university of connecticut mba smf presentation
play

University of Connecticut MBA SMF Presentation December 4th 2014 - PowerPoint PPT Presentation

May 11, 2023 •448 likes •758 views

University of Connecticut MBA SMF Presentation December 4th 2014 Jeff Makray, Lead Manager Doug Bova, Portfolio Manager Dan Bu, Treasury/Secretary Lillian Gan, Technology Manager Yiyan Wang, Bloomberg Specialist Ming Dai Regina Ma Agenda

  1. University of Connecticut MBA SMF Presentation December 4th 2014 Jeff Makray, Lead Manager Doug Bova, Portfolio Manager Dan Bu, Treasury/Secretary Lillian Gan, Technology Manager Yiyan Wang, Bloomberg Specialist Ming Dai Regina Ma

  2. Agenda Portfolio Status Investment Philosophy and Style Strategy Investment Process Process & Procedures Portfolio Analysis Risk Management Selected holdings Looking back & looking forward

  3. Portfolio Status I: 13 Stocks (000’s)

  4. Portfolio Status II: Returns • Market Return: 2.39% • Entire portfolio (w/ funds + cash): 1.93% • Invested portfolio (w/o funds or cash): 4.76%

  5. Investment Philosophy & Style • Value investing • Fundamental analysis • 3-5 year time horizon • Corporate Social Responsibility

  6. Strategy • Top-down • 25-30 stocks when fully invested • At least 4 stock pitches per manager • 8-10 sectors • Time weighting

  7. Investment Process I: Macro • Expanding US economy • Trends/Events • Weak foreign markets/strengthening US dollar, End of QE, dropping oil • State of the consumer • Consumer confidence, employment rate, disposable income • Low interest rates

  8. Investment Process II: Sector & Industry • Performance vs. S&P 500 • Commodity prices • Consumer taste • Technology changes

  9. Investment Process III: Stock Analysis • Growing, profitable, sustainable • Competitive advantage • Undervalued • Corporate Social Responsibility

  10. Process & Procedures • Training & Development • Group communication • Stock pitches

  11. Portfolio Analysis: Positions Market Cap Company Sector Industry (billion) Amgen Health Care Biotechnology 125.8 Disney Consumer Disc. Movies and Entertainment 156.9 Information DST Systems Data Processing & Outsourced Services 3.8 Technology Eaton Industrials Electrical Components & Equipment 32.2 Information Gartner IT Consulting & Other Services 7.5 Technology Magna Consumer Disc. Auto Parts & Equipment 22.4 McKesson Health Care Health Care Distributors 48.9 Information Microsoft Systems Software 394.1 Technology Parexel Health Care Life Sciences Tools & Services 3.2 Praxair Materials Industrial Gases 37.4 Prudential Financials Life & Health Insurance 38.9 Tal Education Consumer Disc. Education Services 2.4 Tarena Consumer Disc. Education Services 0.6

  12. Portfolio Analysis: Allocation Current Target S&P 500 Sector Portfolio Portfolio Weighting Weighting Weighting Health Care 26.3% Over 13.2% Information 24.8% Over 19.2% Technology Consumer Disc. 24.2% Over 11.9% Industrials 8.5% Over 10.5% Financials 8.2% Under 16.1% Materials 7.99% Market 3.5% Energy 0.00% Under 10.5% Consumer Staples 0.00% Market 9.5% Utilities 0.00% Under 3.0% Telecom 0.00% Under 2.5%

  13. Portfolio Analysis: Individual Returns SPY +/- Compared Purchase Date Equity Gain/Loss Gain/Loss to Benchmark AMGN 18.2% 11.8% 10/7/2014 6.4% DIS 2.7% -3.7% ETN 10.9% 2.9% 10/20/2014 MCK 7.8% 8.0% -0.2% PRU 3.9% -4.1% IT 10.2% 6.6% 10/28/2014 3.6% PX 1.3% -2.3% DST 2.0% 0.1% 11/3/2014 1.9% XRS 2.6% 0.8% 11/4/2014 PRXL 1.4% 2.2% -0.8% 11/10/2014 TEDU -5.6% 0.8% -6.4% MGA 0.7% 0.1% 11/17/2014 0.6% MSFT -1.4% -2.0%

  14. Portfolio Analysis: Attribution Total Allocation Selection Attribution Effect Effect Consumer -0.35 0.08 -0.43 Discretionary Consumer Staples -0.05 -0.05 0.00 Energy 0.73 0.73 0.00 Financials -0.07 0.08 -0.15 Health Care 3.08 0.45 2.63 Industrials 0.25 -0.13 0.38 Information 0.32 0.01 0.30 Technology Materials -0.25 0.07 -0.32 Telecom 0.07 0.07 0.00 Utilities -0.04 -0.04 0.00

