2019 - 2021 FMA Magazine

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2019-2020 PERFORMANCE SUMMARY Performance Comparison Quarterly Equity Return Alpha: October 2017 – December 2019 ASIF Equity vs. S&P Cumulative Return: October 2017 – December 2019 Standard Deviation of ASIF Portfolio vs. S&P: October 2017 – December 2019 64 FMA 2019-2021 MAGAZINE
2019 Investment Reasoning 2019-2020 PERFORMANCE SUMMARY We entered FY 2019 with a portfolio value of $275,997 and a total return of -1.1% following the market downturn in December 2018. This correction eliminated all of the capital appreciation generated since our inception in October 2017 and a minor portion of our initial capital. The Fund viewed this as a result of the bond market signaling down, inversion of the yield curve, and trade war tensions, but we felt these effects could be short-term and elected to maintain our holdings. As the market rebounded in the beginning of 2019, our portfolio reached a new peak in value of $320,489 as of April 30, 2019, concluding the academic year with strong growth (+14%). In June 2019, our Exec elected to form a position in intermediate-term bonds and maintain larger cash and short-term bond positions. We sought stability in the summer months as the fund recessed but also anticipated the nearing end of the market cycle and desired a more conservative positioning. This lessened our risk and volatility in comparison to the S&P (see bottom graph on page 8). We maintained this investment philosophy through FY 2019 and the beginning of 2020 and, as a result, were well positioned for March 2020’s market crash and to execute our main objective: capital preservation. In the fall of 2019, the Fund’s leadership made the decision to spend the majority of the year revaluing our current portfolio to a standardized template, making BUY, SELL, and HOLD decisions accordingly, and establishing better methods of portfolio management and monitoring. When we began the process of revaluing, the Fund intended to establish a solid thesis on each of our holdings and to use the cash generated from sell-offs to purchase new equities that better fit our investment principles. With this in mind, we will spend the spring of 2020 completing this process and seek to purchase 3 - 5 new stocks, establishing a strong portfolio of 20 - 25 single equities as the Fund transitions into the new academic year. We concluded FY 2019 with a total return of 27.9%, portfolio value of $343,303, overall beta of .73, and total alpha of 1.9%. 2019 INVESTMENT DECISIONS February: March: June: • Purchased Tyson Foods • Trimmed Position in Tall Grass Energy • Purchased Supernus Pharmaceuticals • Increased Position in PayPal • Increased Position in Short-Term Bonds • Purchased AT&T Inc. • Sold Financial Sector ETF • Purchased Bank of America • Sold Emerging Markets ETF • Purchased Intermediate-Term Bonds • Trimmed Position in Gilead December: • Sold Schlumberger • Sold Cerner • Sold Tall Grass Energy STRONG IN TECH & CONSUMER, WEAK IN HEALTHCARE & ENERGY Top Performers: 1. Amazon +86.9% 2. Tyson Foods +47.8% 3. Estee Lauder +45.5% 4. Alphabet +33.4% 5. Medical Properties Trust +28.6% Bottom Performers: 1. Schlumberger -43.6% (Realized Loss) 2. Supernus Pharmaceuticals -42.5% 3. Constellation Brands -13.0% 4. Gilead -12.8% 5. Tall Grass Energy -1.09% (Realized Loss) FMA 2019-2021 MAGAZINE 65
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2019-2021 FMA 2019-2021 MAGAZINE 1
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FINANCIAL MANAGEMENT ASSOCIATION
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FROM THE IFLP DESK MESSAGE FROM THE
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MESSAGE FROM THE PRESIDENT PRESIDEN
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We are involved ambassadors that co
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Corporate Headquarter Visits Bank o
Page 13 and 14: FMA RESOURCES ASIF hosts members of
Page 15 and 16: FMA RESOURCES OVERVIEW Since its in
Page 17 and 18: Work Hard... FMA Big Event voluntee
Page 19 and 20: FMA 2019-2021 MAGAZINE 19
Page 21 and 22: A LOOK AT OUR STUDENTS NADINE MOUSA
Page 23 and 24: A LOOK AT OUR STUDENTS KATIE LEONE
Page 25 and 26: A LOOK AT OUR STUDENTS Auburn was r
Page 27 and 28: A LOOK AT OUR STUDENTS HANNAH VINES
Page 29 and 30: EXPANDED PROGRAMMING FMA 2019-2021
Page 31 and 32: EXPANDED PROGRAMMING FMA 2019-2021
Page 33 and 34: Leadership Program PARTICIPATIONS F
Page 35 and 36: Leadership Program Highlight Tracy
Page 37 and 38: FMA students represented FMA in fiv
Page 39 and 40: CASE COMPETITIONS the United Kingdo
Page 41 and 42: INTEGRATED EARNINGS For the fourth
Page 43 and 44: AWARDS & SCHOLARSHIPS FMA PRESIDENT
Page 45 and 46: AWARDS & SCHOLARSHIPS Emily Mills,
Page 47 and 48: RECOGNIZED RESEARCH ALBERT WANG The
Page 49 and 50: EXECUTIVE RECOGNITION In 2019, Chri
Page 51 and 52: Through collaboration, support, and
Page 53 and 54: was Auburn FMA’s first corporate
Page 55 and 56: The Spiwak Family hosted the FMA gr
Page 57 and 58: 2020 FULL TIME AND INTERNSHIPS Amer
Page 59 and 60: LAUREN SPIWAK HARVARD LAW SCHOOL Ev
Page 61 and 62: PERFORMANCE SUMMARY Our 2021 Invest
Page 63: Letter from ASIF 2019-2020 CIO, JEN
Page 67 and 68: PORTFOLIO HOLDINGS As of December 3
Page 69 and 70: 2020 PERFORMANCE SUMMARY 2020 Perfo
Page 71 and 72: 2020 Investment Rationale 2020 Inve
Page 73 and 74: while sector updates model and Fund
Page 75 and 76: ALUMNI UPDATES Angel Snider ’20 m
Page 77 and 78: Bailey Sullivan ‘19 joined The Ca
Page 79 and 80: 5 YEARS OF RETURNS We want to thank
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