Academic Year End Report to the Dean of Robert H. Smith School of Business and the Endownment.

1. THE GLOBAL EQUITY FUND
END OF YEAR PRESENTATION
MAY 3, 2018

2. AGENDA
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Letter to the Shareholders
Overview
Performance Summary
Profile
Class Highlights
Incoming Class
Conclusion

3. LETTERTOTHESHAREHOLDERS
Letter to the Global Equity Fund Partners
The purpose of the annual report is to provide a recap of the activity for the trailing-twelve months (May
2017 to April 2018) and the current health of our fund.
The Global Equity Fund had a strong 2017, but 2018 has been rough with the return of volatility to the
markets. We have had a return of 4.23% YoY. This year we pitched 40 companies and ETFs, of which we
added 18 into our portfolio.
After the summer, we had almost $200,000 in cash. We decided to invest in the ETF that tracks our
benchmark, ACWX, so that we could more closely track our benchmark and not have too much idle cash.
We would sell a portion of ACWX as we found companies to invest in.
The entire GEF team learned a lot from this experience, and we are very grateful for this opportunity. We
are confident that the fund will be in good hands next year with the incoming class
-Global Equity Fund
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4. CLASSOF2017 -2018
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Global Equity Fund Members

5. Overview
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6. OVERVIEW
Objectives
GOAL:
Achieve long-term capital appreciation by capturing the superior returns that equity
investments have historically provided. Our strategy is to identify undervalued stocks using
various valuation methods and sell when our stock hits its intrinsic value.
Benchmark INDEX:
• MSCI All Country ex US (ACWX) Index
EDUCATION:
Every individual learns the processes by which investment decisions are made in a
professional asset management setting.
INVESTMENTS:
Internationally-diversified portfolio; Investments in companies, countries, regions and macro-
economic sectors that are deemed to be undervalued.
EQUITY VEHICLES:
All US traded Equities, Options, and OTC securities, with a focus on ADRs
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7. OVERVIEW
Investment Strategy
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• Economic, Industry, Company (EIC) Analysis
• Select undervalued stocks using equity analysis
• Long term approach (we are not day traders)
• This year established 10% cap on any holding
• Manage concentration of sectors/regions to diversify holdings

8. OVERVIEW
Investment Tools
Models:
Valuation models from Professor Ryan Guttridge and Aswath Damodaran
• DCF
• Dividend/Earnings Growth Models
• Comparable Analysis
Software:
Bloomberg; Capital IQ; IBIS World; ThomsonOne; Morningstar, Crystal Ball, etc.
Strategies Discussed in Class:
• Introduced by Dr. Gurdip Bakshi:
• Carry Trade, Hedge Fund Performance, Tax Reform Implications, Dollar
Safety Premium, Algorithmic Trading, Central Banks Influence on Capital
Markets, Cryptocurrency, and Technical Analysis Terminology
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9. Performance Summary
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10. PERFORMANCESUMMARY
Annual Performance
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GEF starting value $560,039.71 ACWX start $44.78
GEF ending value $582,637.37 ACWX end $49.80
GEF return 4.04% ACWX return 11.21%

11. PERFORMANCESUMMARY
Fund Performance, Since Inception & Current Fiscal Year
• GEF trailed ACWX by 7.18% this fiscal year. Our performance is now
outpacing the benchmark by 8.39% since inception.
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Performance Highlights
Fiscal Year, 05/01/2017 – 05/01/2018Since Inception, 12/31/2009 – 05/01/2018

12. PERFORMANCESUMMARY
Fund Performance, Since Inception & Current Fiscal Year
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• Fund Beginning Value $ 560,039.71
• Dividend Paid Out $ 22,762.37
• Fund Ending Value $ 559,875.00
Since inception:
Outpacing EEM by 24%

13. Profile
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14. PROFILE
Current Holdings
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15. PROFILE
Geographic Allocations
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• Reduced holdings in
emerging markets
• Increased holdings in
the Americas, Europe,
and Pacific

16. PROFILE
Geographic Allocations
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17. PROFILE
Sector Allocations
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• Reduced holdings in
consumer discretionary,
health care, and cash
• Increased exposure to
financials, consumer
goods, information
technology
25.83%
18.09%
7.82%
6.29%
6.40%
4.29%
6.61%
6.80%
6.42%
6.88%
9.23%

18. PROFILE
Sector Allocations
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19. PROFILE
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Legacy Equities

20. PROFILE
Trading Activity
• Number of total pitches: 40
• Purchase Rate: 45%
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Equities Purchased

21. PROFILE
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Equities Rejected

22. PROFILE
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Equities Sold

23. PROFILE
Top 10 Winners
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Name % Gain/Loss
Lululemon Athletica Inc. 45.36%
Alibaba Group Holding Ltd 38.06%
Zto Express (Cayman) Inc (Adr) 32.60%
Arista Networks Inc 25.51%
Vanguard Ftse All Wd Ex Us Small Cap Etf 30.45%
MTUM Ishares Trust 26.19%
Aercap Holdings N.V. 24.53%
Wns (Holdings) Limited (Adr) 23.87%
Brookfield Asset Management Inc 20.99%
Micron Technology, Inc. 19.00%
Name Gain/Loss
Alibaba Group Holding Ltd 16,084.25
Arista Networks Inc 14,353.12
Ishares Msci Acwi Ex Us Index Fund 12,588.49
Lululemon Athletica Inc. 9,063.14
Zto Express (Cayman) Inc (Adr) 6,518.14
Micron Technology, Inc. 5,306.58
Aercap Holdings N.V. 4,896.27
Wns (Holdings) Limited (Adr) 4,785.38
Vanguard Ftse All Wd Ex Us Small Cap Etf 4,573.45
Brookfield Asset Management Inc 4,183.61

