School of Accounting and Finance

The School of Accounting and Finance Student-run Investment Fund

Quick Links: Message from SAF Director - May 2012 I Contact us

The School of Accounting and Finance has established an investment portfolio called the Student-run Investment Fund ("The Fund") in order to provide students with an educational experience in an institutional setting. The Fund will provide students hands-on-training in equity valuation and portfolio management with guidance from industry experts and supervision by finance faculty.

The seed investment of $250,000 has been provided by an anonymous external donor. The first installment of $50,000 is available for investing in Canadian equities in the Spring 2012 term.

The investment objective of the Fund is to generate long-term growth of the Fund's assets. The Fund will invest in a broadly diversified portfolio of mid-to-large capitalization stocks of Canadian issuers that may provide capital gains or income.

Participation in The Fund is restricted to students enrolled in the following SAF programs: Accounting and Financial Management, Mathematics/ Chartered Accountancy, Biotechnology/Chartered Accountancy, Computing and Financial Management, and Master of Accounting. To avoid conflicts of interest that could arise during co-op terms, students will participate in The Fund only during their study terms.

The first student-investment team was selected after a competitive two-stage screening process in May 2012 and provided investment advisory and management services for The Fund in the Spring 2012 term. The team consisted of two Portfolio Managers, an Investment Manager and Compliance Officer, and six Analysts.

The logo was designed by Jimmy Weng, a second-year AFM student, in June 2012. Jimmy named the design, "Skywards" implying an exponential growth curve that reaches the sky. Jimmy Weng's original design has been modified to align with University of Waterloo's visual identity guidelines.

Picture of Full Winter 2013 Investment Fund Team

Statement of Investment Policy and Procedures

Please click on the following Statement of Investment Policy and Procedures link for more information.

 

Fund Regulations

Student Roles

An Analyst will follow a specific industry sector and will present detailed research reports on two stocks during the term to the group. An analyst will also provide updates during the bi-weekly meetings. Analysts will report to Portfolio Managers and assist them in managing the Fund.

A Portfolio Manager will review the Analysts’ equity research reports and make trading decisions. A Portfolio Manager should be familiar with the mechanics of trading and cash management. A Portfolio manager will also participate in the hiring and evaluation of Analysts.

An Investment Manager and Compliance Officer will recommend investment allocations across the various sectors and will monitor the performance of the Fund. He will prepare reports on the Fund’s performance and also serve as a Compliance Officer.

All students in the investment team will be guided by Industry mentors and Faculty Supervisors.

Regulations:

  • All students in the investment team agree to direct the investment of the Fund in accordance with the Statement of Investment Policy and Procedures and as may be amended from time to time.
  • Students will attend bi-weekly classroom sessions during the term.
  • Students are expected to comply with all applicable Canadian federal and provincial legislation and regulations concerning the investments in the portfolio. As an Ontario domiciled entity, the Fund will be subject to the regulations administered by the Ontario Securities Commission and the Investment Regulatory Organization of Canada (IIROC).
  • Students are expected to comply, at all times and in all respects, with the Code of Ethics and Standards of Professional Conduct as promulgated by the CFA Institute (http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2010.n2.1).
  • Analysts are expected to follow the Best Practice Guidelines Governing Analyst/Corporate Issuer Relations issued by the CFA Centre of Financial Market Integrity and the National Investor Relations Institute http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2005.n7.4004.  The guidelines are intended to enhance analyst independence, minimize and disclose conflicts of interest, and improve the integrity of investment research.
  • The Chief Investment Officer and Portfolio Managers are expected to comply with the Asset Manager, Code of Professional Conduct as promulgated by the CFA Institute,http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2009.n8.1
  • The Chief Investment Officer and Portfolio Managers are expected to follow the Best Practice Guidelines Governing Analyst/Corporate Issuer Relations issued by the CFA Centre of Financial Market Integrity and the National Investor Relations Institute http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2005.n7.4004. The guidelines are intended to enhance analyst independence, minimize and disclose conflicts of interest, and improve the integrity of investment research.
  • The Chief Investment Officer and Portfolio Managers will manage the portfolio with the care and diligence that a manager of ordinary prudence would use in managing a portfolio.
  • Consistent with uWaterloo Policy 69, “Conflict of Interest”, and applicable securities legislation, students in the investment team must disclose any direct or indirect association or material interest or involvement in aspects related to your role with regard to the Fund that would result in any potential or actual conflict of interest.
  • As a condition of participating in the Fund during a study term, students will comply with a proscription from holding or having control over financial interests in clients to whom they have provided services during their work term. Students will resign from the Fund before the start of their next work term. On completion of the work term, if a student returns to manage the Fund, he will recuse himself from any investment decisions directly or indirectly related to privileged information and/or financial interests of clients to whom he has provided service during previous work terms.

Partners

Advisory Board

Chair - Anish Chopra, CA, CFA, CBV, Managing Director and Head of Core Canadian Equities, TD Asset Management Inc.

John Gort, CA, CFA, Vice-President and Chief Financial Officer, Burgundy Asset Management

Jeffrey Stacey, CFA, Founding Partner, Stacey Muirhead Capital Management

Aazar Zafar, CA, CFA, Co-founder, BUDZEE

Thomas Scott, Director, School of Accounting and Finance, University of Waterloo

Dennis Huber, Vice-President, Administration and Finance, University of Waterloo

Alan Douglas, Associate Professor, School of Accounting and Finance, University of Waterloo

Ranjini Jha, Associate Professor, School of Accounting and Finance, University of Waterloo

Industry Mentors

Derek Chu, CA, Associate Director, Investment Banking, Scotiabank, Global Investment Banking

Ian Gutwinski, CA, Analyst, Investment Banking, CIBC

Niall Glynn, Associate, Event Driven Sales, TD Securities

Aly Hadibhai, CA, CFA, Director, ONCAP Managing Partners

Kevin Huynh, CA, CFA, Analyst, TD Securities

Simon Kwan, Analyst, Alignvest Capital Management

Dan Lavric, CFA, Portfolio Manager (Credit), Equitable Life Insurance

Ohad Lederer, CA, CPA, CFA, Vice-President, Veritas Investment Research Corporation

Jin Li, Equity Research Associate, BMO Capital Markets

David Middleton, CA, CFA, Principal, Middleton Family Office

Meng Wang, Investment Banking Analyst, TD Securities

Michael Williams, CFA, Portfolio Manager, Independent Accountants' Investments Counsel


Faculty Supervisors

Alan Douglas

Andrew Ecclestone

Craig Geoffrey

Ranjini Jha

Application Procedure


Look for the next call for Applications for the Student Investment Team for the Fall 2013 term in July/August 2013.


SAF
The School of Accounting and Finance is the only English speaking professional school of its kind in Canada. We offer 2 undergraduate (Accounting and Financial Management and Computing and Financial Management) and 3 graduate (Master of Accounting; Master of Taxation; PhD in Accounting) programs to provide students with the technical, analytical, evaluative, and communication skills needed to prepare for successful careers in public accounting, finance, industry, government and not-for-profit sectors. In conjunction with the Faculties of Mathematics and Science, the School also administers 2 undergraduate programs (Mathematics/Chartered Accountancy; Biotechnology/Chartered Accountancy) and 1 graduate program (Master of Quantitative Finance).