Student Managed Investment Fund Annual Report - 2017

University of South Florida Student Managed Investment Fund 2017 Annual Report

2017 – SMIF Performance Student Managed Investment Fund

During 2017 the USF Student Managed Investment Fund, (SMIF), returned 21.61%, outperforming the Russell 3,000 and Russell 2,000, while underperforming the S&P 500 and Russell 1,000. The SMIF held many alpha positions generating high double digit returns such as Square, Intuitive Surgical, Facebook, and Dell Technologies. These impressive gains were slightly counteracted by the laggards within the portfolio generating double digit losses such as INC Research and other holdings which generated high single digit losses and low single digit returns. The combination of varying returns significantly contributed to the SMIF trailing the S&P 500 by .22%.

Historical Performance 1 Year

3 Year

5 Year Inception (3/10)

USF - SMIF Fund 21.61% 12.01% 16.75% S&P 500 Index 21.83% 11.41% 15.79%

12.65% 13.63%

The SMIF has outperformed the market since 2012 and in 2017 began trailing slightly behind. Overall since inception the SMIF has returned 12.65%.

Holdings

Student Managed Investment Fund

Company

Sector

Bank of New York Mellon Financials Comerica Financials Dell Technologies Inc Class V Information Technology FLIR Systems Inc Information Technology Facebook Inc Information Technology Gilead Sciences Inc Health Care INC Research Holdings Health Care Independence Reality Trust Inc.Real Estate International Business Machine Information Technology Intuitive Surgical Inc Health Care PGT Innovations Inc Industrials Packaging Corp of America Materials Palo Alto Networks Inc Information Technology SPDR S&P 500 ETF Trust S&P 500 Square Inc Information Technology Target Corp Consumer Discretionary Vail Resorts Inc Consumer Discretionary Vulcan Materials Co Materials Cash Total

Market Value

Weight

$11,849.20 $21,702.50 $4,145.28 $21,445.20 $24,704.40 $23,999.40 $16,132.00 $13,722.40 $14,574.90 $12,772.90 $23,590.00 $21,699.00 $15,218.70 $187,509.00 $40,563.90 $21,532.50 $25,496.40 $8,985.90 $28,466.35 $538,109.93

2.20% 4.03% 0.77% 3.99% 4.59% 4.46% 3.00% 2.55% 2.71% 2.37% 4.38% 4.03% 2.83% 34.85% 7.54% 4.00% 4.74% 1.67% 5.29% 100%

Performance Since Purchase 96.01% 83.29% 79.79% 45.45% 23.72% -2.84% -20.58% 15.23% -3.47% 60.12% 55.76% 80.00% 0.44% 11.00% 102.14% 7.51% 67.05% 47.69% -

The market capitalization of the stocks held by the SMIF include 7 large-cap stocks, 8 medium-cap stocks, 1 small-cap stock, and 2 micro-cap stocks. Mid and large cap stocks account for 30% and 60% of the portfolio’s holdings respectively.

Fund Overview – Top Performers Student Managed Investment Fund Top Performers Company Square Intuitive Surgical Facebook Dell Technologies PGT Innovations

2017 Return 151.05% 70.59% 51.00% 48.95% 47.03%

Square: Square Inc. was one of the portfolios best performing stocks, pulling in a return of 151.05% in 2017 alone. The innovation within their application’s payment and point-of-sale solutions helped the company take advantage of the growing transactional traffic. The company stays on the cutting edge of the financial technologies environment through their software development, adapting to new events such as the rise in cryptocurrencies.

Intuitive Surgical: Intuitive Surgical had a return of 70.59% within 2017.They specialize in minimal invasion robot-assisted surgery technology. The company’s da Vinci Surgical System helps surgeons through its 3D HD vision system and added robotic flexibility to boost vision, precision, and control. Their positive sales outlook for the year made real by the increased growth in da Vinci system shipments in 2017 boosted the company’s stock performance.

Facebook: Facebook’s annual performance yielded a 51% return in 2017. It is among the highly watched FAANG stocks, a grouping of big cap technology/internet services stocks consisting of companies such as Apple and Netflix. The company achieved a lot within 2017 to drive its stock price, with more than two billion monthly active users, Instagram’s great performance, and their consistency in beating revenue and earnings estimates.

Dell Technologies: Dell Technologies saw a 48.95% return in 2017. It is an information technology centric company with segments in client and enterprise solutions in which they design, develop, manufacture, market, sell, and support a range of technology products. The company’s positive performance was thanks to strong continued demand for their software solutions made possible by their flexible consumption models among other factors.

