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The Archway Investment Fund Semi Annual Report, Spring 2014 Bryant University, Archway Investment Fund

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The Archway Investment Fund Semi Annual Report, Spring 2014 Bryant University, Archway Investment Fund Bryant University DigitalCommons@Bryant University Archway Investment Fund Archway Investment Fund Spring 2014 The Archway Investment Fund Semi Annual Report, Spring 2014 Bryant University, Archway Investment Fund Follow this and additional works at: http://digitalcommons.bryant.edu/archway_investment Part of the Finance and Financial Management Commons Recommended Citation Bryant University, Archway Investment Fund, "The Archway Investment Fund Semi Annual Report, Spring 2014" (2014). Archway Investment Fund. Paper 21. http://digitalcommons.bryant.edu/archway_investment/21 This Report is brought to you for free and open access by the Archway Investment Fund at DigitalCommons@Bryant University. It has been accepted for inclusion in Archway Investment Fund by an authorized administrator of DigitalCommons@Bryant University. For more information, please contact [email protected]. The Archway Investment Fund Semi-Annual Report • spring 2014 Design: Gilbert Design MESSAGE FROM PRESIDENT AND MRS. MACHTLEY The archway investment fund was established to provide Bryant University students the experience and competitive advantage of making real world investment decisions—exactly like investment managers around the world. Based on this idea, the faculty, led by Professor David Louton, have developed a sophisticated pedagogy and set of investment protocols to create a world-class course on investment strategy. The University provided an initial fund and annual augmentations to provide students the real-world experi- ence of investing in financial markets. By applying the discipline of sector analysis and benchmark comparison, the students come to appreciate how theory and practice come together in real-time and in real-life. Managed by a student-led executive committee, the security analysis for the Fund, which is incorporated into a three credit course (Finance 450), provides a unique and powerful academic experience. In the follow up course, Finance 454, student portfolio managers begin to develop the perspec- tive of seasoned professionals by the time the semester is complete. Through exposure to best-of-class investment practices in the financial world, Bryant students gain a real competitive advantage in the market place and establish the foundation for leadership throughout their careers. The Fund currently totals approximately $865,000. The Fund also hosts an annual conference, the Financial Services Forum, where regionally and nationally respected financial experts share their views on the developing financial world. It gives us great pride to watch our distinguished faculty and students actively contribute to this important field of knowledge. We are very proud of the students and faculty who have made the Archway Fund such a successful model blending academic theory and real-world experience. Well done and congratulations. Ron and Kati Machtley TABLE OF CONTENTS Investment Advisory Board ........................ 2 Energy, Materials, Utilities..................... 14 Thoughts from the Professors ...................... 2 Financials ................................. 16 Letter from Executive Committee ................... 4 Healthcare ................................ 18 Investment Objective............................. 5 Industrials................................. 20 Portfolio Managers .............................. 6 Technology................................ 22 Securities Analysts ............................... 7 Summary of Sector Performance ................... 24 Macroeconomic Overview......................... 8 Statement of Operations ......................... 25 Portfolio Performance ........................... 10 Administrative Committees ....................... 26 Current Archway Holdings........................ 11 G.A.M.E. Forum ............................... 29 Sector Overviews............................... 12 Financial Services Forum ......................... 30 Consumer Staples and Discretionary............. 12 Speakers and Special Guests ...................... 