24. PROFILE
Worst Performers
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Name Gain/Loss % Gain/Loss
Teva Pharmaceutical Industries Ltd (Adr) (10,901.04) -54.42%
Universal Display Corporation (19,290.95) -51.78%
American Outdoor Brands Corp (10,570.93) -50.52%
Yy Inc (Adr) (8,350.93) -30.16%
China Distance Education Hldgs Ltd (Adr) (5,908.22) -29.53%
Controladora Vuela Co Avcn Sa Cv (Adr) (7,097.65) -28.37%
Acadia Healthcare Company Inc (2,573.86) -25.67%
Mazda Motor Corp (3,781.87) -18.86%
Federal National Mortgage Association (1,124.95) -18.35%
Tencent Holdings Ltd (4,589.95) -15.71%

25. Class Highlights
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26. CLASSHIGHLIGHTS
Arista Networks (ANET)
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Best performing stock which generated 26% return in 81 days
for an annualized ROI of 116%
• Pitched by Mehdi Zare on September 2017
• Bought 300 for $187.50 |
• Sold 200 at $242.26 | Sold 100 at $221.68
• Re-bought at $250.22 | Current price $265.27 (5/2/18)
• Investment Thesis:
• Founded by Two of the Silicon Valley veterans, who
invested in Cisco, Sun, Google, …
• Direct Competitor of Cisco, on a Niche Market, with
a better product, and strong foothold in the
market.
• Sold because of High expectation of the market,
unsustainable growth at this level

27. CLASSHIGHLIGHTS
Universal Display Corporation (OLED)
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Worst performing stock which generated -51% return in 161
days for an annualized ROI of -114%
• Pitched by Zhuoxi (Austin) Wu on Nov 18th 2018
• Bought 200 for $186.29 | Current Price $89.75
• Investment Thesis:
• Monopoly on almost all OLED Patents in the world
• Supplier to Samsung, LG, Sharp, …
• Tanked by over 60% from its all time high, due to
speculation that Apple with use other technologies
such as MicroLED
• There’s no other viable alternative at the moment

28. CLASSHIGHLIGHTS
LinkedIn/Seeking Alpha
Official LinkedIn Page for GEF
• GEF can now be referenced as a job for
students
• Professional way to publish their work
• Average 30 visits per month mostly by
seniors from financial services

29. CLASSHIGHLIGHTS
Lessons Learned
• Don’t buy after a big run up in price (OLED)
• Sell sooner when its not going our way (AOBC)
• Buying the benchmark worked out, but it might not always be that way
(ACWX)
• We can’t predict when the bottom will fall out of the market (Feb
2018), but holding was better than selling (focus on fundamentals)
• Sometimes the majority is wrong (XPO)
• You never know someone’s perspective until you ask them
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30. CLASSHIGHLIGHTS
Recommendations
• GEF might do better as a night class in DC
• More participation from PT MBA students AND MFIN students
• Make the path to GEF attainable for students on compressed
graduation timeline
• Tough for 2nd year students to apply and participate
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31. Incoming Class of 2018
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32. INCOMINGCLASS
Part Time MBA
• Lina Pena (Portfolio Manager)
• Alexander Blass
• Darren Pagan
• Emilee van Norden
• Eric Granados
• James Ford
• Jeremy Rechtien
• Louis Khouri
• Zhuohong Xie
Full Time MFin/MQF
• Marwin Glenn (Portfolio Manager)
• Anna Liu
• Anupa Shah
• Benqing (Neal) Yuan
• Daien Wang
• Jingyi (Emma) Li
• Lingge Xu
• Mengyi (Sophia) Wang
• Noor Akhtar
• Xin (Kathy) Zhang
• Xu Jiaqi
• Zhelin Guo
• Ziqiao Wang
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Incoming Class of 2018-2019

33. Conclusion
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34. CONCLUSION
Conclusion
• Fortunate to have experienced Market Correction/Volatility,
Raising Interest Rates, Tax Code Changes and Trade Tariffs
• Fantastic learning experience
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35. CONCLUSION
Special Thanks
• Dean Triantis
• Department of Finance
• Office of Career Services
• Dr. Gurdip Bakshi
• Dr. Sarah Kroncke
• Dr. Joe Perfetti
• Dr. Bharat Jain
• Nicola Daniel
• Kenneth Fuller
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• Ryan Guttridge
• Pete Kyle
• Whitney Whitfield
• Foundation Board
• GEF Alumni
• Jose Vides
• Nero Nguyen
• Endri Mustafa
• Andrew Foote
• GEF Class of 2017-2018