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RESPONSE TO THE CFA SOCIETY OF ORANGE COUNTY

REQUEST FOR PROPOSAL FOR INVESTMENT

MANAGEMENT SERVICES

Date of Response November 17, 2016 Name of School California State University, Long Beach

Faculty Advisor Peter A. Ammermann, Ph.D. Address 1250 Bellflower Boulevard City, State, Zip Long Beach, CA 90840 Telephone (707) 333-3424 Fax (562) 985-1754 Email Peter.Ammermann@csulb.edu

Student Contact Ka Cin Wong Address 5868 Cerritos Avenue City, State, Zip Long Beach, CA 90805 Telephone (626) 429-2149 Email Kacin.Wong@gmail.com

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TABLE OF CONTENTS

I. QUESTIONNAIRE ----------------------------------------------------------------------- 3

A. Contact Information ------------------------------------------------------------- 3

B. Organization and People -------------------------------------------------------- 4

C. Investment Philosophy and Process ------------------------------------------ 9

a. Philosophical and Economic Overview ----------------------------- 9

b. Market Overview and Asset Allocation ---------------------------- 13

c. Fixed Income Valuation and Selection ----------------------------- 18

d. Equity Valuation and Selection -------------------------------------- 21

e. Mutual Fund and/or ETF Valuation and Selection --------------- 34

f. General Issues in Portfolio Management and Construction ----- 36

II. ORGANIZATIONAL CHART -------------------------------------------------------- 42

III. INVESTMENT PROCESS FLOW CHART --------------------------------------- 43

IV. BIBLIOGRAPHY ------------------------------------------------------------------------ 44

V. REQUIRED FORMS -------------------------------------------------------------------- 45

A. Student Biography --------------------------------------------------------------- 46

B. Faculty Advisor Biography -------------------------------------------------- 133

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QUESTIONNAIRE A. CONTACT INFORMATION

Date of Response: NOVEMBER 16, 2016

Name of School: CALIFORNIA STATE UNIVERSITY, LONG BEACH

Faculty Advisor: PETER A. AMMERMANN, PH.D.

Title of Advisor: DIRECTOR

Address 1: 1250 BELLFLOWER BOULEVARD

Address 2: N/A

City, State Zip LONG BEACH, CA 90840

Telephone: (707) 333-3424

E-Mail: PETER.AMMERMANN@CSULB.EDU

Student Contact: KA CIN WONG

Address 1: 5868 CERRITOS AVENUE

Address 2: N/A

City, State Zip LONG BEACH, CA 90805

Telephone: (626) 429-2149

E-Mail: KACIN.WONG@GMAIL.COM

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B. ORGANIZATION AND PEOPLE a. DESCRIBE THE BACKGROUND OF YOUR UNIVERSITY AND THE

INVESTMENT-RELATED EDUCATION IT PROVIDES. INCLUDE IN YOUR DESCRIPTION THE FOLLOWING INFORMATION: Since founded on September 28, 1949, California State University Long Beach (CSULB) has grown to be one of the largest California State Universities with over 31,000 students. CSULB’s mission is, “To provide its students with highly valued undergraduate and graduate educational opportunities through superior teaching, research, creative activity, and service.” The College of Business Administration (CBA) strives to uphold this statement through its vast selection of classes and driven faculty that foster the spirit of scholastic achievement. The CBA offers eight undergraduate majors including: Accounting, Information Systems Management, Human Resource Management, General Management, Marketing, Operations Management, International Business, and of course Finance. Within the Finance major, students can choose amongst four concentrations: Financial Management, Investments, Financial Institutions, and Financial Engineering. The CBA prides itself on offering a wide variety of investment-related classes, at both the graduate and undergraduate level. Undergraduate Investment-Related Courses: Investment Principles (FIN 350) Fixed-Income Analysis (FIN 485) Financial Management (FIN 400) Capital Markets (FIN 360) Microstructure on Institution Services (FIN 410) Derivatives and Futures Market (FIN 480) Portfolio Analysis (FIN 450) International Finance (FIN 490) Management in Financial Markets (FIN 460) Applied Portfolio (FIN 499A and 499B) Graduate Investment-Related Courses: Financial Management Concepts (FIN 501) Seminar in Financial Management (FIN 630) Seminar in Investments (FIN 650) Seminar in International Finance (FIN 690) Applied Portfolio Management (Fin 699A and 699B) Student-Managed Investment Fund: Through a rigorous selection process, graduate students and junior and senior undergraduates are given the opportunity to be a part of the yearlong Student Managed Investment Fund program (CSULB SMIF). Students in this CSULB honors program are

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tasked with managing two separate portfolios: the Forty-Niner Shops Inc. and the CSULB SMIF portfolio. Each portfolio exceeds $100,000. The value of the CSULB SMIF experience is augmented by the professional resources CSULB gives access to: ABI/Inform, Hoovers, Moody’s/Mergent, ValueLine, and a Bloomberg Terminal. The CSULB SMIF program also has an active alumni base that furthers the educational experience. Alumni regularly meet with students, attend CSULB SMIF classes, provide feedback and challenge students’ research, give guidance in understanding technological resources, and help students prepare for the CFA exams. CSULB SMIF places a large emphasis on students gaining their CFA designation. At the undergraduate level, students are first introduced to the world of financial analysis and the CFA exams in their Investment Principles course. Students then focus on the CFA program material through class work in both Portfolio Analysis and Fixed-Income Analysis. These courses dedicate a significant portion of their exam material to include CFA exam based questions. Due to this CFA intensive preparation, students are prepared and encouraged to pursue CFA Level I candidacy. Students are able to gain further exposure to the CFA designation through the university’s Financial Management Association (FMA), which was recognized as a Superior Chapter by the FMA International headquarters. The FMA gives students a chance to attend Stalla seminars and networking events, which allow students to peer through the glass door into the various careers within the financial industry.

