Introduction to the Wharton Investment Management Fund (WIMF) George - - PowerPoint PPT Presentation
Introduction to the Wharton Investment Management Fund (WIMF) George Schultz Head Fund Fellow schultzg@wharton.upenn.edu What is the WIMF? Founded in 1994 Student-run equity fund Manage money on behalf of Endowment & WGA
George Schultz Head Fund Fellow schultzg@wharton.upenn.edu
Founded in 1994 Student-run equity fund Manage money on behalf of Endowment & WGA Value-oriented, fundamental approach to investing Long-only; Equity-only; US (or ADR) only AUM of c. $1 million Actively managed by 12 Fund Fellows The best way for Wharton MBAs to get involved in
Outperform our benchmark
Have achieved in 10 of past 16 years Compounded annual return of 11.7% vs. 6.5% for S&P 500
Provide mentorship to students pitching to the club
Provide recruiters with exceptionally qualified candidates
Work with the IM club to strengthen the overall
Establish a valuable network among students and alumni
WIMF Returns Year WIMF S&P 500 Relative 1996 14.8% 28.9% (14.1%) 1997 25.4% 17.3% 8.1% 1998 53.7% 45.5% 8.2% 1999
19.5% (23.9%) 2000 24.5%
34.6% 2001 13.8%
26.8% 2002
17.9% 2003 33.2% 26.4% 6.8% 2004 21.7% 9.0% 12.7% 2005
3.5% (4.3%) 2006 20.3% 13.6% 6.7% 2007
4.2% (12.0%) 2008
(4.3%) 2009 41.5% 23.3% 18.2% 2010 26.4% 15.1% 11.4% 2011 1.9% 2.1% (0.2%) 2012 YTD (1) 14.1% 16.6% (2.5%) Compounded Annual Gain: 1996-2012 11.7% 6.5% 5.2% Overall Gain: 1996-2010 616.5% 282.8%
(1) YTD through 9/14/12
Name Ticker Position % Total Analyst Cash $73,663 6.2% S&P500 SPY 478,397 40.2% CBS CBS 74,077 6.2% Doug Holm Visa V 68,065 5.7% Neal Dignum Qualcomm QCOM 67,021 5.6% John Jessup Owens Corning OC 65,611 5.5% Dan Chen Western Union WU 58,821 4.9% Doug Holm Rock-Tenn RKT 55,742 4.7% Amir Fardshisheh Sensata ST 52,856 4.4% Andy Berman Time Warner Cable TWC 38,061 3.2% Brad Murray Sinclair Broadcast SBGI 33,764 2.8% Steve Schembri XRS Corp (fka Xata) XATA 32,881 2.8% Steve Schembri Gray Television GTN 30,909 2.6% Doug Holm BorgWarner BWA 29,046 2.4% Andy Berman Metropolitan Health Networks MDF 26,878 2.3% Amir Fardshisheh ChinaCast CAST 4,594 0.4% Sara M. / George S. Total 1,190,385 100.0%
Semi-concentrated portfolio
Currently hold 14 individual name stocks Diversified by industries and sub-sectors
Value-focused with medium/long-term holdings Goal: exceed returns of S&P 500 Success of the WIMF based on contributions of IM Club
Three ways to get involved:
Equity Research Analyst Assistant Fund Fellow Fund Fellow
Present an idea to the WIMF during a weekly meeting Requirements will be discussed by Amir Work with a mentor for 1 week prior to the pitch Can put “Equity Research Analyst for Wharton
To schedule a pitch, sign up on WebCafe
Details:
Sit in on all Fund Fellow meetings Work closely with Fund Fellows on managing the portfolio;
Expect to contribute 15 hours per week
Why?
Applied role ideal for those passionate about investing and
Opportunity to work closely with a like-minded group Participate in Fund Fellow treks; meet successful alumni Better chance to become a Fund Fellow
Application Requirements:
Submit a 1-2 page long or short stock pitch, including any
Submit a statement of interest explaining why you are
Expect to complete an informal interview and stock pitch
Toward the end of each semester, the 2nd year Fund
Traits of those who get elected:
Participation in weekly IM club meetings Passion for investing Ability to generate high quality investment ideas
Primary path to becoming a Fund Fellow → serving as
Further questions? E-mail me
George Schultz Steve Schembri Amir Fardshisheh Doug Holm John Jessup Andrew Berman Head Fellow Director of Research Director of Research Alumni Relations Head Trader Director of IT Armistice Capital Glade Brook Capital Fidelity
MFS Seneca Capital Sara McLinden Daniel Chen Neal Dignum Brad Murray Andrea Tulcin Sam Tisch Social Chair Fund Fellow Fund Fellow Fund Fellow Fund Fellow Fund Fellow Viking Global Franklin Templeton JAT Capital Orbis Clear Bridge Advisors D.E. Shaw