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Mcclain Torch Fund Period Three Report Mcclain Torch Fund Period Three Report

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Mcclain Torch Fund Period Three Report Mcclain Torch Fund Period Three Report 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.
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