Forest is an independent, fundamental-research, employee-owned investment fund, which invests using a thorough in-house research process – free from sell-side research and the herd mentality. Because it is not engaged in investment banking, brokerage and prop trading (nostro activities), Forest manages to avoid conflicts of interest that cloud judgment. Based on our independent research, Forest makes investments where there is significant under-valuation or where there are realistic and meaningful opportunities for growth at reasonable prices. The main focus is on small-cap companies, based on the belief that market inefficiencies often occur in the valuation of small, harder to find, and lesser-known companies. As of the beginning of 2013, Forest manages a portfolio of NIS 630 million.