STUDENT INVESTMENT FUND 2020-2021 Annual Report Table of Contents STUDENT INVESTMENT FUND ..........................................................................................................................................................1 Acknowledgements ..........................................................................................................................................................................4 Background .......................................................................................................................................................................................5 History ..........................................................................................................................................................................................5 Analyst Profiles .............................................................................................................................................................................6 Taha Arefi .................................................................................................................................................................................6 Davis Burpee .............................................................................................................................................................................6 Audrey Dalsass ..........................................................................................................................................................................6 Benjamin Drewes ......................................................................................................................................................................6 Alex Forsythe ............................................................................................................................................................................6 Olivia Fuller ...............................................................................................................................................................................6 Jake Halaj ..................................................................................................................................................................................6 Jacob Hansen ............................................................................................................................................................................7 Kristin Larsen ............................................................................................................................................................................7 Connor Leeming .......................................................................................................................................................................7 Madilyn Liston ..........................................................................................................................................................................7 Alvaro Martinez ........................................................................................................................................................................7 Joe Nelson ................................................................................................................................................................................7 Jared Neuss ...............................................................................................................................................................................7 Joshua Panicker ........................................................................................................................................................................8 Nolan Phan ...............................................................................................................................................................................8 Jack Stempky ............................................................................................................................................................................8 Carter Stradling .........................................................................................................................................................................8 Andrew Velez ............................................................................................................................................................................8 David Zitterich ..........................................................................................................................................................................8 Portfolio Discussion ..........................................................................................................................................................................9 Portfolio Overview ........................................................................................................................................................................9 Aggregate SIF Performance ..........................................................................................................................................................9 Cash ..........................................................................................................................................................................................9 Analysis of Purchases ................................................................................................................................................................ 10 Analysis of Inherited and Held Decisions .................................................................................................................................. 11 Analysis of Sales ......................................................................................................................................................................... 11 2 Davidson Portfolio ..................................................................................................................................................................... 13 Strategy ................................................................................................................................................................................. 13 Highlights ............................................................................................................................................................................... 13 Divested Holdings .................................................................................................................................................................. 15 Milner Portfolio ......................................................................................................................................................................... 19 Strategy ................................................................................................................................................................................. 19 Highlights ............................................................................................................................................................................... 19 Divested Holdings .................................................................................................................................................................. 21 School Portfolio ......................................................................................................................................................................... 25 Strategy ................................................................................................................................................................................. 25 Highlights ............................................................................................................................................................................... 25 Divested Holdings .................................................................................................................................................................. 27 Socially Responsible Portfolio.................................................................................................................................................... 29 Strategy ................................................................................................................................................................................. 29 Highlights ............................................................................................................................................................................... 30 Current Holdings ........................................................................................................................................................................ 32 Presentation to Professionals ........................................................................................................................................................ 67 February – XPO Logistics ........................................................................................................................................................... 67 March – Twilio ..........................................................................................................................................................................