Lee Atzil

Elm Ridge Capital Management primarily provides investment advice with regard to listed equity securities and listed equity options. The firm uses a variety of methods and strategies to make investment decisions and recommendations. Their methods of analysis include fundamental research, as well as the use of technical analytical tools and approaches. Elm Ridge employs a fundamental value investment strategy in which they seek to invest in asset-oriented securities that they believe are undervalued by the market. The firm engages in a buy and hold investment strategy in which they buy securities and hold them for a relatively longer period of time, regardless of short-term factors such as fluctuations in the market or volatility of the stock price. Elm Ridge pursues relative value strategies by taking long positions in securities they believe are undervalued and short positions in securities they believe are overvalued. Elm Ridge makes short sales as a form of hedging to offset potential declines in long positions in similar securities and to maintain flexibility, to generate profits They engage in the following option trading strategies: buying put options on individual equity securities; buying call options on individual equity securities; buying index put options; and buying index call options. The firm employs arbitrage strategies including event-driven arbitrage, merger arbitrage, capital structure arbitrage, convertible arbitrage, fixed income or interest rate arbitrage, statistical arbitrage, debt spread arbitrage, and index arbitrage. Investments may also include: REITs; derivatives (swaps, and certain options and other custom derivative or synthetic instruments); foreign securities and currencies; and securities issued by U.S. entities with significant foreign operations. Elm Ridge may employ the use of leverage.