1 / 9

January 30 th 2013

1 st General Meeting Spring 2013. January 30 th 2013. Long-term Goals. Education. To offer an educational, real-life opportunity for aspiring investment professionals. Discipline. To adopt policies and procedures characteristic of a professionally managed fund. Alpha.

mircea
Télécharger la présentation

January 30 th 2013

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 1st General Meeting Spring 2013 January 30th 2013

  2. Long-term Goals Education • To offer an educational, real-life opportunity for aspiring investment professionals Discipline • To adopt policies and procedures characteristic of a professionally managed fund Alpha • To create and maintain an alpha generating process that promises safety of capital and a fair return • Personal, career and fund growth Growth

  3. Annual Club Timeline Fall Semester Industry Analysis Stock Analysis Review and Preparation Summer Spring Semester Supported by: - Regression analysis - Proprietary student research - Published Street research - Peer-to-peer mentorship Supported by: - Valuation methodologies - Regression analysis - Published Street research - Peer-to-peer mentorship Supported by: - Club management - Club resources - Leadership role incentives - Prior research Maintained Coverage by Investment Management – Constant Re-evaluation

  4. Roles in the Finance & Investment Club Generalists Investment Research (IR) Investment Management (IM) • VP IM • Sector Heads (SH) • Investment Associates (IA) • President • VP Corporate Relations • VP Operations • Co-VPs IR • Senior Analysts (SA) • Junior Analysts (JA) Organizing events, communication, general meetings and speakers Over 150+ members organized by sector; researches investments Portfolio management; responsible for maintaining investment coverage Executive Board Investment Management (IM) • VP Investment Management • 7 Sector Heads & 8 Investment Associates Investment Research (IR) • 2 VPs Investment Research • 14 Senior Analysts & over 140 Junior Analysts

  5. Annual Club Timeline: Spring Semester 1 2 3 4 5 1 2 3 4 Major Events 1 3 Leadership Selection - Replacements are appointed, if needed - Study abroad, “senioritis,” job search likely reasons Wall St. Trip - Lunch with 30 senior Alumni - Corporate site visits 2 4 April March February January Fidelity 2-Minute Drill - Bring in Investment Professionals for a one-day stock pitch event Company Presentations - Alumni and faculty judges - Identifying best and worst companies IR Process 1 3 Company Drivers Comparables Valuation 5 Risks and Sensitivities 2 4 Financial Statements Discounted Cash Flow Source: ‘‘Training Student Equity Analysts and Utilizing their Recommendations in Active Portfolio Management’’ by Scott Stewart

  6. Fund Operations & Mechanics: Investment Decisions Formal Stock Pitch to Investment Management - Initial research presented by either IM or IR side - Group-led Q&A and discussion - Industry drivers & company fundamentals questioned - Usually sent for second round of research Step 1: Supported by: - Valuation methodologies - Regression analysis - Proprietary student research - Published Street research Step 2: Q&A Follow-up (after 7+ days of additional research) - Analyst(s) answer previously unanswered questions - Group-led Q&A and discussion - Investment management team decides whether to repeat Step 2 or to pass onto voting process Supported by: - Comfortable understanding of the industry and the company - No rock left unturned InvestmentVotingProcess(after IM team is satisfied) - Held after Investment Management meetings - Occurs when comfortable with fundamental research - Pros and Cons of investment discussed - Investment decision passed onto Advisor Step 3: Supported by: - Thorough discussion - Analysis of affect on sector / portfolio beta - Decision by committee Source: ‘‘Training Student Equity Analysts and Utilizing their Recommendations in Active Portfolio Management’’ by Scott Stewart

  7. Directed Study Application • The Finance Directed Study program is back • The Course is a guided and intensive version of Finance Club • Industry analysis, company valuation, trends, industry drivers, etc. • Applications are due this Friday at 6pm • Responses will be given over the weekend • Professor Segal, our faculty advisor, leads the program • RichmonKam will be the TA • The Directed Study participates in the BSAS Competition • The team consists of 5 people, who in the past have been Juniors, but exceptional Sophomores have been considered • Freshmen should also apply to get their name out there… Please submit a cover letter and resume to richmon.kam@gmail.com

  8. Fund Updates • We are building an alumni board • 4-6 advisors from the buy-side, with one from the sell-side • Provide input on fund management, what we should teach and club structure • In 3-4 weeks the Executive Board will be meeting with the Endowment to finalize the $250,000 donation • A full fund update on performance next week Two new Sector Heads • Chris Kovalik: Consumer • Knut Kirchoff: Industrials

  9. Next General Meeting; Wednesday February 6 @ 5pm in SAR 101 If you want to join a team please come up to the podium so that we can put you in touch with the senior analysts of the sector of your choice

More Related