b. Describe the structure of your student investment-management team. In your description, address the following issues: The CSULB SMIF team is comprised of two MBA students and eighteen undergraduate students with varying levels of exposure to investment-management and the financial markets. The class is organized into five teams with various focuses: economics analysis, core equities analysis, fixed-income analysis, and quantitative and tactical equity analysis. Teams conduct weekly research and present their findings to the rest of the class in an effort to further the group’s collective knowledge. Through collaborative efforts among teams, students establish a holistic view of the market in order to make informed trade decisions for the portfolios with which they have been entrusted. CSULB SMIF officially meets every Tuesday from 4:00 to 6:45 PM. The week’s “CEO” establishes the structure and agenda for CSULB SMIF meetings. The CEO is responsible for delegating tasks, facilitating class communication, and meeting with the program director for the week’s agenda. The CEO position is rotated weekly so that all students have the chance to take on the leadership role. The week before a student is designated CEO they gain an opportunity to be the secretary. In this role, students are responsible for taking minutes of class time, and distributing those minutes to the other students via email. This rotational system is particularly effective as it allows each student to develop their leadership abilities and communication skills and take ownership of the CSULB SMIF

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project and objectives. Allowing everyone to be a CEO for the week also exposes members to various ways of thinking and different types of leadership. In class, students are able to discuss and debate issues ranging from macroeconomic analysis and the effects of political maneuvering to the details of specific sectors, industries, and securities. Mediation is provided by the CSULB SMIF program director, which offers real-world experience and personal research to add more depth to discussions.

c. Describe the benefits and incentives for students to participate in this program. The benefits of the CSULB SMIF program to its participants are significant. The most obvious benefit is that students receive six semester credits and are able to apply the course toward a concentration in finance. The practical knowledge of investment- management garnered through this course far surpasses the potential for learning in any other finance course offered at CSULB. The increased capacity for learning inherent in the CSULB SMIF program has much to do with the team mentality, taking ownership of one’s work, and the standards of excellence set forth by prior CSULB SMIF classes and the program director. Students also receive the unique opportunity to interact with real-world clients, as well as build up their professional communication skills. Since different clients have different goals, concerns, time horizons, and expectations, managing multiple portfolios gives students exposure to identifying clients’ unique needs while learning to effectively communicate research findings and performance results. Networking and attending events hosted by the CFAOCF and CFALA are an important part of the CSULB SMIF curriculum. Students benefit from the shared experiences of professionals in their field of interest. In its totality, the CSULB SMIF program provides a comprehensive learning environment blending three important factors: the analytical discipline of learning about markets, development of professionalism through working with clients and interacting with other professionals, and communication and leadership development through leading the class as CEO.

x How are team members chosen? Who is eligible to participate? CSULB’s SMIF is uniquely qualified to manage the investment portfolio of the CFAOC Foundation due to the levels of academic excellence exhibited by its members, their interminable commitment to the program, and the passion exhibited by all members to become successful professionals in the financial services industry. Also, CSULB SMIF resources and support groups are unrivalled. Acceptance into the CSULB SMIF is by invitation only to a select group of Junior, Senior, and Graduate level students. The candidates are typically Finance majors, but recently, Economics and Mathematics students who show interest have been considered in order to evolve and promote diversity. Candidates submit a formal

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application along with a personal statement in order to be eligible for the program. Candidates are then expected to attend three sessions during the summer known as “Summer Boot Camps”, with no guarantee of selection. The three summer sessions give the Program Director the opportunity to gauge each candidate’s suitability to participate in the program. The Program Director considers only candidates who demonstrate academic aptitude, a high degree of motivation and enthusiasm, and the ability to work cohesively within diverse groups. Ultimately, the Program Director seeks candidates who will add value to the program.

x Does the school grant any academic credit in connection with this program? The program prerequisites, in order to ensure candidates are adequately equipped with relevant knowledge of financial concepts, are the completion of or current enrollment in the following courses: Undergraduate: Business Finance (FIN 300) Investments Principles (FIN 350) Portfolio Analysis (FIN 485) Fixed-Income Analysis (FIN 485) Graduate: Seminar in Business Finance (FIN 600) Seminar in Investments (FIN 650) After the “Summer Boot Camps”, applicants are further questioned by the program director to gauge their commitment to the year-long program. The final result of this grueling recruitment process is a class of 20 well-qualified and well-prepared individuals ready to take on the many challenges that encompass the management of real-dollar portfolios.

The best way to demonstrate the 20 individuals’ dedication is to quantify the time dedicated to the program. Members meet 15 times per semester, with each class meeting lasting three hours. The 45 hours of class time in each semester are dedicated mostly to presentations, discussions, and debates regarding portfolio management. In order to prepare for class activities, students typically spend a minimum of 20 hours of their personal time each week conducting research. This equates to 300 hours per semester, and 600 hours per year. Combined, the team spends a total 12,000 student-hours per year focusing on research and management of the CSULB SMIF portfolios. This calculation only takes into consideration the academic year and neglects to account for the time and effort students spend during the summer and winter sessions. These numbers demonstrate a level of profound dedication that elevates this program beyond the realm of hobby or extra-curricular activity. The student members of CSULB SMIF treat this opportunity as the beginning of their career in a highly competitive industry.

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CSULB SMIF’s success can also be attributed to its access to premium information resources and services at CSULB. The College of Business Administration devotes $20,000 annually to provide students with a Bloomberg Terminal, which serves as a main source of research, analysis, and guidance. Also, CSULB SMIF receives a complimentary copy of Global Insight; a premium forecast service for the U.S. economy, valued at $20,000 a year.

Close interaction with Alumni, CFALA, and CFAOC provides CSULB SMIF with critical professional perspectives and insight that enables students to better understand the nature of markets and how best to manage a successful portfolio.

x How and under what conditions will a replacement team member be selected? Should a CSULB SMIF team member withdraw from the program, a replacement will take their place by participating in an abridged application process. This application process will follow suit to the application and interview process.

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C. INVESTMENT PHILOSOPHY AND PROCESS PHILOSOPHICAL AND ECONOMIC OVERVIEW

a. DESCRIBE YOUR TEAM’S INVESTMENT PHILOSOPHY x What investment beliefs guide your investment decisions?

The CSULB SMIF’s investment approach can best be described as client-focused, selective risk-managed, and research-education oriented. Client-Focused: First and foremost, CSULB SMIF has constructed a strategy in tandem with socially responsible investing, and holds itself to fiduciary responsibility to the client, centered around the continuation of client values and goals. Socially responsible investing (SRI) is often defined as “integrating personal values and societal concerns with investment decisions” (Statman 2006; Schueth 2003; Shank et al. 2005). However, there is no theoretical model to determine the degree to which socially responsible investing is appropriate to best meet the objectives of the client. Therefore, CSULB SMIF will exclude sectors such as alcohol, drugs, gambling, and weapons, which allows CSULB to ethically manage the portfolio while working to meet the objectives of the client. The client’s return objective of maintaining the real value of the portfolio is taken into consideration prior to selecting securities, making adjustments to the portfolio, strategy implementation, and portfolio construction. CFAOCF is undertaking moderate risk allowing a cyclical rotating team of students to become portfolio managers, and requiring scholarships paid out annually to adjust for inflation. CSULB SMIF conducts research and continues to educate itself to meet the respective risk-return objectives of the client. Additionally, CSULB SMIF’s philosophy of risk management include a selective approach to risk, and diversifying the portfolio unless, under certain circumstances, it is prudent not to do so. Selective Risk Management: The primary goal of selective risk management is to intelligently manage the risks taken on, and avoid risks that will not compensate the investor. The secondary goal is to attentively oversee any necessary diversification within the portfolio. The CSULB SMIF portfolio defines risk in accordance with the Eugene Fama and Kenneth French three-factor risk model, HML (high minus low, or value/growth risk), SMB (small minus big, or size risk), and the market risk premium (excess return of the market in comparison to risk-free securities). CSULB SMIF research has found that investors are only compensated for those risk premiums in the presence of certain capital market and economic conditions. Economic forecasting and the technical indicator is then used to identify those periods, and infer which portfolio risk factors will compensate investors. To adjust strategies to hedge for unsystematic risk, signals from the technical indicator that may anticipate any unfavorable market movements are heavily considered during adjustments to the portfolio strategy. As portfolio managers, CSULB SMIF’s responsibility is to create the best possible risk-return relationship for its client by taking into

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consideration the macroeconomic environment and shifts in the capital markets, and dynamically adapting the portfolio between conservative and aggressive standings. Benjamin Franklin best emulates this concept in his statement: “Take care of the pennies, and the dollars will take care of themselves.” Recent feedback from the primary technical indicator, the S&P 500 200-day moving average, supported by historical analysis and economic forecasting, has shown that capital markets have shifted into what CSULB SMIF views as an equity overweight period. As a result, CSULB SMIF has adapted the portfolio approach in continuation with a philosophy of research-based, selective risk management. Research and Education Oriented: Given the opportunity to gain unique and valuable experience in managing an investment portfolio consisting of actual monetary assets, CSULB SMIF makes investment decisions by carefully analyzing research and having in-depth discussions which places CSULB SMIF in the best position to meet client-driven expectations. To reach that position, students educate themselves by delving into a number of rigorous articles, from prominent academic to practitioner-oriented journals, to supplement their understanding of the financial markets and portfolio management. Students then challenge their understanding of this new information by presenting to the class and answering the questions of fellow SMIF classmates and alumni. To best apply the information to the construction of the SMIF portfolio, research is then taken beyond the bounds of the information of the article. SMIF students are ultimately equipped with the tools they need to construct the portfolio that will best fulfill the needs of the client, in this case CFAOCF, by continually challenging SMIF students to grow, learn, and apply this new information to create a mutually beneficial environment.

x What market anomalies or inefficiencies are you trying to capture, if any? The CSULB SMIF portfolio is based on a belief that the financial markets are efficient. Therefore, the CSULB SMIF investment strategy focuses on capturing two specific market regularities: the consistent premia of value and momentum strategies. Understanding that the markets are efficient implies that an investor seeking to earn higher returns than the market can only do so by taking on higher levels of risk. This additional risk is managed in accordance with the risk management philosophy stated above. Value: The first managed risk that CSULB seeks to be compensated for comes from the study “The Cross Section of Expected Returns,” where researchers Eugene Fama and Kenneth French concluded that value stocks provide consistent long-term premium over growth stocks. CSULB SMIF defines the value, taken from the Fama and French study, as equities with fundamental factors, such as P/B, P/E, and P/CF, less than the security’s relative sector while maintaining a dividend yield greater than the relative sector.

