AIM Students Work with the Milwaukee Repertory Theatre on Investment Policy Statement

On Wednesday, February 22, three  students in the Applied Investment Management (AIM) program at Marquette University presented their revisions to the investment policy statement of the Milwaukee Repertory Theater. Since last semester a group of five Marquette University AIM students and the program’s graduate assistant, Brady Endl, have been working with Dr. Krause on the revisions.

Leslie Fillingham (Finance Director of the Milwaukee Repertory Theater) and Steve Isaacson (Investment Committee chairman for the Rep) provided the students with the history of the current investment policies. Cleary Gull’s Brian Andrew (Chief Investment Officer) and Steve Perritt (Senior Client Advisor) worked with Dr. Krause and his students to develop the newest version of the policy statement. The students then worked independently to evaluate the effectiveness of the policies in allowing the Rep to achieve their goals. 

Dr. Krause, AIM program director said “It has been an excellent learning experience for the students. Not only did they get to work on an applied project to help a prominent non-profit institution in the Milwaukee community, but they had an opportunity to present their results to the investment committee. Rupali Varma, Ted Linn, Tom Kelly, and Brady Endl had the privilege of presenting the findings of their survey and their recommended changes. This type of applied learning experience is priceless and allows the AIM curriculum to come to live. We are pleased we had this opportunity to contribute to a fine organization.”

The students will continue to work on minor changes to the investment policy statement as suggested by Cleary Gull and members of the investment committee. Krause added, “We hope to be back with the investment committee soon to present our final version of the policy. This has been an excellent partnership with the Milwaukee Rep.”

AIM Class of 2013 students to visit Chicago on Friday, March 2nd

Dr. David Krause, AIM program director indicated that the juniors will be visiting Chicago on Friday, March 2^nd. The group will get an early start and after a two hour bus ride to Chicago will visit Ziegler Lotsoff Capital Management (20 N. Clark Street). We are thankful to our hosts - Marquette alumnus, Scott Roberts (President  & CEO), and  Maggie Baer (Managing Director and Chief Administrative & Operating Officer).

The group will then visit Loop Capital at 200 W. Jackson Blvd.  They will have an opportunity to visit with Albert Grace, Jr. (Co-Founder and President) and his associates. Four students will have an opportunity to present their first AIM equity presentations (see table below).

The third investment firm that the AIM students will visit is BMO Capital Markets at 115 S. LaSalle. Marquette alumni David Kucera (Managing Director and Head of U.S. Securitization) and Steve McManaman (Managing Director, Derivatives) have arranged the visit and will give the group a brief update on the capital markets/securitization and a tour of the BMO trading floor.

The final stop of the day will be at Morningstar at 22 W. Washington. Vishnu Lekraj (Senior Analyst - Industrial & Business Services, Institutional Equity Research) and Haywood Kelly (Senior Vice President, Head of Equity and Credit Research) have helped to arrange the visit.

Busy Week in AIM Program Capped Off with Presentation at Heartland Funds

"This was one of the busiest weeks of the semester for students in the AIM program at Marquette University," according to Dr. David Krause, AIM program director. "The AIM students had exams, written and oral presentations, two different outside speakers, and the CFA Investment Research Challenge competition in Madison."


On Friday, February 25th, five students  traveled to Heartland Advisors to present their equity presentations. The Heartland investment professionals who participated in critiquing the student pitches were: Ted Baszler, Jason Schacht, and Dan Walker. (To view their bios, go to Heartland's website at: http://heartlandfunds.com/About/People/InvestmentProfessionals.htm).

Dr. Krause said, "We appreciate the opportunity to visit local investment firms and to present before a group of investment professionals. This was our fourth trek to Heartland Funds and we continue to benefit greatly from each visit. We are thankful for the opportunity to learn from practitioners - it helps keep the applied element front-and-center in the AIM program."


Krause continued, "Even though three of the five stock pitches were in the international space and none of the stocks could be considered as pure 'value' investments, the professionals were able to add significant insights and advise our students on the techniques of fundamental investment analysis. Additionally, special thanks go to Jeanne Kolimaga at Heartland for arranging these visits. I know the students appreciate them and we are hopeful that Heartland also benefits from interacting with AIM program members."

Marquette’s AIM Team Wins 2012 CFA Society of Madison’s Investment Research Challenge

Students to compete in America's regional finals in New York in April 

February 24, 2012– The CFA Society of Madison hosted the local round of the CFA Institute’s Investment Research Challenge.  Marquette University’s Applied Investment Management (AIM) team won the competition and will move to the CFA America’s regional competition as the representative of the CFA Society of Madison. The CFA Institute is the global association of investment professionals made up of portfolio managers, investment advisors, educators and other financial professionals.

