September 30, 2019

McClain Torch Fund Period Three Report McClain Torch Fund Period Three Report

Dear Mr. and Mrs. McClain,

We would like to thank you for providing us this opportunity to enhance our academic career through this hands-on experience in value investing. Few undergraduate students have the privilege to manage a portfolio with actual money and we are extremely grateful. Throughout our time on the fund, we have learned not only about financial markets but how to collaborate as a team. None of this would have been possible without your generosity.

During our third reporting period of April 1, 2019 through September 30, 2019, the McClain Fund generated returns of 3.33%. In comparison, the Carroll, Haslam, and LaPorte funds returned 4.69%, 6.32%, and 8.07%, respectively. Meanwhile, our benchmark, the Russell 3000 Value Index, generated returns of 4.95%. With respect to the tenure period of October 1, 2018 through September 30, 2019, we generated returns of -3.5%, and our benchmark returned 3.08%.

As a team, we have strived to find stocks that are currently undervalued, with upside potential that is realizable over a 3 to 5-year investment. Over the past ten years, value investing has faced headwinds, reminding some of the late 1990’s. When the market is expensive compared to years past, successful value investing takes considerable discipline and patience. Meanwhile, since late August, value has outperformed growth and momentum investing styles. In September, a pure value factor posted its best week in 10 years. In our own portfolio. we have seen a lack of discipline lead to value traps and a lack of patience lead to missed opportunities. We have also seen success as our patience and discipline have developed during our tenure. Reflection and a focus on fundamental analysis are how we intend to continue our good decisions, learn from our mistakes, and improve the performance of our portfolio consistent with a value investing approach.

As the current tenure has come to a close, we believe this has been one the most beneficial experiences we have had at the University of Tennessee. It has provided us with real life experience that will make our transition to careers in the financial industry more successful and productive. We would like to thank you again for your support and continued generosity.

Sincerely,

Luke Coscia, Dani Faragi, Madeline Hoops. Braeden Sheppard, and Chase Truitt McClain Torch Fund Period Three Report

Account Summary

Portfolio Value as of 10-01-18 288,717.18 Contributions 0 Withdrawals 0 Realized Gains 3,111.01 Unrealized Gains (17,874.33) Interest 629.99 Dividends 4,030.46

Portfolio Value as of 09-30-19 278,614.31

Performance Summary

Period Three* Tenure

McClain Torch Fund 3.33% (3.50%) Russell 3000 Value Index 4.95% 3.08%

Other Indices

Period Three* Tenure

CPI + 7% 8.77% 8.85% S&P 500 Index 6.08% 4.25%

Risk/Return Metrics Period Three* Tenure

McClain Torch Fund Sharpe Ratio 0.342 (0.092) Treynor Ratio 0.075 (0.025)

Russell 3000 Value Index Sharpe Ratio 0.089 0.026 Treynor Ratio 0.706 0.174

*December 1, 2018 to September 30, 2019 McClain Torch Fund Period Three Report

Best Performers (Period 3) April 1, 2018 to September 30, 2019 Period 3 Contribution to Security % of Portfolio Return Return

Owens Corning 3.41% 35.25% 1.20% US Concrete Inc. 3.95% 33.46% 1.32% Smart & Final Stores Inc. 0.86% 32.19% 0.28%

Top Contributions to Return (Period 3) April 1, 2018 to September 30, 2019 Period 3 Contribution to Security % of Portfolio Return Return

US Concrete Inc. 3.95% 33.46% 1.32% Owens Corning 3.41% 35.25% 1.20% CVS Health Corp. 4.83% 18.49% 0.89%

Worst Performers (Period 3) April 1, 2018 to September 30, 2019 Period 3 Contribution to Security % of Portfolio Return Return Farmer Bros. Co. 1.35% (35.28%) (0.48%) EQM Midstream Partners 2.47% (25.50%) (0.63%) Fedex Corp. 1.81% (19.15%) (0.35%)

Bottom Contributions to Return (Period 3) April 1, 2018 to September 30, 2019 Period 3 Contribution to Security % of Portfolio Return Return National Presto Industries Inc. 4.32% (17.93%) (0.77%) Johnson Outdoors 3.61% (17.89%) (0.65%) EQM Midstream Partners 2.47% (25.50%) (0.63%) McClain Torch Fund Period Three Report

Best Performers (Tenure) April 1, 2018 to September 30, 2019 Period 3 Contribution to Security % of Portfolio Return Return

Pilgrim’s Pride Corp. 0.88% 44.04% 0.39% Lam Research Corp. 2.17% 27.41% 0.59% Visa Inc. 5.07% 25.74% 1.30%

Top Contributions to Return (Tenure) April 1, 2018 to September 30, 2019 Period 3 Contribution to Security % of Portfolio Return Return

Visa Inc. 5.07% 25.74% 1.30% US Concrete Inc. 3.60% 20.57% 0.74% The Walt Disney Company 3.76% 18.35% 0.69%

Worst Performers (Tenure) April 1, 2018 to September 30, 2019 Period 3 Contribution to Security % of Portfolio Return Return Farmer Bros. Co. 1.67% (50.95%) (0.85%) FedEx Corp. 1.98% (38.68%) (0.77%) Universal Insurance Holdings 5.90% (36.77%) (2.17%)

Bottom Contributions to Return (Tenure) April 1, 2018 to September 30, 2019 Period 3 Contribution to Security % of Portfolio Return Return Universal Insurance Holdings 5.90% (36.77%) (2.17%) National Presto Industries Inc. 4.96% (27.48%) (1.36%) EQM Midstream Partners 2.71% (31.57%) (0.86%) McClain Torch Fund Period Three Report McClain Torch Fund Period Three Report McClain Torch Fund Period Three Report McClain Torch Fund Period Three Report

Returning Managers

Luke Coscia joined the McClain Torch Fund in January of 2019. He is a Senior in the Haslam College of Business majoring in Finance with a concentration in International Business. He is a member of the Greg and Lisa Smith Global Leadership Scholars Program, Tennessee Capital Markets Society and works in the Master’s Investment Learning Center as a Senior Bloomberg Analyst. Luke has completed internships for Halliburton as a Treasury Intern, Sedgwick Claims Management as an FP&A Intern, and Mercer Consulting as a Finance Intern. After graduation Luke plans on pursuing a career in wealth management.

