Annual report Fall 2014

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Table of Contents
Introduction
Acknowledgment……………………………………………………………………………………………….........3
Letter from COI…………………………………….………………………………………………………….........4
Portfolio Analysis
Strategy and Sector Allocation……………………………………………………………………….........6
List of Holdings………………………………………………………………………………………………..........7
Overall Performance……………………………………………………………………………………….........8
Sectors Performance
Information Technology………………………………………………………………………………..........10
Financials……………………………………………………………………………………………………............11
Healthcare……………………………………………………………………………………………………..........12
Consumer Discretionary…………………………………………………………………………………........13
Energy…………………………………………………………………………………………………………….........14
Industrials………………………………………………………………………………………………………........15
Consumer Staples………………………………………………………………………………………….........16
Materials………………………………………………………………………………………………………...........17
Utilities…………………………………………………………………………………………………………...........17
Telecommunications……………………………………………………………………………………...........18
Investment Outlook
Letter from CEO…………………………………………………………………………………………….........19
Advisors Outlook
Letter from Faculty Advisor…………………………………………………………………………..........20
Officers and Financial Analysts
Biographies…………………………………………………………………………………………………...........21
Conclusion

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Acknowledgments
The student portfolio management team, now a structured course name FI 4210
Portfolio Management Practicum is designed to give students the opportunity to make
investment decisions on their own with the help of faculty advisors to keep the fund well
structured. The portfolio helps students gain experience in:
• Real investment decisions
• Individual sector exposure
• Equity valuation
• US and foreign economy exposure
• Stock selection and presentation
• Performance attribution
• US and World stock market news
As students, it is an excellent opportunity to mimic real portfolio managers and get
hands on training in the field. So far, it has been an incredible journey and as a team we
have learned and accomplished a lot.
Thus, on behalf of the analysis, we would like to thank Dr. Gerald Gay, the finance
department chair at the J. Mack Robinson College of Business, Dr. Jonathan Godbey
for executing our trades and our advisor Genna Brown.

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Letter from the CIO
Fall of 2015 marks the third straight semester the Portfolio Management Team (“PMT”)
is a class worth course credit. Because analysts receive credit for the class, an extra
level of professionalism is required, which I am pleased to say was met by everyone.
The purpose of the PMT is twofold: to help students advance their understanding of
equity research and investing by applying knowledge learned from their foundation level
finance classes; and to outperform our benchmark, the S&P 500. I am proud to state
that we have met both these goals throughout the semester. However, it is important
to note that these goals were accomplished with the tremendous help and support from
the Georgia State University Faculty. Specifically, the PMT wants to thank Genna Brown,
our faculty advisor and instructor; Dr. Gerald Gay, the Chairman of the Finance
Department; and Dr. Jonathan Godbey, PMT’s compliance faculty advisor.
The PMT is proud to report that it outperformed its benchmark by 250 basis points
throughout the semester while increasing its Beta from .98 to .99. The team was able
to accomplish this feat by overweighting the Technology, Healthcare, and Financials
sector. While these allocations were successful, the portfolio’s outperformance mainly
came from our analyst’s asset allocations within their sectors. 7 out of 10 of the PMT
sectors outperformed their sector index. This is a testament to the dedication and hard
work of all of the analysts.
Not only have the analysts performed well, but they increased their knowledge and
understanding of equity research and portfolio management throughout the semester.
Each analyst is required to make multiple “pitch” presentations, provide weekly sector
updates, and become Bloomberg certified. In order to perform these tasks, analysts
spend countless hours using financial services such as the Bloomberg Terminals,
Thomson One, and S&P Capital IQ reports that are generously provided to GSU
Students. These tools are indispensable for hands on learning and were invaluable for
the PMT’s performance this semester.
In conclusion, I want to thank and congratulate all of
the PMT analysts for a superior performance this
semester. This team worked extremely well both
inside and outside the classroom. Their dedication,
expertise, and true professionalism has set a new
standard for future PMT teams.
James Gallagher
Chief Investment Officer
Fall 2014