 

During the local CFA Investment Research Challenge, which was held at the Fluno Center in Madison, the Marquette team competed against four other teams of students from UW-LaCrosse, UW-Milwaukee, Milwaukee School of Engineering, and Carroll University. Marquette advances to the America’s Regional level of the Challenge, which will be held in New York in April, where they will compete against fifty other university teams that won their local competitions from North and South America. The winner of the America’s Investment Research Challenge will then compete in the international final, which is also held in New York in April 2012.

 

The students on Marquette’s team were: Jacob Bear, Harrison Davis, Colleen Osborne, Bronson Wetsch, and Alice Wycklendt. All of the students are members of the Applied Investment Management program. They will be graduating in May 2012 and will be sitting for Level I of the CFA exam in June.



Harrison Davis, Alice Wycklendt, Colleen Osborne, Bronson Wetsch, Jacob Bear



The CFA Institute Research Challenge offers students the unique opportunity to develop and present an equity research report and compete on a global basis. Students will learn from leading industry experts and their mentors and peers from the world’s top business schools. This annual educational initiative is designed to promote best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

 

Dr. David Krause, director of the AIM program at Marquette University, said: “This year’s competition was very challenging event for the students taking part. The other teams did an excellent job presenting their recommendation. We are very excited to represent the CFA Society of Madison and will do our best in New York in April. We wish to thank the CFA Societies of Madison and Milwaukee for hosting the Challenge. It gives students the chance to meet some of the finest investment professionals in the state and to interact with students from other schools.  The Challenge supports our educational efforts and helps groom the investment professionals of tomorrow.” 

This represents the fourth consecutive year that the Marquette team has advanced to the America’s Challenge.  Krause said, “This year’s team did an outstanding job analyzing Marcus Corporation. They used a propriety survey, econometric modeling, and various types of sensitivity analysis to arrive at their recommendation on the stock. They worked well together and I am pleased that they will have the opportunity to present their research findings in New York.”

The global competition, which runs until April 2012, has attracted over 3,000 students and 600 universities in nearly 50 countries, including Vietnam, Kenya and Colombia for the first time.

The CFA Institute Research Challenge comprises:

·         Analysis of a publicly-traded company
Teams research a publicly traded company. The company’s management presents information to the student teams and is available to answer student questions.

·         Mentoring by a professional research analyst
Each team works with a CFA charterholder who mentors the team during the research process and reviews and critiques its report.

·         Writing a research report
Each team produces an Initiation of Coverage report on its chosen company. The report is reviewed and scored by a group of judges.

·         Presentation of research to a panel of experts
The teams' final presentations are locally evaluated by panels of experts from top financial institutions. Panelists include heads of research, portfolio managers, and chief investment officers from the world’s top firms. The team with the highest combined written report and presentation score is the winner and advances to the regional level of the Research Challenge.

·         Advancement to the CFA Institute Research Challenge Global Finale
Regional winners then progress to compete at the global finale. At the regional and global stages of the Research Challenge, teams are evaluated solely on their presentations.

 For more information visit the CFA Institute Research Challenge website.

About the Global Investment Research Challenge

The challenge gathers students, investment industry professionals, publicly traded companies and corporate sponsors together locally, regionally, and globally for a world competition. In order to promote best practices in equity research and company analysis, students research, analyze, and report on a company as if they are practicing analysts. Local CFA societies host and launch an Investment Research Challenge in conjunction with the participating universities. The universities assemble teams of three-five business and finance students who work directly with a company in researching and preparing a company analysis. The team’s final presentations are locally evaluated by high-profile panels of heads of research, portfolio managers, and chief investment officers from the world’s top firms. The local champions advance to regional competitions in the Americas, Asia, and Europe and then to the global finale.

About CFA Institute

CFA Institute is the global association for investment professionals. It administers the CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 105,000 members, who include the world’s 97,000 CFA charterholders, as well as 135 affiliated professional societies in 58 countries and territories. More information may be found at www.cfainstitute.org

About the AIM Program

The AIM Program at Marquette University began in 2005. Since then over 120 undergraduate students have participated in the program. Our alumni can be found in leading investment companies throughout the country - and the world. As the first undergraduate partner with the CFA Institute, we take pride in our students' successful placements and CFA exam pass rates. Please feel free to contact us at: aim@marquette.edu

Marquette University's CFA Research Challenge Team Wins the Madison Society Competition

Five Marquette University students, who are members of the AIM program, participated today in the CFA Society’s Investment Research Challenge in Madison, Wisconsin. 

