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Undergraduate Student Managed Fund Fall 2013 Report December 5, 2013 . Fund Managers. Officers: Lead Manager: Alexander Anisimov Portfolio Manager: Eric Bourassa Secretary: Lina Posada. Managers: Robert Bailey Thomas Blankemeier David Boudreau

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Undergraduate

Student Managed Fund

Fall 2013 Report

December 5, 2013


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

Student Managed Fund

Fund Managers

Fall 2013 Presentation


Agenda

  • Investment Objective and Philosophy

  • Investment Process

  • Economic Outlook

  • Portfolio Overview

Student Managed Fund

Agenda

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

Student Managed Fund

Investment Objective & Philosophy

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

Student Managed Fund

Industry Managers

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

Student Managed Fund

Investment Strategy

Fall 2013 Presentation


Investment Tools

Student Managed Fund

Investment Tools

Fall 2013 Presentation


Investment Process

Student Managed Fund

Investment Process

Fall 2013 Presentation


Sector Allocation

Student Managed Fund

Investment Tools

Fall 2013 Presentation


Strength of the US Economy

  • 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

The Unemployment rate 2007 – 2013 YTD

Source: Bloomberg LP

Student Managed Fund

Economic Outlook

Fall 2013 Presentation


Federal Reserve’s Balance Sheet

The growth of the Fed’s Balance Sheet

The economy is slowly recovering, but is not at a self-sustaining level where the Fed can taper or halt Quantitative Easing

  • Fed has grown its balance sheet from $1 trillion to $3.5 trillion

Student Managed Fund

Economic Outlook

Fall 2013 Presentation


Macroeconomic Outlook

2013 YTD GDP Growth rates

0.5%

0.6%

1.6%

1.6%

2.1%

3.3%

4.3%

7.8%

4.1%

Student Managed Fund

Economic Outlook

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

Student Managed Fund

Interesting Holding

Fall 2013 Presentation


Interesting Holding - NVR

  • Purchased 80 shares on November 6, 2013 for $945.00 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


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

Student Managed Fund

Portfolio Approach

Fall 2013 Presentation


Equity Breakdown

Student Managed Fund

Portfolio Breakdown

Fall 2013 Presentation


Portfolio Breakdown

Student Managed Fund

Portfolio Breakdown

Fall 2013 Presentation


Portfolio Performance

  • Undergraduate SMF portfolio has underperformed the S&P 500 by 1.08% (108 BPS)

Student Managed Fund

Portfolio Performance

Fall 2013 Presentation


Portfolio Performance

Student Managed Fund

Portfolio Performance

Fall 2013 Presentation


Individual Stock Performance

Student Managed Fund

Portfolio Performance

Fall 2013 Presentation


Risk Management

  • 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

Student Managed Fund

Risk Management

Fall 2013 Presentation


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


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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