Dani Faragi joined the McClain Torch Fund in January of 2019. He is a senior in the Haslam College of Business, pursuing a double major in Finance and Accounting with a concentration in Business Analytics. Dani served in the Israeli Intelligence Corps, under the jurisdiction of the IDF Directorate of Military Intelligence, and was responsible for collecting and disseminating information, and forming tactical and strategic assessments. Upon graduation, he hopes to pursue a career as a Financial Analyst.

Madeline Hoops joined the McClain Torch Fund in December of 2019. She is currently a senior majoring in Finance with a collateral in Marketing at the Haslam College of Business. During the Summer of 2019, she interned at Rayburn West Financial Services in Nashville, TN as an equity research analyst. Prior to the internship, Madeline completed a study of the Spanish Language & Culture in Seville, Spain in the summer of 2018. She has also served as a columnist for the UT Daily Beacon and a member of business fraternity Delta Sigma Pi. Madeline plans to pursue a career in asset management. McClain Torch Fund Period Three Report

New Managers

Braeden Sheppard joined the McClain Torch Fund in August 2019. He is a native of Knoxville and currently a Junior pursuing a double major in Finance and Economics with a collateral in Accounting. This past summer, he completed an internship with Capital One in Richmond, Virginia working with the retail and direct bank’s fraud strategy team as a business analyst intern. He is also the treasurer of Pi Kappa Phi, Alpha Sigma chapter and a brother of Delta Sigma Pi, Alpha Zeta chapter. Braeden will be interning as a summer analyst at JPMorgan Chase in their investment bank this upcoming summer and following graduation hopes to pursue a career in investment banking.

Chase Truitt joined the McClain Torch Fund in August of 2019. He is currently a Senior majoring in Finance with a collateral in Business Analytics. He is a member of UT Investment Group and also serves as the Philanthropy Chair of his fraternity, Alpha Tau Omega. In the Summer of 2018, Chase interned at Sallie Mae Bank as an Enterprise Risk Management Intern where he rotated between the Credit Risk and Operational Risk departments. The following summer after studying abroad in London during May of 2019, he interned at Sallie Mae again as a Loss Forecasting Intern. After he graduates in May of 2020, he plans on pursuing a career as a Financial Analyst or a career in Management Consulting. The Boeing Company (BA) Purchased April 2, 2019 at $389.67

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $381.42 $401.98 $193.91B $16.01 4.53 5.37%

Description: The Boeing Company is a multinational company that manufactures, and sells airplanes, rotorcraft, rockets, satellites and missiles worldwide. Investment Thesis: 737 update as of September 30, 2019 Since the failure of the Maneuvering Characteristics Augmentation Systems, the 737 Max and its software are undergoing an unprecedented level of global regulatory oversight, testing and analysis. The Maneuvering Characteristics Augmentation Systems (MCAS) was meant to dip the nose down if the planes sensors read that the angle of attack is too high, which would cause the engines to stall. However, flaws in sensors caused the safety feature to activate incorrectly, and the planes dove down without the pilots being able to override it. Boeing and FAA have both been under investigation, and all deliveries and flights of the plane have been stopped. To solve the problem, Boeing is developing a software fix to be installed on each plane which would allow the plane to get back into the air Source: investor presentation after some weeks of safety testing. This event has caused a decline EPS from continuing operations, adjusted in short term price and earning power. However, once the fix is completed the earnings and price should return to its previous range. Boeing has over 490 Billion dollars in revenue backlog, with 19% expected to be converted through 2019. Boeing delivered a record number (806) of planes in 2018. As well, the defense sector continues to be profitable as the U.S. government continues to favor Boeing aircraft. As well, Boeing hopes to continue to develop rockets for NASA for an eventual return to the moon. We expect the software fix will resolve the issues with their Max 737 planes, and Boeing will continue to be able to generate revenues from its backlog as the leading player in the commercial Source: Investor Presentation Source: 10-K airline market. 1 and 5 Year Returns Compared to Related Indices Booking Holdings Inc. (BKNG) Purchased April 26, 2018 at $2,108.96

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $1,962.61 $2,090.18 $83.43B $102.02 22.12 13.94%

Description: Booking Holdings Inc. operates as an online travel company. Booking Holdings offers a platform that allows customers to make travel reservations with providers of travel services. Booking began as Priceline.com, but has since added companies such as Booking.com, Agoda, KAYAK, RentalCars, and OpenTable to their portfolio, providing an all-around online travel booking destination for customers.

Investment Thesis: Online Travel Sales by Region Booking Holdings Inc. leads the way for online travel agencies. With all of their diverse brands, Booking Holdings can cater to all of the items their customers may need.

Gross bookings are up 14% and they had $92.7B in total gross bookings last year.

One region of the world Booking Holdings does not have much of a market share is China. But, with a $2B dollar investment in Ctrip, a Chinese Travel Company, Booking is looking to enter that market.

With expectations of a growing Chinese middle class, Booking Holdings hopes to be the go to online travel agency in China for years to come.

We believe Booking Holdings is still undervalued, will continue to see increased revenue growth, and continue to be the leading agency of online travel.