The Marquette students, who are seniors, presented their investment research on Marcus Corporation (ticker: MCS).  They won the local CFA Challenge competition for the fourth straight year. The students are:

·         Jacob Bear

·         Harrison Davis

·         Colleen Osborne

·         Bronson Wetsch

·         Alice Wycklendt

Unique Opportunity for Students Worldwide

The CFA Institute Research Challenge offers students the unique opportunity to learn from leading industry experts and compete with peers from the world’s top finance programs. This annual educational initiative promotes best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

The Challenge gathers students, investment industry professionals, publicly traded companies, and corporate sponsors together locally, regionally, and globally for a real world competition.  Participation in the Challenge promotes best practices in equity research and company analysis, as students research, analyze, and report on a company as if they are practicing analysts.  Additionally, all participants are introduced to and held to the standard of the CFA Institute Code of Ethics and Standards of Professional Conduct.

How the Challenge Works

Local CFA societies, CFA Institute, and other organizations host and launch a local Research Challenge in conjunction with their participating universities. The universities assemble teams of 3-5 business and finance students who work directly with a company in researching and preparing a company analysis. The team’s final presentations are locally evaluated by high-profile panels of heads of research, portfolio managers, and chief investment officers from the world’s top firms. The local champions advance to regional competitions in the Americas, Asia, and Europe and then to the Global Finale.

Challenge Components

Analysis of a Public Company

Teams research a publicly traded company. Company management presents to the teams and participates in a Q&A session.

Mentoring By a Professional Research Analyst

Each team works with an investment professional, who mentors the team on research process and reviews and critiques its report.

Writing a Research Report

Each team produces an initiation of coverage report on its chosen company. The report is reviewed and scored by a group of judges.

Presentation of Research to a High-Profile Panel of Experts

Teams present their research to a panel of experts from top financial institutions. The team with the highest combined report and presentation score is the winner.

Advancement to the Global Final

The winners of local competitions advance to compete against teams within their geographic region, culminating in a global finale competition.

CFA Society of Madison's Investment Research Challenge to be Held on Thursday, February 23rd

The CFA Society of Madison's Investment Research Challenge will be held today (February 23rd). The event will be held at the Fluno Center on UW-Madison's campus.

The participating universities include:

Carroll University  Marquette University  Milwaukee School of Engineering  UW-La Crosse  UW-Milwaukee

The CFA Institute Research Challenge offers students the unique opportunity to learn from leading industry experts and compete with peers from the world’s top finance programs. This annual educational initiative promotes best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

The Challenge gathers students, investment industry professionals, publicly traded companies, and corporate sponsors together locally, regionally, and globally for a real world competition. Participation in the Challenge promotes best practices in equity research and company analysis, as students research, analyze, and report on a company as if they are practicing analysts. Additionally, all participants are introduced to and held to the standard of the CFA Institute Code of Ethics and Standards of Professional Conduct.

 

Keith Hanson visited the AIM Program on February 22

Keith Hanson (CFA, Marquette '86 graduate, and analyst at the State Teachers Retirement System of Ohio) was a guest in both AIM classes on Thursday, February 22nd. Keith is rresponsible for the large capitalization automotive, consumer services, household durable, leisure and media names in the Large Cap Core Analyst Portfolio with STRS Ohio.

He talked about the process he follows in individual equity analysis and answered student questions about valuation and investment research. Keith, a former student of Dr. Krause, has visited the AIM program consistently since 2005. His experiences working with STRS Ohio, Ohio National Financial Services, and Blum & Company are appreciated by the students.

In addition to being an honors student at Marquette in the early 1980's, Keith is a member of Marquette Athlethic Hall of Fame. As a member of the cross-country and track teams, Keith won the NCAA championship in 1985. Dr. Krause said, "It is a pleasure to see Keith each year. He was a special student and remains a good friend. His accomplishments both at Marquette and in his professional career are impressive - to say the least. But most importantly, Keith is an outstanding role model to our students and his family. He embodies the mission of Marquette to serve others. It was great to see him again and he's always a welcome guest on campus."

Marquette AIM and FMA Students Visited Baird

Last Friday, February 17th, over 40 students from Marquette University's Applied Investment Management program and Financial Management Association visited Baird at their headquarters in Milwaukee.

Five students pitched equities to over 15 Baird professionals at 3 pm (see table below). Following the 15 minute individual presentations, which included Q&A from members of Baird's equity research teams, the students had the opportunity to network with Marquette alumni and other professionals working for Baird.

Dr. David Krause, AIM program director said that "the presentations were well received and I know that the students enjoyed visiting Baird. We had an excellent turnout and the students had an opporutnity to network with many Marquette alumni at Baird. We look forward to future 'road trips' to Baird."

The next AIM road trip will be this Friday at Heartland Funds in Milwaukee. The presentations are posted at: http://business.marquette.edu/Content/Uploads/AIM/equity-writeups/2-24-12.pdf

Frank Burgess to Present at Marquette on February 22nd

AIM Program and FMA Sponsored Event

Mr. Frank Burgess

Founder, President and CEO
Madison Investment Advisors
 DATE: Wednesday, February 22nd

TIME:    4:15 to 5:30 p.m.

