2015-2016 SMIF annual report

SMIF 2015-2016 ANNUAL REPORT

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Table of Contents
SMIF Program ......................................................................................................................... 1
Research Challenge ................................................................................................................ 2
Quinnipiac G.A.M.E. VI Forum 2016 ........................................................................................ 3
Articles/Alumni Speakers ....................................................................................................... 5
Articles ............................................................................................................................................. 5
“Betting Against Beta DJIA” ................................................................................................................. 5
“How NOT to Wipe Out with Momentum” ......................................................................................... 5
“Low Volatility Cycles: Low Volatility and Momentum” ...................................................................... 5
“Value and Momentum Everywhere” ................................................................................................. 6
"Momentum Crashes” ……………………………………………………………………………………………………………………6
"Liquid Betting against Beta in Dow Jones Industrial Average Stocks” ……………………………………………6
"Low-Volatility Cycles: The Influence of Valuation and Momentum on Low-Volatility Portfolios”…..6
"The Low-Volatility Anomaly: Market Evidence on Systematic Risk vs. Mispricing”………………………..6

Guest Speakers ................................................................................................................................. 7

Quantitative Signal………………………………………………………………………………………………………………………………8
Holdings in Funds/Guidelines ................................................................................................. 9
Economic Environment .......................................................................................................... 14
History .................................................................................................................................. 15
SMIF Class Photo & Biographies ............................................................................................ 17
Biographies .................................................................................................................................... 18


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SMIF Program

Focusing on these three main capabilities enables us as students to get the most out of the SMIF program here at
CSULB, and we are thus able to provide the portfolio results that you are seeking to achieve. Using multiple
research teams in class we are able to come up with specific goals in order to meet client, in this case CFAOCF,
needs. Throughout the entire process we are constantly learning and expanding our capacity to do great work in
the area of portfolio management.
Investment Philosophy
The CSULB SMIF team’s investment approach can best be described as client-focused, research-driven and
education-oriented.
Client-focused
The team’s primary responsibility is a fiduciary duty to clients. This entails steadfast dedication, consideration,
and conservatism as well as a responsible and ethical approach toward the management of all portfolios.


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Research-driven
Every investment decision is carefully analyzed by extensive research. Before decisions are made, the group
pools the findings by each team through in-depth discussion in order to ensure all relevant information is
brought to the attention of the class.
Education-oriented
Participation in the CSULB SMIF earns students a valuable educational experience through managing real-
world portfolios. A focus on education allows all students to build their analytical and interpersonal
communication skills, which are highly valued in the financial services industry.
We believe the market is extremely competitive and difficult to beat; nonetheless, we believe that following the
three pillars of our approach will best enable us to structure the portfolios we manage so that we have the
greatest likelihood of generating the returns our client’s need both to meet their financial goals while also best
compensating them for the risks they are accepting.

Research Challenge

The CFA Institute
Research challenge consists of a
few months of intensive
security analysis and producing
a written report and
presentation. We have spent
hours in the computer lab
reading and understanding the
target company, Lionsgate, as
well as had many debates over
the outlook of the company. We
won the regional competition
and were able to fly out to
Chicago and compete in the
next round. During this time,
we have significantly improved
on deciphering and analyzing
information. Also, it was great pleasure to have the chance to attend regional and global final, as well as the
Engage Symposium. It is definitely eye opening to see how other teams construct their analysis, considering the
extremely high quality of work of these winners from all over the globe.


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Quinnipiac G.A.M.E. VI Forum 2016

Held at New York City, the Quinnipiac G.A.M.E VI Forum for 2016 gave the students of CSULB SMIF
program an opportunity to learn from some of the leading industry experts and leaders on the direction of the
world’s economy and how the investment world is changing for the future. The CSULB SMIF program had 16
students attend the forum, gaining valuable insight
and attending different breakout sessions which
included panels tailored to help students grow and
understand what it takes to be responsible and
outstanding financial analysts and managers. Some
of the notable keynote speakers included Charles
Evans, Frances Donald, Bloomberg’s Tom Keene,
and Fox News anchor David Asman. Their
expertise included understanding current micro and
macroeconomic conditions, and what it takes to
make it in the finance and security industry. The
class was also able to attend a special tour at
CitiBank, where they got a tour of the trading
floor. It was located at a prime location facing the
Hudson River, and there were many trading
terminals in the building.
The second day consisted of the class going to different panels and keynote speakers. There they were
introduced to various topics that are relevant to finance. One example is “Narrative and Numbers” which had a
keynote speaker talk about the importance of telling a story on a company and how the numbers should match
what the story implies on that company. That day also included the opportunity for different colleges to
showcase their experience in their SMIF program and what they have been working on. Some of the students in
our class were able to go on a Bloomberg tour that a CSULB alumna was able to schedule for us. It allowed us
to walk through Bloomberg’s headquarter and see what one day looks like at Bloomberg. They were also able
to learn more about the Bloomberg Terminal and some cool functions that can be used.
The last day consisted of going to different panels and listening to some keynote speakers. The most
interesting topic was on technical analysis, which is basically measuring momentum and determining whether a
stock has momentum or not. It involves using various methods including candle-sticks and looking for trading
patterns. On that day we can say the class was beat, but we thoroughly enjoyed our stay in NYC.
SMIF students at CitiBank