Source: Factsheet/Bookingholdings.com

1 and 5 Year Returns Compared to Related Indices CVS Health Group (CVS) Purchased November 13, 2018 at $80.34, Purchased November 27, 2018 at $78.65

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $63.07 $146.52 $84.32B $7.08 9.31 (17.21%)

Description: CVS is an integrated provider of pharmacy and health care services. The company specialize in pharmacy benefits management, distribution of pharmaceuticals via mail order, retail, and specialty pharmacies, retail clinics and disease management programs. CVS has a presence in multiple countries and 49 U.S. states, owning over 9,800 retail stores and over 1,100 retail clinics through their MinuteClinic program.

Revenue Investment Thesis: A majority of sectors in the healthcare industry are fragmented. CVS believes that by vertically integrating and controlling the process from the first to the last step, they can minimize patient costs and streamline the process. Over the past years, CVS has slowly positioned themselves into being a “one-stop-shop” for all needs healthcare. With the acquisition of Aetna, they are hoping to transform CVS-Aetna into an industry titan with an insurmountable competitive advantage.

Source: Investor Presentation At its core, CVS is a fundamentally healthy company. Over the past 10 years they have consistently opened and acquired new retail stores, averaging over 162 annually. In Operating Income addition, CVS has demonstrated consistent growth in EPS, revenue, net income, as well as their customer loyalty program. Significant Expansion of HealthHUBs® will Help Drive Differentiated, Consumer-Centric Health Experience; 1,500 Expected to Open by End of 2021. The company is also expanding its CarePass program nationwide after testing the pilot in Boston, Philadelphia and Tampa. We believe CVS is slated to maintain their organic growth for the foreseeable future.

Source: Investor Presentation Source: Investor Presentation

1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg The Walt Disney Company (DIS) Purchased December 6, 2018 at $111.66

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $130.32 $154.73 $234.84B $5.74 16.40 19.59%

Description: The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company with operations in four business segments: Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products & Interactive Media.

Investment Thesis: Walt Disney has an extensive history of using its brands and intellectual property to expand its operations. Last March, DIS acquired 21 Century Fox for $71.3 billion in exchange for rights to ownership to many successful properties including X-Men, Avatar, FX Networks and National Geographic.

They have also developed Disney+, a highly anticipated streaming service set to launch Nov. 7th. A predicted 60 to 90 million people are expected to own a Disney+ subscription by 2024. Meanwhile, they also broke an industry global box office record with Avengers: End Game as the highest grossing film in history at $2.8 billion.

Disney stock is expected to gain significantly as they finish fully integrating 21 Century Fox and begin to collect profits from the release of Disney+. Investor Presentation 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Discovery, Inc. (DISCA) Purchased April 11, 2019 at $30.77 and April 23, 2019 at $29.59

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $26.63 $69.82 $18.92B $1.33 11.10 (11.79%)

Description: Discovery Inc. (“DISCA”) is a global media company that provides content across 220 countries and territories including the U.S. through multiple and linear distribution platforms including: pay-television ("pay-TV"), free-to-air ("FTA") and broadcast television, authenticated GO applications, digital distribution arrangements and content licensing arrangements. DISCA is one of the world’s largest pay-TV programmers providing original and purchased content and live events to approximately 4 billion cumulative subscribers and viewers worldwide through their networks.

Investor Relations Investment Thesis: With the new acquisition of Scripps Networks Interactive on March 6th, 2018, DISCA is in position to outpace their industry peers and realize great sales growth. DISCA has taken on a lot of debt due to the acquisition but they have already realized synergies amongst the newer channels and old cutting costs from their expected costs and decreasing their leverage from 4.7 to 3.7 in less than 10 months since the transaction.

DISCA has been positioning themselves to benefit from the monetization opportunities that their partnership with Youtube TV’s paid service has to offer. Discovery execs has since then raised full year guidance to adjust for rising profitability thanks to the addition of Scripps Networks. DISCA has also been investing in their GOLFTV platform and will be looking to invest 2 billion dollars over a 12 year planned partnership with PGA.

Given DISCA’s current performance in the past year and the opportunities that they have in the future, we believe DISCA is undervalued and has a potential to be a great performer for our portfolio. Q1 Earnings Call Transcript 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Electronic Arts, Inc. (EA) Purchased March 12, 2019 at $98.59 and April 16, 2019 at $93.83

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $97.82 $130.00 $28.83B $4.59 13.70 (0.78%)

Description: Electronic Arts Inc. develops, publishes, and distributes branded interactive entertainment software worldwide for video game consoles, personal computers, handheld game players, and cellular handsets. The company also provides online game-related services. Its leading titles are Madden NFL, FIFA, Apex Legends, and Star Wars and its own Battlefield, Mass Effect, and The Sims. EA also provides online social games licensed from Hasbro and many others.

Investor Relations Investment Thesis: EA is one of the front runners in the video game industry, as a publisher of sports games on a variety of platforms. Together with its portfolio of original properties, the Company has a significant share of the esports market, offering titles such as FIFA, Madden and NHL. We see EA poised to gain value through its cloud-based streaming service that will allow gamers to have internet-access to EA’s content. The mobile gaming industry is currently the largest growing segment in the gaming market with revenues of $68.5B in 2019 (10.2% YOY growth). Market Research Report In comparison to EA’s top competitors, according to their P/E of 13.70, (vs. ACTIVISION at 23.85, MICROSOFT at 27.82 and NINTENDO at 26.68) it appears that EA is currently trading at a bargain. Their subscription model and Apex Legends success will drive digital revenue growth which consistently which have been helping with increasing margins. Due to the lack luster success in titles this year (effect seen in price), the outlook for 2019 and 2020 looks much better with the release of Star Wars: Jedi Fallen Order, Anthem, Apex Legends, and non-sports mobile games along with relaunches of core sport games. eSports and live services continue to grow by double digit YoY. Other upsides can be seen with Data Play from payment and gaming behavior, Live Services, and subscription models. Bloomberg 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Farmer Brothers Co. (FARM) Purchased April 25, 2017 at $35.32

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $12.95 $20.00 $221.35M $(0.38) N/A (44.5%)

Description: Farmer Brothers Company originated on the west coast and operates as a coffee foodservice company. The company roasts, packages and distributes coffee, tea and roughly 300 other foodservice products to restaurants, hotels, hospitals, convenience stores, and fast food outlets.

