of both the Enterprise-D and Enterprise-E
Adam SmithCFO
Adam Smith (5 June 1723 OS (16 June 1723 NS) ndash 17 July 1790) was a Scottish moral philosopher anda pioneer of political economy One of the key figures of the Scottish Enlightenment[1] Smith is bestknown for two classic works The Theory of Moral Sentiments (1759) and An Inquiry into the Natureand Causes of the Wealth of Nations (1776) The latter usually abbreviated as The Wealth of Nationsis considered his magnum opus and the first modern work of economics Smith is cited as the father ofmodern economics and is still among the most influential thinkers in the field of economics today
As of date Period Revenue EBITDA Net Income Cash Total
12312009 Annual 25 4 2 0 5
9302009 Quarterly 15 5 3 5 6
6302009 Quarterly 23 12 3 4 7
Location FL - West Palm Beach
Industry Pharmaceuticals
Board Representation Yes
Financing Round Series A
Percent of Company Owned 1200
Current Investment Valuation USD38000000
Basis for Valuation At Cost
792014Page 5 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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Recent Developments
Clearly the story this quarter for Dell was a jump in gross margins Corporate gross margin in thequarter was 195 up from 166 in the second quarter and 173 a year ago Product gross marginumped to 168 from 136 in the previous quarter and 137 a year ago Lower component prices
were a big contributor to the higher margins For the fourth quarter the company sees marginsretreating based on a higher mix of consumer products and shifting PC prices
792014Page 6 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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Ampersand Electrics
Business Description
Founded in 1977 Boston Electronics Corporation is a US-based technical distributor and tradingcompany We specialize in UV visible and IR photodetection components and in signal processing
electronics for photodetection We also are a unique and desirable source of high-purity optical andelectronic materials including silicon germanium and sapphire
Company Financial Info
Management
James HufftCEO
James Eugene Jim Carrey (born January 17 1962) is a Canadian American actor comedian andproducer Carrey has received four Golden Globe Award nominations winning two Known for his highlyenergetic slapstick performances he has been described as one of the biggest movie stars inHollywood
Eric SmithCFO
Eric was a bright but inattentive student He left the University of Illinois at Urbana-Champaign at theend of his second year after not taking his final exams because his adoptive mother had just died Afterspending a summer in Northern California where he lived with his friend Chuck Weiss he attended theUniversity of Chicago for one term where he first encountered computer designing In 1964 at 20 yearsof age he moved to northern California permanently
Bill GatesPresident
William Henry Bill Gates III (born October 28 1955) is an American business magnate philanthropistinvestor computer programmer and inventor[2][3][4] Gates is the former chief executive and chairmanof Microsoft the worldrsquos largest personal-computer software company which he co-founded with PaulAllen He is consistently ranked in the Forbes list of the worlds wealthiest people[5] and was thewealthiest overall from 1995 to 2009mdashexcluding 2008 when he was ranked third[1] in 2011 he was the
wealthiest American and the worlds second wealthiest person[6][7] According to the BloombergBillionaires List Gates became the worlds richest person again in May 2013 a position that he last heldon the list in 2007[8] As of June 2014 he is still the richest[1] During his career at Microsoft Gatesheld the positions of CEO and chief software architect and remains the largest individual shareholderwith 64 percent of the common stock[a] He has also authored and co-authored several books
As of date Period Revenue EBITDA Net Income Cash Total
9302010 Quarterly 10000000 800000 500000 1000000 2500000
6302010 Quarterly 8000000 950000 350000 400000 23000003312010 Quarterly 12000000 759000 400000 350000 2100000
12312009 Annual 25000000 1500000 1000000 2500000 3500000
Location MA - Wellesley
Industry Pharmaceuticals
Board Representation Yes
Financing Round Mezzanine
Percent of Company Owned 1000
Current Investment Valuation USD21500000
Basis for Valuation Comparables - Conservative
792014Page 3 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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Recent Developments
Ampersands third-quarter earnings missed our target as higher expenses and the fallout from theEuropean debt crisis dragged down the Electronics leader
The letdown announced Thursday stemmed from Ampersands expanding payroll and a run-up in theUS dollar that has been driven by fears that the euro will crumble if governments in Greece SpainPortugal and Italy default on their perilously high debts
792014Page 4 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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CrossBow Publishing
Business Description
TEAC AMERICA INC is the largest subsidiary of Tokyo-based TEAC Corporation a billion-dollar globalcorporation and a world leader in recording technology for over five decades From simple magnetic
recording devices to sophisticated digital and optical equipment to CD and DVD Printers TEAC hascreated a wide variety of innovative products for creating and enjoying music as well as disc printingpublishing industrial and aerospace applications
Company Financial Info
Management
Bill GatesPresident
William Henry Bill Gates III (born October 28 1955) is an American business magnate philanthropistinvestor computer programmer and inventor[2][3][4] Gates is the former chief executive and chairmanof Microsoft the worldrsquos largest personal-computer software company which he co-founded with PaulAllen He is consistently ranked in the Forbes list of the worlds wealthiest people[5] and was thewealthiest overall from 1995 to 2009mdashexcluding 2008 when he was ranked third[1] in 2011 he was thewealthiest American and the worlds second wealthiest person[6][7] According to the BloombergBillionaires List Gates became the worlds richest person again in May 2013 a position that he last heldon the list in 2007[8] As of June 2014 he is still the richest[1] During his career at Microsoft Gatesheld the positions of CEO and chief software architect and remains the largest individual shareholderwith 64 percent of the common stock[a] He has also authored and co-authored several books
Beverly CrusherCEO
Commander Beverly Crusher MD (born Beverly Cheryl Howard) played by actress Gates McFaddenis a fictional character on the television series Star Trek The Next Generation and its subsequent spin-off films She was a regular character in the show for all but the second of its seven seasons She wasthe chief medical officer of both the Enterprise-D and Enterprise-E
Adam SmithCFO
Adam Smith (5 June 1723 OS (16 June 1723 NS) ndash 17 July 1790) was a Scottish moral philosopher anda pioneer of political economy One of the key figures of the Scottish Enlightenment[1] Smith is bestknown for two classic works The Theory of Moral Sentiments (1759) and An Inquiry into the Natureand Causes of the Wealth of Nations (1776) The latter usually abbreviated as The Wealth of Nationsis considered his magnum opus and the first modern work of economics Smith is cited as the father ofmodern economics and is still among the most influential thinkers in the field of economics today
As of date Period Revenue EBITDA Net Income Cash Total
12312009 Annual 25 4 2 0 5
9302009 Quarterly 15 5 3 5 6
6302009 Quarterly 23 12 3 4 7
Location FL - West Palm Beach
Industry Pharmaceuticals
Board Representation Yes
Financing Round Series A
Percent of Company Owned 1200
Current Investment Valuation USD38000000
Basis for Valuation At Cost
792014Page 5 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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Recent Developments
Clearly the story this quarter for Dell was a jump in gross margins Corporate gross margin in thequarter was 195 up from 166 in the second quarter and 173 a year ago Product gross marginumped to 168 from 136 in the previous quarter and 137 a year ago Lower component prices
were a big contributor to the higher margins For the fourth quarter the company sees marginsretreating based on a higher mix of consumer products and shifting PC prices
792014Page 6 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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Recent Developments
Ampersands third-quarter earnings missed our target as higher expenses and the fallout from theEuropean debt crisis dragged down the Electronics leader
The letdown announced Thursday stemmed from Ampersands expanding payroll and a run-up in theUS dollar that has been driven by fears that the euro will crumble if governments in Greece SpainPortugal and Italy default on their perilously high debts
792014Page 4 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
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CrossBow Publishing
Business Description
TEAC AMERICA INC is the largest subsidiary of Tokyo-based TEAC Corporation a billion-dollar globalcorporation and a world leader in recording technology for over five decades From simple magnetic
recording devices to sophisticated digital and optical equipment to CD and DVD Printers TEAC hascreated a wide variety of innovative products for creating and enjoying music as well as disc printingpublishing industrial and aerospace applications
Company Financial Info
Management
Bill GatesPresident
William Henry Bill Gates III (born October 28 1955) is an American business magnate philanthropistinvestor computer programmer and inventor[2][3][4] Gates is the former chief executive and chairmanof Microsoft the worldrsquos largest personal-computer software company which he co-founded with PaulAllen He is consistently ranked in the Forbes list of the worlds wealthiest people[5] and was thewealthiest overall from 1995 to 2009mdashexcluding 2008 when he was ranked third[1] in 2011 he was thewealthiest American and the worlds second wealthiest person[6][7] According to the BloombergBillionaires List Gates became the worlds richest person again in May 2013 a position that he last heldon the list in 2007[8] As of June 2014 he is still the richest[1] During his career at Microsoft Gatesheld the positions of CEO and chief software architect and remains the largest individual shareholderwith 64 percent of the common stock[a] He has also authored and co-authored several books
Beverly CrusherCEO
Commander Beverly Crusher MD (born Beverly Cheryl Howard) played by actress Gates McFaddenis a fictional character on the television series Star Trek The Next Generation and its subsequent spin-off films She was a regular character in the show for all but the second of its seven seasons She wasthe chief medical officer of both the Enterprise-D and Enterprise-E
Adam SmithCFO
