USF Student Managed Investment Fund

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Student Managed Investment Fund


APPLIED SECURITIES ANALYSIS Investment education with real results OUR APPROACH Given the complexity of today’s financial markets, financial firms must have highly trained and skilled employees who are well-versed in the thought processes, technologies, and strategies of portfolio management and can hit the ground running. Since 2010, the USF Muma College of Business has met this demand through its Student Managed Investment Fund that provides top finance majors a real-time and hands-on experience. Students in the program become well-versed in stock analysis, evaluation and sales presentation leading to the purchase of securities through the Student Managed Investment Fund. The investment fund is governed by an advisory board comprised of financial services industry professionals who grill students on their pitches and evaluate student ideas. They offer feedback and help students understand how the classroom lessons play out in the industry. These business leaders share their expertise and interact with students during their presentations. These seasoned corporate partners often extend internship opportunities to students.

ABOUT OUR PROGRAM The rigorous, two-semester Applied Securities Analysis course, which is a signature part of the finance program, requires students to use their finance education in a real-world application. Student analysts manage a portfolio of assets donated to the USF Foundation for this specific purpose. This provides valuable hands-on experience. The portfolio’s stocks are all selected and monitored by students. The course is divided into three parts: •

Students begin with a rapid and intense review of investment fundamentals as well as the tools, techniques, and philosophies that underlie security analysis and selection.

Individual and team analysis of stocks that may be undervalued and identification of stocks which offer the potential for superior investment performance.

Students present and defend stock selections orally and in writing to faculty and advisory board members. Students who provide a compelling and persuasive valuation have their suggested stocks purchased and added to the ASA portfolio.


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

MORE THAN

60 PROFESSIONALS & 40 FIRMS REGULARLY ENGAGED IN THE PROGRAM GRADUATES ARE ACCEPTING JOBS WITH SALARIES THAT ARE

SIGNIFICANTLY ABOVE SALARIES OF OTHER USF FINANCE GRADUATES Graduates accept jobs in highly competitive firms and industries. CARL-HARRY DOIRIN ST. PETERSBURG Senior Equity Research Associate Raymond James Financial, Inc. ST. PETERSBURG CHRIS GRYNIEWICZ Equity Research Senior Associate Manning & Napier Advisors SAN FRANCISCO BIANCA RODRIGUEZ Equity Research Associate Raymond James Financial, Inc. DANIEL CHAPMAN Analyst Bank of America

DALLAS

BALTIMORE JULIO NOVO Equity Research Associate Analyst T. Rowe Price


PROGRAM FEATURES Significant community involvement OUR ADVISORY BOARD Outside advisors to the students support the program by participating in the stock pitch portion of the class and by formally mentoring the students. The advisory board is comprised of seasoned financial professionals from Tampa Bay and beyond. USF alumni from Chicago, San Francisco, and Miami frequently travel back to USF to participate in the student pitch sessions. To reflect the real world, advisors challenge students on valuation and fundamentals and require the students’ full understanding of the business model. These questions come from individuals who have been in the field for years. This approach trains students who can succeed in any environment.

OUR FACILITIES The new Lasher Center for Financial Markets is a 1,100 square foot renovated space, fully equipped with a stock ticker, Bloomberg terminal, student work stations and teaching technology that will help faculty teach students essential skills in finance and accountancy.


EXPECTATIONS OF OUR STUDENTS All USF finance majors are required to take entry-level and advanced courses focusing on investments. Selected participants in the Student Managed Investment Fund are allowed to take an additional two-semester Applied Securities Analysis course. Students are invited to apply to for this highly selective course based on their academic performance, the rigor of courses taken, and faculty recommendations. Prospective students must interview for the program – they must make a two-semester, 40+ hour per week commitment to the program – and complete more than 200 hours of work during the summer. Students perform 100 percent of the portfolio management and analysis. The level of effort shows in the results.

RETURN IN 5 MONTHS 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.



PROGRAM CURRICULUM Incorporating analysis and critical thinking OUR ASSET MANAGEMENT FOCUS The Applied Securities Analysis course is designed to develop the analytical skills and competencies that underlie security selection. The team-based environment allows students to accomplish something far beyond what is typically done in a classroom setting and teaches them to perform at a high level in a real-world environment. This approach prepares students for success in many finance professions. Course projects include: • • • • • • • • • • • • •

Analyzing macro-economic drivers Analyzing stock market valuation Analyzing the main industry sectors that comprise the stock market Analyzing the recent financial crisis/great recession Identifying stock market anomalies Identifying and explaining how to use various data sources Analyzing the existing Student Managed Investment Fund portfolio Covering and reporting material from the financial press Developing and justifying stock screening techniques Writing and presenting summaries of important books relevant to the course Assessing the value of analyst recommendations and reports Identifying factors that can be used to identify unusually good investment opportunities Identifying and analyzing unusually good investment opportunities

Visiting top financial firms to present research and stock ideas

The finance and investment lessons are taught by experienced and well-credentialed faculty. Understanding that these top students need more than just the industry knowledge to succeed, faculty who are experts in business communications and other “soft skills” help bolster these young scholars’ presentation and networking skills. Students also learn the importance of professional development and improve upon their business dining skills!


ANALYSTS Success through hard work Justin Chang 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 Securities 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 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. Chapman was accepted to the Goldman Sachs Summer Analyst Program and interned in New York this past summer. Megan Dias 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 business one day. Matthew Gladdish 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. Gladdish has always had an entrepreneurial passion and is the owner of a lawn-care company based in Gainesville. Gladdish also works as an intern at Franklin Templeton Investments and in the Investor Services Department of Fiduciary Trust Company International.


Rafael Grigoryan 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 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. Denys Klimyentyev 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 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 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 busines community.


ANALYSTS Success through hard work Gabriel Rodriguez 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 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 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.



Student Managed Investment Fund • USF Muma College of Business 4202 E. Fowler Ave., BSN 3403 • Tampa, FL 33620-5500 usf.edu/SMIF • (813) 974-2081