Coffee Volume Growth Investment Thesis: Farmer Brothers is a national coffee roaster, 2015 2016 2017 2018 wholesaler and distributor of coffee, tea, and culinary products. Its primary brands include Coffee Volume (in pounds) 87,685 90,669 95,449 107,429 Farmer Bros. Superior, Metropolitan, Cain's, McGarvey Coffee Volume Growth 0.8% 3.4% 5.3% 12.5% and China Mist. The company continues to launch new products within the coffee and tea markets, while further penetrating the growing cold brew Source: Investor Presentation coffee market.

Moving forward, Farmer Brothers hopes to become a premium coffee roaster. They are estimating coffee will continue to grow 3-5% each year and hope to see their business grow with that.

The switch to a more premium brew of coffee is a response to low profit margins in years past when they were only supplying to restaurants, truck stops, and smaller commercial customers. They are hoping their longstanding relationships with premium customers will help them continue to grow. with their new business level strategy. Now that they have fully completed the integration of their purchase Boyd Coffee Source: Investor Presentation Company, we are expecting an uptick in earnings. Source: Investor Presentation

1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Facebook (FB) Purchased November 15, 2016 at $116.75 and November 29, 2016 at $121.38 Partially sold October 17, 2017 at $175.74

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $178.08 $195 $508.42B $7.99 30.18 35.85%

Description: Facebook Inc. is a technology company with a strong focus on social media and communication. Facebook Inc. owns Facebook, Instagram, Facebook Messenger, WhatsApp, and Oculus. The company receives nearly all their revenue through selling advertising placements to third parties. This is similar to other companies in this field (Alphabet Inc., Yahoo! Inc, etc.). Facebook is one of several companies that make up the large social media and search conglomerates, and as such, remain in competition with these companies.

Investment Thesis: Facebook is the largest social media network with over 1.6 billion Daily Active Users, an 11% increase compared to Q2 ‘18. Growth can also be measured through Average Revenue Per User, which accounts for FB’s efforts to leverage its exposure to customers by collecting 98.4% of total revenue through ads on FB, Instagram and Messenger. Advertising revenues have, in effect, grown by 28% YOY.

Despite headwinds surrounding policy issues and antitrust investigations, FB continues to maintain healthy margins such as Gross Margin of 80.42%, Operating Income Margin of 27.40% and EBITDA of 37.91%.

Forward looking, analysts optimistically estimated sales growth in 2020 of 18.89% and earnings growth of 6.04%. Such positive outlooks are attributed to the ongoing and anticipated success of FB’s advertising business, investments in new projects and monetization within WhatsApp and Facebook. Source: 10-Qs Zacks Research 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg FedEx Corporation (FDX) Purchased April 5, 2018 at $238.98

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $145.57 $189.08 $37.98B $15.18 9.59 (8.73%)

Description: FedEx is a worldwide package delivery company that operates through 4 main segments. FedEx Express, the world’s largest express transportation company; FedEx Ground, a small package ground delivery service provider; FedEx Freight, a less-than-truckload (LTL) freight services provider; and FedEx Services, a sales and marketing, technology support, and back-office unit. Source: Bloomberg Investment Thesis: Despite FedEx’s recent cutting of ties with Amazon and continued delays in the full integration of TNT Express in Europe, the goods transportation market is consistently growing as the growth of e-commerce continues. FedEx recognizes this and places it as one of their primary strategies for growth. The company also has a secondary objective of cross-selling their logistics services to these small businesses to build their logistics services business. Source: 10-K

Additionally, FedEx is expanding its reach in global markets Source: Bloomberg through strategic acquisitions in companies like TNT Express. While TNT Express has experienced several delays, it is currently expected to be fully integrated into FedEx by the end of 2021. Source: Bloomberg

FedEx also faces headwinds from macro factors and international events. These headwinds have ranged from disappointing financial results in its recent earnings release to threats from the Chinese government to place FedEx on its “unreliable entity” list. Source: Bloomberg

While these near and medium-term headwinds present challenges for the company, it is our opinion that the company remains undervalued from a long-term perspective as it will capitalize on both e-commerce and its additional Source: Bloomberg global scale in the coming years. 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Five Below (FIVE) Purchased February 28, 2017 at $38.99; Partially sold September 18, 2018 115 shares at $129.33

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $126.10 $143.96 $7.02B $3.15 46.20 23.20% Description: Five Below is a rapidly growing specialty value retailer offering a broad range of trend-right, high-quality merchandise targeted at the teen and pre-teen customer. It offers an assortment of products, all priced at $5 and below, including select brands and licensed merchandise. It seeks to transform the shopping experience of its target demographic with a unique merchandising strategy and high-energy retail concept that appeals to teens and pre-teens.

Investment Thesis: While Five Below uses a business model similar to Dollar General, etc., it is uniquely focused on the teen and tween demographic. This allows them to more effectively market, as well as giving them a smaller set of trends to follow.

These trends often change but Five Below has great relationships with their suppliers and finds crafty ways to cut shipping costs.