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Momentum: The second managed risk that the SMIF portfolio seeks to capture is the consistent return premium of momentum. CSULB SMIF defines the momentum premium as the total return of the top performing securities when measured over a given historical period. A recent study, “200 Centuries of Price Momentum Return” reaffirmed research from other academics on the consistent momentum premium. Their “merged data set” spanned two years after the creation of the first equity security from 1801 to 2012, and observed that investors could earn consistent returns from momentum strategies further than previous studies had observed. While momentum provided investors with consistent returns, momentum strategies are subject to momentum crashes as noted in the study “Momentum Crashes,” where Kent Daniel, and Tobias Moskowitz observed consistent negative returns for momentum portfolios over the period 1927-2013. The inherent risk of a momentum strategy, momentum crashes, must be considered before its inclusion into the portfolio. Combining the Two Strategies: In “Value and Momentum Everywhere,” Asness, Moskowitz, and Pedersen hypothesize that value stocks are positively correlated with other value stocks and momentum stocks are positively correlated with other momentum stocks; however, they are negatively correlated with each other within and across asset classes (Asness et. al. 2013). As a result, the CSULB SMIF manages a portfolio with two negatively correlated strategies, value and momentum, to capture the premium of both. This combination helps improve the CSULB SMIF risk-return relationship by reducing risk and capturing gains through momentum in a market equity-overweight period and value during a market equity-underweight period. Having these two strategies helps CSULB SMIF hedge against the current state of the market by making adjustments to overweight their equities to the strategy that best performs in the given period.

x Why do you believe this philosophy will be successful in the future? Provide evidence or research in support of this belief. The success of the CSULB SMIF strategy is documented in “A New Quantitative Approach for the Management of the Student-Managed Investment Fund,” and when implemented during market and economic conditions that are conducive to the success of the portfolio, and back-tested over a period of 20 years using the Bloomberg terminal. The strategy used in “A New Quantitative Approach for the Management of the Student-Managed Investment Fund” or, the long-flat strategy with momentum-based style-rotation overlay, is the implementation of a strategy that seeks to combine value and momentum within a portfolio. Again, this strategy notes that momentum strategies are subject to momentum crashes, and uses the S&P 500 200-day moving average to notify portfolio managers when to invest in equities, and when to exit the market. Ultimately, this strategy ensures that the portfolio is invested in the specific market regularities that are expected to perform best, given the inherent risk of those regularities and the current market conditions.

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When properly executed, this strategy was found to outperform the market, (Ammermann et. al. 2011) and allows CSULB SMIF to avoid serious losses from the “Great Recession” and the resulting market crash of 2008. Additionally, this strategy outperforms the buy-and-hold strategy, which also avoids the market crash of 2008, but does not capture the same magnitude of returns as the long-flat strategy with momentum-based style-rotation overlay. Research into Economic Forecasting: Study of the current economic environment and economic forecasting is key to ensure that the portfolio strategy is appropriate, given the current market conditions. Conditions within the current state of the economy must be investigated to identify the current direction of the market cycle. The portfolio allocation for an economy that is expected to shrink would be very different than the portfolio allocation for an economy expected to experience growth in the near future. Within a growing economy, investors may be more optimistic and expect to be compensated for taking on higher risk on investments in the form of higher returns, while during a downward economy, investors would be much more risk averse. This is based on research of economic factors that will ultimately tell us whether the economy is moving either in a positive or negative direction, or how to structure the CSULB SMIF portfolio so it aligns with the upcoming economic state. Performance of Equity During Buy and Sell Periods: CSULB SMIF conducted research using the three risk factors defined by Fama and French, and data concerning the movements of the market over the past 20 years. They observed that certain risk premiums are likely to provide higher returns to investors during certain market conditions. The risk factors, and their respective returns, are observed over the period of 20 years while overlaying the signals given by the S&P 500 200-day moving average technical indicator. They observed that during equity underweight periods immediately following a sell-signal that HML (high minus low) and SML (small minus big) outperformed the market, and during equity overweight periods immediately following a buy-signal, HML, SML, and the market risk premium provided the best returns. Specifically, this meant that value, small-cap equity, and the market in general provides higher returns during periods conducive to investing within the market. However, value, and small-cap equity also performed best during periods that were not conducive to investing in the market. For the portfolio managers, this meant that both small-cap and value performed best during equity overweight and underweight periods, while the market in general only performed best during equity overweight periods. The aforementioned conclusions are taken into consideration during portfolio construction in following their risk-management philosophy and ensuring that the portfolio is structured to provide the best risk-return relationship within both market cycles. Bloomberg Terminal Backtesting Research:

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Bloomberg terminal provides a convenient method observe the results of, and test the implementation of new portfolio strategies, or inclusion of new securities within the portfolio without any real-world adverse effects to the portfolio. With respect to the current strategy of creating a portfolio that captures both value and momentum premia, extensive backtesting over 20 years with the S&P 500 as a benchmark, has reinforced the conclusions of other studies that show a combination of both value and momentum serve to improve the risk-return relationship of the portfolio by minimizing losses during market downtrends and capturing all market uptrends. In the event that a strategy seems promising due to research or other studies, Bloomberg allows CSULB SMIF to test the strategy and close the difference in performance between a strategy in theory, and a strategy in practice.

b. WILL YOUR APPROACH INCLUDE PASSIVE STRATEGIES SUCH AS INDEXATION? IF SO, PLEASE DESCRIBE THE ROLE SUCH STRATEGIES WILL PLAY AND HOW YOU WILL IMPLEMENT THEM. SMIF defines passive management as earning a return equal to that of the benchmark, and active management as earning a return in excess to the benchmark on a risk-adjusted basis. A primarily passive strategy would be unlikely to “beat” the benchmark set by CFAOCF, and the CFAOCF designated return benchmark that all SMIF students compete to meet or exceed is higher than average annual return of the market. Additionally, a passive strategy would be a disservice to the client as the portfolio managers would be underutilized and unnecessary. The SMIF portfolio is actively managed to capture the stated market regularities and earn a higher return than the benchmark. Again, CSULB SMIF’s philosophy of selectively managing the risks inherent to the strategies within the portfolio will allow it to outperform the benchmark, meet the CFAOCF goal, and control the risk of downsides. Active management requires that the portfolio be rebalanced or adjusted so it performs best within current market conditions, and excludes any securities such as market indexes or ETFs. As a result, those necessary adjustments may manifest in the form of transaction costs which are considered within the bounds of the portfolio risk-return relationship.

MARKET OVERVIEW AND ASSET ALLOCATION c. WHAT IS YOUR CAPITAL MARKET OUTLOOK FOR THE COMING YEAR:

PLEASE INCLUDE A DESCRIPTION OF HOW YOUR CAPITAL MARKET PROJECTIONS ARE DERIVED.

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Forecast of Long-Term Interest Rates Implications: The yield on US 30-Year bonds is projected to increase in small increments according to Bond Yield Forecasts from the Bloomberg Terminal. The same applies to the yield on US 10-Year bonds as well.

Forecast for Short-Term Interest Rates Implications: The analysts’ consensus derived from the Bloomberg Terminal indicates that the Fed is going to increase short-term interest rates in small increments as well.

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The Capital Market Outlook for the Upcoming Year will be Assessed Based on the Following Underlying Indicators. Analyst Projected Capital Market: CSULB SMIF used the S&P 500 (SPX) as a proxy for the capital market projections. The following table from the Bloomberg Terminal depicts the major analyst consensus (from the major banks) on the SPX for the 2016 year-end close:

Implications: Twenty-one different analysts from twenty-one different major banks provided the mean, median, high-low estimates of the SPX year-end close. The year-beg open of the SPX (January 4, 2016) was $2012.66. The highest year-end close estimate is $2,325 and the lowest is $2,000. High (2,325 - 2012.66) / 2012.66 = 15.52%

Median (2,175 - 2012.66) / 2012.66 = 8.67%

Mean (2,171 - 2012.66) / 2012.66 = 7.87%

Low (2,000 - 2012.66) / 2012.66 = -0.63%

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The 200-day moving average is the primary indicator revealing either there is an equity under/overweight period. Consistent with the analyst's overview of the SPX, the CSULB SMIF underlying indicator of the upcoming year is the 200-day moving average. CSULB SMIF is currently in the early days of the equity overweight period (started from June 8, 2016) and they are projecting this period to extend to the upcoming year based on the average overweight/underweight states of the market during their sample period (1969 - 2016). The following information backs up the CSULB SMIF projections. All data is retrieved from Kenneth R. French data library at: (http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/) Market overweight/underweight state: From the period starting from 1969-2016, the S&P 500 (used as a proxy for the US stock market) entered an overweight state 17 times. The most recent overweight state was entered on June 8, 2016 – and counting. The S&P 500 entered an underweight state 17 times as well over the same sample period. The latest underweight state was entered on August 21, 2015 which lasted for 292 days (August 21, 2015 - June 8, 2016). Duration for overweight/underweight state: From the period starting from 1969-2016, the average duration of an overweight state is approximately 532 days. The longest overweight state was 1914 days (February 5, 1991). The shortest was 204 days (October, 31, 2010). Overweight state tends to last 2.6 times longer than the underweight state. The average duration of an underweight state is approximately 204 days. The shortest underweight state was 47 days (August, 31, 1998). The longest was 629 days in October, 11, 2000. Economic Indicators That Complement the Above Estimates: The general economy’s direction is consistent with the stock market’s projections for the upcoming year. The GDP growth is slow yet positive according to the analysts’ consensus. The major firms are predicting the GDP to surpass 2016 numbers. As a result of the expansion of the economy, inflation is predicted to pick up and increase in the upcoming year as well. In addition, business and personal investments are showing a slight increase compared to 2016. Finally, consumer spending is predicted to increase, hence, consumer confidence about the overall economy is increasing as well. The Purchasing Managers' Index (PMI) is an indicator of the economic health of the manufacturing sector. The purpose of the PMI is to provide information about current business conditions to company decision makers, analysts and purchasing managers. The PMI actual number as of October 2016 is 51.9 compared to the prior 51.5. This implies an expansion in the manufacturing sector. We anticipate that within the coming year, the Fed will raise interest rates 2-3 times given the increase in consumer spending and GDP growth within the United States.