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Strategy and sector allocation
• Our Strategy
With the continued support of the University Endowment Fund and Faculty the
Portfolio Management Team (PMT) our strategy remains top-down oriented. Our team
consisted of fourteen individuals who took upon the challenge to learn and implement
the strategy placed forth by our bylaws after analysis of economic conditions. Our
primary objective is to outperform the S&P 500 with accurate security selection and
rigorous analysis of each individual pitch. The Portfolio Management Team strategy
for the fall 2014 semester was to re-evaluate the sectors in our portfolio as well as
diversify holdings within each individual sector to identify and invest in.
Additionally, the PMT aimed to overweight our position in sectors we identified
with the greatest potential for growth going forward. The overweight sectors include:
Information Technology (20%), Financials (18%), Health Care (17%), and Consumer
Discretionary (12%). These sectors and underlying securities now account for 65.8%
of our aggregate portfolio. Resources for our strategy were needed in these four
sectors, for this reason our strategy also included underweighting Energy, Industrials,
Consumer Staples and exiting Materials. Our target beta was 1.1 and to account for
the additional risk the team agreed to assign a 9.5% market risk premium. Overall,
our strategy has been effective with 1.5% of our overall return coming from security
selection.
• Our past and current allocation
0%
5%
10%
15%
20%
25%
IT Financials Health Care Consumer
Discretionary
Energy Industrials Consumer
Staples
Materials Utilities Telecom Cash
PMT Portfolio Allocation
Aug-2014
Nov-2014
Target Allocation

P a g e | 7
List of our holdings- as of November 27th
Sectors
Company
Name
Ticker
Quantity
Mkt
Value
Portfolio
Weight

