Introduction to the Wharton Investment Management Fund ( WIMF ) George Schultz Head Fund Fellow

Transcription

1 Introduction to the Wharton Investment Management Fund ( WIMF ) George Schultz Head Fund Fellow schultzg@wharton.upenn.edu

2 What is the WIMF? Founded in 1994 Student-run equity fund Manage money on behalf of Endowment & WGA Value-oriented, fundamental approach to investing Long-only; Equity-only; US (or ADR) only AUM of c. $1 million Actively managed by 12 Fund Fellows The best way for Wharton MBAs to get involved in investment management

3 Goals of the WIMF Outperform our benchmark Have achieved in 10 of past 16 years Compounded annual return of 11.7% vs. 6.5% for S&P 500 Provide mentorship to students pitching to the club Provide recruiters with exceptionally qualified candidates Work with the IM club to strengthen the overall experience at Wharton Establish a valuable network among students and alumni

4 WIMF Performance WIMF Returns Year WIMF S&P 500 Relative % 28.9% (14.1%) % 17.3% 8.1% % 45.5% 8.2% % 19.5% (23.9%) % -10.1% 34.6% % -13.0% 26.8% % -23.4% 17.9% % 26.4% 6.8% % 9.0% 12.7% % 3.5% (4.3%) % 13.6% 6.7% % 4.2% (12.0%) % -37.0% (4.3%) % 23.3% 18.2% % 15.1% 11.4% % 2.1% (0.2%) 2012 YTD (1) 14.1% 16.6% (2.5%) Compounded Annual Gain: % 6.5% 5.2% Overall Gain: % 282.8% (1) YTD through 9/14/12

5 Current Portfolio Name Ticker Position % Total Analyst Cash $73, % S&P500 SPY 478, % CBS CBS 74, % Doug Holm Visa V 68, % Neal Dignum Qualcomm QCOM 67, % John Jessup Owens Corning OC 65, % Dan Chen Western Union WU 58, % Doug Holm Rock-Tenn RKT 55, % Amir Fardshisheh Sensata ST 52, % Andy Berman Time Warner Cable TWC 38, % Brad Murray Sinclair Broadcast SBGI 33, % Steve Schembri XRS Corp (fka Xata) XATA 32, % Steve Schembri Gray Television GTN 30, % Doug Holm BorgWarner BWA 29, % Andy Berman Metropolitan Health Networks MDF 26, % Amir Fardshisheh ChinaCast CAST 4, % Sara M. / George S. Total 1,190, %

6 Fund Structure Semi-concentrated portfolio Currently hold 14 individual name stocks Diversified by industries and sub-sectors Value-focused with medium/long-term holdings Goal: exceed returns of S&P 500 Success of the WIMF based on contributions of IM Club and Fund Fellows Three ways to get involved: Equity Research Analyst Assistant Fund Fellow Fund Fellow

7 Become an Equity Research Analyst Present an idea to the WIMF during a weekly meeting Requirements will be discussed by Amir Work with a mentor for 1 week prior to the pitch Can put Equity Research Analyst for Wharton Investment Management Fund on your resume To schedule a pitch, sign up on WebCafe

8 Become an Assistant Fund Fellow Details: Sit in on all Fund Fellow meetings Work closely with Fund Fellows on managing the portfolio; perform research and recommend new investment ideas Expect to contribute 15 hours per week Why? Applied role ideal for those passionate about investing and serious about a career in investment management Opportunity to work closely with a like-minded group Participate in Fund Fellow treks; meet successful alumni Better chance to become a Fund Fellow

9 Become an Assistant Fund Fellow Application Requirements: Submit a 1-2 page long or short stock pitch, including any relevant qualitative and quantitative information Submit a statement of interest explaining why you are qualified and expressing your interest in investing Expect to complete an informal interview and stock pitch presentation Apply by September 28th to wimfaff13@gmail.com

10 Become a Fund Fellow Toward the end of each semester, the 2 nd year Fund Fellows will elect up to 6 new Fund Fellows Traits of those who get elected: Participation in weekly IM club meetings Passion for investing Ability to generate high quality investment ideas Primary path to becoming a Fund Fellow serving as an Assistant Fund Fellow Further questions? me

11 Current Fund Fellows George Schultz Steve Schembri Amir Fardshisheh Doug Holm John Jessup Andrew Berman Head Fellow Director of Research Director of Research Alumni Relations Head Trader Director of IT Armistice Capital Glade Brook Capital Fidelity T. Rowe Price MFS Seneca Capital Sara McLinden Daniel Chen Neal Dignum Brad Murray Andrea Tulcin Sam Tisch Social Chair Fund Fellow Fund Fellow Fund Fellow Fund Fellow Fund Fellow Viking Global Franklin Templeton JAT Capital Orbis Clear Bridge Advisors D.E. Shaw