  15. Portfolio Analysis: Timeline

  16. Portfolio Analysis: Breakdown Revenue By Market Capitalization Geography 2% 31% 46% 54% 67% US International Large Mid Small

  17. Portfolio Analysis: Holding Period Weekly Returns 10.00% 8.00% 6.00% Percent Gain/Loss 4.00% 2.00% 0.00% -2.00% -4.00% -6.00% 10/10 10/17 10/24 10/31 11/7 11/14 Portfolio -0.91% -3.64% 4.10% 7.56% 5.25% 5.01% SPY -3.04% -1.09% 4.22% 2.66% 0.83% 0.44% Week Ending

  18. Portfolio Analysis: Statistics MBA SMF Portfolio S&P 500 Mean Weekly Return 2.90% 0.67% Geometric Weekly Return 2.82% 0.64% Standard Deviation 14.51 12.39 Beta 1.014 1.00 Sharpe Ratio 1.16 0.98 Treynor Ratio 0.16 ----- Jensons Alpha 2.42% -----

  19. Risk Management • Large & Mid Cap • Diversify sector and industry • Strong Balance Sheets • Stop Loss 15%-25%

  20. Selected Holding I Amgen (AMGN) • Investment Thesis • Robust drug pipeline • Leader in the biosimiliar market • Increased efficiencies following acquisition of Onyx Pharmaceuticals • Factors Affecting Price • Activist investor Daniel Loeb suggested that the company split, resulting in a jump in price • Strong earnings and growth in third quarter results • Revenues, EPS, margins, and sales of drugs acquired through purchase of Onyx all beat projections Sector: Health Care Price (11/18/2104): $162.24 Intrinsic Value: $185.10 Industry: Biotechnology Purchase Price: $137.30 Market Cap at Intrinsic Value: $140.76B Market Cap: $125.75B 52 Week Range: $108.20 – $162.24 Unrealized Gain: 18.17%

  21. Selected Holding II Tarena International (TEDU) • Investment Thesis • A leading provider of IT professional education services in China • A stong demand for high quality training service • Advanced O2O teaching system to expand business quickly • Expanding course offering to non-IT courses • Factors affecting price • Aggressive expansion may squeeze gross margins Sector: Consumer Deesc Price (11/18/2104): $13.13 Intrinsic Value: $77.30 Industry: Education Purchase Price: $13.88 Market Cap at Intrinsic Value: $3.92B Market Cap: $638.8M 52 Week Range: $6.54 - $15.85 Unrealized Gain: -5.4%

  22. Looking back on Fall • Top down → Pitches → Portfolio Analysis • Macroeconomy • Volatility in market • Major events

  23. Looking forward to Spring • Monitor positions • Fully invest • Hit allocation targets • Emphasize domestic revenues • Incorporate class lessons • Add managers?

  24. Acknowledgements Dr. Chinmoy Ghosh Dr. Michel Rakotomavo Patrick Terrion Cengiz Searfoss Peter Larson Keith LaRose Laurel Grisamer Mark Coville Tom Marshella Investment Advisory Board UConn Foundation

  25. Q&A Thank you

  26. Portfolio Analysis: Stock/S&P 500 Comparison

  27. Portfolio Analysis: Stock/S&P 500 Comparison

  28. Portfolio Analysis: Stock/S&P 500 Comparison

  29. Portfolio Analysis: Stock/S&P 500 Comparison

Recommend

Connecticut Invasive Plants Council Update CIPWG Symposium: October 7, 2014 University of

Connecticut Invasive Plants Council Update CIPWG Symposium: October 7, 2014 University of

Connecticut Invasive Plants Council Update CIPWG Symposium: October 7, 2014 University of Connecticut, Storrs, CT Connecticut Invasive Plants Council Connecticut Federation of UConn College The Nature of Agriculture Lakes Conservancy and Natural

158 views • 11 slides
Market Research for Connecticut Retirement Security Program Presentation to Connecticut State

Market Research for Connecticut Retirement Security Program Presentation to Connecticut State

Market Research for Connecticut Retirement Security Program Presentation to Connecticut State Legislature Anek Belbase and Geoffrey Sanzenbacher Center for Retirement Research at Boston College February 2016 Background Connecticut seeks to

491 views • 22 slides
Connecticut Department of Connecticut Department of Energy and Environmental Protection Th N The

Connecticut Department of Connecticut Department of Energy and Environmental Protection Th N The

Connecticut Department of Connecticut Department of Energy and Environmental Protection Th N The New Maze of Air Regulations M f Ai R l ti for Boilers and Engines: A Map g p for Small Businesses June 19, 2013 Keith M. Hill, CT DEEP CBIAs

1.2k views • 87 slides
Suspensions and Expulsions in Connecticut Connecticut State Department of Education (CSDE) March,