Information
Technology

Accenture
Plc
ACN
134

$11,410.10

2.3%

Apple
Inc.
AAPL
175

$20,825.00

4.2%

Baidu
Inc

BIDU
75

$18,452.25

3.7%

Oracle
Corporation
ORCL
285

$11,932.95

2.4%

QUALCOMM,
Inc.
QCOM
159

$11,489.34

2.3%

Check
Point
Software
Technologies
Ltd.
CHKP
140

$10,753.40

2.2%

Activision
Blizzard,
Inc.
ATVI
340

$7,418.80

1.5%

Intuit
Inc.
INTU
120

$11,068.80

2.2%

$103,350.64

20.9%

Financals

BlackRock,
Inc.
BLK
34

$12,158.74

2.5%

CBOE
Holdings,
Inc
CBOE
230

$13,749.40

2.8%

Crown
Castle
International
Corp.
CCI
51

$4,208.01

0.9%

JPMorgan
Chase
&
Co.
JPM
261

$15,748.74

3.2%

Travelers
Companies
Inc
TRV
172

$17,951.64

3.6%

Southern
Missouri
Bancorp,
Inc.
SMBC
200

$7,600.00

1.5%

Equifax
Inc.
EFX
150

$11,902.50

2.4%

$83,319.03

16.9%

Health
Care

Amsurg
Corp
AMSG
261

$13,535.46

2.7%

AbbVie
Inc
ABBV
282

$19,373.40

3.9%

Johnson
&
Johnson
JNJ
195

$20,905.95

4.2%

UnitedHealth
Group
Inc.
UNH
165

$16,188.15

3.3%

Gilead
Sciences,
Inc.
GILD
144

$14,443.20

2.9%

$84,446.16

17.1%

Consumer
Discretionary

Lennar
Corporation
LEN
190

$8,903.40

1.8%

Nike
Inc
NKE
220

$21,516.00

4.4%

Southwest
Airlines
Co
LUV
600

$23,568.00

4.8%

$53,987.40

10.9%

Energy

Halliburton
Company
HAL
240

$11,361.60

2.3%

Kinder
Morgan
Inc
KMI
250

$10,580.00

2.1%

Valero
Energy
Corporation
VLO
255

$12,989.70

2.6%

$34,931.30

7.1%

Industrials

C.H.
Robinson
Worldwide,
Inc.
CHRW
196

$14,386.40

2.9%

Flowserve
Corp
FLS
300

$19,557.00

4.0%

3M
Co
MMM
103

$16,305.93

3.3%

$50,249.33

10.2%

Consumer
Staples

Altria
Group
Inc
MO
220

$10,938.40

2.2%

CVS
Health
Corp
CVS
210

$19,086.90

3.9%

Anheuser
Busch
Inbev
SA

BUD
100

$11,514.00

2.3%

$41,539.30

8.4%

Materials

International
Flavors
&
Fragrances
Inc
IFF
85

$8,510.20

1.7%

$8,510.20

1.7%

Utilities

Aqua
America
Inc
WTR
483

$12,760.86

2.6%

$12,760.86

2.6%

Telecom

Verizon
Communications
Inc.
VZ
167

$8,356.68

1.7%

$8,356.68

1.7%

Cash

$12,034.24

2.4%

Total

$493,485.14

100%

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Portfolio Performance
Over the course of the fall semester 2014, Aug 29,2014 –Nov 26, 2014, our portfolio
outperformed its benchmark, the S&P 500 by 198 base point. The S&P total return for
this period is 3.81% while the portfolio gained 5.79%. The chats and tables below
summarize our analysis and calculations.
• Portfolio performance chart
---PMT +5.79% ---S&P 500 +3.81%
• Portfolio value from August to November
Over the course of the fall semester 2014, our portfolio gained $27070.78 (5.79%) to
$493,485.14.

P a g e | 9
• Weights comparison
Sector
S&P
Allocation
Portfolio
Weights
Excess
Weight

IT 19.3% 20.6% 1.3%
Financials 16.1% 14.5% -1.6%
Health Care 13.6% 14.7% 1.1%
Consumer Discretionary 12.0% 10.2% -1.8%
Energy 10.4% 7.4% -3.0%
Industrials 10.3% 13.1% 2.8%
Consumer Staples 9.4% 8.3% -1.1%
Materials 3.5% 1.8% -1.7%
Utilities 3.0% 2.6% -0.4%
Telecom 2.4% 1.7% -0.7%
• Returns and sector allocation effect
Number of Holdings
35
Portfolio Value
$493,485.14
Performance from Sector
Allocation
0.48%
Performance from Selection
1.50%
Outperformance
1.98%
Sector

Portfolio

Weights

PMT
Excess

Return

Sector
Allocation

Contribution

IT 20.6% 1.77% 0.07%
Financials 14.5% 2.51% -0.08%
Health Care 14.7% 2.28% 0.10%
Consumer Discretionary 10.2% 15.97% -0.05%
Energy 7.4% 1.40% 0.39%
Industrials 13.1% -7.31% 0.17%
Consumer Staples 8.3% 7.56% -0.09%
Materials 1.8% -0.82% 0.01%
Utilities 2.6% 1.01% -0.02%
Telecom 1.7% -0.36% -0.01%
0%
5%
10%
15%
20%
25%
IT Financials Health Care Consumer
Discretionary
Energy Industrials Consumer
Staples
Materials Utilities Telecom
Portfolio Weights
S&P Allocation

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Performance by sector
Aug 29,2014 –Nov 26, 2014
• Information Technology
---PMT +7.23% ---XLK +5.46%
The information technology sector has undergone major changes prior to and during the
semester. Our strategy was to allocate funds to securities that have potential going
forward in the new technological climate. Our objective this semester was to overweight
the information technology sector by 2% increasing our allocations to a total 20% of our
overall portfolio. In doing so, we needed to assess the beginning of the semester
portfolio, which included Accenture, Apple, Baidu, Qualcomm, Oracle and Teradata.
To reach our target allocations we first acquired Activision and to hold Accenture
to begin our semester long process of overweighting the Information Technology Sector.
Our strategy was simple, to allocate more resources to stronger companies, as well as
gain exposure to the internet security industry due to growing concerns over the recent
increase in corporate hackings. To address the technology security industry we chose
Checkpoint, primarily due to recent hackings of large companies. We feel this industry
will be an excellent growth opportunity going forward.
In our final trade for the semester, we made the decision to part ways with
Teradata, based on growing competition from firms that have a larger global outreach.
Teradata has been struggling to keep up with the rapid advancement of Big Data, and
even slower to access the global markets. Furthermore, we decided to add Intuit based
on strong financial performance and consistent history to help reduce our overall market
risk. Intuit has been assessing the move to big data and cloud-based services, which we
feel will continue to be a successful driver for Intuit in the future.
The portfolio now includes, Apple, Qualcomm, Intuit, Activision, Checkpoint,
Accenture, Oracle and Baidu.

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• Financials
---PMT +7.37% ---XLF +4.86%
Our two goals for this semester were to bring the financial sector weight from 14
percent to 18 percent, the other was to assess the performance of financial sector
holdings based on the overall macro-economic trends. Over the course of the semester
the increasing volatility and downturns in the market led us to change our strategy
significantly.
We began the semester by looking at all of our current holdings and assessing how they
would perform based on the economic trends presented to us by the CEO. As these
indicators began to get worse, the foreign crises began to develop, and there were talks
about raising the interest rates we began to take a more defensive posture. Our first
step was to sell HSBC, which held most of its assets in foreign markets. We then
purchased Southern Missouri Bancorp to decrease our foreign exposure risks. We did
this by purchased Equifax in order to increase our portfolio weighting in the financial
sector. We chose Equifax because it fit into our defensive strategy and reduced our
interest rate exposure.
Going forward, it is important to keep an eye on the Federal Reserve’s policy towards
interest rates. There is an expected interest rate increase next June or July, therefore, it
is important to review the portfolio and assess our interest rate risk as the date
approaches. Also, with the variety of foreign risks we are facing it is important that we
continue to consider how it will affect the portfolio.

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• Healthcare
---PMT +11.00% ---XLV +8.72%
For Fall 2014, the PMT Healthcare sector outperformed the benchmark, XLV, by 228 bp.
The initial approach of the healthcare analysts were to capitalize on the growth sub-
sectors of the industry. To do so, the team exited the entire stake in
Cardinal Health and entered into a position in Gilead. As the semester progressed, with
the increased uncertainty of the market, the focus shifted to a more defensive
approach. The team took a position in AmSurg, an outpatient surgical center, based on
the stable cash flow and growth prospects of the business. We conclude the semester
reaching the target allocation, and outperforming the benchmark XLV by 228 bp.

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• Consumer Discretionary
---PMT +19.05% ---XLY +3.08%
The SMF Consumer Discretionary sector consists of 3 positions: Nike Inc. (NKE), Fox
Broadcasting Company (FOX), and Southwest Airlines Co. (LUV). Between August and
November, the PMT Consumer Discretionary Sector provided returns of over 19%
(nearly 16% above the return on S&P 500). Our outperformance can be attributed
primarily to our stock selection. We sold our positions in Polaris Industries (PII) and
Lennar Corporation (LEN). We found PII to be trading on par with its intrinsic value and
decided to search for a position with greater potential. LEN was found to have weak
financial statements in conjunction with being traded over its value, consequently we
removed our position here as well. As a result, we picked up LUV and FOX because they
were found to be undervalued, and positioned well for growth in spite of an economic
downturn in October.

