ACIIC Analyst Program

ACIIC Analyst Program
By: Ivan, Aaquib

November 24, 2013
ACIIC Analysts
The Association of Canadian Intercollegiate Investment Clubs
ANALYSTS TOPIC 2 TOPIC 3 TOPIC 4 TOPIC 5 TOPIC 6
7 schools across Canada and U.S. Over 100 applications 39 analysts

9 from Ivey 6 from Schulich 5 from Queens 1 from Wharton - 8 from McGill - 5 from McMaster - 5 from Laurier
Introducing ACIIC
TOPIC 1 INTRODUCTION TOPIC 3 TOPIC 4 TOPIC 5 TOPIC 6
Association of Canadian Intercollegiate Investment Clubs Formally organized as a non-profit charity organization 6 member Universities across Canada today
Goal of expanding from coast to coast
ACIIC Vision
TOPIC 1 TOPIC 2 VISION TOPIC 4 TOPIC 5 TOPIC 6
Investment education
Rigorous, structured
Shared resources Tight-knit community

Alumni database Mentorship
ACIIC Conference
TOPIC 1 TOPIC 2 TOPIC 3 CONFERENCE TOPIC 5 TOPIC 6
Annual 2 day conference set in March Stock pitch competition

Presenting your stock report
Education series Industry guest speakers Networking session
Stock Analyst Program
TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 PROGRAM TOPIC 6
Group of 6-7 assigned to a sector

One Chapter Head will be your mentor
One stock report for the next 4 month

Goal is to present it at the Annual Conference
6 separate deliverables in stages Team dialogue is important
Action Items Meet the Team Understanding Industry Themes Understanding Industry Drivers Identifying Potential Stock Investments
Nov-24
Dec-1
Week of Dec-8
Dec-15
Industry Analysis
Deliverables
4-5 PowerPoint slides Identify the key drivers and themes Identify several stocks that are potential investments Choose a stock
Action Items
Dec-29
Week of Jan-5 Jan-12
Jan-19
Investment Thesis Company Overview, Segment Analysis, Mangement Analysis, Shareholder Analysis Competitive Analysis vs. Peers Comparable Analysis Company Analysis
Deliverables
5-8 PowerPoint slides Business model, how does it make money Identify and analyze the segments of the company Assess quality of management Shareholder analysis Assess competitive landscape (Porter 5 Forces, SWOT) Calculate ratios, DuPont analysis, comparable valuation
Action Items Operating Assumptions: Understanding Key Drivers DCF Other Valuation: Precedent, Sum of the Parts, LBO, Liquidation Value, NAV
Week of Jan-26 Feb-2
Feb-9
Valuation
Deliverables
4-5 PowerPoint slides Operating assumptions should reflect company and industry analysis Perform DCF valuation Have at least one other valuation methodology that is relevant to the company
Action Items Risks to Valuation and Potential Mitigants, Catalyst
Week of Feb-16
Risks & Catalyst
Deliverables
2-3 PowerPoint slides Risks to the downside (great if you can quantify) Potential mitigants Catalyst in the short term horizon (soft and hard)
TOPIC 1 TOPIC 2
Action Items Potential Transformative Value Creation Strategies
Week of Feb-23 Mar-2
Strategy
TOPIC 3 TOPIC 4 PROGRAM TOPIC 6
Deliverables

4-5 PowerPoint slides Operational or financial strategy that the company can employ to enhance valuation Example, if you forecasted margin expansion or to increase cross selling, how is that achieved Potential acquisition and other transformative transactions
Action Items
Week of Mar-9 Mar-16
Presentation Presentation
Deliverables

~20 PowerPoint slides Compile your presentation and summarize the salient points Practice it together Polished
Resources
We are here to help Chapter Head Industry Mentors Each Other
Mentorship
Mentorship database Recruitment or questions in general
Sector Allocation
TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 TOPIC 5 SECTORS
FIG Matthew Parrott TMT Mario Campea CRG Colton Dick Industrials Artie Novik HC Geoff Clark NR Dave Marrello
Financial Institutions Group (FIG)

TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 TOPIC 5 SECTORS TOPIC 6
Matthew Parrott
Eric Luo Alex Hong Andre Luk Alex Payne Andrew Gibbs Krishna Aggarwal Sebastian Grutter
FIG
By: Matt Parrott
November 24, 2013
What is FIG?
WHAT IS FIG THEMES KEY DRIVERS INVESTING THESIS
Financial Institution Group Three main sub-sectors

