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McIntire Investment Institute At the University of Virginia

McIntire Investment Institute At the University of Virginia. 2008 Recap. Prepared by MII Managers | 27 January 2009. Agenda. Performance review Lessons Learned Goals for 2009 Opportunities for involvement Website/ Collab. Agenda. Performance review Lessons Learned Goals for 2009

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McIntire Investment Institute At the University of Virginia

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  1. McIntire Investment Institute At the University of Virginia 2008 Recap Prepared by MII Managers | 27 January 2009

  2. Agenda • Performance review • Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  3. Agenda • Performance review • Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  4. 2008 performance MII performance 2007: -31.5% or (-$172,279) MII benchmark: S&P 500: -38.5% Spread: 7.0%

  5. 2008 Winners and Losers • “Winners”: • Exxon Mobil: (14.8%) • Monsanto: (16.9%) • Covanta: (20.6%) • Losers: • American Express: (46.5%) • Johnson Controls: (49.6%) • Intuitive Surgical Robots: (60.7%)

  6. Portfolio changes • Closed: • Exxon Mobil: 85.6% • Nike: 16.5% • Express Scripts: 234.6% • Deere & Co: (36.7%) • Johnson Controls: 42.9%

  7. Portfolio changes • Opened: • Long: Textron • Long: Google • Long: Hemisphere GPS • Short: Herbalife • Short: Corinthian Colleges

  8. Agenda • Performance review • Very Expensive Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  9. Set price targets • Intuitive Surgical Robots • Johnson Controls • Lesson – take profits

  10. Intuitive Surgical Robots

  11. Johnson Controls

  12. Understand Risks – currency, inputs, etc. • Sadia • Lesson – always consider downside

  13. He who picks bottom has stinky finger • American Express • Coach • Lesson – Ease into positions in volatile market

  14. American Express

  15. Coach

  16. Entry Points • Mistake: Deere & Co. • Well-Played: Monsanto • Lesson – use watchlist, be patient

  17. Mistake: Deere & Co.

  18. Well-Played: Monsanto

  19. Short! • No short positions over summer • One short position held through fall semester • Lesson – long/short fund need to have short positions

  20. Agenda • Performance review • Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  21. Goals for 2008 • Improved transparency between managers and members • Polling on website • Timely decisions • Enhance educational value • Financial news in Cavalier Daily • Sector Head presentations • Standardized Sector Head memos • Open for suggestions as always

  22. Goals for 2009 • Improved watchlist • Enhance educational value • Discussion of pitches during meetings • Improve transparency • Explanation of management decisions • Issue Semester Reports • Continue successful efforts • Open to suggestions

  23. Agenda • Performance review • Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  24. 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

  25. Opportunities for involvement • Positions for involvement: • Long-fund manager • Short-fund manager • Sector heads • Analyst (Analyst Program) • Member

  26. Long-fund positions • Five person investment committee • Make decisions for all positions in the portfolio • Candidates are strongly encouraged to: • Demonstrate regular involvement • Make quality investment pitches with attention to VAR • Election • Investment memo and brief presentation • Dinner with managers

  27. Short-fund positions • Committee that oversees the short portfolio • Responsible for presenting attractive shorts • Exposure to advanced investing techniques • Candidates are strongly encouraged to: • Demonstrate regular involvement • Make quality investment pitches with attention to VAR • Elections are held in April

  28. Sector Head position • Members select one of nine sectors to cover • Helps managers oversee portfolio and gain insight into a specific sector • Bi-weekly updates for managers • Overview of current holdings and potential investments • Brief overview presentations at meetings • Contact Pete Cobos (pjc9f)

  29. Analysts • Analyst • One company presentation • Team presentations are acceptable • Senior Analyst • Two company presentations

  30. Analyst Program • 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 • Contact Pete Cobos (pjc9f)

  31. Requirements for a presentation • Business overview • Well-developed thesis points • Management overview • Investment fundamental • Competitive position in the industry • Recent news and developments • Extensive VAR • Risks • Relevant financial metrics

  32. Agenda • Performance review • Lessons Learned • Goals for 2009 • Opportunities for involvement • Website/Collab

  33. Website/Collab • Please visit our website and new Collab: • www.uvamii.com • Collab polling after presentations • Collab discussion forum • Post presentations and sector head reports • Access research and educational material • Improved transparency through timely announcements/constant updates

  34. Questions/Comments

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