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• Energy
---PMT -11.73% ---XLE -13.13%
The SMF energy sector consists of the following equities: Kinder Morgan Inc.
(KMI), Halliburton Co (HAL), and Valero Energy Corp. (VLO). The current sector
allocation represents 8% of the SMF, and was reduced from the preceding 11%
allocation. Geopolitical conditions and most importantly the unexpected fall in oil prices
have resulted in major declines within the sector overall. Since August, KMI and VAL
have been able to still post positive returns of 3.8% each, while HAL has declined 39%
due to industry forces. The XLE benchmark has declined 17% over the same time
period. The PMT elected to reduce exposure and underweight the sector due to
uncertainty within the industry and substantial decreases in oil prices. In order to reduce
some exposure, the PMT decided to sell Chevron Corp. (CVS). Thorough analysis proved
that CVX had the least long-term upside potential, and was underperforming compared
to the other energy stocks within the portfolio. Another goal for the energy sector was to
benefit from the surge in U.S. production, and rely on companies with a large domestic
footprint. Weak demand outlooks and ample supplies have led to an oil glut, and OPEC’s
recent decision not to cut production will now force pressure on smaller firms who
cannot profit from low commodity prices. The equities within the SMF are ahead of this
curve, and have implemented strategic moves to accommodate for this new cheap oil.
VAL, the largest U.S. refining company, is investing and taking advantage of cheaper oil
and maintain that they have the capacity to handle rising volumes. KMI is now in post-
merger phase and the dividend growth associated this consolidation has proved well for
shareholders. KMI’s growth plan is expected to be driven by continued high demand for
North American energy infrastructure, including transportation and storage of natural
gas, crude oil and refined products. HAL, being an oil services company, faces the most
pressure. Lower oil prices will cause a decrease in demand for services and smaller
companies will be forced out. HAL is currently the #2 service firm and has reached a
deal to acquire the #3 firm, Baker Hughes Inc. The deal gains market share and will put
HAL in line to compete with #1 Schlumberger (SLB) by gaining 2B in synergies and
strengthening the company portfolio. Consequently, the current energy equities within
the SMF are poised to profit in the future due to their domestic footprint and
management decisions.

P a g e | 15
• Industrials
---PMT -1.18% ---XLI +6.13%
PMT main goal this semester was to decrease industrials sector allocation from
15.7% to 12%. First, we sought to divest our holdings of AZZ, a metal fabrication and
industrial electricity firm because it had reached its fair value. Next, we divest our
holdings of UTX. UTX is a firm operating in the aerospace and defense industry. We
chose to divest our position in this firm because of the its reliance on military contracts.
About one quarter of revenue is derived from defense contracts which account for 26 %
of the DoD's defense budget. Since 2008, the defense budget has decreased by 2.3% on
average as troops have been withdrawn and new threats like cyber-attacks have
emerged.

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• Consumer Staples
---PMT +15.50% ---XLP +7.94%

For the Fall 2014 semester, the consumer staples analyst started by analyzing
the current holdings at the time: CVS, Altria, and Coke. Immediately, the analyst saw
there to be a significant decline in the demand for Coke products throughout the US and
world. Coke's weak FCFF supported this so we decided to sell Coke. This has proved to
be a great sell by exiting before their poor Q3 report, which resulted in their largest one-
day decline since 2008. The strategy moving forward from Coke was to stay in a
beverage company but outside of the poor performing soda industry to stay well
diversified within the sector. This led to the brewery industry and Anheuser Busch InBev.
The analyst found significant growth opportunities for BUD due to their recent deals,
suspected consolidation within the industry moving forward and their strong FCFF. With
the purchase of BUD, the analyst was able to achieve the target portfolio weight of 8%
for the consumer staples sector. Also, the analyst did a significant amount of
research on CVS and Altria, along with other possible buys, and found both worthy of
holding due to their growth opportunities moving forward and strong FCFF’s. Overall, the
consumer staples sector of our portfolio has been performing very well with a return of
15.4% for the semester and outperforming the benchmark, XLP, by 756 bp.

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• Materials
---PMT -1.12% ---XLB -0.30%
The materials sector consists of only one stock, International Flavors & Fragrances Inc.
However, we decided to reduce our allocation in this sector to zero by the end of the
semester. However, our asset choice, IFF has underperformed the materials sector by
82 basis points, had a negative 1.12% return.
• Utilities
---PMT +6.87% ---XLU +5.86%
The Utilities sector consists of one asset, Aqua America Inc. (WTR). The PMT sought to
eliminate the allocation in this sector in order to gain the higher returns of Technology,
Healthcare and Finance sectors. However, the utilities sector performed very well
throughout the semester. That being said, WTR, outperformed the sector by 101 basis
points.