Source: Investor Presentation To attract teens and younger kids to their store, they design their shelves no higher than 5 feet tall so the kids can see everything they have to offer. This is a clever marketing ploy to keep the kids engaged.

Five Below’s sustained growth over the past 7 years has benefited their revenue stream and also provided confidence that they are executing their future plans well.

The graphics on the left illustrates how they have been successfully expanding over the past ten years. The thing to take away from the graphic is how Five Below still has not expanded to the western region of the U.S. This provides us confidence that they will continue their projected plan of growth for years to come. 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Hanesbrands Inc. (HBI) Purchased December 5, 2017 at $20.80

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $15.32 $37.24 $5.33B $1.75 9.32 22.26% Description: Hanesbrands Inc. is a leading marketer of innerwear and activewear apparel in the Americas, Europe, Australia, and Asia/Pacific under a number of brands including: Hanes, Champion, Maidenform, DIM, Bali, Playtex, Just My Size, Nur Die/Nur Der, L’eggs, Lovable, Wonderbra, Alternative, Gear for Sports and Berlei. Hanesbrands primarily operates its own manufacturing facilities and sells mostly bras, panties, shapewear, hosiery, men’s underwear, children’s underwear, socks, T-shirts, and other activewear. Investment Thesis: Through non-U.S. acquisitions, Hanesbrands has expanded their sales growth into international sales. Since the last two quarters Hanesbrands has grown 23% in their international sales by business segment. They have recently acquired the company Alternate Apparel and are looking to expand their athletic line.

HBI operates 90% of their own manufacturing plants in various countries around the world. For most companies that would be a concern with the trade war with China currently going on, but Hanesbrands does not have any plants in China so it is not impacted.

One of Hanesbrands strongest performing brands is Source: Investor Presentation Champion. Champion is a line of athletic wear which emulates the style of its main competitors such as Nike and Adidas. Champion has strategic partnerships with multiple department stores and Foot Locker which buy items in bulk at a discount price.

With their new acquisitions across the globe, we expect HanesBrands to continue to be a leader in innerwear and activewear domestically and internationally. Source: Investor Presentation

Source: Investor Presentation 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg InterActive Corp (IAC) Purchased March 27, 2018 at $161.06

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $217.97 $223.00 $18.60B $4.40 38.72 19.08%

Description: IAC is a leading media and Internet company composed of widely known consumer brands such as Match, Tinder, PlentyOfFish and OkCupid, which are part of Match Group’s online dating portfolio, and HomeAdvisor and Angie’s List, which are operated by ANGI Homeservices, as well as Vimeo, Dotdash, Dictionary.com, The Daily Beast, and Investopedia. Investment Thesis: InterActive Corp is a massive holding company that owns over 150 different brands and products, primarily in media and internet. In the past 20 years, IAC has emerged 10 successful public companies.

The Company has announced plans to spin-off its stake in Match Group, which contributes to 40% of their yearly revenue. IAC has recently acquired a 2018 2017 2016 2015 $250M stake in Turo, a Net Profit 17.86% 12.72% -5.14% 3.54% peer-to-peer car sharing Margin company to compensate for the separation of Match x .70 .66 .74 .77 Total Asset Group. Turnover IAC presents many promising x 2.42 2.41 2.49 2.88 opportunities for growth and Equity Multiplier also allows us to take advantage of the reduced risk that a = ROE 30.25% 20.23% -9.47% 7.85% portfolio of brands lends both the business itself and Source: 10-K individual shareholders. 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Johnson Outdoors (JOUT) Purchased March 27, 2019 at $69.59

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $58.56 $91.93 $588.53M $4.63 10.74 (0.3%)

Description: Johnson Outdoors is a leading global innovator of outdoor recreation equipment and technologies that inspire more people to experience the awe of the great outdoors. The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft Recreation, Fishing, Diving and Camping. Johnson Outdoors' iconic brands include: Old Town canoes and kayaks; Ocean Kayak; Carlisle paddles; Minn Kota fishing motors, batteries and anchors; Cannon downriggers; Humminbird marine electronics and charts; SCUBAPRO dive equipment; Jetboil outdoor cooking systems; and, Eureka! camping and hiking equipment.

Investment Thesis: Johnson Outdoors continued increase of production innovation and technology, and the integration of all their brands will continue to lead them to success in the upcoming years.

Johnson Outdoors remained debt free and remains in a good position financially over the coming years. With revenue projected to be $552M, Johnson Outdoors keeps growing year over year on their income statement.

With four different successful business and brands, Johnson Outdoors is diverse enough to not take a hit if Source: Investor Presentation they lose market share in the near-term future. According the the Bureau of Labor Statistics, men and women spent 5.7 and 4.9 hours on leisure daily. This Source: Investor Presentation along with the fact of the strong balance sheet, leads us to think Johnson Outdoors will continue their growth period. Source: US Bureau of Labor Statistics

1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Laboratory Corporation of America Holdings (LH) Purchased March 12, 2019 at $150.89

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $168.00 $188.22 $16.05B $9.51 17.42 4.19%

Description: LabCorp is a manufacturer and administrator of over 5,000 clinical laboratory tests. LabCorp is responsible for the production and administration of various tests including but not limited to pathologic and anatomical imaging and analyses, alongside specialty tests such as genetics and coagulation. LabCorp also owns Covance Drug Development, a consulting/R&D company that assists in the process of drug development for biotech and bio-pharmaceutical companies. Annually LabCorp sees 115 million patient encounters, and Covance has been involved with the development of all top 50 drugs by sales revenue. Source: Investor Presentation Investment Thesis: LabCorp is one of two members in the duopoly of medical testing who outperforms its competitor Quest through Covance, which allows LH to be involved with every step of the drug making process.

An industry wide switch to value based healthcare encourages patients to use lower cost producers like LH instead of the more expensive hospital based labs.

