FUNDS

This year we will be running the virtual fund competition in a brand-new format for our members.

Last year, the competition comprised of one fund with four sectors beneath it. The fund was run by one Fund Manager and two Sector Heads leading each sector together with a team of analysts. The aim was to see which sector could generate maximum returns from investing and trading on markets.

Following feedback received on last year's competition, we came to the conclusion that the stock-picking in one specific sector does not provide our members with an adequate introduction to investing and the financial market. Therefore, this year the sectors will be removed and will be replaced by portfolios. The aim of the fund (portfolio) based approach is to enable our members to become exposed to the entire financial market and face the challenge of balancing risk versus reward, forcing them to take a longer-term market view.

There will be a Fund Manager responsible for the fund meetings. The Fund Manager will also invest in the market himself/herself to be able to talk the fund through his/her thinking process. We aim to have 4 portfolios led by two Portfolio Managers responsible for running the portfolio. Some analysts in every fund will have an opportunity to be promoted to Senior Analysts.

After the Fund Manager pitches the market outlook, the fund will proceed to asset allocation and constructing the portfolio, deciding on the ratio of stocks versus bonds and keeping in consideration the currency risk. Finally, the analysts will be responsible for deciding the stock sectors and bond types they want to invest in.

Although the structure of the Virtual Fund has been adjusted, the ways in which we conduct meetings will be much the same. The meetings will continue to be both instructional and practical so that everyone can develop their trading skills. We shall begin with the very basics in trading, allowing people of all abilities to participate. We want to make the fund as accessible as possible.

We use Exante as our platform for placing trades. Exante allows us to capture an incredibly broad range of investments and having used it in the past, is something we are very familiar with! This allows members interested in becoming analysts to research an area they find interesting, one which they may also choose to pursue for their future careers.

If you are interested in taking further steps towards a career in finance, we strongly recommend that you become and an active member of the Fund.

Virtual FUND 2020/21

VALUE FUND 2019/20

Welcome to the Global Value Equity Fund!

We are a group of value investors who rely primarily on fundamental analysis to calculate aspects of equities such as intrinsic enterprise value. Our fund philosophy is principally concerned with the safe return of capital and thereafter an adequate return on invested funds. We buy at significant margins of safety and only sell if prices become grossly overvalued by our analysis metrics.

We are contrarian investors at heart who do not believe in efficient market theory over long term horizons. Since our virtual fund runs over the course of an academic year, we seek shorter-term returns by buying severely mispriced stocks, particularly when mispriced by transient market sentiment since sentimentally, rather than fundamentally, priced stocks tend to revert to the long-term average intrinsic value over relatively short-term horizons.

We are chiefly interested in five key market sectors, namely:

Consumer discretionary and staples
Financials
Technology, Media and Telecommunications (TMT)
Foreign Exchange (Forex)

We look forward to operating in a rather unprecedented generally overpriced era with very low interest rates and high levels of QE persisting globally. Identifying value can therefore be challenging but we are up to the task!

Harvey East

Fund Manager

Joshua Martin

Co-Head Forex

Ryandeep Singh

Co-Head Forex

Matt Daynes

Co-Head Financials

Gontzal Camara

Co-Head Financials

Paul Kvadsheim

Co-Head TMT

Mateusz Deszcz

Co-Head TMT

Arnor Oydna

Co-Head Consumer

James Wheeldon

Co-Head Consumer

VALUE FUND 2018/19

Welcome to the Global Value Equity Fund!

We are chiefly interested in five key market sectors, namely:

Consumer discretionary and staples
Financials
Technology, Media and Telecommunications (TMT)
Foreign Exchange (Forex)
Commodities

RICHARD GREENBURY

Co-Fund Manager

ADITYAVARDHAN DEY

Co-Fund Manager

BEN GODDARD

Co-Head of Consumer

JACK MOORE

Co-Head of Consumer

ELLE GALLAGHER

Co-Head of Financials

MATTHEW DAYNES

Co-Head of Financials

DAN FARRINGTON

Co-Head of Forex

LUKE CIRILLO

Co-Head of Forex

ALEX BROWN

Co-Head of TMT

HOLDEN BRIL

Co-Head of TMT

MAKSIMS VOLKOVS

Head of Commodities

VALUE FUND 2017/18

Welcome to the Global Value Equity Fund!