PGT Innovations: PGT Innovations Inc. saw favorable returns of 47.03% within 2017. It manufactures impact resistant windows and doors, seeing an uptick in sales for the year in part due to the events surrounding Hurricane Irma.

Fund Overview – Laggards Student Managed Investment Fund Laggards Company INC Research IBM Gilead Sciences Vulcan Materials Independence Realty Trust

2017 Return -15.91% -8.24% -3.40% 2.99% 12.24%

INC Research: INC Research was the worst performing stock within the portfolio in 2017, with a loss of -15.91%. The company provides clinical development services for pharmaceutical and medical device industries. Their stock was negatively affected by delayed client decisions on some of the company’s pending proposals. This affected the company’s bottom line, causing the stock to underwhelm relative to analyst estimates.

IBM: IBM has had a loss of -8.24% due to declining revenues. The company’s core businesses, hardware and services, have been declining, so the company is refocusing on new growth prospects such as software development and cloud programming.

However, the company’s weak performance at the time showed in its decline in share price despite plans for redirection.

Gilead Sciences: Gilead Sciences experienced a loss of -3.4% within 2017. The company is a research based biopharmaceutical company that develops and commercializes medicines in areas of the world without proper medicine access. The company’s earnings and revenue reports were below analyst estimates, which offered weak guidance for the company’s profitability forecasts. Their hepatitis C franchise sales has also contributed to the shares decline.

Vulcan Materials: Vulcan materials had a return of about 3% in 2017. Its weak performance was fueled by its failure to deliver to analyst estimates. The company’s revenue growth was negatively impacted by Hurricane Irma, causing a slowdown in productivity.

Independence Realty Trust: Independence Realty Trust had less than stellar returns in 2017, amounting to 12.24%. The company looked to carry out an ambitious acquisition of over 2,300 apartment units, spanning 55 communities, primarily funded by the issuance of 12.5 million shares of common stock. The instability of the acquisition and suddenness of the issuances caused many investors to flee from the stock.

Fund Overview – Additions Student Managed Investment Fund

New Positions Company

Purchase Date Puchase Price Return Since Purchase

INC Research Holdings Square Inc. Facebook Target

2/23/2017 3/29/2017 4/21/2017 11/13/2017

$55.03 $17.38 $143.81 $60.29

-20.58% 102.14% 23.72% 7.51%

INC Research Holdings was purchased on February 23rd, 2017 for $55.03. Since its purchase, the stock has been down -20.58% within the SMIF portfolio.

Square Inc. was purchased on March 29th, 2017 for $17.38. Since its purchase, the stock has pulled in an impressive return of 102.14% within the SMIF portfolio.

Facebook was purchased on April 21st, 2017 for $143.81. Since its purchase, the stock has had a return of 23.72% within the SMIF portfolio.

Target was the most recent addition to the student managed investment fund. It was purchased at $60.29 on November 13th, 2017 with a current return of 7.51%. With its acquisition of same day delivery service Shipt, its increase in same store sales, the boost in the recent tax laws, and growth in online sales, Target is still positioned for sustained growth in the future.

Fund Overview - Denied Positions Student Managed Investment Fund

5 out of the 6 stocks that were pitched were denied entrance into the holdings of the SMIF. 4 out of the 5 stocks rejected generated double digit returns from the date pitched, outperforming the market over the same period. Reasoning behind the rejection of these stocks can be attributed to inadequate portrayal of the investment thesis, catalyst, numerical support and evidence, as well as unsuccessful integration of the prospect company’s story with the supporting fundamental analysis.

Prospectus

Student Managed Investment Fund ➢ The Sub-portfolio of the overall portfolio of assets managed by the USF foundation. ➢ Perform in a manner consistent with the performance of a focused equities fund with a time horizon of 3-5 years. ➢ Diversification across all equity markets and/or asset classes is not an objective. ➢ Resembles more closely the S&P 500 than any other major index. ➢ Heavily weighted in mid-large cap stocks, including one recent large cap positions were added late in 2017 adjusting the equal weighted market cap below the S&P 500 index ➢ For benchmarking purposes, the SMIF Fund is compared against the S&P 500

Portfolio Statistics Student Managed Investment Fund

Performance Statistics relative to the S&P 500 Index

The above statistics provide detailed insight of the SMIF’s performance against that of the S&P 500 benchmark. The statistics were calculated on a three-year and sinceinception basis. With an R-Squared above .80 since inception, the SMIF’s movements can be relatively attributed to the index. With a Sharpe Ratio slightly lower than that of the market, the risk taken on by the SMIF has not been adequately compensated for with upside reward. Similarly, the downside volatility of the SMIF as measure by the Sortino Ratio is slightly greater than that of the market depicting potentially greater losses in the event of a downturn. Since inception the SMIF has slightly underperformed the market, while in the most recent years has outperformed the market generating a positive Alpha. Moving forward, it will be critical that SMIF analysts place the utmost importance on the selection of stocks that are compensated accordingly for any additional risks and will provide returns in excess of those offered by the market.