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Those were more of the formal aspects of the
trip, but the class was also able to explore the city and
found that it was full of life and it even convinced some
of our classmates that they wanted to move to NYC and
live there. Some of the places we explored were the
WTC memorial, Times Square, the Brooklyn Bridge,
and Central Park. Going to and from different places
was very unique compared to SoCal because of all the
available public transportation, especially the subway
system, but Uber was also utilized to get around the
city. Other cool things students did were rent bikes from
CitiBank and ride the bikes around NYC. The food was
also amazing, but not as good as SoCal. Our time did
consist of eating a lot of Halal Guys, which is ten times
better than the one in Long Beach, and twenty percent
cheaper.
In conclusion, Q G.A.M.E VI Forum was very fascinating and
educational, and I do hope future generations of SMIF students
would be given the opportunity to go to the forum. It allowed our
class to learn from leaders and experts from various financial
industries, and gave us key insight on what the nation faces
economically and how globalization affects everyone. Different
members had their view on what the market and government
needed to do to help boost the economy, and this insight helped
expand our perspective. Finally, it was a blast to live and explore a
different state, even if it was just for a few short days.

SMIF students at Bloomberg
SMIF students at Q.G.A.M.E.


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Articles/Alumni Speakers

During class this semester, each team read an article, presented it, and thought if we should add any of the
elements into a possible screener. We also had speakers from the finance industry talk with us.
Articles
“Betting Against Beta DJIA”
By: Auer, Schuhmacher
Despite the adage that higher risk will yield higher returns, Benjamin Auer and Frank Schuhmacher decided to
test the opposite theory. They tested low-beta portfolios against high-beta portfolios over 70 years of historic
DJIA stock returns, and found that in the long run, it is actually the low-beta stocks that outperform, and
generate a consistently higher return than their high-beta counterparts. This is something that we can use in our
portfolios, as we are looking to achieve above average returns, and using low-beta stocks is a good way to
mitigate risk while seeking those returns according to this paper.
“How NOT to Wipe Out with Momentum”
By: Chris Brightman, CFA, Vitali Kalesnik, Ph.D., and Engin Kose, Ph.D.
The paper discusses the pros and cons of using momentum as a factor for equity investing. Momentum is one of
a handful of equity factors that empirically displays robust equity returns. It has recently become popular as
investors explore factor investing. Buying into positive price momentum can help generate a capital gain for an
investor. However, momentum investing can generate a negative outcome if an investor misses forecasting the
turning point (aka price goes down) in the price momentum of a stock. The paper illustrates some examples
where momentum investing has been successful. On the other hand, the paper also explains the reasons for the
downfall of pure momentum strategy and how to avoid it. The paper conclude that in order to utilize momentum
factor efficiently, it has to be combined with a value strategy which can help an investor to avoid momentum
crash and to improve the portfolio performance.
“Low Volatility Cycles: Low Volatility and Momentum”
By: Garcia-Feijoo, Kochard, Sullivan, Wang
Paper seeks to examine “time-varying performance of, and the influence of well-known investment factors on,
the low-risk strategy and have included a beta-neutral low-risk strategy of practical relevance.” The researchers
tested the effects of volatility on stock performance, and concluded that low-risk strategy performance is closely
correlated to momentum and initial valuations. Essentially, the results say that the strategy works best when it is
favored by economic environments and momentum in low-risk stocks. Our SMIF program included momentum
as a factor that we evaluated when selecting securities to be included in our portfolios.


