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    04/21/19
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  • PCAFX
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  • POPFX
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  • Fund Overview

  • Ticker: PCAFX

  • Fact Sheet:

    Prospector Capital Appreciation Fund
  • Investment Objective:

    The investment objective of the Capital Appreciation Fund is capital appreciation.
  • Main investment strategies:

    Under normal market conditions the Capital Appreciation Fund invests primarily in a variety of equity and equity-related securities, including common stocks, convertible preferred and convertible debt securities. The Capital Appreciation Fund attempts to buy investments priced to generate long-term total returns significantly above those of general stock indices and U.S. treasuries. Using a value orientation, the Investment Manager will invest in positions in the U.S. and other developed markets. The Investment Manager’s investment strategy consists of bottom-up fundamental value analysis with an emphasis on balance sheet strength. Qualitative factors will also be considered, including quality of management, quality of product or service, overall franchise or brand value, composition of the board of directors, and the uniqueness of the business model. The Investment Manager looks for the presence of a catalyst to improve internal performance, such as a change in management, a new management incentive program closely linked to the price of the stock, the sale of an underperforming asset or business unit, or a positive change in industry fundamentals.

John Gillespie

Portfolio Manager/Analyst

Mr. Gillespie has been a portfolio manager or securities analyst for more than 30 years. Since 1997, Mr. Gillespie has served as the managing member of Prospector Partners, LLC. Mr. Gillespie also serves as the managing member of Prospector Partners Asset Management, LLC, an affiliate that is registered with the SEC as an investment advisor and that acts as the investment advisor to Prospector Funds, Inc., a registered investment company. Mr. Gillespie served as a Director of White Mountains Insurance Group from 1999 until 2015. In addition, from 2002 to 2005, Mr. Gillespie served as non-executive Deputy Chairman of White Mountains Insurance Group and Chairman and President of their investment advisory subsidiary. From 1986 until 1997, Mr. Gillespie was an employee of T. Rowe Price Associates, Inc. At the end of his tenure at T. Rowe Price, Mr. Gillespie’s responsibilities included the management of assets of institutional investors, mutual funds, and closed-end investment companies. From 1980 through 1984, Mr. Gillespie was a Senior Financial Analyst at Geico Corporation. Mr. Gillespie received a B.A. cum laude from Bates College in 1980 and a M.B.A from the Graduate School of Business at Stanford University in 1986. In addition, Mr. Gillespie serves as Director and Chairman of Prospector Funds, Inc., and is also on the Board of Trustees and Chairman of the Investment Committee of Bates College. Mr. Gillespie’s past directorships include: Montpelier Re, Symetra Financial, Main Street America, Folksamerica, HG Global, Esurance, Tranzact, and One Beacon Insurance Group.

Kevin O’Brien, CFA

Portfolio Manager/Analyst

Mr. O’Brien has been a portfolio manager or securities analyst for more than 25 years. Throughout his career, Mr. O’Brien has followed the financial services sector. In April 2003, Mr. O’Brien became a portfolio manager of the Investment Manager. Mr. O’Brien is also a portfolio manager of Prospector Partners Asset Management, LLC. In addition, from April 2003 to August 2005, Mr. O’Brien served as a Managing Director of White Mountains Advisors LLC. From April 1996 through April 2003, Mr. O’Brien was an employee of Neuberger Berman, where he began as an investment analyst (1996 – 1999), served as Vice President (1999 – 2001), and Managing Director (2001 – 2003). At the end of Mr. O’Brien’s tenure at Neuberger Berman, Mr. O’Brien’s responsibilities included the co-management of equity assets of institutional investors and mutual funds, including serving as co-manager of the Neuberger Berman Genesis Fund. Mr. O’Brien was responsible for following stocks in the financial services, consumer and technology sectors. From 1991 to 1996, Mr. O’Brien was an employee of Alex. Brown & Sons, where he was an analyst following the financial services industry. His coverage universe included property-casualty insurance, specialty finance, asset management, and diversified financial services. From 1986 to 1991, Mr. O’Brien analyzed investments and credit risks in the financial services industry. Mr. O’Brien received a B.S. magna cum laude from Central Connecticut State University in 1986. Additionally, Mr. O’Brien received a Chartered Financial Analyst designation in 1995.

Jason Kish, CPA, CFA

Portfolio Manager/Analyst

Mr. Kish became a portfolio manager in 2013 and has been with the Investment Manager since December 1997. Mr. Kish is also a portfolio manager of Prospector Partners Asset Management, LLC. He has been a portfolio manager or securities analyst for more than 20 years. He began as a junior analyst, covering all industries, eventually serving as the property-casualty analyst and became the Director of Research in 2010. From 1995 to 1997, Mr. Kish worked as an auditor at Coopers & Lybrand, LLP in Hartford, CT. Mr. Kish received a B.S.B.A. from Providence College in 1995. He received his Certified Public Accountant designation in 2000 and his Chartered Financial Analyst designation in 2004 .