Suspensions and Expulsions in Connecticut Connecticut State Department of Education (CSDE) March,

Suspensions and Expulsions in Connecticut Connecticut State Department of Education (CSDE) March, 2015 1 CONNECTICUT STATE DEPARTMENT OF EDUCATION Positive and Effective Discipline Work Group Members Bureau or Agency Name Role Charlene

841 views • 55 slides
X.B. Suspensions and Expulsions in Connecticut Connecticut State Department of Education (CSDE)

X.B. Suspensions and Expulsions in Connecticut Connecticut State Department of Education (CSDE)

X.B. Suspensions and Expulsions in Connecticut Connecticut State Department of Education (CSDE) April 2016 Submitted by the Connecticut State Department of Education in fulfillment of the requirements in Section 2(b) of Public Act 15-168 .

1.06k views • 70 slides
March 2017 CONNECTICUT STATE DEPARTMENT OF EDUCATION Twenty Six Letters" by Earl Mills

March 2017 CONNECTICUT STATE DEPARTMENT OF EDUCATION Twenty Six Letters" by Earl Mills

CONNECTICUT STATE DEPARTMENT OF EDUCATION Supporting K-3 Reading Success for All Students in Connecticut: Where Weve Been and Where Were Going Dr. Melissa K. Wlodarczyk Hickey Reading/Literacy Director March 2017 CONNECTICUT STATE

695 views • 12 slides
The Mean Value Theorem A student at the University of Connecticut happens to be travelling to

The Mean Value Theorem A student at the University of Connecticut happens to be travelling to

The Mean Value Theorem A student at the University of Connecticut happens to be travelling to Boston. He enters the Massachussetts Turnpike at the Sturbridge Village entrance at 9:15 in the morning. Since he uses Fast Lane, he never actually

312 views • 9 slides
The Mean Value Theorem A student at the University of Connecticut happens to be travelling to

The Mean Value Theorem A student at the University of Connecticut happens to be travelling to

The Mean Value Theorem A student at the University of Connecticut happens to be travelling to Boston. He enters the Massachussetts Turnpike at the Sturbridge Village entrance at 9:15 in the morning. Since he uses Fast Lane, he never actually

1.59k views • 134 slides
in Connecticut Connecticut State Department of Education (CSDE) May 2017 Submitted by the

in Connecticut Connecticut State Department of Education (CSDE) May 2017 Submitted by the

Suspensions and Expulsions in Connecticut Connecticut State Department of Education (CSDE) May 2017 Submitted by the Connecticut State Department of Education in fulfillment of the requirements in Section 2(b) of Public Act 15-168 . 1

837 views • 70 slides
Connecticut Paint Stewardship Program Connecticut Coalition for Sustainable Materials Management

Connecticut Paint Stewardship Program Connecticut Coalition for Sustainable Materials Management

Connecticut Paint Stewardship Program Connecticut Coalition for Sustainable Materials Management October 22, 2020 PaintCare Inc. Non-profit 501(c)(3) organization Established in 2009 Subsidiary of the American Coatings Association

325 views • 7 slides
Conspiracies in Chukotko-Kamchatkan Agreement Jonathan David Bobaljik University of Connecticut

Conspiracies in Chukotko-Kamchatkan Agreement Jonathan David Bobaljik University of Connecticut

Introduction Itelmen Chukchi Koryak Summary Conspiracies in Chukotko-Kamchatkan Agreement Jonathan David Bobaljik University of Connecticut MOWL 13 June 2009 Jonathan David Bobaljik University of Connecticut Conspiracies in

1.09k views • 84 slides
Connecticut Department of Energy and Environmental Protection State of Connecticut Board of

Connecticut Department of Energy and Environmental Protection State of Connecticut Board of

Connecticut Department of Energy and Environmental Protection State of Connecticut Board of Examiners of Environmental Professionals Application for Exam 101 December 6, 2018 Denise Ruzicka, PE, LEP Board Chairman Kim Maiorano, Coordinator

805 views • 43 slides
Connecticut Results First and Re-Entry Institute for Municipal and Regional Policy Central

Connecticut Results First and Re-Entry Institute for Municipal and Regional Policy Central

Connecticut Results First and Re-Entry Institute for Municipal and Regional Policy Central Connecticut State University presentation for Commission on Equity and Opportunity Housing Re-Entry After Incarceration Working Group November 7, 2018

883 views • 28 slides
connEcticut childrEnS muSEum Connecticut Childrens Museum 22 Wall Street New Haven, CT

connEcticut childrEnS muSEum Connecticut Childrens Museum 22 Wall Street New Haven, CT

connEcticut childrEnS muSEum Connecticut Childrens Museum 22 Wall Street New Haven, CT 06511 www.connecticutchildrensmuseum.org (203) 562-5437 The Form of the Museum We begin by talking about the Connecticut Childrens Museum

