Mosaic owns a diversified portfolio of businesses, primarily located in western Canada, with a history of strong free cash flow and with opportunity for some organic growth. Many of these businesses have the characteristics of typical income trust assets but are too small to be publicly traded income trusts themselves.

We look for businesses that have a history of strong cash flow created by managers that will remain with the business after our acquisition. Those managers then run the businesses autonomously. We make as few changes as possible; no name change, no new managers, no relocation or merging with another company. If a company gets through our selection process it is because management has demonstrated that they are very good at what they do. Our job is to leave them alone to continue doing what attracted us to them in the first place.

We have chosen to invest primarily in western Canada because of our belief that we are in a secular bull market for the commodities that are found here. Macro economic investment analysis has significant influence on investment returns. We believe that companies that have indirect exposure to commodity exploration and production will have strong growth opportunities over the next 10 - 15 years.