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CFA INSTITUTE RESEARCH CHALLENGE SOUTHERN CLASSIC
Hosted by:
Atlanta Society of Finance and Investment ProfessionalsCFA Society AlabamaCFA Society South Carolina
2018-2019 Academic Year
Kickoff Presentation: October 4, 2018
AGENDA• Sponsors
• Organizer
• What is the Challenge?
• 2018 Southern Classic
• 2018 Global Champion
• 2018 Snapshot
• Participating Teams
• 2019 Tournament Diagram
• Benefits for Students
• CFA Global Network
• Competition Timeline
• Rules Overview
• Advisors and Mentor Involvement
• Ethics
• Subject Company
• Interacting with the Subject Company
• Resources
• Questions
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Guest SpeakersJohn Skinner, CFAReport Grader & Past PresidentMorgan Stanley – Graystone Consulting
Kendall Anderson, CFAFinal Presentation JudgeAnderson Griggs Investments
Jim ShilkettPresentation JudgeCHB Capital Partners
Thank You Kaplan Schweser
Free resources including eBooks,
webinars, and exam information
Discounted exam prep materials for university students
University Review Program offerings and
professor discounts
ORGANIZERSOUTHERN CLASSIC COMMITTEE
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Stephen Daniels, CFAPresident
Trey Cartledge, CFASecretary
Chair, Research Challenge
Fred Tulley, CFAVP of Education
Celia Anderson, CFACo-Chair, Research Challenge
Dyer Kennedy, CFACo-Chair, Research Challenge
Daniel Fetterolf, CFAPresident
Joe Giltner, CFAChair, Research Challenge
WHAT IS THE CFA INSTITUTE RESEARCH CHALLENGE?• How is it organized?
- Worldwide intercollegiate competition between teams of students
- Organized by local CFA Institute volunteers – usually through CFA member societies
- At least 3 teams of 3-5 students participate
• What does it involve?- Analysis of a publicly-traded
company- Interviews with company
management- Mentoring by a CFA charterholder- Research report writing- Presentation of research
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Past Champions:2018 University of South Carolina2017 Kennesaw State University2016 University of Georgia2015 Wofford College2014 University of Alabama2013 University of Georgia2012 Wofford College2011 University of Georgia2010 Georgia State University2009 Georgia Tech
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University of South Carolina won the Southern Classic in 2018
BACKGROUNDSOUTHERN CLASSIC
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5,700+ Students3,500+ Volunteers1,000+ Universities
151 Societies and Emerging Societies
109 Local Challenges81 Countries
2018 SEASON SNAPSHOT
2019 TOURNAMENT DIAGRAM
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~110 LOCAL LEVEL CHALLENGES
AmericasRegional
New York, USA23-24 April
~55 Teams
Asia Pacific RegionalSydney, AT
28-29 March
~25 Teams
EMEARegionalZurich, CH10-11 April
~35 Teams
Global FinalNew York, USA25 April 2019
BENEFITS FOR STUDENTS• Best practices in research and report
writing• Real-life learning experience as an
Equity Analyst• Access and exposure to leading
industry professionals• Professional report and experience to
use on resume/CV and job interviews• Experience presenting to top
financial professionals• Individual and team prizes• Opportunity for travel• Potential media exposure• Robust global network students and
thousands of volunteers worldwide
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COMPETITION TIMELINE
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Today Kick-OffNow! Preliminary ResearchBefore October 19, 2018
Register with CFA Institute
November 16, 2018 Company PresentationJanuary 15, 2019 1st Draft Due to MentorJanuary 29, 2019 Final Report DueInterim Report GradingMarch 2, 2019 Local Final PresentationsApril 23-24, 2019 Americas Regional in
New York, USAApril 25, 2019 Global Final in New York,
USA
RULES OVERVIEW • Each team consists of 3-5 students
(undergraduate and/or graduate)• Universities may form up to two teams
each, depending on Local Host rules• Students must be enrolled in the
university they represent and registered for at least a part-time course load at the time of the kickoff meeting
• Reports and presentations must be the students’ original work
• Students may not have contact with the subject company outside of organized events
• Students may not enlist the help of any investment professionals other than the mentor or faculty adviser
• Mentors and faculty may NOT contact the company
• Mentors, faculty, and subject company may NOT provide material non-public information
• Written reports must conform to the guidelines set forth by CFA Institute and include the cover page and disclosure statement provided by CFA Institute
• Teams may not use props in their oral presentations
• Students, mentors, and faculty must all agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct
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ADVISER AND MENTOR INVOLVEMENTFaculty Adviser• Insight and guidance on research
methods and tools as taught in academia
• 10 hours maximum of productive time before report submitted, 3 additional hours for each subsequent presentation (admin time excluded)
• Access to faculty for other projects unrelated to the Research Challenge is permitted
• All work must be the original work of the students
Industry Mentor• Insight and guidance on industry
practice• 6 hours maximum of productive time
before report submitted, 2 additional hours for each presentation
• Face to face or virtual• Company management question
development• Review first draft of research report• Presentation development
assistance
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ETHICS RESOURCES >> LINK TO RESOURCES• Ethical Standards for Investment
Professionals: An Interactive Case-Based Course
• Ethics Course Module 2: Standard II—Integrity of Capital Markets
• Ethics Course Module 3: Standard III—Duties to Clients
• Ethics Course Module 6: Standard VI—Conflicts of Interest
• Ethics Course Module 7: Standard VII—Responsibilities as a CFA Institute Member or CFA Candidate
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REPORT SCORING
18
SectionMaximum
Points Comments
Business Description 5Industry Overview &
Competitive Positioning 15
Investment Summary 20
Valuation 20
Financial Analysis 20
Investment Risks 15
Corporate Governance 5
TOTAL 100
PRESENTATION SCORING
20
CriteriaMaximum
Points Comments
Financial Analysis 25
Valuation 25
Presentation 20
Question and Answer 20
Team Involvement 5
Materials 5
TOTAL 100
SUBJECT COMPANY
• HD Supply Holdings, Inc (NASDAQ: HDS) will be the subject company for this year’s competition
• North American industrial distributor based in Atlanta, GA
• Founded in 1974• 11,000 employees• Market Cap of over $7.8
billion
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INTERACTING WITH HD SUPPLY• Designated officers ONLY• Host organized communications
ONLY• Teams are permitted to interact with
the company as a member of the general public
• Industry mentor or faculty adviser must be present for all student-subject company interactions
• As long as individuals aren’t investment management professionals, students may contact and survey company suppliers, customers, vendors, etc.
22
WHERE TO BEGIN• Visit the CFA Institute Research
Challenge website:• www.cfainstitute.org/researchchallege
- Advisers and Students must register- Peruse educational materials
selected specifically for participants- Watch videos of past presentations- View past reports from winning
teams• Students MUST register on the CFA
Institute website using the registration form provided by the local host.
• Southern Classic website:
http://asfip.org/Research_Challenge
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REGISTRATION
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Student Registration:https://www.cfainstitute.org/societies/challenge/student-welcome
Faculty Adviser Registration:https://www.cfainstitute.org/societies/challenge/volunteer-welcome