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UVa McIntire Investment Institute 2008 Recap: Performance Review & Goals

A detailed recap of the McIntire Investment Institute's performance in 2008, including winners and losers, portfolio changes, lessons learned, and goals for 2009. Opportunities for involvement and key takeaways are discussed. Visit www.uvamii.com for more information.

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UVa McIntire Investment Institute 2008 Recap: Performance Review & Goals

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  1. McIntire Investment Institute At the University of Virginia 2008 Recap Prepared by MII Managers | 27 January 2009

  2. Agenda • Performance review • Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  3. Agenda • Performance review • Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  4. 2008 performance MII performance 2007: -31.5% or (-$172,279) MII benchmark: S&P 500: -38.5% Spread: 7.0%

  5. 2008 Winners and Losers • “Winners”: • Exxon Mobil: (14.8%) • Monsanto: (16.9%) • Covanta: (20.6%) • Losers: • American Express: (46.5%) • Johnson Controls: (49.6%) • Intuitive Surgical Robots: (60.7%)

  6. Portfolio changes • Closed: • Exxon Mobil: 85.6% • Nike: 16.5% • Express Scripts: 234.6% • Deere & Co: (36.7%) • Johnson Controls: 42.9%

  7. Portfolio changes • Opened: • Long: Textron • Long: Google • Long: Hemisphere GPS • Short: Herbalife • Short: Corinthian Colleges

  8. Agenda • Performance review • Very Expensive Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  9. Set price targets • Intuitive Surgical Robots • Johnson Controls • Lesson – take profits

  10. Intuitive Surgical Robots

  11. Johnson Controls

  12. Understand Risks – currency, inputs, etc. • Sadia • Lesson – always consider downside

  13. He who picks bottom has stinky finger • American Express • Coach • Lesson – Ease into positions in volatile market

  14. American Express

  15. Coach

  16. Entry Points • Mistake: Deere & Co. • Well-Played: Monsanto • Lesson – use watchlist, be patient

  17. Mistake: Deere & Co.

  18. Well-Played: Monsanto

  19. Short! • No short positions over summer • One short position held through fall semester • Lesson – long/short fund need to have short positions

  20. Agenda • Performance review • Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  21. Goals for 2008 • Improved transparency between managers and members • Polling on website • Timely decisions • Enhance educational value • Financial news in Cavalier Daily • Sector Head presentations • Standardized Sector Head memos • Open for suggestions as always

  22. Goals for 2009 • Improved watchlist • Enhance educational value • Discussion of pitches during meetings • Improve transparency • Explanation of management decisions • Issue Semester Reports • Continue successful efforts • Open to suggestions

  23. Agenda • Performance review • Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  24. Opportunities for involvement • Benefits of MII involvement: • Gain real-world investing education and experience • Platform for future management position • Improve presentation skills • Useful for interviewing

  25. Opportunities for involvement • Positions for involvement: • Long-fund manager • Short-fund manager • Sector heads • Analyst (Analyst Program) • Member

  26. Long-fund positions • Five person investment committee • Make decisions for all positions in the portfolio • Candidates are strongly encouraged to: • Demonstrate regular involvement • Make quality investment pitches with attention to VAR • Election • Investment memo and brief presentation • Dinner with managers

  27. Short-fund positions • Committee that oversees the short portfolio • Responsible for presenting attractive shorts • Exposure to advanced investing techniques • Candidates are strongly encouraged to: • Demonstrate regular involvement • Make quality investment pitches with attention to VAR • Elections are held in April

  28. Sector Head position • Members select one of nine sectors to cover • Helps managers oversee portfolio and gain insight into a specific sector • Bi-weekly updates for managers • Overview of current holdings and potential investments • Brief overview presentations at meetings • Contact Pete Cobos (pjc9f)

  29. Analysts • Analyst • One company presentation • Team presentations are acceptable • Senior Analyst • Two company presentations

  30. Analyst Program • Analysts will be paired with a manager: • Assist with idea generation • Offer guidance for research • Provide direction for VAR • Explain the PowerPoint presentation process • Check the presentation for requirements • Contact Pete Cobos (pjc9f)

  31. Requirements for a presentation • Business overview • Well-developed thesis points • Management overview • Investment fundamental • Competitive position in the industry • Recent news and developments • Extensive VAR • Risks • Relevant financial metrics

  32. Agenda • Performance review • Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  33. Website/Collab • Please visit our website and new Collab: • www.uvamii.com • Collab polling after presentations • Collab discussion forum • Post presentations and sector head reports • Access research and educational material • Improved transparency through timely announcements/constant updates

  34. Questions/Comments

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