mcintire investment institute at the university of virginia
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McIntire Investment Institute At the University of Virginia. Introduction to MII Fall 2009. Prepared by MII Managers | 27 August 2009. Agenda. Introductions MII overview Portfolio & Semi-Annual Report Opportunities for Involvement MII Code of Conduct Website and Collab. Introductions. - PowerPoint PPT PresentationTRANSCRIPT
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McIntire Investment InstituteAt the University of Virginia
Introduction to MIIFall 2009
Prepared by MII Managers | 27 August 2009
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Agenda
• Introductions• MII overview• Portfolio & Semi-Annual Report• Opportunities for Involvement
– MII Code of Conduct• Website and Collab
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Introductions
• Faculty advisor: Professor DeMong• Long-fund managers (year):
– President: Rahul Gorawara (4th)– Vice President: Paul Chen (4th)– Chief Financial Officer: James Rogers
(3rd)– Chief Information Officer: Manuj Jindal
(4th)– Chief Marketing Officer: Mike Nugent
(4th)
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Introductions
• Short fund managers (year):– Adam Wangner(4th)– Hunter Armistead(4th)– Robel Chiappini (4th)– Pete Peterson (4th)– Ryan Comisky(3rd)
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MII Overview
• An entirely student-run long/short equity portfolio
• AUM today is $420,000+• Positions researched and presented by
students• Participate in competitions and
conferences
• Goals:– Achieve real capital appreciation through a
variant perception of the market– Provide education in equity analysis and
portfolio management
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MII History
• Founded by John Griffin (McIntire ’85, President of Blue Ridge Capital)
• Received $100,000 in October 1994• Received additional $200,000 in
2000• Three Donations since Inception
($150,000)– Last donation was April 2006, $75K to
sponsor room in new McIntire building on the Lawn
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MII Investment Strategy
• Long good companies and short bad companies
• Value Added Research (VAR):– Core research philosophy– Gain an edge in investment theses
through:• Being creative • Testing a company’s products or services• Contacting stakeholders (including
customers, suppliers, competitors, experts, etc.)
• Not listening to market “noise”
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2009 YTD performance
• MII YTD performance 15.3%• S&P 500 YTD performance: 13.8%• Spread: 1.4%
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Portfolio changes
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Semi-Annual Report
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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– Social events
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Code of Conduct• MII and its student members agree
to perform the activities (as described in the Charter) responsibly and consistent with University, Foundation, and McIntire School of Commerce policies and applicable law
• MII doesn’t discriminate in anyway
• See website for complete Code of Conduct
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Membership Application
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Opportunities for involvement
• Positions for involvement: – Long-fund manager– Short-fund manager– Associate– Analyst (Analyst Program)– Member
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Long-fund Managers
• Five person investment committee– Make decisions for all positions in the
portfolio– Responsible for MII meetings &
operations• Must pitch at least one long idea
each semester• Candidates are strongly encouraged
to: – Demonstrate regular involvement– Make quality investment pitches with
attention to VAR• Elections are held in early December
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Short-fund Managers
• Committee that oversees the short portfolio
• Must pitch at least one short idea each semester
• Candidates are strongly encouraged to: – Demonstrate regular involvement– Make quality investment pitches with
attention to VAR• Elections are held in April
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Associate position
• New opportunity for member involvement
• Conduct due diligence on analyst presentations and present their analysis at management team meetings
• Submit bi-weekly updates on assigned portfolio position(s)
• Must have presented at an MII meeting or submitted a memo to the management team
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Analyst Program
• All 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• Star Analyst Award• Contact Paul Chen (
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Requirements for a presentation
• Business overview• Well-developed thesis points• Competitive position in the industry• Recent news and developments• Extensive VAR• Risks• Relevant financial metrics
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Website/Collab
• Please visit our updated website:– www.uvamii.com– New interface (Collab-linked)– Archive of past research and
educational materials– Find information for MII involvement– MII Calendar– Updated Portfolio– Collab polling after presentations
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Website
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Contact
• To Join Mailing list:– See website under ‘Contact’ section
• To Apply for Membership:– See website under ‘Contact’ section
• Analyst and Associate positions:– Paul Chen ([email protected])
• General Questions:– Any of the MII managers
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Questions/Comments