P a g e | 18
• Telecommunications
---PMT +1.28% ---XTL +1.64%
The Telecommunication sector consists of Verizon Communications. The PMT did not
seek to vary the allocation in this sector throughout the semester. While the sector had
1.64% return throughout the semester, Verizon underperformed the sector by 36 basis
points.

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Investment Outlook
The second half of 2014 was a tough one for every investor, beginner and professional
alike. Both developed and emerging economies, without any noticeable growth,
appeared to slip into a deflationary spiral. While the US economy was the only one that
stood out with consistent growth and low unemployment rates, many investors are
questioning if the US economy can really live up to its hype when the Federal Reserve
starts to tighten its monetary policy in mid to late 2015. There are many economic
indicators showing that the US economy is not as strong as it appears: the overly
flattened yield curve, the strong US dollar, low commodity prices, low labor participation
rate, and mostly importantly, slow economic growth around the world.
Against such a backdrop, the PMT analysts and I detected a number of interesting
investing patterns as we came back from the summer hiatus. First of all, investors
started to prefer large cap stocks to small cap stocks. For example, the S&P 500, the
barometer of large-cap US stocks, started to outperform the Russell 2000, the
barometer of small-cap stocks. Second, investors preferred stocks from defensive
sectors such as consumer staples, health care, and utilities to stocks from cyclical
sectors. Third, credit investors preferred investment-grade bonds to high-yield bonds.
We realized that investors were getting more conservative and cautious, not necessarily
because they turned bearish, but because they were expecting higher volatility for the
remainder of 2014. Therefore, we agreed to take a less aggressive stance as well when
selecting stocks. We focused on stocks that have lower betas, but has a significant
amount of growth potential. We also decided to re-examine stocks from those defensive
sectors that we had not paid much attention to. Thanks to our strategic initiatives, the
return on our portfolio out-performed the S&P 500 benchmark by almost 2% by the end
of 2014 and weathered the stock market volatility well throughout the month of
October.
The investment outlook for 2015 will present even more challenge for us. Will the euro-
zone be able to implement a full-scale quantitative easing (QE) and escape from
deflation? Will the Japanese economy be able to recover out of recession with their QE,
but be fiscally responsible at the same time? Is the low oil price good for the US
economy? What is the impact on the growing shale-gas industry in the US? We just do
not know. However, what we do know is that, in the long run, we can achieve a superior
return for our portfolio by staying vigilant, being insightful, and filtering out short-term
noises and focusing on long-term fundamentals. I hope that
based on the experience we gained throughout this semester,
we will be able to generate alpha once again in 2015.
Sang-Yoon (Sang) Kim
Chief Economic Officer

P a g e | 20
December 2014
Letter from the faculty advisor
Special thanks to Dr. Gerald Gay

P a g e | 21
Officers & Financial Analysts
James Gallagher,
Chief Investment Officer (CIO)
James Gallagher is in his final year of Georgia State
University’s JD/MBA program. He became
interested in portfolio management and equity
research as a tool to increase his knowledge of
equity valuation. While at Georgia State, James
finished 2nd
place in the citywide ACG Cup, an
investment banking competition, and traveled to
New York as part of the Panthers on Wall Street
program. After graduation, he will join the Finance
Practice Group at the law firm King & Spalding.