We are chiefly interested in six key market sectors, namely:

Consumer discretionary and staples
Energy and utilities
Industrials and materials
Financials
Healthcare
Technology and telecommunications

ORPHEAS ALEXOPOULOS

Co-Fund Manager

SILVIYA STOYOVA

Co-Fund Manager

JACK FREATHY

Head of Financials

RITVIK MUTHUSWAMY

Co-Head of Energy

MARTIN KOSTOV

Co-Head of Energy

STEPHANIE SILVA

Co-Head of Consumer Discretionary

ROBERT FAYOLLE

Co-Head of Healthcare

SAM CLAYTON

Co-Head of Healthcare

ROBERT CLARK

Co-Head of Consumer Discretionary

RAFAL MIELEWSKI

Co-Head of Industrials

PAUL KVADSHEIM

Co-Head of Technology

ASHLEY MARSHALL

Co-Head of Industrials

BACH VIET DINH

Co-Head of Technology

MACRO FUND 2017/18

The LUUTIS Macro Fund is a multi-sector and multiple asset-class investment fund, focusing on employing ‘Macro Strategies’ to realise relative and absolute returns.

Specifically, the Macro Fund seeks to compose a portfolio of equity-based and currency-based assets which complement and capitalise on the predictions made by the Fund’s Analysts and Sector Heads. Investment opportunities may arise from a plethora of global, continental, national or regional news, events and trends. The predictions which Fund Members make in relation to these opportunities will develop into the overall rationale behind going Long or Short position on a particular asset.

Given the nature of the opportunities which fall into the Macro Investment Strategy, the Macro Fund is able to engage in more far-reaching, fast-paced investment opportunities. This contributes to an exciting and persistently evolving investment approach, with a variety of different approaches to capitalising on specific Macro predictions.

In terms of structure, the Fund is comprised of three sectors; Foreign Exchange, Emerging Markets and Macro Equities (Developed Markets). These sectors are, in turn, lead by an experienced team of Sector Heads who coordinate investment opportunities among sector sub-teams. While investment will predominantly come in the form of a Long or Short position in either an equity (stock) or currency, the nature of the investment strategy lends itself to the use or more complex equity/foreign exchange based derivatives and, in some cases, fixed income products.

EQUITY FUND 2016/17

We are managing a primarily long value equity fund with a maximum short position of 30% of the portfolio. We do not believe the market is strong or semi-strong efficient in the short-run, however, we do believe that prices and intrinsic values of assets converge in the long run. As a result, our aim is to exploit this short-term inefficiency by buying/shorting under-/over- valued assets and holding them until they, in our opinion, reach their appropriate price.

Our investing process is principally bottom-up as we believe it is easier to gain a knowledge advantage on individual companies than on whole markets or economies. Hence, we aim to know-the-knowable better than our peers and intend to achieve superior investment results based on our proprietary company specific research.

Furthermore, we believe too much diversification can diversify away our returns and hence are proud active investors in a small portfolio of assets that we are confident in.

At this moment in time our fund is split into three areas:

Technology
Energy and Healthcare
Financial Institutions and Consumer Services

GEORGE DIBB

Fund Manager

MULTI-ASSET FUND 2016/17

Our investing philosophy is based upon a strong belief in active fund management over medium to long term time horizons. Given the length of time that we have together as a fund before the academic year finishes, our time horizons have been restricted. Nevertheless, we believe that markets are overly short term focused and we aim to target long positions to be held for a minimum duration of month. We believe in the principle of diversification and aim to have a minimum of 30 assets in our portfolio. Our process involves combinations of top down and bottom-up approaches as we believe that although it may be easier to gain a knowledge advantage on individual companies, it is also highly beneficial to base investment decisions on strong macro economic data.

Hence, we aim to know-the-knowable better than our peers and intend to achieve superior investment results based on our proprietary company specific research and overall market trends. It is important to have a view on where we are in terms of cycles and general trends and hence we utilise our overall portfolio structure to aggressively target the sectors we believe are miss-value and likely to outperform.

Our fund is split into 3 sectors: