Newlight's public market investments are focused on technology companies with market capitalizations of less than $1 billion. Smaller public companies with innovative technologies and strong value metrics often experience valuation inefficiencies. Furthermore, many of these companies are misunderstood and ignored by Wall Street and large institutional investment firms despite their growth prospects. Newlight's Horizon Fund strives to identify and invest in these undervalued companies. As in our private investment strategy, we are patient investors that are prepared to hold these investments for multiple years. In certain circumstances, Newlight's investment professionals will actively assist management to maximize shareholder value. This investment strategy has produced significant returns for Newlight's investors.