Banks Insurance Companies Asset Managers and Specialty Finance
Recent Themes
Increased regulation
Implementation of Basel III
Rising interest rates

Insurance companies to benefit the most
Rotation from bonds to equities

Asset managers to benefit the most
Key Drivers
Economic growth
The financials sector is often considered a levered play on the economy
Interest rates and inflation Consumer and business confidence Fund flows
Investing
Most widely used metric is P/B Regression between P/B and ROE Asset/dividend based models as opposed to cash flow models
Sample Investment Thesis

Macro
Expectations that interest rates will rise and equity markets will rally
Micro
Insurance company X has the lowest combined ratio relative to its peers
Valuation
Currently trading at a discount on a P/B basis
Questions
FIG
By: Matt Parrott
November 24, 2013
TMT (Tech, Media, Telecom)

Mario Campea
Matt Ting Jin Hwang Emerson Dieudonne Julie Vincent David Greenman Sean Saggi Emily Ren
Technology, Media & Telecom

By: Mario Campea & Mikhail Stepanov
November 24, 2013
TMT Overview / Trends

Technology
TECHNOLOGY MEDIA TELECOM KEY DRIVERS KEY METRICS EX. THESIS
Software
Generally refers to computer programs and applications that dictate specific functions
Hardware
Physical elements that a computing system is made of Many companies sell both Hardware and Software components (ex. IBM)

Technology
Internet
Companies that have majority focus on selling products and services using Internet as main delivery platform Includes social media, advertising, search engines, user review, e-Commerce, etc.
Cloud Computing
Refers to companies that deliver hosted services over the Internet Software as a Services (SaaS): Vendors deliver applications to customers Platform as a Service (PaaS): Customers can rent hardware, storage, etc. from vendors

Media
TECHNOLOGY MEDIA TELECOM KEY DRIVERS KEY METRICS
Advertising
Usually an in-house function of corporate finance Investment opportunities emerging in the mobile space
Broadcasting
EX. THESIS
Incredibly saturated industry, with large players being the only ones scalable enough to compete Usually a portion of a larger conglomerate (e.g. Rogers Communications, Time Warner Cable) Very little pure-play broadcasting companies due to high overhead required to compete Many private companies (e.g. CNBC, Fox News)

Telecom
Carriers Wireline/ Wireless

Provide telecommunication services through either wireless or wireline Ex. Rogers, Bell, AT&T, Verizon
Satellites
Provide satellite communication services Ex. Sirius, Dish Network
Key Drivers
Example TMT Key Success Factors

TECHNOLOGY MEDIA TELECOM KEY DRIVERS
Potential for Rapid Growth

Many investors look to the TMT space specifically for rapidly growing companies that could provide outsized returns These high expectations relative to other industries make investors associate this space with a riskier profile Ex. Twitter R&D expenditure is a key requirement in TMT in order to sustain innovation Effective R&D will lead to the creation of a patent portfolio and other developments that assist in creating competitive advantages Ex. Apple A strong user base is key to generating sustainable earnings Providing value to your users through a strong ecosystem will create a defendable position that could prevent being displaced from the market Ex. iOS App Store
KEY METRICS EX. THESIS
Significant R&D Expenditures

Strong User Base / Defendable Position

Metrics to Look For

TMT Specific Multiples
TECHNOLOGY MEDIA TELECOM KEY DRIVERS KEY METRICS
Enterprise Value / Revenue

Many early-stage TMT companies have little to no profits Serves as a proxy for the P/E ratio Compares the entire value of the firm to the revenues generated Inherent limitations: ignores profitability completely Important to look at the change in multiples over time
EX. THESIS
Enterprise Value / Users

Company may lack revenues, or it may not be a sound basis for comparison For most such companies, users are the main driver behind revenue Google, Facebook, Twitter, Zynga, LinkedIn, etc. Forward multiples are very important Inherent limitation: ignores revenue generation completely
Metrics to Look For