393 views • 24 slides
University of Connecticut Office of Technology Commercialization (OTC) Commercialization -

University of Connecticut Office of Technology Commercialization (OTC) Commercialization -

University of Connecticut Office of Technology Commercialization (OTC) Commercialization - Technology Transfer at UConn Why Commercialize? Inventor: To see invention used To obtain research support and personal reward University:

455 views • 11 slides
CO CORB RBIN IN BLO BLOCK CK DA DARIEN, CONNECTICUT RIEN, CONNECTICUT Town of Darien

CO CORB RBIN IN BLO BLOCK CK DA DARIEN, CONNECTICUT RIEN, CONNECTICUT Town of Darien

CO CORB RBIN IN BLO BLOCK CK DA DARIEN, CONNECTICUT RIEN, CONNECTICUT Town of Darien Environmental Protection Commission Prepared by: Baywater Properties Corbin Block Development Darien, Connecticut CORB CO RBIN IN BLO BLOCK CK

534 views • 19 slides
Eastern Today Located in Willimantic, CT Connecticuts Only State Eastern Connecticut

Eastern Today Located in Willimantic, CT Connecticuts Only State Eastern Connecticut

Eastern Today Located in Willimantic, CT Connecticuts Only State Eastern Connecticut State University: Supported, Liberal Arts Institution The Birth, Growth and Maturation of One of the Four Institutions in the Connecticut

235 views • 7 slides
Connecticut Club Soccer League www.ccsoccerleague.com Connecticut Club Soccer League Welcome

Connecticut Club Soccer League www.ccsoccerleague.com Connecticut Club Soccer League Welcome

Connecticut Club Soccer League www.ccsoccerleague.com Connecticut Club Soccer League Welcome & Introductions Gary Grossman President Kris DeBenedittis Executive Vice President John Curtis Technical Director Jim Wahlig

476 views • 33 slides
Connecticut Connecticut State Department of Education (CSDE) State Board of Education Meeting,

Connecticut Connecticut State Department of Education (CSDE) State Board of Education Meeting,

Suspensions and Expulsions in Connecticut Connecticut State Department of Education (CSDE) State Board of Education Meeting, June 5, 2013 1 CONNECTICUT STATE DEPARTMENT OF EDUCATION Questions What discipline data are collected by the CSDE?

779 views • 61 slides
Investing Mystic Marriott Hotel Mystic, CT in our Future Sponsors The Connecticut Housing

Investing Mystic Marriott Hotel Mystic, CT in our Future Sponsors The Connecticut Housing

CONNECTICUT HOUSING COALITION PRESORTED 30 Jordan Lane, Wethersfield, CT 06109 FIRST-CLASS MAIL U.S. POSTAGE Address Service Requested PAID BRISTOL, CT PERMIT NO. 3 the annual conference of the connecticut housing coalition The cant

305 views • 4 slides
Health Care Alert March 2008 CONNECTICUT CHIROPRACTIC TRADE ASSOCIATIONS AND CONNECTICUT

Health Care Alert March 2008 CONNECTICUT CHIROPRACTIC TRADE ASSOCIATIONS AND CONNECTICUT

264 views • 3 slides
Assessment of the Effects of the Living Your Values Workshop THE UNIVERSITY OF CONNECTICUT

Assessment of the Effects of the Living Your Values Workshop THE UNIVERSITY OF CONNECTICUT

Assessment of the Effects of the Living Your Values Workshop THE UNIVERSITY OF CONNECTICUT - DEPARTMENT OF STUDENT AFFAIRS DANNY ARROYO, ALEX CARRIER, STEPHANIE FLEITAS, JODY MIELE, BRYCEN WATERS Presentation Agenda Introduction

669 views • 66 slides
Connecticut Medical Assistance Program Enrollment Workshop for Connecticut Home Care (CHC)

Connecticut Medical Assistance Program Enrollment Workshop for Connecticut Home Care (CHC)

Connecticut Medical Assistance Program Enrollment Workshop for Connecticut Home Care (CHC) Service Providers Presented by The Department of Social Services & HP Enterprise Services 1 Training Topics Program Enrollment Background (

653 views • 38 slides
Connecticut Medicaid and Pharmacy A Presentation to the Connecticut Healthcare Cabinet February 14,

Connecticut Medicaid and Pharmacy A Presentation to the Connecticut Healthcare Cabinet February 14,

Connecticut Medicaid and Pharmacy A Presentation to the Connecticut Healthcare Cabinet February 14, 2017 2/14/2017 Department of Social Services 1 Medicaid and Pharmacy Reflections on past recommendations to the Health Care Cabinet The

977 views • 56 slides

More recommend