PLACE: AIM Research Room – DS 488

TOPIC:  A primer on the VIX (volatility index). Why volatility is important and what signals the VIX movements give off about the market.
AIM@marquette.edu       #muaimfma

Craig Vanucci of Ziegler Lotsoff visited the AIM program

The students in the AIM program (Class of 2012) were the beneficiaries of a presentation by Craig Vanucci, Managing Director, Sales and Client Service, Ziegler Lotsoff. Mr. Vanucci's presentation on February 13th focused on portfolio optimization and risk management. The topics of Value at Risk (VaR) and liability management were presented. This topic will be further explored by the AIM students in March.

Dr. David Krause, AIM program director, said that Mr. Vanucci's talk "was well received by the students. The topics he discussed were well-timed with the material we are about to cover. The concepts of Value at Risk and asset allocation are important issues that we will be discussing soon. Craig did an excellent job explaining these challenges issues - I appreciate his visit to the AIM program. He did a very effective job."

Craig S. Vanucci joined the Ziegler in 1994 after spending several years with a major regional bank holding company as manager of its Institutional Investments Division. He was also a managing director and partner in a private investment advisory firm. Mr. Vanucci currently serves as a member of the Ziegler Lotsoff's Investment Services Group Equity and Fixed Income Committees. Mr. Vanucci’s primary area of expertise is in developing investment management strategies and solutions for the ongoing management of health care, senior living, municipal and corporate relationships. Over the past 20 years, he has given a variety of speeches on these subjects.

Mr. Vanucci received a B.S. in finance from Bowling Green State University and an M.B.A. from the University of Toledo. He earned the Chartered Financial Analyst (CFA) designation in 1989 and is a member of the Milwaukee Investment Analyst Society and the CFA Institute.

Barrett Willich Visited Marquette on Friday

On Friday, February 19^th, Barrett Willich was a guest speaker in Dr. Krause’s Alternative Investments class – and he visited the two AIM classes. In the Alternative Investments class Barrett talked with the students about private equity – he currently is an associate with Winona Capital Management in Chicago, IL.

Barrett Willich joined Winona Capital Management in 2010. Prior to Winona, Barrett was an Analyst in the Investment Banking group at Robert W. Baird & Co. where he worked with and advised middle-market corporate and private equity clients on M&A, debt, and equity transactions. Barrett graduated cum laude from Marquette University with a BS in Finance and was a member of the Applied Investment Management program.

Barrett's portfolio company responsibilities include Dragon Alliance, Peter Millar, and Top Driver.

Barrett Willich when he was an AIM student in 2008

Milwaukee Journal Sentinel notice about the AIM Investmen Forum

For more information about the AIM Forum on Thursday, February 16, go to: Milwaukee Journal Sentinel notice at:  http://tinyurl.com/74fj2jq  and  http://tinyurl.com/6m8ol65

They wrote: "Why should 2012 be any different for investors than 2011, when most money managers underperformed the market? Attend the AIM Investment Forum on Thursday evening at Marquette University and find out. For more: business.marquette.edu."

Marquette's AIM Forum to feature national investment experts

MILWAUKEE – The Applied Investment Management program at Marquette University’s College of Business Administration on Thursday, Feb. 16, will host its fifth annual AIM Investment Forum. The event, which will be held in the Weasler Auditorium, 1506, W. Wisconsin Ave., will begin with a reception at 5 p.m., with a panel discussion and presentations starting at 6 p.m. Registration for this free, public event is online.

Moderated by David Krause, director of the AIM program, the forum will include panelists Jim Bianco, president of Chicago-based Bianco Research, which produces original financial market research that is followed by leading financial institutions; John Davis, professor of economics at Marquette and professor and chair of history and philosophy of economics at the University of Amsterdam; and Brian Hellmer, director of the Hawk Center for Applied Security Analysis at the Wisconsin School of Business and former portfolio manager at Northern Capital Management. 

According to Krause, three-fourths of active money managers in 2011 underperformed the market, making it one of the worst years for money management in the past 40. The panel will examine this phenomenon and discuss why 2012 might be different.

Following the panel discussion, Michael McMillan, CFA, director of ethics and professional standards at CFA Institute, will deliver an interactive presentation on investment ethics. McMillan, who is responsible for creating, sourcing and developing educational content for CFA Institute members and investment professionals, will use hand-held electronic devices to receive real-time audience feedback that will drive his presentation.

“We’re pleased to have such a distinguished and diverse mix of investment professionals and educators this year,” Krause said. “Each of these guests brings a wealth of knowledge and real-world experience that will be incredibly valuable to our students and money management professionals in the community.”

More information, including full speaker bios, is available online.