Sector Returns

Student Managed Investment Fund

Breakdown of the individual sector returns from a top down perspective provides insight upon whether sector classes were allocated adequately to capitalize on the returns provided by each. All of the sectors represented in the SMIF outperformed their respective market sectors with Information Technology, Industrials, and Materials exceeding their market counterparts by double digit percentages. Within this context, proper insight is provided that the slight lag of the SMIF behind the overall market can be attributed to the improper weighting of funds within each sector.

Sector Returns

Student Managed Investment Fund

The SMIF portfolio weight within Information Technology was 22.42% providing a Portfolio Sector Weighted Return of 6.13%. Hypothetically if greater weight was given to this sector, the slight spread between the SMIF and market returns could have been reduced, eliminated, or bolstered portfolio returns above the market. Further breakdown of SMIF portfolio holdings reveal allocation within 16 separate industries.

Highest concentration, not accounting for the SPDR S&P 500 ETF Trust, were in IT Services, Biotechnology, and Health Care Equipment.

Industry Breakdown Student Managed Investment Fund

The SMIF provides diversity into 15 separate industries. The top 3 industries include IT Services, Biotechnology, and Health Care Equipment and Supplies each accounting for 9.85%, 7.15% and 6.84% respectively.

Top Performer – (SQ) Student Managed Investment Fund

Square Inc. enables its users to manage their businesses through their cutting edge transactional application. It allows users to transform mobile devices and computer systems into payment and point-of-sale solutions. In 2017, Square saw a 151.05% return compared to the S&P’s return of 17% by the end of the year. The company surprised analysts with each report, bolstering higher than expected earnings from the growth of transactional revenue and fewer losses due to their ahead of pace reduction schedule of costs. The Square Capital lending arm and Square Cash mobile app contributed to revenue growth with the company’s ability to capitalize on increasing transactional trends and cryptocurrency volatility. Square has seen a 102.14% return within the USF portfolio.

Purchase Price: $17.38 Intrinsic Value: $19.32 2 Year Target: $27.46

Portfolio Laggard – (INCR) Student Managed Investment Fund

INC Research generated a loss from operations of $88.9 million and $43.9 million, respectively, compared to income from operations of $39.4 million and $111.6 million for the three and nine months ended September 30, 2016. INC Research stated that the operating results for the three and nine months ended September 30, 2017, were impacted mainly by merger-related transaction expenses.

Holzer & Holzer, LLC is investigating whether INC Research Holdings, Inc complied with the federal securities laws. On November 9, 2017, INCR reported its first financial results after combining with inVentiv Health. The Company’s combined results were negatively impacted by merger-related expenses, an impairment charge, and increased amortization expenses. The price of INC Research stock fell significantly after the announcement.

Purchase Price: $55.03

Portfolio Addition – (TGT) Student Managed Investment Fund

The fall 2017 analysts added 1 security to the SMIF. During 2017, the Consumer Discretionary and more specifically the Retail industry were beat down due to challenging retail market conditions and the looming threat of the Amazon and the e-commerce age. This presented the opportunity to purchase Target at a modest discount relative to its intrinsic value. Key drivers of Target’s projected growth included an aggressive remodeling plan, popular private label brands, and omnichannel integration. These catalysts offered tailwinds that would increase same store sales and margin expansion. Target’s bold and innovative initiatives were poised to ignite revenue growth, improve profitability, and refresh investor interest in one of America’s bestknown retail brands. Since purchase Target has returned 7.51% as compared to the S&P 500 returning 3.20% over the same time period.

Purchase Price: $60.29 Intrinsic Value: $93.29 2 Year Target: $97.92

Investment Philosophy Student Managed Investment Fund

The Foundation of Philosophy The USF Student Managed Investment Fund operates upon the foundation set by three key principles: I. A Balanced Portfolio II. Fundamental Strength III. Student Driven Results The USF Student Managed Investment Fund is unique in the fact that these principles do not stand mutually exclusive from one another. These values are deliberately acknowledged and examined to maintain consistent performance and intent in the analysis process. This groundwork allows for any number of additional considerations to be applied to the investment philosophy of this portfolio. In doing so, objective synergy is achieved and maintained under any circumstance.