Other Core Metrics
TECHNOLOGY MEDIA
Subscriber or user growth rate

Since users drive revenues, user growth is critical to TMT
Retention rate
High retention rates indicate more stable revenues and cash flows Can indicate quality of product and distinguish fads
More time means more potential exposure to advertisements and products What percentage of users actually contribute to revenues
TELECOM KEY DRIVERS KEY METRICS EX. THESIS
Time on site

Paying Users/ Users Revenue per user

Compliments above metrics, and the EV / U multiple
Example Thesis
Nokia
Post MSFT deal, the company has been transformed

Pure play network services infrastructure leader
Focus on the companys strongest business segment Divestiture of non-core assets to unlock shareholder value
Monetization of industry leading patent portfolio

Previously defensive segment allows for growth
Unfair overhanging Nokia could

Historically deteriorating performance of the handset business
Different ways to value the business

Network services infrastructure using a DCF and comparables Patent portfolio using precedents and Gordon Growth method
Technology, Media & Telecom

By: Mario Campea & Mikhail Stepanov
November 24, 2013
I apologize for being unable to attend. Please feel free to reach out and we can arrange a chat. Mario Campea (mccampea@gmail.com)
CRG (Consumer, Retail)
Colton Dick
Vinayak Modi Will Zed Daniel Viner Steven Lo Erik Chu Fred Jackson Asem Mosmer
Consumer Discretionary & Staples Industry

By: Colton Dick
November 24, 2013
Industry Introduction
Consumer Staples:
INTRO THEMES DRIVERS OPPORTUNITY TJX
Non-cyclical companies that sell food, beverage, tobacco, and other household items
Consumer Discretionary
Cyclical companies that sell durable and non-durable products/services; considered non-necessities
Recent Industry Themes

U.S. economic recovery
distribution of recovery is not equal

Luxury Discount - Those that need a bargain and those that want a bargain.
Canadian grocer consolidation

Loblaw/Shoppers & Empire/Safeway
Recent earnings prove Canadian environment is saturated and extremely competitive
Recovery Gains
6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% (1.0%) (2.0%)
5.2%
2.0%
(0.8%) (1.2%) (1.2%) (1.2%)
Lowest Fifth
Second Fifth
Third Fifth
Fourth Fifth
Highest Fifth
Top 5 %
Negative real income gains heightens the number of value conscious consumers
Increasing Valuations
1.3
U.S. Normalized NTM P/E Growth

INTRO THEMES DRIVERS
1.1 1.25
1.2
1.15
21% 17%
11%
OPPORTUNITY
1.05
TJX
1 0.95 0.9 2012
2012
2012
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
S5COND Index
S5CONS Index
SPX Index
Discretionary has seen margin expansion relative to the S&P500, whereas Staples has seen a relative margin contraction
Industry Key Drivers
Macro Drivers
Unemployment Rate Outstanding Household Debt Real Disposable Income Emerging Market & European Recovery Same Store Sales Growth Food Inflation Margin Expansion Pricing Power
Micro Drivers
Industry Opportunities
Off-Price & Luxury Retail

Gaming
Newspapers Diversified Food Packagers
TJX Investment Thesis

The Market is undervaluing.
INTRO THEMES
Marmaxx Remodel eCommerce
Compete with department store experience Potential significant growth Consumer analytics insight Store growth in USA, SSS driven by housing recovery Store growth in new/existing countries Convergence to US margins Barrier to entry Foundation for successful international expansion Continued margin expansion
DRIVERS OPPORTUNITY TJX
HomeGoods
Europe
Global Buying Organization
Especially to its only true competitors ROSS
TJX Investment Thesis

