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Babson Babson College FundCollege FundRick Spillane, CFARick Spillane, CFA
March 6, 2014March 6, 2014
Presentation OutlinePresentation Outline 1. My Background1. My Background 2. BCF 2013/20142. BCF 2013/2014 3. Investment Philosophy3. Investment Philosophy 4. Recruiting Strategy4. Recruiting Strategy 5. Q+A5. Q+A
My backgroundMy background
RPI, Chemical Engineer; Harvard MBARPI, Chemical Engineer; Harvard MBA Eaton Vance Management, 1977-1987Eaton Vance Management, 1977-1987
Analyst and Portfolio ManagerAnalyst and Portfolio Manager Fidelity Investments, 1988-2007Fidelity Investments, 1988-2007
Analyst and Portfolio ManagerAnalyst and Portfolio Manager Director of ResearchDirector of Research Chief Investment Officer (US and Europe)Chief Investment Officer (US and Europe) Head of Strategic Advisers (FidelityHead of Strategic Advisers (Fidelity’’s RIA)s RIA)
BABSON FACULTY 2007-PRESENTBABSON FACULTY 2007-PRESENT
What is BCF?What is BCF? BCF runs a portion of the Babson EndowmentBCF runs a portion of the Babson Endowment 23 Students (undergrads and MBA23 Students (undergrads and MBA’’s)s) The objective is to beat the S+P500The objective is to beat the S+P500
Long/ short portfolio of EquitiesLong/ short portfolio of Equities Fully invested (market timing not allowed)Fully invested (market timing not allowed) Heavy Focus on investment analysis (stock Heavy Focus on investment analysis (stock
picking)picking)
MEETINGS ARE MONDAY NIGHTS 6:30 TO 9:00 MEETINGS ARE MONDAY NIGHTS 6:30 TO 9:00 PM PM 6:30-7:30 Coaching session with Exec in 6:30-7:30 Coaching session with Exec in
ResidenceResidence 7:30-9:00 Portfolio overview and Stock Pitches7:30-9:00 Portfolio overview and Stock Pitches One Friday seminar per semesterOne Friday seminar per semester
Executives in ResidenceExecutives in Residence Warren Johnson, CFAWarren Johnson, CFA Hugh CrowtherHugh Crowther Jim Spencer, CFAJim Spencer, CFA Rick Mace Rick Mace Charles Mangum Charles Mangum Chris StixChris Stix Mike DunnMike Dunn Pratima AbichandaniPratima Abichandani Steve Petersen Steve Petersen Bill EbsworthBill Ebsworth
HighHigh
LowLow
LowLowProbability Of SuccessProbability Of Success
Impa
ct O
n R
etur
nIm
pact
On
Ret
urn
HighHigh
Investment PhilosphyInvestment Philosphy
Stock SelectionStock Selection
Market TimingMarket Timing
Style TimingStyle Timing
Size Timing Size Timing
Sector SelectionSector Selection
SectorsSectors Executive Portfolio ManagersExecutive Portfolio Managers ConsumerConsumer FinancialsFinancials Basic Materials/EnergyBasic Materials/Energy IndustrialsIndustrials Healthcare Healthcare Utilities/TelecomUtilities/Telecom TechnologyTechnology Quantitative/Risk Management Quantitative/Risk Management
What do you do? Follow your sector closely Buy and sell stocks in your sector Work in a team of 1-3 other managers Write 3 research reports per semester Write a Semester Report/Sector
Overview
Why you should do thisWhy you should do this You will learn a lot about fund management and You will learn a lot about fund management and
stock analysisstock analysis You are investing REAL MONEYYou are investing REAL MONEY You will work hard, but learn a lotYou will work hard, but learn a lot This is as close to real world investment This is as close to real world investment
management as possiblemanagement as possible You earn class credits for two semestersYou earn class credits for two semesters Enhanced Job Prospects in the Finance IndustryEnhanced Job Prospects in the Finance Industry
Recruiting Approach Designed to “even out” the number of
students on the fund during the year so everyone does not stop and start at the same time
Fall: recruit 2 year MBA’s, Junior Undergrads with a December graduation date, Evening MBA’s
Spring: Junior Undergrads with a May graduation date and Evening MBA’s
Summer: One Year MBA’s
Key dates Spring
Info session March 7 Applications due April 4 Interviews April 11
Application ProcessApplication Process Application on BCF WebsiteApplication on BCF Website
http://cutler.babson.edu/babsoncollegefund/http://cutler.babson.edu/babsoncollegefund/BCFApply.aspxBCFApply.aspx
Send to Karl Honerlow by FridayApril 4 at Send to Karl Honerlow by FridayApril 4 at noon.noon.
Interviews on Friday April 11Interviews on Friday April 11 Overseas interviews done via SkypeOverseas interviews done via Skype You start immediatelyYou start immediately NOTE: You must take or have taken FIN 7503 NOTE: You must take or have taken FIN 7503
(Equities) if you are an MBA student!! (Equities) if you are an MBA student!!
Questions???Questions???