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UNIVERSITY OF CONNECTICUT Student Managed Fund. November 14, 2003 Undergraduate Portfolio. Julia Yelevich George Kruglov. Portfolio Objectives. Outperform the S&P 500 index Develop a well-diversified portfolio within a fluctuating market environment

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University of connecticut student managed fund


November 14, 2003

Undergraduate Portfolio

Julia Yelevich George Kruglov

Portfolio objectives
Portfolio Objectives

  • Outperform the S&P 500 index

  • Develop a well-diversified portfolio within a fluctuating market environment

  • Select holdings with low-medium risk

  • Invest in companies with 15% required rate of return


  • Employing a systematic approach that consists of both quantitative and qualitative elements in order to identify companies that possess an above average return potential.

Asset allocation
Asset Allocation

  • 100% Domestic Equities

  • Diversified portfolio

  • Starting fund sum: $200,577

  • Holdings with Low-Medium Risk

Procedures for allocation
Procedures for Allocation

  • Selection of companies based on potential growth and stability

  • Consolidated research efforts

  • Screening of equities based on future growth, qualitative and quantitative analysis within required constraints

Investment process a disciplined approach


Investment Process: A Disciplined Approach

Company Selection

Quantitative Analysis

Qualitative Analysis


Portfolio MonitoringRe-optimization

Stop Loss/Review Analysis

Equity selection criteria
Equity Selection Criteria

  • Perform an intensive, inferential analysis of the historical and current information contained in disclosed financial statements

    • Footnotes, shareholder reports, other filings

  • Financial Strength

    • Companies who generate excess cash

  • Probability of future projections

  • Accounting Practices

    • Scrutinize accounting and reporting practices

Equity analysis

Begin analysis:

Company’s Past

Historical data

Past performance

Future Assumptions

CF/Earnings Projections

Growth Rate

External forces

Market Trend

Downside Risk

Worst case scenarios


Financial Statements


Cash Flows

Sales/fixed asset ratio


Required rate of return

Intrinsic value




ROI, ROE, Operating Profit Margin

Equity Analysis

Continue analysis

Annual Reports:

Financial Statements

Debt, Capital, CF

Accounting Practices

“front end”

“purchase accounting”

Unjust optimism

Reversal of reserves to meet earning targets

Different reporting methods


Board of directors

Insider Trading

SEC Filings

Sarbanes Oxley



Continue Analysis

Financial models
Financial Models

  • Value-line Model

    • Estimate of FV of equity in 10 years, discounted using our required rate of return to find buyprice

  • Discounted Cash Flow Model

    • Growth is analyzed to determine today’s stock price based on projected Cash Flows


  • Earnings Yield Model

    • Measures yield power with earnings’ growth

  • P/E Model

    • Measures the value of the stock price as determined by the market

Monitor and review
Monitor and Review

  • Review

    • 20%

  • Stop loss

    • 15% -25%

  • Earning Announcements

  • Headline News

  • Market factors

  • Daily portfolio Performance

Portfolio statistics
Portfolio Statistics

Total Purchase: $99,471.25

Net Change: +$4,688.00

Percentage Change: +4.71%

Portfolio optimization
Portfolio Optimization

  • Earnings Reports

  • Industry Changes

  • Economic Reports

  • Major Company News

  • Continuously seek out new investments for changing market conditions

  • Eliminate Emotion and Speculation


  • Stock Selection and Market Conditions

  • Stability and Confidence

  • Surpass the S & P 500

Thank you
Thank You

  • The Foundation

  • The Advisory Board

  • Faculty

    • Patrick Terrion, Professor Ghosh, Steering Committee, Advisory Board