Data as at November 20, 2013
(in US$ millions) Company Off-Price Retailers Big Lots Ross Stores Stein Mart Burlington Coat Average TJX Companies Notes: Share price as at November 20, 2013 (1) EV, and Net Debt adjusted for capitalized operating leases (2) All estimates are consensus as at November 20, 2013 $46,218.21 $45,482 $2,204 $17,844 $695 $1,544 $2,281 $17,443 $647 $3,205 6.8x 10.3x 8.1x n/a 8.4x 10.7x 6.5x 9.6x 7.8x n/a 8.0x 9.9x 6.5x 9.0x nmf n/a 7.8x 9.3x 13.0x 20.6x 22.8x n/a 18.8x 22.0x 11.7x 18.3x 20.3x n/a 16.8x 19.4x 11.3x 16.2x 18.5x n/a 15.3x 17.4x 3.7x 1.6x 3.6x n/a 3.0x 1.7x Market Cap. Enterprise Value adj. EV / adj. EBITDAR( 1) ( 2 ) CY2013E P / E( 1) ( 2 )
adj. Net Debt / adj. EBITDAR( 1) ( 2 ) CY2014E CY2015E
SSS Growth LTM EBITDA LTM Margin
LTM ROIC
CY2014E CY2015E CY2013E CY2014E CY2015E CY2013E
3.6x 1.5x 3.5x n/a 2.9x 1.6x
3.6x 1.4x 7.4x n/a 4.1x 1.5x
(2.7%) 6.0% 2.7% 1.2% 1.8% 7.0%
7.2% 15.4% 5.6% 7.6% 8.9% 14.4%
19.2% 43.6% 10.6% n/a 24.5% 43.8%
TJXs dominance as a leader in off-price retail is reflected by a high return on invested capital and as such, commands a premium to its peers
Questions
Consumer Discretionary & Staples Industry

By: Colton Dick
November 24, 2013
Industrials
Artie Novik
Ryan Haydon Jonathan Kim John Lu Chris Pepper Dean Brown Hyla Nayeri
Industrials
By: Artie Novikov
November 24, 2013
Sector Overview
Diverse sector including companies involved with:

INTRODUCTION THEMES KEY DRIVERS KEY RISKS SPECIFICS THESIS RETURNS QUESTIONS
Capital Goods
Aerospace & Defense Building Products Construction & Engineering Electrical Equipment Industrial Conglomerates Machinery
Services
Commercial Services & Supplies Professional Services
Transportation
Air Freight & Logistics Airlines Marine Road & Rail Transportation Infrastructure
Market Cap
P/E
$7.77T
20.4 x
Themes & Trends
Services an increasingly important source of revenues Industrials scaling back on operational leverage Focus on cost reductions and divestiture of non-core operations
Key Drivers
Performance largely driven by demand for building construction, manufactured products, and capital goods
GDP growth provides good indicator of future demand Growth in government spending Large infrastructure projects
Key Risks
Large companies putting off investments due to uncertain economic conditions Increasing interest rates
Declining budget environment for several subsectors
Sector Specifics
PMI is a good leading indicator of industrial production Generation of Free Cash Flow is key Airlines:
EV/Plane EV/Passenger
Infrastructure:
EV/NAV P/B
Thesis Example
INTRODUCTION THEMES KEY DRIVERS KEY RISKS SPECIFICS
Micro
High return on capital
Barriers to entry High margins relative to industry
THESIS
RETURNS QUESTIONS
Good management
Thesis Example
INTRODUCTION THEMES KEY DRIVERS KEY RISKS SPECIFICS
Macro
Important to understand what is happening at the subsector, sector, and national levels GDP reports & forecasts: U.S., China, Germany
THESIS
Setup
What is the current state of your pitch? 52-week highs/lows Short-interest
RETURNS QUESTIONS
Sector Performance
INTRODUCTION THEMES KEY DRIVERS KEY RISKS SPECIFICS TOPIC 7 RETURNS QUESTIONS
Questions
Industrials
By: Artie Novikov
March 9, 2013
NR (Natural Resources)
David Marrello
Karishma Balani Bill Cong Akshay Gujral Darren Viegas Egor Gaggin Jenny Kletnich
Natural Resources
By: David Marrello
November 24, 2013
Sector Intro
Metals and Mining
SEC. INTROS SEC. THEMES KEY DRIVERS INVESTING SAMPLE THES.
Was once Canadas most important sector Major underperformer for 2013 (-24% for the year) Key Canadian companies in the sector include Barrick Gold, Agnico Eagle, and Potash Corp. Success of the industry highly dependent on the prices of underlying precious metals Companies have different specialties: as producers or as explorers
Sector Intro
Energy
Includes: Petroleum, Gas, Electrical Power, Coal, Nuclear, and Renewables Currently Canadas second most important sector Also an underperformer for 2013 (8% for the year Key Canadian companies in the sector include Suncor, CNR, Encana, Talisman, & Imperial Oil Success of the industry highly dependent on the prices of underlying commodities
Sector Themes
Mining and Metals
SEC. INTROS SEC. THEMES
Shift in mining focus towards developing nations The profound impact of new technology (ex. Arctic mining) The increased importance of small to medium sized miners
Energy
Increased prominence of renewable technologies and decreased reliance on nuclear A shift in demand from developed nations to developing nations New technologies (deepwater drilling now only 9% but increasing) The profound impact of new technology (ex Deepwater drilling) US energy independence
KEY DRIVERS INVESTING SAMPLE THES.
Key Drivers
Metals and Mining
Prices of Underlying Precious Metals (gold, silver, diamonds) Production efficiencies of miners Regulation (threat of nationalization) Ability to raise debt/equity, and cash flow Macroeconomic considerations
Energy
Underlying commodity prices Government subsidies and regulations Global demand and supply outlook Mergers and Acquisitions
Investing Specifics
Key Industry Metrics Metals and Mining
Production/Capacity/Reserves (typically measured in weight) Cash flow from operations EBITDAX Net Asset Value Model Typified by long lasting, but punctuated cycles
Energy
Production/Capacity/Reserves (typically measured in barrels or other volume measure) EBITDAX Net Asset Value Model Dividend yield may be a consideration