Adam Smith (5 June 1723 OS (16 June 1723 NS) ndash 17 July 1790) was a Scottish moral philosopher anda pioneer of political economy One of the key figures of the Scottish Enlightenment[1] Smith is bestknown for two classic works The Theory of Moral Sentiments (1759) and An Inquiry into the Natureand Causes of the Wealth of Nations (1776) The latter usually abbreviated as The Wealth of Nationsis considered his magnum opus and the first modern work of economics Smith is cited as the father ofmodern economics and is still among the most influential thinkers in the field of economics today
As of date Period Revenue EBITDA Net Income Cash Total
12312009 Annual 25 4 2 0 5
9302009 Quarterly 15 5 3 5 6
6302009 Quarterly 23 12 3 4 7
Location FL - West Palm Beach
Industry Pharmaceuticals
Board Representation Yes
Financing Round Series A
Percent of Company Owned 1200
Current Investment Valuation USD38000000
Basis for Valuation At Cost
792014Page 5 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
httpslidepdfcomreaderfullquarterly-fund-portfolio-report 66
Recent Developments
Clearly the story this quarter for Dell was a jump in gross margins Corporate gross margin in thequarter was 195 up from 166 in the second quarter and 173 a year ago Product gross marginumped to 168 from 136 in the previous quarter and 137 a year ago Lower component prices
were a big contributor to the higher margins For the fourth quarter the company sees marginsretreating based on a higher mix of consumer products and shifting PC prices
792014Page 6 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
httpslidepdfcomreaderfullquarterly-fund-portfolio-report 56
CrossBow Publishing
Business Description
TEAC AMERICA INC is the largest subsidiary of Tokyo-based TEAC Corporation a billion-dollar globalcorporation and a world leader in recording technology for over five decades From simple magnetic
recording devices to sophisticated digital and optical equipment to CD and DVD Printers TEAC hascreated a wide variety of innovative products for creating and enjoying music as well as disc printingpublishing industrial and aerospace applications
Company Financial Info
Management
Bill GatesPresident
William Henry Bill Gates III (born October 28 1955) is an American business magnate philanthropistinvestor computer programmer and inventor[2][3][4] Gates is the former chief executive and chairmanof Microsoft the worldrsquos largest personal-computer software company which he co-founded with PaulAllen He is consistently ranked in the Forbes list of the worlds wealthiest people[5] and was thewealthiest overall from 1995 to 2009mdashexcluding 2008 when he was ranked third[1] in 2011 he was thewealthiest American and the worlds second wealthiest person[6][7] According to the BloombergBillionaires List Gates became the worlds richest person again in May 2013 a position that he last heldon the list in 2007[8] As of June 2014 he is still the richest[1] During his career at Microsoft Gatesheld the positions of CEO and chief software architect and remains the largest individual shareholderwith 64 percent of the common stock[a] He has also authored and co-authored several books
Beverly CrusherCEO
Commander Beverly Crusher MD (born Beverly Cheryl Howard) played by actress Gates McFaddenis a fictional character on the television series Star Trek The Next Generation and its subsequent spin-off films She was a regular character in the show for all but the second of its seven seasons She wasthe chief medical officer of both the Enterprise-D and Enterprise-E
Adam SmithCFO
Adam Smith (5 June 1723 OS (16 June 1723 NS) ndash 17 July 1790) was a Scottish moral philosopher anda pioneer of political economy One of the key figures of the Scottish Enlightenment[1] Smith is bestknown for two classic works The Theory of Moral Sentiments (1759) and An Inquiry into the Natureand Causes of the Wealth of Nations (1776) The latter usually abbreviated as The Wealth of Nationsis considered his magnum opus and the first modern work of economics Smith is cited as the father ofmodern economics and is still among the most influential thinkers in the field of economics today
As of date Period Revenue EBITDA Net Income Cash Total
12312009 Annual 25 4 2 0 5
9302009 Quarterly 15 5 3 5 6
6302009 Quarterly 23 12 3 4 7
Location FL - West Palm Beach
Industry Pharmaceuticals
Board Representation Yes
Financing Round Series A
Percent of Company Owned 1200
Current Investment Valuation USD38000000
Basis for Valuation At Cost
792014Page 5 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
httpslidepdfcomreaderfullquarterly-fund-portfolio-report 66
Recent Developments
Clearly the story this quarter for Dell was a jump in gross margins Corporate gross margin in thequarter was 195 up from 166 in the second quarter and 173 a year ago Product gross marginumped to 168 from 136 in the previous quarter and 137 a year ago Lower component prices
were a big contributor to the higher margins For the fourth quarter the company sees marginsretreating based on a higher mix of consumer products and shifting PC prices
792014Page 6 of 6Powered by Dynamo
7242019 Quarterly Fund Portfolio Report
httpslidepdfcomreaderfullquarterly-fund-portfolio-report 66
Recent Developments
Clearly the story this quarter for Dell was a jump in gross margins Corporate gross margin in thequarter was 195 up from 166 in the second quarter and 173 a year ago Product gross marginumped to 168 from 136 in the previous quarter and 137 a year ago Lower component prices
were a big contributor to the higher margins For the fourth quarter the company sees marginsretreating based on a higher mix of consumer products and shifting PC prices
792014Page 6 of 6Powered by Dynamo