A large investment by LH in automation and IT capabilities compared to their competitors will help LH reduce the number of employees required in running tests, which will lead to large cost savings in the coming years. Source: Morningstar $10.3 $11.3 $9.6 Covance has become a more important segment for LH as the drug development process has become more complex. The Entire drug development process takes 10 years on average and costs $2.6 billion on average from taking drugs from development to market. Covance collaborated on all of the current top 50 drugs on the market measured by sales revenue. Source: Morningstar

Source: Investor Presentation 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Grand Canyon Education Inc. (LOPE) Purchased November 1 , 2016 at $43.80

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $98.20 $130.49 $4.47B $5.38 17.78 2.14%

Description: Grand Canyon Education, Inc., operates GCU, a comprehensive regionally accredited university that offers over 225 graduate and undergraduate degree programs across nine colleges both online and on ground at their 275+ acre campus in Phoenix, Arizona, at leased facilities, and at facilities owned by third party employers of our students. Investment Thesis: Grand Canyon Education managed to disentangle itself from its failing peers in the for-profit education sector. During the second quarter of 2019 alone, enrollment in the programs at LOPE’s partner universities, for which they provide services, increased 11.4%.

On January 22, 2019, Grand Canyon Education, Inc. announced that it had completed the acquisition of Orbis Education Services, LLC, a Delaware limited liability company (“Orbis Education”). Orbis Education is an Source: Investor Presentation education services company that supports healthcare Number of Students Enrolled education programs for 17 universities across the United States. Orbis had 19 partner schools under contract at the close of quarter 2 and expects to sign either 2 or 3 new partners by the end of 2019. This will bring the total number of Orbis partner schools to either 21 or 22 by year-end.

With the continued growth of GCU and the partnership of Orbis succeeding, LOPE is in a good position to Source: Investor Presentation perform well over the foreseeable future. Source: I0-Q

1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Marathon Petroleum Corporation (MPC) Purchased March 27, 2019 at $62.14

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $60.75 $73.33 $39.99B $4.63 13.12 (0.27%)

Description: Marathon Petroleum Corporation is a US energy company operating in the refining & marketing, retail and midstream segments with refineries in the Gulf Coast and Midwest and a retail presence under its Speedway business segment. With more than 5 refineries, it is the US’s largest refiner and produces more than 1.9 million barrels of crude oil a day. Source: Bloomberg Investment Thesis: Marathon’s scale as the largest refinery company in the United States following the completion of their acquisition of Andeavor in 2018 places them in an advantageous position for developments occurring in the refining industry in the near term.

One of the primary developments occurring is the implementation of the International Maritime Organization (IMO) new global fuel standards beginning on January 1st, 2020. This standard will increase the demand for low-sulfur distillates. Marathon is one of 9 refiners in the United States with the complex refining Source: Investor Presentation capacity necessary to produce the low-sulfur fuel required by this new standard. As a result, it stands to gain significantly from the increase in demand this standard will cause. Source: Bloomberg

Recently, Marathon had been made the target of an activist investor campaign from the hedge fund Elliott Management. They are calling for the breaking up of the company and expect a potential unlocking of $22 billion of value as a result of the split. Source: Bloomberg

Marathon remains an attractive investment and stands to continue to benefit from developments in the energy sector. Source: Investor Presentation 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg National Presto Industries, Inc. (NPK) Purchased February 28th, 2017 at $101.40

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $89.09 $133.01 $623.19M $5.28 15.61 27.61%

Description: National Presto Industries Inc. is a business consisting of three segments: Housewares/Small Appliances, Defense, and (formerly) Absorbent Products. As of December 31, 2015, Housewares/Small Appliances comprised about 29% of net sales, while Defense made up 54% and Absorbent Products took 17%. The Housewares/Small Appliances segment primarily consists of kitchen appliances targeted at consumers. The Defense segment provides ammunition and other essential materials to the government, while the Absorbent Products segment is mainly focused on private label adult incontinence products. Investment Thesis: The Absorbent Products segment has been problematic for Presto for a considerable amount of time. The business is capital intensive, with significant time needed to both install the complex equipment and train employees to use it efficiently. Further, the industry is characterized by high volume and low margin, and product costs are noticeably affected by commodity prices. On January 3, 2017, Presto announced it had sold its Absorbent Products business to Drylock Technologies Inc. for $71M. This has allowed Presto to Source: 10-K focus on its higher margin segments while offloading the barely-profitable segment.

In August 30, 2017, the Army awarded AMTEC, as the sole prime contractor, a five-year 40mm system contract covering FY17-21 requirements. The value is approximately $79,000,000 for FY17, with deliveries scheduled to commence in late 2018. The actual annual and cumulative dollar volume with the Army over the balance of the contract will be dependent upon military requirements and funding. We believe National Presto provides stable constant growth to the portfolio and is currently undervalued. Source: 10-K Source: 10-K 1 Year and 5 Year Returns Compared to Related Indices

Source: Bloomberg Newell Brands Inc. (NWL) Purchased March 23, 2017 at $47.84

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $18.72 $43.00 $7.93B $1.59 9.24 0.69%

Description: Newell Brands Inc. retails consumer products. The company offers housewares, home furnishings, office supplies, tools and hardware, hair accessories, and various other products. Newell Brands markets its products worldwide. Among its brands are Sunbeam, Calphalon, Oster, Rubbermaid, Sharpie, Paper Mate, Loew Cornell, Coleman, Marmot, Contigo, Graco, Aprica, Ball, Tablelux, Eco, Jostens, Jarden, First Alert, Rawlings, Parker, Waterman and Rotring.