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d. WHAT IS YOUR TARGET ASSET ALLOCATION? x Describe your methodology for determining this asset allocation.

CSULB SMIF current portfolio will be composed of 20% (minimum allocation) fixed-income securities and 80% (maximum allocation) equity securities due to the equity overweight signal given by the 200-day moving average. Conversely, in an equity-underweight period, the portfolio will be comprised of 40% fixed income securities, the maximum allowable allocation for fixed income, and 60% equity securities, the minimum allowable allocation for equities. CSULB SMIF uses a system employing a simple moving average in conjunction with upper and lower bands around that average, for which a “buy” is signaled when the price crosses up through the upper band that is above the moving average, and a “sell” is signaled when the price crosses down through the lower band that is below the moving average. CSULB SMIF also considered using the 200-day moving average as part of a strategy that could have avoided the market meltdown; therefore, they further employed a +/- 5 percent bands. The purpose of using the 200-day moving average with upper and lower 5% bands is to avoid crashes and minimize loss by staying out of equity market during sell signals while profit from uptrend market during overweight period. In other words, the chief designation of the strategy is to protect against the downturn of momentum crashes. Thus, this allows the SMIF team to gain back in some other way what it missed out on by getting back into the market only after the bottom had already been passed and the market had moved on to higher level. For the asset allocation, CSULB SMIF will continue to use the quantitative process that incorporates the level of the S&P 500 and its 200-day simple moving average. The initial signal to shift to the maximum allowable overweight equity (80% equity versus 20% fixed- income) is determined through the aforementioned moving average. Finally, if the indicator falls below the 5% band, CSULB SMIF will shift the portfolio to a maximum allowable fixed-income position (60% equity versus 40% fixed-income). In addition to the general asset allocation of the portfolio, the allocation for “tactical equity holdings” will also be determined based on the signal given by the 200-day moving average. When a tactical-buy signal is generated, the portfolio is shifted to be overweight in equities. CSULB SMIF will then execute a momentum-based strategy overlay to determine their tactical equities. These tactical equity holdings will account for half of the maximum allowable allocation for equities while the other half will be allocated for core equities. When the 200-day moving average of the S&P 500 crosses the lower 5% band of the CSULB SMIF model, CSULB SMIF will move to a 40% equity and 60% fixed income position. This reallocation is warranted because during the time periods for which momentum-based strategies are least likely to be effective, the underlying moving-average strategy would signal to exit the equities markets altogether.

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x Do you use any asset allocation software? If so, is it developed in-house or

purchased externally? If purchased, who is the vendor? CSULB SMIF does not use any specialized asset allocation software. The CSULB SMIF is solely relying on Excel to calculate the 200-day moving average aforementioned above. Moving forward, CSULB SMIF may use R or other specialized statistical software as part of their analytical efforts in the future.

e. WHAT DO YOU THINK ARE REASONABLE PERFORMANCE GOALS FOR THE COMING YEAR? Reasonable performance goals will be based on the aforementioned capital market outlook for the upcoming year.

f. APART FROM THE BLENDED BENCHMARK, WHAT WOULD YOU VIEW AS THE MOST APPROPRIATE PERFORMANCE BENCHMARK(S) FOR YOUR PORTFOLIO? CSULB SMIF views the blended benchmark, which is composed of: 50% Russell 3000, 30% AGG, and the 20% MSCI All World Index are all appropriate performance benchmark indicators for the CSULB SMIF portfolio.

x What is your target sector / industry allocation? What is your methodology for determining this allocation? Although CSULB SMIF does not have any specific target sectors, there may be industries that are more heavily weighted due to the fact that they are employing a strategy based on the equity screeners. Therefore, the industries are targeted based on the individual stocks that are derived from the screener. Target sectors may appear after screening for Value/Momentum but these sectors are not considered before the screening process.

FIXED-INCOME VALUATION AND SELECTION g. WHICH OF THE FOLLOWING INSTRUMENTS WOULD YOU REGARD AS

APPROPRIATE FOR THE FIXED-INCOME PORTION OF YOUR PORTFOLIO?

Appropriate

(X) Inappropriate

(X)