P a g e | 22
Sang-Yoon (Sang) Kim,
Chief Economic Officer (CEO)
Sang Kim has been the Chief Economics Officer
(CEO) since September 2014. As CEO, He made
sure every equity analysts are on top of economic
news and current events affecting each of their
sectors and the portfolio as a whole. Sang’s major
is Finance and expected to graduate in May 2015.
He previously interned at the US Securities
and Exchange Commission as an examination
intern, at CME Group as an interest rate product
analyst, and at Trident Fund Services as a fund
administration intern. He is also heavily involved
in trading financial futures and FX markets. He
quote,” I am very flexible on my career choices
and will do whatever that makes me happy and feel alive.”
Dimant Patel,
Co-COO & IT Sector
Dimant Patel is a senior double majoring in Finance and
Accounting. Scheduled to graduate in May 2015, he
hopes to work as an analyst in a hedge fund or in
investment banking. This is Dimant’s second semester
on the Portfolio Management Team. During his time on
the Portfolio Management Team, he has covered the
Energy and Information Technology sectors.
Additionally, this semester Dimant interned at Decatur
Capital Management, which helped him grow
exponentially in his research and analysis
understanding and technique as well as laying a solid
foundation for the future. Currently, Dimant is the Co-Chief Operating Officer and Senior
Analyst for the Information Technology Sector. Dimant was born in London, England and
has a diverse background experiencing cultures in India, Europe, Africa, and North
America allowing him to work seamlessly in teams with a wide variety of cultures.

P a g e | 23
Bernie M. Chan,
Co-COO & IT Sector
Bernie, an international student from Hong Kong, is a
senior finance student. Bernie is very passionate
about life. He focuses on mergers and acquisitions,
one of the reasons is because he strongly value in
team-sprint and creating values. He has been running
his own food truck business for three years and now
he is also working on an internship with Audientis,
LLC focusing on M&A for small and medium size
businesses.
Casey Dove
Co-COO & Consumer Staples Sector
Casey is a first semester senior analyst, covering the
consumer staples sector for the Fall 2014 semester.
He plans to continue building his investment
experience by staying on as a senior analyst for the
Spring 2015 semester before he graduates in May
2015 with a degree in Finance. After graduation,
Casey plans to pursue a career in investment
banking or portfolio management where he will be
able to utilize the invaluable experience he has
gained from the Georgia State University Portfolio
Management Team.

P a g e | 24
Brian J. Burch,
Financials Sector
Brian is currently double majoring in Finance and
Actuarial Science at Georgia State University. He
possesses a strong analytical skill set strengthened
through his work experience with Willamette
Management Associates as a Business Valuation and
Financial Advisory intern and his advanced coursework.
Brian studies worldwide business news, current events,
and financial trends in order to understand and apply his
studies within a global context. He is an active member
of on-campus student associations such as the Finance
Society and the Actuarial Student Association. He was
also a finalist for the 2014 Atlanta Hedge Fund
Challenge, where he and his partner represented Georgia
State University in competition against other college
students across the southeastern United States.
Nick Fressell,
Financials Sector
The Nick Fressell was a Senior Analyst covering
the financial sector. The fall semester was his first
and last semester participating in the Portfolio
Management Team, as he will be graduating with
his Accounting and Finance degree in December.
His work experience includes internships with
Reynolds&Reynolds financial partners and
Redwood Wealth Management. Born and raised in
Georgia, Nick has grown to love the land of Dixie.
However, he has career goals that may lead him
across the globe forever. He quoted “You can take
the man out of the South, but you can’t take the
South out of the man”.

P a g e | 25
Aaron J. Kim,
Health Care Sector
Aaron is a continuing senior analyst expected to
graduate December 2014 with a degree in Finance. Prior
to covering the Healthcare sector for Fall 2014, he was
responsible for the Information Technology and Basic
Materials sector. In addition to being a part of PMT, he
was a member of the Panthers on Wall Street program
with several of his current members. Upon graduation,
he will begin his career at Indigo Payments, a credit
card processing company, located in Atlanta, Georgia.
He is looking forward to the beginning of his career, and
if anyone is seeking a credit card processing solution,
please contact him via http://www.indigopayments.com
Taisha D. Creightney,
Health Care Sector
Taisha Creightney is a senior analyst in the team for the
first semester. Taisha is currently responsible for the
healthcare sector along with Aaron Kim. Double majoring
in finance and business economics, Taisha is expected to
graduate summer 2015. After graduation, she hopes to
gain an entry-level analyst position focusing on her area
of interest in Asian market specifically China and
Singapore.

