university of connecticut student managed fund december 3rd, 2004 undergraduate portfolio timur...
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UNIVERSITY OF UNIVERSITY OF CONNECTICUT Student CONNECTICUT Student
Managed FundManaged FundDecember 3rd, 2004December 3rd, 2004
Undergraduate PortfolioUndergraduate PortfolioTimur
BrazilerJason Bliss Paul
DobryninGigi Gopalan Daniel Hey Ryan
MacNeilAdam
PoussardNick Prastos
Tanicka Ward
Trevor Russo
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Mission
• To employ a systematic approach that consists of both quantitative and qualitative elements in order to identify companies to invest in
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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 greater than 10% required rate of return over a 5-10 yr. period
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Current Status
• Starting funds = $382,960 (9/1/04)
• Current balance= $409,124.79 (12/2/04)
• Return to date: 6.83%
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S&P 500 vs. SMF
6.73% 6.83%
0123456789
10
S&P SMF
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Equity Allocation
LOW $22,132.00
6%
KCP$25,682.40
6%
KO $19,655.00
5%
AMGN $18,012.00
5%
MSFT $19,169.15
5%
VIA $26,677.50
7%
WMT $18,221.00
5%
CASH $31,410.10
7%
VFINX $217,083.22
54%
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Portfolio StatisticsTicker Date Quantity
Purchase Price
12/02 Close Change
Total Change
Current Value
KO 9/24 500 39.86 40.40 1.4 270.00 20,200.00
KCP 11/18 870 28.68 31.19* 8.8 2,183.70 27,135.30
AMGN 11/10 300 59.50 62.98 5.8 1044.00 18,894.00
LOW 11/01 400 56.50 57.72 2.2 488.00 23,088.00
VIA 10/04 750 35.80 37.03 3.4 922.5 27,772.50
MSFT 11/01 715 28.16 30.26* 7.5 1501.5 21,635.90
WMT 11/08 350 56.58 53.18 -6.0 -1190 18,613.00
VFINX 9/08 - 103.48 110.43 6.74 - 220,375.99
Cash - - - - - - 31,410.10
409,124.79*Include dividend yields to be realized.
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Portfolio Gains/LossesPercent Return
AMGN5.80%
KCP8.80%
KO1.4%
LOW2.20%
MSFT7.75%
VIA3.40%
WMT-6.00%
VFINX6.74%
.
Gai
ns/L
oss
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Procedures for Allocation
• Small team research efforts
• Selection of companies based on
potential growth and stability
• Screening of equities based on
qualitative and quantitative analysis
within the required objectives
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Quantitave Analysis
Monitor Portfolio
Investment Process: A Disciplined Bottom-Up Approach
Portfolio
Qualitative Analysis
Consensus
Company Analysis
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Equity Selection Criteria
• Perform a historical and current analysis of information disclosed in financial statements and analyst reports
• Financial Strength– Companies who generate excess cash– Companies who are repurchasing stock– Companies that operate with low debt
• Accounting Practices– Scrutinize accounting and reporting practices
• Probability of future projections
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EquityAnalysis
HistoricalInformation
Annual Reports
FutureProjections
FinancialStatements
Competition
EfficiencyRatio
AnalysisValue Analysis
Equity Analysis
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Management• Management objectives• Board of directors
– Invested interest
• Management• Capital Allocation Strategy
– Low debt
• Insider Trading• SEC Filings
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Financial Models• Value-line Model
– Estimate of FV of equity in 10 years, discounted using our required rate of return to find buy price
• 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
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Monitor and Review
• Review– -10% , + 10%
• Stop loss– -15%
• Earning Announcements• Headline News• Market factors
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0
5
10
15
20
25S&PSMF
Industry allocation
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Looking Forward
• Diversify portfolio holdings
• Currently evaluating:– Nestle– Wrigley– Diageo– American Financial Realty
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Conclusion
• Stock Selection and Market Conditions
• Stability and confidence gained through extensive research and analysis
• Surpass the S & P 500
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Thank You
• The Steering Committee
• The Foundation
• The Advisory Board
• Faculty – Patrick Terrion– Chinmoy Ghosh
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QUESTIONS? &
COMMENTS?