Cash Equivalents x

U.S. Treasury Notes and Bonds x

Investment Grade Corp. Bonds x

Mortgage-Backed Securities x

Non-investment Grade Corp. Bonds x

Developed International Debt x

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Emerging Market Debt x

Preferred Stock x Cash Equivalents: This investment vehicle does not generate any returns for investors but it provides liquidity for future investments. The domestic outlook in the U.S. is upbeat and U.S. economy continues to grow. Based on CSULB SMIF’s research, they are anticipating that in the coming year, the Federal Reserve will raise short-term interest rates. Beyond secure levels, cash equivalents provide the opportunity for higher returns in the future. Therefore, CSULB SMIF finds cash equivalents are appropriate and make up a small fraction of their portfolio. U.S. Treasury Notes and Bonds: U.S. Treasury Notes and Bonds are the least risky securities, providing risk-free yields. U.S. Treasury securities remain attractive relative to sovereign bonds in many developed markets. Moreover, the volatility in security markets and uncertainties in the U.S. economy will lead investors to hold treasuries. In the event of raising short-term interest rates in the coming year, current bondholders with short-term and long-term maturity will experience losses due to the decrease in bond prices. However, new bondholders will earn higher yields. U.S. Treasury Notes and Bonds are appropriate for the CSULB SMIF portfolio. CSULB SMIF’s fixed income portfolio does not have investments in U.S. Treasury Notes and Bonds but may add them when the opportunity arises. Investment Grade Corp. Bonds: The credit risk of bonds is assessed by various bond-rating agencies. Investment grade corporate bonds are bonds with at least a BBB rating. Although this investment vehicle is riskier than U.S. Treasuries, investment grade corporate bonds offer higher yields. The credit risks are controlled by the big three credit rating agencies: Moody’s, Standard & Poor’s (S&P), Fitch Group. Strong credit fundamentals and outlook for continued U.S. economic expansion are supportive. Investment grade corporate bonds are appropriate for the CSULB SMIF portfolio. The CSULB SMIF fixed income portfolio consists 67% of Investment Grade Corp. Bonds. Mortgage-Backed Securities (MBS): MBS are pooled collections of mortgages that are sold to investors. The investors receive principal and interest payments from the borrower. CSULB SMIF anticipates that within the next 12-18 months, the number of housing sales will decline and there will be a market correction (in housing prices). Although CSULB SMIF does not expect a housing crash similar to 2008, they do not feel it is in the best interest of the investor to be exposed to contraction and/or extension risk. If CSULB SMIF does see a market correction, they would anticipate housing sales to decrease until the markets have stabilized. If the interest rates rise, the loss severity would increase. CSULB SMIF does not see MBS as an appropriate selection for their portfolio. The CSULB SMIF fixed income portfolio does not have any MBS.

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Non-investment Grade Corporate Bonds: Non-investment grade corporate bonds are junk bonds with a rating below BBB. This investment vehicle is riskier than an investment grade corporate bond. Potential illiquidity is a concern, especially during periods of higher volatility. If CSULB SMIF limit their selection of junk bonds, high-yield fixed-income securities can provide them with higher returns on a risk-adjusted basis. Since CSULB SMIF feels that the economy will continue to grow, they find non-investment grade corporate bonds to be an appropriate investment vehicle for their portfolio. The CSULB SMIF fixed income portfolio consists of 25% of non-investment grade corporate bonds. Developed International Debt: Economic conditions in developed markets continued to improve despite global growth uncertainties. With the purpose of diversifying the CSULB SMIF fixed income portfolio, they consider developed international debt as an appropriate investment vehicle. The CSULB SMIF fixed income portfolio does not consist of any developed international debt. Emerging Market Debt: Emerging market debt is composed of countries that are still in development and non-investment grade risk. CSULB SMIF reviewed the four largest emerging market debt ETFs for exposure in each country. CSULB SMIF evaluated the economy of the three most heavily weighted countries for each ETF on growth expectations and debt to GDP ratios. The countries CSULB SMIF identified were Turkey, Russia, Netherlands, Mexico, Indonesia, Venezuela, Poland, and Brazil. As of 2015, a majority of these countries did not provide a positive outlook of economic growth and increasing levels of sovereign debt. The CSULB SMIF fixed income portfolio does not consist of any emerging market debt. At this time, the emerging debt market is too volatile to invest in given president elect Donald Trump’s foreign policy implementation. Once there is more market certainty CSULB SMIF plans to reevaluate the opportunities presented at that time. Preferred Stock: This investment vehicle is described as hybrid securities, a mix of bonds and stocks. However, if the firm may be viewed as a high credit risk or experienced financial distress, its preferred stocks will decline in value regardless of the general level of interest rates. Thus, if CSULB SMIF invests in preferred stocks in selected firms, they will receive a steady stream of dividends quarterly as bondholders and the difference in trading price as stock traders. With a positive forecast for a stronger U.S. economy, CSULB SMIF believes preferred stock is an appropriate investment for consideration within their portfolio. The CSULB SMIF fixed income portfolio does not consist of any preferred stock.

h. WHAT ARE THE TARGET MAXIMUM, MINIMUM, AND AVERAGE MATURITIES AND DURATIONS FOR THE FIXED-INCOME PORTION OF THE PORTFOLIO?

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Maximum

(years) Minimum

(years) Average (years)

Maturity 13.07 6.17 7.79

Duration 6.40 4.00 5.73

i. WHAT IS THE TARGET SECTOR / INDUSTRY ALLOCATION FOR THE FIXED-INCOME PORTION OF THE PORTFOLIO?

x Is it the same as the target for your equity holdings? If it is different, what is your methodology for determining this allocation? Which fixed-income sectors will the portfolio target? The CSULB SMIF fixed income portfolio does not target specific sectors or industries. It primarily targets the intermediate term corporate investment grade bonds with a weighting of 67% of the CSULB SMIF fixed-income portfolio. CSULB SMIF deems this investment as a happy medium for exposure to higher yields while keeping in mind the possibility of increasing short term rates. CSULB SMIF’s next biggest holding is high yield corporate bonds making up 25% of their fixed-income portfolio. Although the Fed has been talking about raising the short term interest rate range, the most recent economic indicators of inflation and labor market targets have not been met. Considering CSULB SMIF’s high yield fixed income ETF is exposed to a lower yield when rates increase, it does have the lowest duration within their portfolio. The remaining portion of the CSULB SMIF portfolio is exposed to the aggregate bond index.

