Mc Intire Investment Institute At the University of

Mc. Intire Investment Institute At the University of Virginia Introduction to MII Fall 2009 Prepared by MII Managers | 27 August 2009 1

Agenda • • Introductions MII overview Portfolio & Semi-Annual Report Opportunities for Involvement – MII Code of Conduct • Website and Collab 2 Mc. Intire Investment Institute

Introductions • Faculty advisor: Professor De. Mong • Long-fund managers (year): – President: Rahul Gorawara (4 th) – Vice President: Paul Chen (4 th) – Chief Financial Officer: James Rogers (3 rd) – Chief Information Officer: Manuj Jindal (4 th) – Chief Marketing Officer: Mike Nugent (4 th) 3 Mc. Intire Investment Institute

Introductions • Short fund managers (year): – Adam Wangner(4 th) – Hunter Armistead(4 th) – Robel Chiappini (4 th) – Peterson (4 th) – Ryan Comisky(3 rd) 4 Mc. Intire Investment Institute

MII Overview • • An entirely student-run long/short equity portfolio AUM today is $420, 000+ Positions researched and presented by students Participate in competitions and conferences • Goals: – Achieve real capital appreciation through a variant perception of the market – Provide education in equity analysis and portfolio management 5 Mc. Intire Investment Institute

MII History • Founded by John Griffin (Mc. Intire ’ 85, President of Blue Ridge Capital) • Received $100, 000 in October 1994 • Received additional $200, 000 in 2000 • Three Donations since Inception ($150, 000) – Last donation was April 2006, $75 K to sponsor room in new Mc. Intire building on the Lawn 6 Mc. Intire Investment Institute

MII Investment Strategy • Long good companies and short bad companies • Value Added Research (VAR): – Core research philosophy – Gain an edge in investment theses through: • Being creative • Testing a company’s products or services • Contacting stakeholders (including customers, suppliers, competitors, experts, etc. ) • Not listening to market “noise” 7 Mc. Intire Investment Institute

2009 YTD performance • MII YTD performance 15. 3% • S&P 500 YTD performance: 13. 8% • Spread: 1. 4% 8 Mc. Intire Investment Institute

Portfolio changes 9 Mc. Intire Investment Institute

Semi-Annual Report 10 Mc. Intire Investment Institute

Opportunities for involvement • Benefits of MII involvement: – Gain real-world investing education and experience – Platform for future management position – Improve presentation skills – Useful for interviewing – Social events 11 Mc. Intire Investment Institute

Code of Conduct • MII and its student members agree to perform the activities (as described in the Charter) responsibly and consistent with University, Foundation, and Mc. Intire School of Commerce policies and applicable law • MII doesn’t discriminate in anyway • See website for complete Code of Conduct 12 Mc. Intire Investment Institute

Membership Application 13 Mc. Intire Investment Institute

Opportunities for involvement • Positions for involvement: – Long-fund manager – Short-fund manager – Associate – Analyst (Analyst Program) – Member 14 Mc. Intire Investment Institute

Long-fund Managers • Five person investment committee – Make decisions for all positions in the portfolio – Responsible for MII meetings & operations • Must pitch at least one long idea each semester • Candidates are strongly encouraged to: – Demonstrate regular involvement – Make quality investment pitches with attention to VAR 15 n t i r e IDecember nvestment Institute • Elections are held. Minc I early

Short-fund Managers • Committee that oversees the short portfolio • Must pitch at least one short idea each semester • Candidates are strongly encouraged to: – Demonstrate regular involvement – Make quality investment pitches with attention to VAR • Elections are held in April 16 Mc. Intire Investment Institute

Associate position • New opportunity for member involvement • Conduct due diligence on analyst presentations and present their analysis at management team meetings • Submit bi-weekly updates on assigned portfolio position(s) • Must have presented at an MII meeting or submitted a memo to the management team 17 Mc. Intire Investment Institute

Analyst Program • All analysts will be paired with a manager: – Assist with idea generation – Offer guidance for research – Provide direction for VAR – Explain the Power. Point presentation process – Check the presentation for requirements • Star Analyst Award • Contact Paul Chen (yc 6 k@virginia. edu) 18 Mc. Intire Investment Institute

Requirements for a presentation • • 19 Business overview Well-developed thesis points Competitive position in the industry Recent news and developments Extensive VAR Risks Relevant financial metrics Mc. Intire Investment Institute

Website/Collab • Please visit our updated website: – www. uvamii. com – New interface (Collab-linked) – Archive of past research and educational materials – Find information for MII involvement – MII Calendar – Updated Portfolio – Collab polling after presentations 20 Mc. Intire Investment Institute

Website 21 Mc. Intire Investment Institute

Contact • To Join Mailing list: – See website under ‘Contact’ section • To Apply for Membership: – See website under ‘Contact’ section • Analyst and Associate positions: – Paul Chen (yc 6 k@virginia. edu) • General Questions: – Any of the MII managers 22 Mc. Intire Investment Institute

Questions/Comments 23 Mc. Intire Investment Institute