32 THOUGHTS FROM THE PROFESSORS Peter R. Phillips Securities Analysis I’ve had the pleasure and honor to be involved with the Archway Investment Fund in some capacity since near its beginning— from guest speaker, mentor, board member, and now as instructor for Finance 450-Securities Analysis. Being an instructor is by far the most challenging role I have played, but also the most rewarding. Peter R. Phillips, CFA The Challenge I have the time equivalent of about one work week to teach Finance 450 students all they need to know about how to research, The Reward analyze, and develop an investment opinion on a company and its At the start of the semester in the front of the classroom I look stock. In the ‘real world’ developing this skill set can take months out at twenty-eight Finance 450 students and wonder to myself or even years—and that is following a formal finance education. how this will turn out. It typically starts out a little slow—some As a result, I have no other option than to put forward an blank stares and me wondering whether my lesson was well aggressive syllabus and semester timeline. We start the semester received—but as I read the students’ first research assignment with industry analysis, move quickly towards individual securi- and certainly by the end of the semester, I am always pleasantly ties analysis, and finish with student stock pitch presentations. surprised by the students’ quality of work and development into We spend quite a bit of time developing both the quantitative analysts. However, maybe it should not come as a ‘surprise’. and qualitative skills needed in the analysis process—and we After all, not every student gets the opportunity to participate in also work on how to think like an analyst and have confidence in the Archway Fund. Archway students distinguished themselves expressing investment opinions. prior to enrolling in Finance 450—and continue on to do so in Finance 454 and beyond Bryant. INVESTMENT ADVISORY BOARD Rodney Baillargeon ’76 Jonathan Burke ’03 J. Steven Cowen ’69 Andrew Goldberg ’03 Senior Vice President, Investment Officer Owner and Principal Vice President Portfolio Manager Amica Cowen & Associates J.P. Morgan Bank of America Asset Management Todd Carey ’00 mba Joseph Fazzino Henry Becker ’94 Vice President Senior Manager, Kristen Goldberg ’05 Managing Director J.P. Morgan Private Bank Pension Investments M.A. Candidate in Education Goldman Sachs United Technologies University of London, U.K. Robert Covino ’92 Nicholas Bohnsack ’00 Senior VP of Michael Fisher ’67 Frank Guest ’06 Operating Partner and Product Development Chairman, Board of Senior Financial Analyst Investment Strategist SSARIS Advisors Trustees Hartford Investment Strategas Research Bryant University Management Company Partners, LLC 2 David Louton Portfolio Management After two years away from the Archway Investment Fund, it has been a pleasure and a privilege to work with this semester’s ambitious and talented student portfolio managers. Since the start of the year, we have faced a number of challenges, beginning with the impact of the weather on both class time and corporate profits. However, along the way we have had David Louton, Ph.D. Peter R. Phillips, CFA some very special opportunities. In mid-March, a delegation of 16 students from the combined Archway Investment Fund classes attended the Global Asset Management Education (G.A.M.E.) Forum in New York City, along with students from At the end of March we held our own annual Financial Services more than 120 other universities across the globe. While in Forum. For the first time since 2005—when the Archway Invest- New York, our group was also able to spend time with some of ment Fund began—we were able to put together a panel discussion the many Bryant alumni working in the investments industry. group consisting entirely of former Archway Investment Fund This was an important bonus feature of the trip, and I know that students. This was truly a milestone event and something that I the valuable input provided by these highly committed individu- hope we will be able to repeat each year going forward. als will prove to be very helpful to the students as they move Thank you for your interest in the Archway Investment Fund. ahead with their careers. If you have questions or suggestions, please email archwayfund@ bryant.edu. Brett Lousararian Barry Morrison Peter Phillips Louis Silk ’99 Director Vice President for Vice President and NYSE Sales Trader Babson Capital Business Affairs/Treasurer Investment Officer Dermott Clancy, Inc. Bryant University Washington Trust Investors David Louton Thomas Tzitzouris ’99 Professor of Finance Jack Murphy ’84 mba Steven Rogé ’03 Director and Head Coordinator, C.V. Starr Senior Portfolio Manager Portfolio Manager of Fixed Income Research Financial Markets Center Levin Capital R.W. Rogé & Company, Inc. Strategas Research Partners Bryant University Peter Nigro Stephen Rush ’07 Erica Vaters Sarkisian Professor Ph.D. Candidate in Finance Vice President of of Financial Services University of Connecticut Advisor Compliance Bryant University Fidelity Investments 3 LETTER FROM THE EXECUTIVE COMMITTEE After inheriting a fund in an environment of shifting economic conditions, we sought to devise a winning strategy for successful performance in the spring 2014. The Securities Analysis class is set up as an open forum for investment discus- sion and relies on the contributions of its members. The Portfolio Management class has a similar structure but focuses
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