Investment Thesis: In 2016, Newell Rubbermaid merged with Jarden Corporation as a struggling company that had minimal growth. Three years and the outlook for Newell Brands is much brighter. Newell Brands is a diverse company that offers a plethora of different products.

Newell installed a plan to become much leaner in the horizon and has started to execute that. Before their cash conversion cycle took a total of 115 days, but currently it only takes 78 days. The end goal is to cut it to 70 days which matches competitors and they see it as a $800M dollar opportunity for growth.

Newell has also started strongly in 2019 with operating cash flow being $381M higher than this past year. This has risen expectations for the entire year’s outlook on operating cash flow by $300M. Newell has been buying back its debt rather aggressively with a 700M tender in August 2019.

With Newell Brand’s leaner supply chain and coupled with a healthier balance sheet; we think the outlook for the future years to come is very positive. Source: Investor Presentation Source: Investor Presentation

1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Owens Corning (OC) Purchased March 31, 2017 at $60.85

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $63.2 $70.22 $6.88B $5.24 12.06 45.56%

Description: Owens Corning, famous for its PINK glass fiber insulation, is a maker of residential and commercial building materials. The company is organized into three business segments: composites, insulation, and roofing. Its insulation and roofing business provides materials for residential and commercial construction, and its composites business produces glass fiber reinforcement materials for the transportation, infrastructure, marine, wind energy, and consumer markets. Source: Bloomberg Investment Thesis: Owens Corning is a leading manufacturer of fiberglass insulation, roofing shingles, and glass fiber composites. Its position with its portfolio as well as legislative and international developments in its industry provide opportunities for the company to capitalize on.

There has been a trend among cities in the US to adopt energy benchmarking of their commercial buildings. This has led to legislation relating to energy efficiency in some areas. Most notably, California has set the lofty goal of doubling the energy efficiency of buildings by 2030. Owens Corning’s fiber glass products stand to benefit from this legislation as it will increase demand for the Source: Bloomberg energy saving benefits of their products. Source: California Energy Commission

The fiberglass market is exceedingly competitive, but also is capital intensive in order to maintain scale. Chinese manufacturers have slowed their capacity additions in recent years and as a result are seeing utilization rates at or above 90%. This presents an opportunity for Owens Corning to expand its global presence and benefit from their lack of investment. Source: Morningstar

These developments in addition to Owens Corning’s Source: Bloomberg lower valuation compared to its competitors presents an attractive value opportunity. 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg PayPal (PYPL) Purchased December 5, 2017 at $72.08

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return

$103.59 $108.60 $121.89B $3.07 34.17 17.93% Description: PayPal Holdings Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide. It enables businesses of various sizes to accept payments from merchant websites, mobile devices, and applications, as well as at offline retail locations through a range of payment solutions, including PayPal, PayPal Credit, Braintree, Venmo, Xoom, and Paydiant products. The company's platform allows consumers to shop by sending payments, withdraw funds to their bank accounts, and hold balances in their PayPal accounts in various currencies or convert across currencies. PayPal Holdings Inc. was founded in 1998 and is headquartered in San Jose, California. Investment Thesis: Given the secular trend of payments moving from cash to alternatives and a current trend of online payments, PayPal is in a good place to capture a large share in this growing market. They are able to safely transfer funds within or across currencies to aid in economic advancement, earning recurring revenue streams along the way. PayPal is able to capture both sides of the market: the merchant and the consumer, with their end-to-end interface. The company offers a robust API, with offerings such as express checkouts, invoicing, marketplace platforms, and instant payouts.

Source: 10-Q Venmo has proven a social phenomenon given it is the main way young people are sending each other money, Venmo processed $62 billion of volume in 2018, a year-on-year growth rate of 79% and is Expected to grow. PayPal is expanding further in Europe by launching its international money transfers service Xoom in Britain and 31 other countries across the continent. Xoom allows customers to transfer money abroad to more than 130 markets internationally, including India, Pakistan, Nigeria, Kenya, Poland and China. According to management, approximately 85% of all commerce transactions around the world are still made in cash, and the Source: 10-Q total addressable market for the company over the long term is worth nearly $100 trillion. 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Super Micro Computer, Inc. (SMCI) Purchased April 25, 2017 at an average price of $25.13

Market Price Target Price Market Capitalization EPS (Est. *) P/E (Est *) 2019 YTD Return $19.20 $22.21 $957.73M $2.28 - $2.44 7.87 - 8.42 39.13%

Description: Super Micro Computer, Inc. produces server solutions through their offerings in servers, motherboards, chassis and accessories built on open standard components from companies like Intel, AMD, and NVIDIA. The company’s main revenue segments come from its server systems making up 70% of total revenues and its server subsystems and accessories products, comprising 30% of revenue. Source: Bloomberg

Investment Thesis: Global IP Traffic, Exabytes per Month Super Micro Computers is a global leader in high performance, high efficiency server technology, and innovation. Their advanced technology in “green” servers lead the industry in power saving technology. Their server solutions optimize power consumption and manage heat dissipation in a server industry that is expanding quickly. The thermal management technology allows lower energy costs as well as reduces the risk of server malfunctions caused by overheating. Source: Super Micro Website

Source: CISCO VNI Whitepaper As companies continue to adopt cloud services there will be continuing demand from cloud computing data centers for servers and related components. Super Micro Computer’s power efficiency and high-density capacity has the potential to set it apart as a supplier for these data centers.