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“Value and Momentum Everywhere”
By:Clifford S. Asness, AQR Capital Management, LLC
Tobias J. Moskowitz, AQR Capital; University of Chicago- Booth School of Business; National Bureau
of Economic Research (NBER)
Lasse Heje Pedersen, AQR Capital Management, LLC; Copenhagen Business School- Department of
Finance; New York University (NYU); Centre of Economic Policy Research (CEPR)
This research studies the returns of value and momentum strategies together across eight diverse markets and
asset classes. Finding consistent value and momentum premia in every asset class, the researchers also find
strong common factor structure among their returns. Value and momentum are more positively correlated
across asset classes than passive exposures to the asset classes themselves. However, value and momentum are
negatively correlated both within and across asset classes. Their results indicate the presence of common global
risks that we characterize with a three factor model. Global funding liquidity risk is a partial source of these
patterns, which are identifiable only when examining value and momentum simultaneously across markets.
Their findings present a challenge to existing behavioral, institutional, and rational asset pricing theories that
largely focus on U.S. equities. We use this research to further our knowledge and development of a portfolio
comprising of a 50/50 combination of value and momentum equities.
“Momentum Crashes”
By: Kent Daniel, Tobias J. Moskowitz

A momentum strategy represents a bet on past returns predicting the cross-section of future returns, typically
implemented by past winners and selling past losers. Momentum strategies can experience infrequent and
persistent strings of negative returns. When studying momentum crashes from the research done by Kent
Daniel, he uses an example from June 1932 to December 1939 and March 2009 to March 2013. In “normal”
environments we see consistent price movement that is statistically and economically strong across numerous
equity markets and a wide range of asset classes. In “extreme” environments following a long market downturn,
the market prices of past losers have a high premium. When the market starts to rebound, the losers experience
strong gains resulting in a “momentum crash” as momentum short these strategies. On the other hand, this does
not apply to winners during a positive signal.
“Liquid Betting against Beta in Dow Jones Industrial Average Stocks”
By: Benjamin R. Auer and Frank Schuhmacher.
The take-away from article is researchers have found that a strategy of buying previously low-volatility stocks
and selling previously high-volatility stocks has historically generated substantial abnormal returns in US and
international markets. Sharpe ratios and alphas of beta-sorted portfolios almost decline with rising betas,
indicating an inverted risk–return relationship. There is strong evidence for the beta anomaly in DJIA stocks.


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“Low-Volatility Cycles: The Influence of Valuation and Momentum on Low-Volatility Portfolios”
By: Luis Garcia-Feijóo, CFA, CIPM, Lawrence Kochard, CFA, Rodney N. Sullivan, CFA, and Peng
Wang, CFA.
The article mentioned some important points as followings:
Beta spread portfolio returns tend to exhibit low levels of exposure to HML when the initial B/P spread is
negative (i.e., when low-risk stocks begin the period at a valuation premium) but exposures to HML rise
when the initial B/P spread is positive (i.e., when high-risk stocks trade at a premium)
Beta spread strategy tends to exhibit higher exposure to MOM when the B/P spread begins the period in
positive territory (i.e., when initial valuation levels favor low-risk stocks). This finding suggests that the
performance of low-beta strategies is also influenced by the momentum factor.
Relationship of the low-risk portfolio to the value factor was very strongly negative but its relationship to
the momentum factor was strongly positive.
The performance of low-risk strategies is time varying and depends on initial valuation, and low-risk
strategy performance appears to be related to the well-known style and momentum factors. In other words,
low-risk stocks tend to outperform high-risk stocks when initial valuation levels favor low-risk stocks.
“The Low-Volatility Anomaly: Market Evidence on Systematic Risk vs. Mispricing”
By: Xi Li, Rodney N. Sullivan, CFA, and Luis Garcia-Feijóo, CFA, CIPM.
Some important points from article as market mispricing best characterizes the link between low volatility and
future returns, which suggests that the high anomalous returns of low-volatility portfolios identified in the
literature cannot be viewed as compensation for some hidden factor risk. Thus, investors appear to prefer high-
volatility stocks to low-volatility stocks.
Guest Speakers

We were also lucky to have guest speakers come talk to our
class. The speakers were Bart Bixler, Ryan Sullivan, and
Charles Hassell. They work at Oaktree Capital Management,
NWQ Investment Management, and Capital Group
respectively. They are CSULB alumni and also we a part of
the SMIF program. They talked about what they learned in
SMIF and how to apply it to the real world. We were able to
ask them questions about job interviews, how their company
culture was, and what it is like working in the finance
industry.


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Quantitative Signal
With asset allocation being the most important investment decision, CSULB SMIF students developed a
new, proprietary tactical asset allocation methodology. This combines an asset allocation mechanism with a
methodology for selecting tactical equity holdings, and the results of research received an award at the Financial
Education Association conference in 2010.
Our quantitative signal is a market-based signal to shift allocation between overweight and under-weight
in equities. The signal is generated when the S&P 500 crosses bands five percent above and below its 200-day
simple moving average. This signal leads to Minimal turnover, and aids our top-down active management
approach. It leads to overweighting equities when momentum effects in the equity market are at their strongest,
and underweighting equities when momentum dissipates. When the signal crosses the band five percent about
the 200-day moving average, the signal to overweight equities will lead to a reduction of our fixed income
holdings and an increase in our equity holdings.


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Holdings in Funds/Guidelines

Min Equity Holding Max Equity Holding
49er Shops 25% 75%
CFAOCF 60% 80%
SMIF Portfolio 0% 100%

There are a few differences in allowable ranges for asset allocation. The Forty-Niners Shops portfolio must
have a minimum of 25% and maximum of 75% of the portfolio in equities, which means that it can have a 25%
to 75% in fixed income securities. The CFAOCF Portfolio must have a minimum of 60% and a maximum of 80%
of the portfolio in equities, which means that it can have 20% to 40% in fixed income securities. This is
because the CFAOCF seeks higher returns on its portfolio and is more tolerant to risk than the 49er Shops
Portfolio. The SMIF Portfolio, also known as the Seeger’s Fund, can be entirely invested in equities.

There are different, more time-consuming trading processes for the portfolios. All trades for the CFA portfolio
require final approval of CFAOCF investment policy committee. This committee often requests additional
information and analysis, and this prolongs the time before trades are executed


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These are the Q12016 End Holdings for the 49ers Shop Inc.:

Equiees
$77,034.80
59%
Fixed Income
$52,571.04
41%
49er Shops PorPolio AllocaQon
Equiees
Fixed Income


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These are the Q12016 end holdings for the CFAOCF Portfolio:
Consistent with the implications of this signal, together with our belief in continued positive but sluggish
growth for the economy throughout the remainder of the year, with the U.S. economy anticipated to have
stronger and more stable growth compared to the rest of the world, our target asset allocation reflects the
maximum allowed allocation to fixed income, 40%, and the minimum allowed allocation to equities, 60%,
together with individual selections in each asset class that are focused on the U.S. economy.
The fixed income ETFs chosen, VCIT, HYG, LQD, MBB, and IEF, are domestic fixed income positions that
are chosen partly (i.e., VCIT and HYG) to reflect the team’s belief in the continued sluggish but positive growth
in the domestic economy that should benefit the ability of U.S. corporations to improve in their ability to meet
their debt obligations and partly (i.e., LQD, MBB, and IEF) to match the top three components of the
benchmark AGG, with IEF specifically chosen to represent the Treasury portion based on the team’s analysis
that that was the location on the yield curve the students believed to offer the best return prospects relative to
the respective risks involved.


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The selected equity positions reflect the team’s conclusion that, given the current and anticipated state of the
equity markets, large- cap stocks are likely to perform better than small-cap stocks, value stocks are likely to
outperform growth stocks (leading the recommendation for VTV; the selection of BRKB reflects both this
effect and the anticipated out-performance of large-cap stocks), and low-volatility stocks are likely to
outperform high-volatility stocks (leading to the recommendation for SPLV), together with analysis conducted
(using data available from Kenneth French’s data library) of the relative levels of industry returns observed
during equity-underweight-signal market environments (leading to the recommendations for KO, PEP, DPS,
VPU, XLK, and XRT). Moreover, given the team’s analysis subsequent to the RFP presentation into the
diversification benefits of combining momentum- based stocks with value-oriented stocks, momentum-based
holdings are also included in our recommendation (specifically, IVV and IVW).
Additional information regarding the selection process for these latter two sets of securities is as follows:
• Using the industry data available from Kenneth French’s data library (on Dartmouth’s website), we were
able to determine which industries had historically outperformed the S&P 500 during equity-
underweight-signal market environments. Among those that had outperformed were Food & Beverage,
Smoke, Beer, Guns, Software, Meals (Hospitality), and Utilities. Given that we have already selected (as
discussed in our RFP presentation) holdings from the Food & Beverage category (specifically, KO, PEP,
and DPS), and our internal Socially Responsible Investing mandates prohibit us from investing in
Smoke, Beer, or Guns, our team decided to turn to the other top-performing industries for investment
possibilities.
Equiees
$17,796.02
60%
Fixed Income
$11,847.21
40%
CFAOCF PorPolio AllocaQon
Equiees
Fixed Income