Dominion Diamonds
1.
SEC. INTROS SEC. THEMES KEY DRIVERS INVESTING
2.
SAMPLE THES.
3.
4.
Larger multi-mineral mining companies are leaving the industry to pursue the opportunities that come with increased demand for other commodities such as steel, iron, copper etc; giving companies such as Dominion Diamond Corporation the opportunity to step in and increase their market share in the diamond industry substantially. The rough-diamond market is expected to remain balanced from 2013 through 2017. From 2018 onward, as existing mines get depleted and no major new deposits come online, supply is expected to decline, falling behind expected demand growth that will be driven by China, India and the US. Proved and Probable Recoverable and Attributable Reserves showing signs of growth, especially from 2012 to 2013:expected to grow from 30840 T to 37080 T Current Ekati mine plan calls for further seven years of production until 2019, however Dominion Diamond Corp has discovered additional resources on Ekati property.
Thesis Continued

The Company is the fourth largest diamond producer by value globally Largest publicly listed diamond mining pure play by market capitalization Both mines located in the low political risk environment
In Q3, a 62% increase in carats sold was offset by a 9% decrease in achieved diamond prices Rough prices had picked up by about 6% in the first months of the year
Since then, prices have been flat
Production at the Misery pit, where stripping is under way, is slated to begin in 2016. One-time expenses due to purchase of Ekati resulted in the US$16.3-million net loss
Excluding such one-time items, the company would have seen $11.1 million, or 13 a share, in profit
Investment Thesis Continued
At $14/share, Dominion is undervalued
Questions
Natural Resources
By: David Marrello
Healthcare
Geoff Clark
Tianhao Fang Wahaaj Ud Din Tanveer Randhawa Rahul Sharma Dmitry Kutsyy
Healthcare
By: Geoffrey Clark
November 24, 2013
Sector Introduction
INTRODUCTION RECENT THEMES KEY DRIVERS SECTOR SPECIFICS SAMPLE INVESTMENT THESIS
The healthcare sector is made of many different sub-industries

Pharmaceuticals and biotechs: Manufacturers of drugs Device manufacturers: Medical equipment Hospitals Health-insurers
Recent Themes
Shift towards a single-payer system in the U.S.

Obamacare, Medicare, Medicaid
Healthcare spending growing in relation to GDP

Currently at 18% of U.S. GDP and growing at 4% annually
Sector growing too fast for its own good
Focus is on cutting costs, companies that can will be successful
Employers passing burden on employees

Rising costs of insurance Increased amount of part-time/contract workers
Recent Themes
Changing demographics from aging population

People are living longer and suffering from chronic diseases for more of their lives
Environmental factors
Air and water pollution are increasing the prevalence of conditions like asthma
Rise of problems like obesity, diabetes and allergies Increased prevalence and awareness of mental disabilities
Key Drivers
Government budgets
For most states, Medicaid is the number one cost Healthcare spending growing faster than other categories
Key Drivers
Management Innovation
Company must be able to offer innovative solutions to meaningfully impact diseases
Either be first in the area or be the best
Companies must find ways to cut costs

Healthcare is too expensive
Upcoming clinical trials

A trial failure or an increase in time to market can cripple some companies
Sector Specifics
Pharmaceuticals and Biotechs