P a g e | 26
Blain A. Cox,
Consumer Discretionary Sector
Blaine Cox is a first year senior analyst from Snellville,
Georgia. This semester Blaine and his partner, Aaron
Porter, were the key analysts for the team’s investments
in the Consumer Discretionary sector. Blaine has had
several years of experience in retail management, an
interest in asset and portfolio administration and hopes to
one day earn his CFA. Majoring in Finance, he plans to
graduate in May of 2015 and looks forward to another
great semester with Georgia State’s portfolio
management team.
Aaron M. Porter,
Consumer Discretionary Sector
Aaron is a Finance Student in the Robinson College of
Business, and this is his first Semester on the
Portfolio Management Team. Prior to joining the
team, Aaron spent time shadowing at a mid-size
wealth management firm, Sicner Asset Management,
LLC. There, he spent his time analyzing equity
positions and learning SEC regulations. Looking
forward, Aaron would like to find a position as a
portfolio manager. He feel that this would give him
the greatest exposure to different types of securities
as he develop his interests and skills in the industry.

P a g e | 27
Phillip N. Onukwugha,
Industrials Sector
Phillip Onukwugha is a senior finance major from
Marietta, GA. This semester, Phillip was the Industrials
Sector analyst in his first semester on the PMT. Along
with membership on the PMT, he also completed an
internship with Decatur Capital Management, assisting
with the launch of their Emerging Markets portfolio.
Phillip will be graduating Fall 2014 and plans to pursue a
career in asset management and corporate finance.

Craig Dean,
Energy Sector
Craig is a senior analyst covering energy sector, joined the
PMT in Fall 2014. Majoring in finance, he is expected to
graduate in May 2015. After graduate, He plans to pursue a
career in finance as a analyst/portfolio manager and other
entrepreneurial endeavors such as owning his own
restaurant. Born and raised in Atlanta, Craig spent most of
his free time on the golf course. He is also a general manager
at Mellow Mushroom for 8 years.

P a g e | 28
Michael Samuel
Materials, Utilities & Telecom Sector
Michael Samuel is a senior graduating in Fall
2015 with a dual major in Business Economics
and Risk Management and Insurance. I am a
junior analyst who monitored the Utilities and
Telecom sectors for the team. I have been on
the PMT for one semester and I truly enjoy it. I
have hosted three internships with JP Turner
and Company, SignatureFD and GV Financial
Advisors and aspire to do asset management
on Wall Street.
Ralph Loiseau,
Ralph, originally from Haiti, is currently a junior analyst
for the team. He is also an audit intern for
Assurant. Ralph managed the utilities and
communication sectors during the semester. Majoring
in Actuarial Science and Finance, Ralph expect to
graduate in fall 2015. He quote,” I would like to use
my actuarial/Finance major for risk determination and
risk adjusted pricing, money management and
investment analysis, problem solving skills and
financial statement analysis. I want to specialize
in CFA-investments and risk management. My long-
term goal is to become a CFO which would
potentially require me to take the CPA.

P a g e | 29
Monil Gawarwala,
Monil Gawarwala is a Junior Analyst for the PMT. He joined
PMT in 2014 where him and 2 other junior analysts managed
the Materials, Telecommunications and Utilities sector. Monil
is a junior in Finance & Risk Management and Insurance at
GSU. Currently he is a Campus Ambassador for Lyft an
American transportation network company, prior to this job
he used to be an Alternative Investment Intern at JP Turner
& Company. Monil’s dream is to secure a job as an
investment banker at a large bank in New York after he
graduates in May 2016. He is originally from Gujarat, India
where he lived for 12 years and then moved with his family
to Georgia in August 2007 and has been living here since.
He is fluent in English, Gujarati, Hindi and Sanskrit.

P a g e | 30
Thank you
This report has been prepared on the 5th day of May 2014 by the students:
Officers and Financial Analysts of the Georgia State University Student managed
fund.
All information, analysis and calculations included in this report are based on the
period starting on 08/29/2014 and ending on 11/27/2014.
This report is the intellectual property of the Georgia State University Student managed
fund and the same or any part thereof may not be used in any manner whatsoever,
without express permission of the appropriate authorities.

Annual report Fall 2014

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