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• Among these other possibilities, VPU (Vanguard Utilities) was selected because not only has it
historically outperformed the S&P 500 during underweight signal environments, but is also currently
exhibiting strong momentum. In addition, it is diversified across 82 companies, has a low expense ratio
(0.10%), and is relatively liquid.
• Another industry that has historically outperformed during underweight signals is software. Based on
this finding, XLK (SPDR Technology) was selected because of its software-heavy allocation. Consistent
with this industry’s history, XLK has outperformed the S&P 500 since our underweight signal was
received on 21 August 2015. In addition to these strong factors, the fund includes many top companies
including Google, Facebook, and Oracle.
• The Meals industry includes primarily hospitality and restaurants. However, because we had already
invested in the Food & Beverage industry, we decided to focus on the retail portion of this category.
XRT (SPDR Retail) holds a number of big box stores, and, moreover, has also exhibited stronger
momentum over the past 6 months than the S&P 500.
• We invested in Berkshire Hathaway because of Warren Buffett’s successful record at value investing.
His fundamental approach at discovering undervalued companies has led him to become one of the
wealthiest, most successful investors in the world.
• We invested in iShares iBoxx High Yld Corp Bond ETF to try and get more return from high yield
bonds by taking on a little more risk in our fixed income allocation. A high-yield bond is a high paying
bond with a lower credit rating than investment-grade corporate bonds, Treasury bonds and municipal
bonds. Because of the higher risk of default, these bonds pay a higher yield than investment grade
bonds.
• Finally, to finish out the portfolio, we turned toward utilizing momentum as a primary strategy and
followed a limited application of our proprietary momentum-based style-rotation strategy. Following
this approach, we selected IVV (iShares Core S&P 500) and IVW (iShares S&P 500 Growth), both of
which have exhibited stronger momentum over the past 6 months than our internal benchmark of SPY.


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Economic Environment
The picture above is a trend based model which measures equity market momentum. It is a model designed by
SMIF students from California State University Long Beach. The middle line is a 200 day moving average
surround by a +5% and a -5% band. We receive an overweight signal when the S&P 500 Index crosses above
the +5% band and an underweight signal when the index crosses below the -5% band. On August 21, 2015 the
S&P 500 generated a sell signal which is why we are currently underweight equities. This leads us to shift our
asset allocation by increasing our bond holdings and decreasing our tactical equity holdings to help minimize
risk.
In order to support our momentum model
plenty of research regarding the economy is
completed. Based on our economic outlook we
expect the U.S. economy to go through some
challenges but ultimately see small gradual
growth. For this reason, we believe Interest rate
risk is greater than default risk. Given this
information we are maximizing our High Yield
Bond Holding capabilities in order to obtain
better returns. Overall we do not anticipate any
upcoming recessions in the U.S. economy and
because of the underweight signal we are
focusing on industries that do fairly well during
a sell signal such as: foods, utilities, consumer
staples etc.


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History

The CSULB Student Managed Investment Fund (SMIF) was created in August of 1995 to expose its members to
a degree of "real world" experience by providing hands-on training in securities analysis and portfolio
management, and exposing its members to career-enhancing opportunities within the investments industry.
The SMIF portfolio is managed by a combination of senior-level undergraduate students concentrating in
investments and second year MBA students specializing in finance. Students enrolled in this honors level
course have taken a number of required prerequisite courses, and are subject to approval by the SMIF
advisors.

The SMIF program was the first program of its kind within the CSU system, and this along with the school’s
location near both Los Angeles County and Orange County, led to some unique advantages for the program.
PIMCO, in Orange County, is one of the biggest fixed-income companies headquartered in Southern California.
Payden & Rygel and Bradford & Marzec, in L.A. County, are two other fixed-income companies that are
successful in the industry, and these factors led the leaders of the CFAOCF and Forty-Niners program to
require some allocation to fixed income. This is a major difference between our program and most other
student-managed portfolios, which tend to be focused exclusively on equities. This gives our students some
exposure to the fixed-income markets and gives them an edge over other college graduates looking for a job
in financial markets.