Patent protection: Intellectual property is key
Difficult to make money when generic brands are available
Long and expensive process to bring products to market

FDA and other regulatory approvals take time
High R&D budgets

Look for companies with consistent success in developing innovative products
Sector Specifics
Facilities
Focus on operating costs and sustained cost advantages Large and well-funded systems vs. local hospitals
Significant M&A activity between the two
Sector Specifics
Health Insurers and Managed Care Providers:

Focus on medical cost ratio, the reverse of operating profit
Healthcare costs divided by revenue from premiums Shows whether the company is skilled in underwriting
Affected by interest rates

Most investment holdings are short-term, investment grade fixed income securities

For company XYZ in healthcare facilities:

Leading market share in large and growing urban centers Economies of scale act as barrier to entry to newcomers and protect against existing local hospitals Benefiting from increased M&A activity with a balance sheet that can support it
Questions
ACIIC Analyst Program

By: Ivan, Aaquib
November 24, 2013

ACIIC Analyst Program

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ACIIC Analyst Program

By: Ivan, Aaquib

The Association of Canadian Intercollegiate Investment Clubs

ANALYSTS TOPIC 2 TOPIC 3 TOPIC 4 TOPIC 5 TOPIC 6

7 schools across Canada and U.S. Over 100 applications 39 analysts

The Association of Canadian Intercollegiate Investment Clubs

TOPIC 1 INTRODUCTION TOPIC 3 TOPIC 4 TOPIC 5 TOPIC 6

The Association of Canadian Intercollegiate Investment Clubs

TOPIC 1 TOPIC 2 VISION TOPIC 4 TOPIC 5 TOPIC 6

Shared resources Tight-knit community

The Association of Canadian Intercollegiate Investment Clubs

TOPIC 1 TOPIC 2 TOPIC 3 CONFERENCE TOPIC 5 TOPIC 6

Annual 2 day conference set in March Stock pitch competition

Education series Industry guest speakers Networking session

Stock Analyst Program

The Association of Canadian Intercollegiate Investment Clubs

TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 PROGRAM TOPIC 6

Group of 6-7 assigned to a sector

One stock report for the next 4 month

6 separate deliverables in stages Team dialogue is important

Stock Analyst Program

The Association of Canadian Intercollegiate Investment Clubs

TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 PROGRAM TOPIC 6

Stock Analyst Program

The Association of Canadian Intercollegiate Investment Clubs

Week of Jan-5 Jan-12

TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 PROGRAM TOPIC 6

Stock Analyst Program

The Association of Canadian Intercollegiate Investment Clubs

TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 PROGRAM TOPIC 6

Week of Jan-26 Feb-2

Stock Analyst Program

The Association of Canadian Intercollegiate Investment Clubs

TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 PROGRAM TOPIC 6

Action Items Risks to Valuation and Potential Mitigants, Catalyst

Risks & Catalyst

Stock Analyst Program

The Association of Canadian Intercollegiate Investment Clubs

Action Items Potential Transformative Value Creation Strategies

Week of Feb-23 Mar-2

Stock Analyst Program

The Association of Canadian Intercollegiate Investment Clubs

Week of Mar-9 Mar-16

Stock Analyst Program

The Association of Canadian Intercollegiate Investment Clubs

TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 PROGRAM TOPIC 6

The Association of Canadian Intercollegiate Investment Clubs

TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 TOPIC 5 SECTORS

Financial Institutions Group (FIG)

The Association of Canadian Intercollegiate Investment Clubs

The Association of Canadian Intercollegiate Investment Clubs

WHAT IS FIG THEMES KEY DRIVERS INVESTING THESIS

Financial Institution Group Three main sub-sectors

The Association of Canadian Intercollegiate Investment Clubs

WHAT IS FIG THEMES KEY DRIVERS INVESTING THESIS

Rising interest rates

Rotation from bonds to equities

The Association of Canadian Intercollegiate Investment Clubs

WHAT IS FIG THEMES KEY DRIVERS INVESTING THESIS

The Association of Canadian Intercollegiate Investment Clubs

WHAT IS FIG THEMES KEY DRIVERS INVESTING THESIS

Sample Investment Thesis

The Association of Canadian Intercollegiate Investment Clubs

The Association of Canadian Intercollegiate Investment Clubs