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Crummer/Suntrust Portfolio Spring 2007 David Archer Rollins College

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Crummer/Suntrust Portfolio Spring 2007 David Archer Rollins College Rollins College Rollins Scholarship Online SunTrust Portfolios 1-1-2007 Crummer/SunTrust Portfolio Spring 2007 David Archer Rollins College Eric Bass Rollins College Justin Drahl Rollins College Dieter Hinrich Rollins College Shawn Read Rollins College See next page for additional authors Follow this and additional works at: http://scholarship.rollins.edu/suntrust Part of the Finance and Financial Management Commons Recommended Citation Archer, David; Bass, Eric; Drahl, Justin; Hinrich, Dieter; Read, Shawn; Ryo, Rie; and Prozner, Jakub, "Crummer/SunTrust Portfolio Spring 2007" (2007). SunTrust Portfolios. Paper 5. http://scholarship.rollins.edu/suntrust/5 This Investment Protfolio is brought to you for free and open access by Rollins Scholarship Online. It has been accepted for inclusion in SunTrust Portfolios by an authorized administrator of Rollins Scholarship Online. For more information, please contact [email protected]. Authors David Archer, Eric Bass, Justin Drahl, Dieter Hinrich, Shawn Read, Rie Ryo, and Jakub Prozner This investment protfolio is available at Rollins Scholarship Online: http://scholarship.rollins.edu/suntrust/5 Crummer/SunTrust Portfolio Spring 2007 Crummer Graduate School of Business David Archer Eric Bass Justin Drahl Dieter Hinrich Shawn Read Rie Ryo Jakub Prozner Table of Contents History of the Crummer/SunTrust Portfolio ................................................................................... 3 Policy Guidelines ............................................................................................................................ 3 Specific Functions of the Class and the Oversight Committee ...................................................... 4 Investment Goals ............................................................................................................................ 4 Asset Allocation Methodology ....................................................................................................... 5 Current State of the Economy ......................................................................................................... 5 Sector Weighting ............................................................................................................................ 7 Proposed Allocation ........................................................................................................................ 9 Sector Composition ....................................................................................................................... 10 Asset Class Composition .............................................................................................................. 12 Conclusion .................................................................................................................................... 14 Analysts Recommendations .......................................................................................................... 15 Consumer Discretionary ........................................................................................................... 16 Consumer Staples...................................................................................................................... 29 Energy ....................................................................................................................................... 38 Financials .................................................................................................................................. 44 Healthcare ................................................................................................................................. 55 Industrials .................................................................................................................................. 66 Information Technology ........................................................................................................... 76 Materials ................................................................................................................................... 90 Telecommunication Services .................................................................................................... 93 Utilities ...................................................................................................................................... 97 Mutual Funds ............................................................................................................................ 99 History of the Crummer/SunTrust Portfolio The Crummer/SunTrust Investment Portfolio found its start in 1999 when SunTrust donated the first of five annual contributions of $100,000 from the SunTrust Bank of Central Florida Foundation to the Crummer Graduate School of Business. Totaling up to an endowment of $500,000, this money is used to fund a scholarship program where well-deserving Crummer students can obtain $5,000 in scholarships and be known as “SunTrust Scholars.” The number of scholarships available is based on the performance of the portfolio in preceding years. Current policy is that 4.5 percent of the most recent three-year moving average is to be distributed to provide for the scholarships. In addition to the benefits the endowment from SunTrust provides to deserving “SunTrust Scholars”, the portfolio also provides students the exciting opportunity of gaining real-world knowledge and experience in portfolio management. The class which manages the endowment is the Portfolio Management/Theory and Applications course led by Dr. Moses. The class employs the methods of modern portfolio theory and is guided by the Rollins College Endowment Fund Pool Statement of Investment Objectives and Policies as well as the Crummer/SunTrust Portfolio Investment Policy, which is revised by the class yearly. Policy Guidelines To ensure proper diversification among equity, fixed income, and international segments, the following asset classes have been identified and should be considered by the managing director while making allocation decisions. In addition, with the exception of mutual funds, it is required that no one asset makes up more than 5% of the portfolio. Asset Class Minimum Weight Benchmark S&P/BARRA 500 Large Cap Growth 5% Large Growth TR S&P/BARRA 500 Large Cap Value 5% Large Value TR Mid Cap 10% Russell Mid Cap TR Small Cap 10% Russell 2000 International Equity 5% MSCI EAFE TR US 30 Day T-Bill Fixed Income 5% LB Gvt/Credit TR Specific Functions of the Class and the Oversight Committee Throughout the semester the class performed sector, industry, and security analysis and made recommendations to the managing director. The class shares important functions with the Oversight Committee which helps ensure the portfolio is managed within the boundaries of a prudent investor. These functions are: 1. Establish investment objectives for the portfolio. 2. Maintain its spending policy consistent with Rollins College. 3. Set strategic asset allocation for the Crummer/SunTrust Portfolio. 4. Establish and continue to update the investment policy. 5. Establish, monitor, and update the investment process. 6. Review investment performance in accordance with its performance measurement policy. 7. Review investment activity to insure compliance with investment policy. Investment Goals Following the industry practices and the standards of prudent investments, the class constructed an Investment Policy Statement that explicitly states the goal for the portfolio. “The investment goal is to provide a long-term, real total rate of return that will increase the purchasing power of the Crummer/SunTrust Portfolio assets net of expenses and distributions. In order to achieve its investment goal, the Crummer/SunTrust Portfolio will adopt a strategic asset allocation that will achieve its long-term return goal with a prudent level of risk.” Consequently, as a next step, the class established a target rate of return that is consistent with the prudent level of risk that the class is willing to accept. Following is the derivation of the target/expected rate of return and its components, together with their marginal value assumptions: Administrative and Trading Expenses ½ - 1 % Allowance for Inflation 2 - 3 % Distribution from Portfolio 3 ½ - 5 ½ % Portfolio Real Growth 2 - 2 ¼ % Target Total Return 8 - 11¾ % Asset Allocation Methodology The main method of security analysis adopted by the class was a top-down approach. First, the managing director together with the class researched and discussed the current state of the economy, as well as future expectations of major economic issues and variables. This economic analysis was used as a basis for more detailed analysis of specific sectors, industries, and securities. Each student was assigned a specific economic sector and was responsible for analyzing industries in that sector, and securities within those industries that he/she believed would perform well under the previously discussed economic conditions. The team constructed a unique screen that was used by all the analysts to guide the analysis of specific securities. Because the portfolio consisted of about 60 securities, and there were only six analysts and one managing director, the group focused their analysis on the fundamentals of specific securities and catalysts that were expected to drive the performance of particular stocks or mutual funds. The financials as well as future price expectations were taken from trusted source including Standard & Poor‟s, Bloomberg, or Reuters among others.
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