2. Golden Griffin Fund
Background
• Fund formed as an LLC in 2003
• Investors
– Canisius endowment (2004)
– Merchants Mutual (2007)
• Commitments received from other
investors
3. Golden Griffin Fund
Background
• Financial Markets Lab – OM111
– Bloomberg Terminal - LCD Panels
– Electronic Data Board - Electronic Ticker
• Program developed by:
– Nelson D. Civello, „67
– Dr. Richard Wall, CFA
6. Golden Griffin Fund
Current Fund Managers
• •
Brad Arcara Angelo Lozano
• •
Adam Bojanowski Shane McCarthy
• •
Chris Carpenter Susan McNeight
• •
Bela Horvath Mike Teruel
• •
Ryan Kovel Kevin Varin
• Lizabeth Jezioro
7. Golden Griffin Fund
Investment Philosophy
• Small and mid-cap stocks
• Blend of growth and value styles
• Long-term investment horizon
8. Golden Griffin Fund
Investment Philosophy (Continued)
• Continuous portfolio management
• Portfolio Benchmark - Russell 2500 Index
– Comprised of small and mid cap companies
– Blend of investment styles
• Growth
• Value
• Core
9. Golden Griffin Fund
Objectives
• Provide “real-world” learning environment
• Introduce students to investment research
and portfolio management
• Intended to produce entry-level analysts
with marketable skills
• Portfolio performance - secondary
10. Golden Griffin Fund
Objectives (Continued)
• Areas of educational focus
– Capital Markets
– Economy
– Industry and Peer Group Analysis
– Financial Statement Analysis
– Valuation Models
– Risk Factors
– Presentation Skills
11. Golden Griffin Fund
Standards & Procedures
• CFA Code of Ethics and Standards of
Professional Conduct
• Voting Procedures
– Proxy Process
– Managing Portfolio
• Stock Monitor reports
• M&A activity
• Buy/Sell triggers
12. Golden Griffin Fund
GGF Program
• Golden Griffin Fund I & II
• Equity Analysis
• Portfolio Theory
• Options & Derivatives
• Financial Institutions & Markets
13. Golden Griffin Fund
Application process
• Begins after Mid-term of Fall semester
• Application process includes producing a
one page recommendation of a stock
• One on One interview with the Director in
the fund (How can GGF benefit you?)
14. Golden Griffin Fund
Transition Process
• Committee assignments
• Start Bloomberg Equity Certification
• Assigned sector and monitor reports
• Understanding the companies in the fund
15. Golden Griffin Fund
Fall Semester
• Mentor assignment
• Stock “screens” to identify potential
investment opportunities for fund
• Preliminary research
• Mid-term presentation - 4 companies
• Final presentation – 2 companies
16. Golden Griffin Fund
Spring Semester
• Research Economic Indicators and Economy
• Full Financial Statement Analysis
– Peer Analysis
– Cash Flow Analysis
– Ratio Analysis
– Risk Analysis
• Complete Valuation Modeling
– Market Multiples
– Cash Flow Models
– Dividend Models
17. Golden Griffin Fund
Spring Semester (Continued)
• Final presentation with recommendation
– Strong buy
– Buy
– Do not buy
• Investment Committee discussion & voting
• Accepted “buy” added to portfolio
• Transition to new class
18. Golden Griffin Fund
GGF portfolio performance
• Initial Investments: $125,000
• Total Market Value: $153,331 (8/31/2008)
• Total Return Since Inception: 29.5%
• YTD Return (2008): (2.9%)
– Russell 2500: (4.8%)
– S&P 500: (12.5%)
19. Golden Griffin Fund
GGF Winners & Losers
• Winners
– Airgas Inc. (ARG)
– Church & Dwight (CHD)
– NBTY Inc. (NTY)
• Losers
– LCA-Vision Inc. (LCAV)
– Webster Financial (WBS)
– American Eagle (AEO)
20. Golden Griffin Fund
Any questions about the Golden Griffin Fund
please contact Professor Michael Piemonte,
Director of the Golden Griffin Fund.
piemontm@canisius.edu