The original portfolio that had funds starting at $50,000 is now valued at over $100,000 and is also joined by
two other portfolios. The second portfolio is funded by the CFA Society Orange County Foundation, and the
third portfolio is funded through the Forty-Niner Shops, Inc., the non-profit corporation that runs CSULB’s
bookstores and food concessions. Together, these portfolios are now valued at over $300,000, and students
are knowledgeable about the investment policy guidelines for all three of them.

Dr. Peter Ammermann has been director of the SMIF program since
2002, and is a very knowledgeable and helpful mentor to the class.
His high expectation of the SMIF members is reflected by his
dedication to every student’s education and his fulfillment of
fiduciary responsibility to our clients.


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The class is divided into three teams to effectively analyze different securities and companies in the market. At
the beginning of the semester, the students select one of three teams to be a part of. Each team is then
expected to prepare a presentation and contribute to the class discussion for the upcoming week. In the
second semester, the students were broken up into smaller teams and placed in groups with members from
different teams to more successfully facilitate efficient teamwork and diversity of ideas throughout the whole
class.

Every week, one member of SMIF is selected as the Chief Executive Officer for the week and tasked with
leading the class discussion and managing the program. The CEO's responsibilities include developing an
agenda, delegating tasks that need to be accomplished for the week, and facilitating a smooth discussion for
the following week.

The class does a lot of research individually that they pool together and discuss collectively. Some discussion
topics include the current macroeconomic environment, individual company analysis, fixed income strategies,
and a multitude of different investment topics. After extensive research and discussion on certain topics, the
class will vote on important matters that need to be addressed. A three-fourth majority must be passed to
finalize decisions such as asset allocation, security selection, and the weight of each security within the
allotted allocation.

SMIF applicants are required to attend three “SMIF Boot Camp” sessions during the coming summer to
familiarize the applicants with the details of the SMIF portfolio-management process and the guidelines of the
CFAOCF’s RFP competition and to assist the applicants in getting started on the portfolio and security analysis
process that will lead to the construction of the SMIF portfolio. Prospective candidates will be evaluated on
the level of enthusiasm displayed, their work ethic, and their ability to function in a team-like environment.


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SMIF Class Photo & Biographies


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Biographies
Spencer Blim will be
graduating in fall 2016
receiving a BS in
Business Administration
with a concentration in
Finance. He has an
upper division GPA of
3.5 and Finance GPA of
4.0. Spencer is involved
in a number of
organizations at CSULB
including, Financial
Management
Association, Student Center for Professional
Development and Leadership Academy. Spencer has a
strong passion for finance and investing which is what
lead him to join SMIF. Upon graduation, he plans on
pursuing a career in the finance industry and continuing
his education by obtaining his MBA.
Andrew Chu is
graduating in Fall 2016
and obtaining a BS in
Business Administration
with a focus in Finance.
Andrew is an active
member in Alpha Kappa
Psi Professional
Business fraternity. He
currently holds a
position in the
organization as Vice
President of Finance, but
has held positions in the
past as Head of Marketing, and Auditor. Andrew is a
recipient of the Student Center for Professional
Development certificate and a student of the Lois J.
Swanson Leadership Academy. After graduation,
Andrew plans on pursuing a career in the Finance
industry.
Huy Doan is a senior at
California State
University, Long Beach.
He is finishing his degree
in Business
Administration, option in
Finance and will be
graduating in May 2016.
Huy studies hard to
maintain his 4.0 major
GPA. He is a student
research assistant for the
Center for Student
Success at the CBA,
CSULB. Huy has a great passion in finance and he is
committed to pursuing a career in the financial world.
His goal is to become a successful financial analyst and
get an MBA degree for the next 5 years. The SMIF
program has offered him a great experience and insight
into the financial field. Huy chose CSULB since the
school offers a great education and community that
prepare students for the real world.
Mario A. Diaz is
graduating in May 2016
with a B.S. in Business
Administration with an
emphasis in
Finance. During his
undergraduate study, he
made the Dean’s Honor
List and President’s
Honor List four
consecutive semesters.
Mario has been heavily
involved in student
organizations at CSULB.
As President of the Financial Management Association
(FMA), Mario spent much of his time helping other
students with their professional development and
networking. During the Fall 2015 Mario also served as
part of the Bloomberg Campus Ambassador Program at
CSULB, where he held Bloomberg Terminal workshops
and proctored the Bloomberg Aptitude Test (BAT).
Upon graduation, Mario will be starting his career with
Capital Group at their Downtown Los Angeles office.