Investment Philosophy Student Managed Investment Fund

Balance One of the first lessons the USF Student Managed Investment Fund’s participating analysts learn is the importance of maintaining balance within the financial services industry.

Not only does this apply to the personal lives of each analyst, but the portfolio as a whole. By maintaining balance when undergoing the analysis and management of securities within the fund, two distinct benefits are derived. First, the analysts undergo an exercise in discipline— attaining an appreciation for the value of constraints and policies. Second and most importantly, the fund is subsequently better positioned to succeed. The USF Student Managed Investment Fund maintains several explicit policies dedicated to bringing inherent balance, including market cap, investment, and sector guidelines.

First, the USF Student Managed Investment Fund encourages investment in a broad array of market cap sizes. Per the written bylaws, the portfolio may contain securities of large-cap stocks ($10 billion + market cap), mid-cap stocks ($2-10 billion market cap), small cap stocks ($300 million to $2 billion market cap) and micro-cap stocks ($100million - $300 million). This policy encourages analysts to broaden their range of analysis, bolstering each of their modeling capabilities.

Regarding individual securities within the portfolio, the maximum investment in the equity of a single issuer is 10% of fund asset at the time of the investment. This serves as a preventative measuring—ensuring that the fund is never over invested is a position regardless of risk. Under the same guidance, the maximum investment in stocks of a single industry is 25% of fund assets, (however, shares held in the SMIF Fund’s score equity index fund are not counted against this limit). These constraints are binding and essential to the philosophy of the Fund.

Investment Philosophy Student Managed Investment Fund

Fundamental Strength The core nature of this fund is to promote the essence of long-term equity investing. Naturally, the guiding principle of the valuation metrics within the USF Student Managed Investment Fund are based on the fundamental strength of the securities themselves. This brings the academic nature of the coursework together with the pragmatic objectives of the fund itself. By performing thorough fundamental analysis on each of the prospective positions, the portfolio analysts are best positioned to identify opportunities of both value and growth.

Per the USF Student Managed Investment Fund’s policies and procedures guideline, the portfolio will invest exclusively in US Equities, ADRs, and near cash assets such as money market funds or securities. This particular selection of security types best allows for the style of analysis performed by the analysts.

As the analysts are groomed to be long-term investors, the investment horizon of the USF Student Managed Investment Fund reflects that principles. The expected holding period of any purchased security is stated to be at least two years, with preferred holding being made for periods between three and five years. Even if the target price of a security is reached, the position is not automatically sold—in fact it is reevaluated by the student analysts and their recommendations are made to the advisory board when necessary. Under these principles, this fund only maintains long positions, as short-selling is strictly prohibited.

Returns within the portfolio are to be earned off of the strength of the individual holdings within it. Leverage will not be used to magnify returns.

Derivatives will also not be utilized in any manner. By maintaining this policy, the fundamental capabilities of the fund and its analysts are better displayed.

Investment Philosophy Student Managed Investment Fund

Student Driven Results Arguably the most distinctive, crucial, and inherently valuable aspect of the USF Student Managed Investment Fund is the student analysts themselves. This fund melds the worlds of academia and professional finance in a manner unlike almost any other opportunity. The student analysts embody a blank canvas of ambition and innovation that perpetuates a palpable sense of passion about investment management. Because of the absence of biases developed over long, esteemed careers students provide unique ideas and insights that may not be visible to others.

The entire fund’s performance is driven by the individual analyses of the student analysts and their respective valuation models. The target prices are set by the analysts and each report is then pitched to the members of the Student Managed Investment Fund advisory board, external advisors, and selected faculty members.

Once the presentations are complete, an extensive question and answer session is undertaken. These sessions are typically very rigorous—filtering securities to the best possible position based on the performance of the analysts.

In between stock pitches, the analysts consistently manage the fund to ensure that the portfolio is in proper condition at all times. Using reports from the selected positions, target prices are monitored and evaluated with adjustments being made if necessary.

The Process

Student Managed Investment Fund I.

Of the participating analysts, the class is broken up into three teams that individually perform their analyses.

II.

The broader screening selection is then performed using unique criteria developed by the analysts. This criteria is largely centered around numeric ratios such as Debt-toEquity, EV/EBITDA, and Price to FCF.

III. Once each group has selected a single security, the positions are fundamentally analyzed—often requiring over fifty hours of dedication per week from each analyst.

The analysts use this information to develop valuations that assign an intrinsic value and two year target price to the position.

IV. These findings are then compiled into professional reports which are subsequently proposed to a board of advisors, during which an extensive question and answer session is held. In total each pitch session last between thirty and forty minutes, with presentations lasting a maximum of fifteen.

V.

Debate and open discussion is encouraged amongst the analysts. These academic discussions not only aid in the screening and research process, but provide the analysts with the opportunity of learning how to communicate properly within a professional environment.

2017 – Economy In Review Student Managed Investment Fund ➢

It has been a tumultuous year marked by natural disasters, geopolitical tensions, and deep political divisions in many countries.

➢

On the economic front, however, 2017 is ending on a high note, with GDP continuing to accelerate over much of the world in the broadest cyclical upswing since the start of the decade.

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Over 1,700,000 new jobs have been created since January, including 159,000 new manufacturing jobs, and the unemployment rate has decreased from 4.8 percent to 4.1 percent.

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The stock market experienced a banner year, with the Dow Jones increasing by 5,000 points in one year for the first time in its 121year history and surpassing a record 24,000.

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The economy grew by over 3% percent for two consecutive quarters in 2017, which was greater than analysts expected and reflects the resilience of the U.S. economy even after a multitude of natural disasters.

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Consumer confidence and investor optimism are both at 17-year highs while unemployment is at a 17-year low.

Future Endeavors Student Managed Investment Fund

➢ Raymond James Challenge ➢ Future Statewide and National Competitions ➢ Attending Professional Conferences ➢ Increased External Funding for Portfolio ➢ Sponsored Applied Securities Analysis events on campus

➢ Technical Platforms ➢ Bloomberg ➢ FactSet ➢ Capital IQ

➢ Promote Brand Awareness ➢ Internal ➢ Recruit from other collegiate departments ➢ External ➢ CFA, FINRA, FMA etc..

Student Success Student Managed Investment Fund

• 12 Total Students • Over 6 countries & 3 International Students Represented • 4 Accepted Full Time Placements • 100% Internship Placement • Companies Represented By SMIF Analysts:

Student Analysts Student Managed Investment Fund

Justin Chang - justinchang1@mail.usf.edu Justin Chang's experience with security analysis started in high school when his father introduced him to the fast paced world of trading. After a long period of self-study, he successfully applied his knowledge of technical analysis in multiple statewide competitions. While majoring in finance and marketing, Chang joined USF's Applied Security Analysis program to learn how to combine fundamental analysis with his technical background. Outside of business, he is a USF Honors College student, an officer of the USF swim team and a coach for both the USF swim team and Tampa Bay Aquatics.

Daniel Chapman - dchapman1@mail.usf.edu Daniel Chapman was born and raised in Scotland where most of his family worked in the finance and accounting sector. From a young age, he began learning the basics of investing from his father. These experiences inspired his passion for the industry and it was this passion that led him to study finance at USF. In addition to academics, he has been involved in several extracurricular activities such as the Business Honors Program, Junior Achievement and Feeding Tampa Bay. Through success in these areas, Chapman was accepted to the Goldman Sachs Summer Analyst Program and interned in New York this past summer.

Megan Dias - megandias@mail.usf.edu Megan Dias is on her way to the finish line with a dual degree in finance and marketing. A highly involved Green and Gold Presidential Scholar, Dias is no stranger to dynamic and challenging environments, which is where she thrives.

Having served as a peer advisor leader and career peer advisor, she is passionate about helping others and making a meaningful impact at her university. She has previously interned at AXA Advisors and Avatar Insurance and aspires to start her own lucrative business one day.

Student Analysts Student Managed Investment Fund

Matthew Gladdish - mgladdish@mail.usf.edu A finance major and business management minor, Matthew Gladdish aspires to work in venture capital or private equity after gaining experience in the financial services Industry. Matthew has always had an entrepreneurial passion and is the owner of a lawn-care company based in Gainesville. On top of running his company, Matthew works as an intern at Franklin Templeton Investments and in the Investor Services Department of Fiduciary Trust Company International.

"Success is the result of perfection, hard work, learning from failure, loyalty, and persistence." - General Colin Powell.

Rafael Grigoryan - rgrigoryan@mail.usf.edu Rafael Grigoryan was born in war-torn Armenia in the days of the Soviet Union.

His family moved here when he was 9 months old and he has grown up in Florida. He is passionate about the financial and global markets and this passion led him to pursue a degree in finance. As a full-time student Grigoryan has maintained a 3.94 grade-point average in his major and has previously interned at Citigroup as a financial analyst, was in the top 1 percent of sales consultants for Verizon Wireless and trained six years competitively for the 2012 Olympics.

He is carving a career path in investment banking while earning his CFA charter.

Jesse Heatherington - jesse22@mail.usf.edu Prior to joining the Student Managed Investment Fund program, Jesse Heatherington spent time interning at a boutique wealth-management firm and on the derivatives desk at Citigroup. He also is the founder and former president of the Student Investment Society, in which students from all majors come to discuss investing. His passion for finance began with his parents, who taught him the fundamentals of investing and saving at an early age. When not analyzing companies, he enjoys skydiving and playing tennis. He plans to pursue his Chartered Financial Analyst designation upon graduation.

Student Analysts Student Managed Investment Fund

Denys Klimyentyev - dklimyentyev@mail.usf.edu After touring a trading floor for the first time, Denys Klimyentyev's interest in law disappeared overnight. Since then, he has taken on various internships at T. Rowe Price, Citigroup and Franklin Templeton Investments. Outside of class, he is involved as a board member of the Student Investment Society, the Corporate Mentorship Program and the USF Honors College. He is an active volunteer and often can be found participating in his community. After college, he hopes to pursue a career in the securities markets. Music fans may recognize him from when he performed live with the USF Honors Jazz Band.

Darin Ostrowski - dostrowski1@mail.usf.edu A finance major with a concentration in asset management, Darin Ostrowski came to USF after serving in the U.S. Army as an airborne Infantryman, most recently stationed in Vicenza, Italy. His interest in investing started at a young age when his father would engage in day trading. His hunger for knowledge and passion for investing allow him to make the dean's list every semester and maintain a 4.0 grade-point average at USF. Ostrowski hopes to be an equity research analyst, earn his CFA designation, and eventually become a portfolio manager.

Maithilee Pagay - maithilee@mail.usf.edu A native of India, Maithilee Pagay is a Corporate & Executive Services intern for the Equity Capital Markets division at Raymond James. She graduated high school in Singapore through an all-expense paid educational scholarship provided by Singapore's Ministry of Education. Pagay, a Beta Gamma Sigma Business Honors Society member and an USF Honors College student, aspires to work in equity research after graduation. Previously a peer advisor leader for New Student Connections, Pagay is also a part of the Corporate Mentor Program and is under the guidance of mentors from the business community.

Student Analysts Student Managed Investment Fund

Gabriel J. Rodriguez - gabriel27@mail.usf.edu A member of the Business Honors Program at USF and an upper-level finance tutor, Gabriel Rodriguez has always sought to improve himself and the others around him through educating and community service. He interned for Aetna during two consecutive summers improving key business skills and working to implement cost saving strategies and data base consolidation. Rodriguez wants to pursue a career in asset management with the goal of helping his clients become financially independent. Eventually, he plans to work toward a doctorate in finance so that when he retires, he can pass on his knowledge in the classroom to the next generation of financial leaders.

Mark Smyslov - smyslovm@mail.usf.edu A native of Moscow, Mark Smyslov moved to the United States when he was 17 when he began his path to earn a degree in finance. Smyslov started out as a member of the Bulls Business Community and founded the local chapter of the Phi Gamma Delta fraternity at USF. A member of the Corporate Mentor Program, Smyslov maintained a 3.94 grade-point average while working part-time as an accounting assistant on campus. He currently is an intern at Raymond James with the Corporate & Executive Services team. Smyslov is a 2016-17 Muma College of Business 25 Under 25 honoree and is a December CFA Level I candidate.

Garrett Walker - garrett13@mail.usf.edu As a first-generation student, Garrett Walker has committed himself to the principles of growth and personal development. Walker is dually enrolled in both the Business Honors Program and the USF Honors College. Outside of his academics, he has gained valuable insights in leadership through his experiences as a retail banking intern at the USF Federal Credit Union and treasurer of Alpha Sigma Phi. Despite enthralling himself in a vast array of involvement opportunities on and off campus, Walker has maintained passionate devotion to his professional career within financial services.

University of South Florida Student Managed Investment Fund 2017 Annual Report For More Information Please Visit-

http://www.usf.edu/business/departments/finance/smif/