2019 - 2021 FMA Magazine
FMA Magazine covers events and programming for 2019 - 2021, including Auburn University Student Investment Fund performance.
FMA Magazine covers events and programming for 2019 - 2021, including Auburn University Student Investment Fund performance.
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2020 Investment Rationale<br />
2020 Investment Rationale<br />
In the fall of 2020, we sold off three securities. SUPN has been our worst performer in an<br />
oversaturated market. The company's entire business is dependent upon sales from two drugs that<br />
In the fall of 2020, treat epilepsy, we sold off both three of securities. which are SUPN overpriced has been and have STZ several is a company low-cost that substitutes. has not shown the ability to grow<br />
our worst performer in an oversaturated market. The company’s organically, as several failed acquisitions and poor capital<br />
entire business<br />
For<br />
is<br />
AT&T,<br />
dependent<br />
we found<br />
upon sales<br />
that the<br />
from<br />
original<br />
two drugs<br />
investment<br />
that<br />
thesis<br />
allocation<br />
did not<br />
has<br />
play<br />
caused<br />
out. We<br />
the<br />
believe<br />
company’s<br />
the<br />
debt<br />
company's<br />
to grow out of hand,<br />
communication segment will suffer due to better pricing plans from competitors brought upon by<br />
treat epilepsy, both of which are overpriced and have several making it a riskier position for the fund.<br />
the Sprint / T-Mobile merger, and integration of WarnerMedia has gone south with more streaming<br />
low-cost substitutes.<br />
platforms coming into play.<br />
In addition to those sells, the fund has identified high quality<br />
For AT&T, we found that the original investment thesis did not businesses in WM, MA, and ARE that are best positioned in their<br />
play out. We believe STZ is a the company company’s that communication has not shown segment the ability will to grow respective organically, industries as several to capture failed growth acquisitions in shifting macro trends<br />
and poor capital allocation has caused the company's debt to grow out of hand, making it a riskier<br />
suffer due to better pricing plans from competitors brought upon brought along by the pandemic.<br />
position for the fund.<br />
by the Sprint / T-Mobile merger, and integration of WarnerMedia<br />
has gone south In with addition more to streaming those sells, platforms the fund coming has identified into play. high quality businesses in WM, MA, and ARE that<br />
are best positioned in their respective industries to capture growth in shifting macro trends brought<br />
along by the pandemic.<br />
2020 BUYS 2020 SELLS<br />
2020 BUYS 2020 SELLS<br />
2020 PERFORMANCE SUMMARY<br />
Unrealized Return:<br />
55.66%<br />
29.22%<br />
7.50%<br />
6.81%<br />
Realized Loss:<br />
-11.5%<br />
-0.7%<br />
-22.7%<br />
-2.65%<br />
-4.46%<br />
-7.9%<br />
4.60%<br />
-47.0%<br />
-1.62%<br />
Note: Unrealized return calculated from purchase date to 12/31/2020<br />
Annual Financial Report / Page 14<br />
<strong>FMA</strong> <strong>2019</strong>-<strong>2021</strong> MAGAZINE 71
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