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Irie Elizalde will earn
his BS in Business
emphasis in Finance in
May of 2016. During his
years at CSULB, Irie
was on the President’s
Honor List and the
College of Business
Administration Dean’s
list. He has earned a
membership in the
Financial Management
Association National
Honor Society. Upon graduation, Irie plans on pursuing
a career in the investment industry and work towards
obtaining the CFA®.
Cory Haggerty is
graduating in Fall 2016
with a BS in Business
Administration with a
focus in Finance. Corey
has been very involved
on campus and working
to his utmost potential
throughout college. He
plans to pursue finance
in the future as both a
career and to pursue
further education
through an MBA
program. He has been involved in the SMIF program
through Fall 2015 and Spring 2016. He also has worked
full time throughout college in both the construction and
restaurant industry. The SMIF program has positively
benefited his experience and total education here at
CSULB.
Devin Jett is set to
graduate in May 2016
with a BS in Business
Option in Finance.
During his undergraduate
study, he made
President’s List in two of
his four semesters
finishing with a 3.5 GPA.
As a member of the
SMIF Quantitative
Analysis Team, Devin
has explored the
program’s asset allocation approach and conducted
extensive research into the relative performance over
different types of market environments of the various
industries that comprise the markets and, based on this
analysis, worked to select individual stockholding for
our portfolio. Looking forward, Devin hope to obtain his
MS Degree in Statistical Analysis from a college yet to
be decided and hopefully find a career in Financial
Consulting.
Ryan Jordan is a 4th-
year senior at Long
Beach State graduating
in December 2016. His
work with SMIF
includes quantitative
research and analysis on
industry performance
during market sell
signals, as well as
research on the price-to-
sales ratio and potential
modifications to
increase its viability as a
screening factor.
Outside of SMIF, he is the current president of the Long
Beach State chapter of the Phi Gamma Delta men's
fraternity, and enjoys playing basketball and reading in
his spare time. Post-graduation, he plans to earn his CFA
designation and eventually become a portfolio manager.


20
Analiese Lauro is
graduating cum laude in
May 2016 with a BS in
Business Administration,
with a concentration in
Finance. During her time
at CSULB, Analiese has
been on both the
President’s and Dean’s
List. She studied abroad
for a semester at the
University of
Wollongong in
Australia. As a member of the University Honors
Program at CSULB, she wrote a thesis on creating a
stock screener that college students can use. Analiese is
an active member in the Co-Ed Professional Business
Fraternity, Delta Sigma Pi. She has held numerous
positions such as Vice President of Professional
Activities, Vice President of Community Service, and
Faculty Relations Director. Currently, she interns at the
Wealth Management Firm Halbert Hargrove. After
graduation, Analiese plans to pursue a career in the
finance industry.
Van Le is graduating in
December 2016 with an
MBA in Finance. Prior
to joining the SMIF,
Van worked for banks as
IT project manager for
10 years and HSBC was
her previous employer.
From Southeast Asia,
Van has an international
background,
understanding local
banks and international
banks. Currently in
good academic standing, with a 4.0 finance GPA, Van
looks forward to working in investment banking. Van is
Bloomberg Certified in both Fixed Income and Equities.
After graduation from her MBA program, Van is
planning to take all three levels of the CFA®
designation.
Justin Lee is a senior at
CSULB, and is
with a B.S. in Business
concentration in Finance.
He made the President’s
Honor List, received the
Middle Class
Scholarship, and is a
member of the Beta
Gamma Sigma
international honors
society. While studying as a full-time student, Justin
interned with The Shadden Group at Morgan Stanley, a
prestigious private wealth management in Long Beach,
where he performed various financial and wealth
management services. After graduating, Justin will begin
working in financial markets and pursue an MBA degree
from Harvard Business School. He also plans to take the
CFA Program Level I exam in 2017.
Ryan Lee will be
with a BS in
Finance. During the
past two academic years,
Ryan has received the
Dean’s List or
President’s Honor List
for the past, and the
Business Professional
certificate. He plans on
further developing skills
in finance, with the plan
to pursue the CFA®
Program, starting in June 2017. Ryan is working hard
for the development of his career in the investment
industry, but could possibly be interested in a pivot to
corporate finance down the road.