Super Micro Computers has been deficient in releasing accounting information in recent years following accounting issues related to revenue recognition. The company has recently begun to release amended quarterly and annual filings for 2017 but lack a clear timeline on the release of accounting statements between 2017 and the present. Source: SMCI NT 10-K Source: Bloomberg 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg * Since 2017 SMCI publishes Non-GAAP estimates of earnings per share that are listed here and were subsequently used to calculate an estimated price- earnings ratio Molson Coors Brewing Co. (TAP) Purchased November 22, 2016 at $98.66 and November 29, 2016 at $100.41

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $57.50 $73.25 $12.49B $4.41 12.50 2.38%

Description: Molson Coors Brewing Company is one of the world’s largest brewers and have a diverse portfolio of owned and partner brands, including: Carling, Coors Light, Miller Lite, and Molson Canadian, as well as craft and specialty beers such as Blue Moon, Creemore Springs, and Doom Bar. They are committed to producing the highest quality beer and their largest markets are the United States, Canada, and Europe. They have 21 breweries and 3 distribution centers in the U.S., Canada, and MCI. Investment Thesis: In the alcoholic beverage sector, craft and premium beverages are leading the market and also “spiked seltzers” are showing the highest growth. Molson Coors took a market share hit when Mark Antony Brands and Boston Beer Company released their spiked seltzers. As both of those companies’ values skyrocketed, TAP stock price stayed stagnant.

Tap is now increasing their marketing push to gain market share in the premium and seltzer market. With their new release of their version of the Spiked Seltzer, “Cape Line”, they should see an added increase of Source: Investor Presentation revenue and market share. On the premium beer front, their best-selling beers are Blue Moon and Belgian Moon, which are both up double digits in Europe and International Sales this year.

With new leadership announced in early September and a quarter of performance under their belt of their new seltzer brand , we expect TAP to see an increase in earnings and sustained growth in the next year.

Source: Investor Presentation Source: Investor Presentation 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg U.S. Concrete (USCR) Purchased April 25, 2017 at $63.90 and April 10, 2018 at $58.67

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $55.28 $76.32 $920.95M $1.89 58.81 56.59%

Description: US Concrete Inc. supplies concrete and related products. The Company supplies ready- mixed concrete, precast concrete, concrete blocks, aggregates, and concrete building materials. US Concrete serves the construction industry throughout the United States. Their customers include contractors for commercial and industrial, residential, street and highway, and other public works construction. They operate principally on the North East Coast, Texas/Oklahoma and the West Coast, with those markets representing approximately 34%, 34%, and 31% of their consolidated revenue for the year ended December 31, 2018. Investment Thesis: US concrete operates in states that represent 26% of the demand for ready-mix concrete in the U.S. The Company has successfully captured a strong customer base across sectors and regions, highlighting customer satisfaction. In 2017 and 2018, we purchased USCR based upon the opportunities presented by the increased government spending and home building at the time. Source: 10-K Unfortunately, government spending on infrastructure has been less than anticipated. USCR is also highly exposed to volatility in weather patterns which can affect their ability to perform operations. Coupled with high debt and low performance, the team plans to reconsider our position in the company and assess potential value in other materials companies.

USCR does, however, offer an attractive dividend, but as investors, we are wary of the effects to come from such high levels of debt.

1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Universal Insurance Holding Co. (UVE) Purchased December 5, 2016 at $24.76

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $29.99 $106.07 $1.02B $2.30 9.30 (20.91%)

Description: Universal Insurance Holdings Inc. is an insurance holding company. It holds Universal Property and Casualty Insurance Company (UPCIC), one of the leading property and casualty insurers in Florida, with licensing in North Carolina, Wisconsin,South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Minnesota, Michigan, Alabama, and Virginia. It also holds American Platinum Property and Casualty Insurance Company, which writes homeowners insurance on Florida homes in excess of $1M. Investment Thesis: Universal Insurance Holdings takes pride in its strategy for organic growth in originating policies. Many of the company’s main Floridian competitors take on citizen policies. Universal, uniquely, does its own marketing and underwriting, taking on zero policies from citizens since a small transaction in 1998. This allows Universal to be more selective in whom it chooses to cover.

After only being located in Florida, UVE has expanded to 18 states which they are currently licensed.

UVE currently has a 5-year average on ROE of 31.9%. Revenue and Direct Premiums have increased every year since 2014 with a 50.82% increase in premiums. Although the stock has not performed as well as we had hoped this past year; we think with UVE’s strong Source: Investor Presentation financials they will see near and long-term growth. Also, with newly added licensed states, we expect premiums and revenue to increase. Source: Investor Presentation

1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Visa Inc. (V) Purchased September 24, 2018 at $136.75

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) 2019 YTD Return $172.01 $209.07 $349.48B $5.44 $28.21 15.34%

Description: Visa Inc. is a world leader in the industry of payments technology companies. They provide financial services that expedite the transfer of electronic funds through Visa-branded credit and debit cards. The company is driven by their mission to allow access to their world class brand of convenient and reliable digital payments anywhere in the world. Investment Thesis: Visa Inc. expects a continuous period of growth due to its displacement of traditional cash payments and adoption of electronic transactions. In a time in which technology is becoming ever more pervasive, Visa has grasped the opportunity to participate in this growing market. The company offers a variety of platforms for secure digital transactions in the form of APIs in order to increase connectivity and accessibility to their products and services. Visa's devotion to broadening its network through technology has played a key role in the growth of the business. Source: Visa Investor Relations During fiscal year 2018, Visa saw total payments and cash volume grow to $11.2 trillion, averaging to over 500 million transactions a day. This record high transaction frequency resulted in double digit growth for payments volume, cross-border volume, and processed transactions. Visa’s massive presence here boasts their dominance over the payment processing industry as well.

Visa continually looks for ways to make paying with their cards/accounts more convenient for consumers. The company is also striving to improve the process of moving money between countries and between bank Source: Visa Operational Data accounts. These efforts will help drive above- average growth for the company for many years. Source: Investor Presentation 1 and 5 Year Returns Compared to Related Indices

Source: Bloomberg Sources

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