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1 Undergraduate Student Managed Fund Fall 2013 Report December 5, 2013.

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Presentation on theme: "1 Undergraduate Student Managed Fund Fall 2013 Report December 5, 2013."— Presentation transcript:

1 1 Undergraduate Student Managed Fund Fall 2013 Report December 5, 2013

2 2 Student Managed Fund Fund Managers Fall 2013 Presentation Fund Managers Officers: Lead Manager: Alexander Anisimov Portfolio Manager: Eric Bourassa Secretary: Lina Posada Managers: Robert Bailey Thomas Blankemeier David Boudreau Michael Cox Joseph Grieco Duston Hodgkins Matthew Mastrogiorgio

3 3 Agenda 1)Investment Objective and Philosophy 2)Investment Process 3)Economic Outlook 4)Portfolio Overview Student Managed Fund Agenda Fall 2013 Presentation

4 4 Student Managed Fund Investment Objective & Philosophy Fall 2013 Presentation Investment Objective & Philosophy Objective Outperform the S&P 500 Learn to analyze as value investors Philosophy Search for undervalued securities based on estimation of intrinsic value compared to current market price Style Bottom-up approach

5 5 Student Managed Fund Industry Managers Fall 2013 Presentation Industry Managers Basic Materials: Matthew Mastrogiorgio Consumer Discretionary: Robert Bailey, David Boudreau Consumer Staples: Thomas Blankemeier, Duston Hodgkins Energy: Alexander Anisimov, Michael Cox Financials: Thomas Blankemeier, David Boudreau, Joseph Grieco Healthcare: Eric Bourassa, Robert Bailey, Alexander Anisimov Industrials: Matthew Mastrogiorgio, Lina Posada Real Estate: Eric Bourassa, Michael Cox Transportation: Michael Cox Technology: Joseph Grieco, Duston Hodgkins

6 6 Student Managed Fund Investment Strategy Fall 2013 Presentation Investment Strategy Search for companies with: High ROE & ROIC i.e. BBBY Sustainable Barriers to Competition i.e. AXP Consistent Return to Shareholders i.e. XOM Strong Business Models i.e. DIS

7 7 Student Managed Fund Investment Tools Fall 2013 Presentation Investment Tools

8 8 Student Managed Fund Investment Process Fall 2013 Presentation Investment Process Step 1 Manager Researches Chosen Company Step 2 Presents Research to Other Managers Step 3 Thorough Discussion on Company Research Step 4 Majority of Managers Vote for Approval Step 5 If Yes  Vote on Allocation of Capital If No  Conduct Further Research

9 9 Student Managed Fund Investment Tools Fall 2013 Presentation Sector Allocation

10 10 Student Managed Fund Economic Outlook Fall 2013 Presentation With the Dow Jones and S&P at record highs, and interest rates low – Are we really as strong as we appear? Participation Rate seems to be dropping in lockstep with Unemployment Rate – Economic recovery may not be as strong as we think Strength of the US Economy The Unemployment rate 2007 – 2013 YTD Source: Bloomberg LP

11 11 Student Managed Fund Economic Outlook Fall 2013 Presentation Federal Reserve’s Balance Sheet The growth of the Fed’s Balance Sheet Fed has grown its balance sheet from $1 trillion to $3.5 trillion The economy is slowly recovering, but is not at a self-sustaining level where the Fed can taper or halt Quantitative Easing

12 12 Student Managed Fund Economic Outlook Fall 2013 Presentation Macroeconomic Outlook 1.6% 4.1% 3.3% 4.3% 2.1% 0.6% 1.6% 7.8% 0.5% 2013 YTD GDP Growth rates

13 13 Student Managed Fund Interesting Holding Fall 2013 Presentation Interesting Holding- American Express Purchased 1,350 shares on November 11, 2013 for $80.84 per share As of November 29, we have realized a 6.13% gain on AXP Closed-loop model Spend-centric model Attractive buyback & dividend programs

14 14 Interesting Holding - NVR Purchased 80 shares on November 6, 2013 for $ per share As of November 29, we have realized a 2.63% gain on NVR Single-family homebuilder Profitable for the past sixteen years Unique lot acquisition strategy Student Managed Fund Interesting Holding Fall 2013 Presentation

15 15 Student Managed Fund Portfolio Approach Fall 2013 Presentation Portfolio Approach Seek to take positions at various percentage increments depending on a variety of factors 5% or under position Strong fundamentals Fairly valued Carry more risk 5% or larger position Safe/predictable Strong upside potential Strong downside protection Very undervalued

16 16 Equity Breakdown Student Managed Fund Portfolio Breakdown Fall 2013 Presentation

17 17 Portfolio Breakdown Student Managed Fund Portfolio Breakdown Fall 2013 Presentation

18 18 Portfolio Performance Student Managed Fund Portfolio Performance Fall 2013 Presentation Undergraduate SMF PortfolioS&P 500 Beginning Value (9/13/2013)$1,567, Beginning Value1, Current Value (11/29/2013)$1,659, Current Value1, Overall Profit/(Loss)$92, Overall Profit/Loss Return5.90%Return6.98% Undergraduate SMF portfolio has underperformed the S&P 500 by 1.08% (108 BPS)

19 19 Portfolio Performance Student Managed Fund Portfolio Performance Fall 2013 Presentation

20 20 Individual Stock Performance Student Managed Fund Portfolio Performance Fall 2013 Presentation

21 21 Risk Management Student Managed Fund Risk Management Fall 2013 Presentation Rigorous screening and analysis process Purchased half of stocks analyzed or pitched Diversification across sectors to avoid aggregation risk Stop-loss Focus on long-term performance, not concerned with short-term volatility

22 22 Lessons Learned Lessons Record high market conditions Corporate social responsibility Moving Forward Maintaining strict valuation standards Corporate social responsibility initiative Company price tracking Student Managed Fund Lessons Learned Fall 2013 Presentation

23 23 Acknowledgements Pat Terrion Jeff Annello Dr. Chinmoy Ghosh Dr. Michel Rakotomavo Laurel Grisamer Paul DeSalvo Investment Advisory Board IAB Advisors UConn Foundation Board Student Managed Fund Acknowledgements Fall 2013 Presentation


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