21
Yvonne Lopez will be
with a Bachelor of
Science in Business
Option in Finance. She
is a Long Beach Rotary
Scholar and was the
recipient of the CSU
Future Scholars
Scholarship. During her
undergraduate education
Yvonne participated in
the Student Managed
Investment Fund and was on the Fixed-Income team.
She contributed to the response request for investment
management proposal by assessing global market
conditions and forecasting economic conditions for
2016. Yvonne worked in a two-person team to monitor
and report updates on economic indicators, such as ISM,
PMI, Consumer Confidence, amongst others.
Additionally, she alongside other SMIF students
competed in the CFA Global Investor Research
Challenge and were awarded first place locally.
Briana Rico graduates
this May 2016 with a
BS in Finance and a BS
in Accounting. She
works full time in her
undergraduate study
preparing personal and
small business tax
returns, and as an
accounting assistant for
the LA Clippers, an
NBA basketball team.
With a solid foundation
in accounting, she hopes
to first get her CPA, then utilize these skills to transition
into the finance industry. She is an FMA member, as
well as a member of the Accounting Society.
Aye Thiri Mon is
scheduled to graduate in
December 2016 with a
BS in Business
Administration, with an
option in Finance and
concentration in
Investments and
Financial Management.
She is an elected
President of Financial
Management Association,
a networking committee
of Student Managed
Investment Fund, a member of the Corporate Mentoring
Business Program, a member of National Honor Society
of the Financial Management Association, and a member
of Beta Gamma Sigma International Honor Society.
During her undergraduate study, she attained Dean’s List
honors in the academic year of 2014 – 2015. She has
been actively involved with CFA Orange County. She is
in the process of obtaining her Bloomberg Market
Concepts Certification and has future plan of sitting for
the CFA Level 1 in the next year. Aye also plans to
pursue her MBA at a top business school. She is a
multilingual, with Burmese, Hindi, and Urdu. Her
ultimate goal is to become a portfolio manager or to
work in the corporate
finance.
Jeffrey Sherden will be
graduating in May of
2016 with a Bachelor of
Science in Finance. He
was a part of the
presenting team for the
CFAOCF RFP
competition, and
benefitted greatly from
the hands-on experience
that the SMIF program
provided. During his time at CSULB, he earned a spot
on the President’s Honor List and upon graduation, he
plans on pursuing a career in the investment
management industry and working towards obtaining the
CFA® designation.


22
Billy Toledo graduates
in December 2016 with
a BS in Business
focus in Finance. He is a
CFA level I candidate
and is Bloomberg
Certified. He is a key
contributor to the Fixed
Income and Economics
team. He Participated as
a speaker in the
CFAOCF Rep
competition. He plans to
work for an investment firm after he graduates and has a
goal to become a portfolio manager. After obtaining his
CFA he plans to pursue an MBA degree at Loyola
Marymount University. Aside from Finance, he loves to
play soccer and is a Real Madrid fan.
Henry Tep graduates in
May 2016 with a BS in
Business
Administration, with a
major in Finance. He
holds a 3.6 GPA. He has
also been on the
President’s List once,
and twice on the Dean’s
list. He has been a
Supplemental Instructor
Leader for Business
Finance and is currently
Kappa Phi Kappa
National Honor Society member, and Beta Gamma
Sigma Honor Society member. Henry is currently
working on becoming an officer in the U.S Army
Reserve, Uber driver, and completing the CFA® Level I
exam in June 2016. His next goal in life is to continue
pursuing an education and double major in finance and
engineering.
Adam H. Tran was born
in 1991 in Westminster,
California and is an Army
veteran. He is currently a
valuable member of the
Student Managed
Investment Fund (2015-
2016) at Cal State
University Long Beach.
Adam has earned an
associate’s degree in
Accounting, and will be
receiving a bachelor’s
degree in finance on May
19th 2016. Adam is a member of Phi Kappa Phi Honor
Society. After graduation, Adam’s plan is to become a
financial advisor and fund manager. He believes that
being a financial advisor is one of the most noble
profession. As a financial advisor, Adam will be able to
wake up every day with a burning desire to help others
realize and achieve their financial goals.
Matthew Woo is
graduating in May
2016 with a BS in
Finance. Throughout
his college career, he
has held different
leadership positions in
the Business
Professional
Fraternity, Delta
Sigma Pi. He took
initiative to participate
and compete in
the International
Collegiate Business Strategy Competition and the CFA
Institute Research Challenge, receiving first place in
written report and presentation, and first place in local
level respectively. Matthew is currently completing an
internship with Springleaf Financial, where he learns
about subprime consumer lending. SMIF has been a
tremendous experience for Matthew providing exposure
to knowledge and connections in the investment field.
Upon graduation, Matthew plans on pursuing a career in
the investment industry and work to obtain the CFA
designation.

2015-2016 SMIF annual report

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