EQUITY VALUATION AND SELECTION j. DESCRIBE YOUR GENERAL EQUITY SELECTION AND VALUATION

APPROACH. DISCUSS WHERE YOUR APPROACH WOULD LINE UP ALONG THE FOLLOWING DIMENSIONS: (line up along the following dimensions - passive vs. active management, top-down vs. bottom-up, fundamental vs. quantitative vs. technical, value vs. growth, large-cap vs. mid-cap vs. small-cap, international vs. U.S., and market timing vs. sector rotation vs. “long-term buy and hold”) CSULB SMIF actively manages the CFA portfolio to outperform the benchmark set by the CFAOCF Committee. The S&P 500 is how CSULB SMIF defines the “market” and it is used as the benchmark to compare the portfolio’s performance. Any excess returns generated by the SMIF portfolio against the market will contribute to the efforts of meeting the benchmark given by the CFAOCF. To aid the team in actively managing the portfolio, the 200-day moving average of the S&P 500 is employed as a technical indicator to notify portfolio managers of the appropriate times to overweight and underweight the equity portion of the overall portfolio. As part of the bottom-up approach to managing the portfolio, the equity portion of the portfolio is adjusted to select equities that perform best within periods that immediately follow the buy or sell signal from the technical indicator. The team analyzed the returns of equity as modeled by the risks defined by the Fama and French 3-factor model within

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overweight and underweight periods. On average value, measured by HML (high minus low), yielded positive returns within both equity overweight and underweight periods as illustrated in figures 2 and 3. Momentum was then included in earlier research concerning the returns of the Fama and French risk factors. The momentum risk factor, measured with MOM, was included in the same model constructed by CSULB SMIF to observe the risk’s returns within overweight and underweight periods as signaled by the technical indicator. Analysis indicated that the momentum risk factor on average performed best during equity overweight. With respect to the value risk factor (HML), CSULB SMIF noted momentum outperformed during equity overweight periods, and underperformed during equity underweight periods as noted in figure 1 and CC. It was hypothesized that a possible combination of the two risks within a portfolio would improve the portfolio’s risk-return relationship as the returns of momentum and value equity were negatively correlated. Support for this hypothesis came from the research done within the article “Value and Momentum Everywhere,” which confirmed a portfolio that containing a combination of equities selected for momentum and value respectively would outperform the benchmark within asset classes and across international markets (Asness et al. 2013). The CSULB SMIF strategy is then organized into two portions: Core Equity and Tactical Equity. Core equity is invested in value, and tactical is invested primarily in momentum. Combining the two risk factors within the portfolio aids portfolio managers in controlling overall risk by ensuring the portfolio is likely to earn positive returns within equity overweight and underweight periods.

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Figure 1. Performance of Fama French Risk Factors During an Equity Underweight Period.

Figure 2. Performance of Fama French Risk Factors During an Equity Overweight Period.

Value: A portion of the portfolio is continually invested in low volatility, value to capture long-term returns. To uphold our philosophy of client-centered active management, and as

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earlier research noted, only the equity portion of the portfolio containing value will follow a traditional long-term-buy and hold strategy. Value equity will be a mixture of large-cap and mid-cap. Research into the relatively low volatility of value-equity ensures that the portfolio will earn positive returns in the long run, as supported by data measuring the frequency of returns for HML from 1927-2015 illustrated within figure 3. Note the slight positive skew of the data, indicating that overall performance of value is positive despite market shifts between equity overweight and underweight periods. Figure 3. Returns of the Value (HML) Factor from 1927-2015.

Momentum: The CSULB SMIF team defines momentum as the return of a portfolio invested in the top performing securities ranked by total-return for a given historical period, in this case a 10-month period. Momentum securities are identified according to the relevant technical and fundamental factors. The portion of the portfolio invested in momentum is dynamically adjusted with respect to the period as signaled by technical indicator to hedge for the risk of momentum crashes. As noted earlier,” Value and Momentum Everywhere” concludes that a combination of two negatively-correlated strategies would ultimately improve the portfolio risk-return relationship by lowering the overall risk of the portfolio (Asness et al. 2013). Figure 4 illustrates the statistical data from “Value and Momentum Everywhere” supporting the negative correlation between the returns of value and momentum. Therefore, the equity portion of the portfolio will also contain momentum equity, with specific allocations to be dependent on the signal given by the S&P 500 200-day moving average.

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Figure 4. Correlation of Average Returns of Value and Momentum Equity and Across Asset

Classes from the Article “Value and Momentum Everywhere” However, the introduction of momentum within the portfolio exposes investors to risk due from momentum crashes. To uphold our philosophy of selective-risk management, investing only in risk that will compensate investors, the momentum equity will be rebalanced to minimize the portfolio’s risk from momentum crashes. Figure 5 captures the returns of MOM from the period 1927 to 2015. Note the right skew of the data, indicating the large frequency of positive returns for MOM in comparison to the risk of downsides due to infrequent momentum crashes. Our technical indicator also hedges for momentum crashes by alerting portfolio managers that the market has entered a period where a momentum crash is more likely. Once the signal has been received, managers allocate equity to underweight the portion of the portfolio that is exposed to the risk from momentum. Figure 5. Returns of the Momentum (MOM) Factor from 1927-2015.

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An additional area of research to improve the risk-return relationship of the portfolio is the possible inclusion of international equities to the portfolio. CSULB SMIF is aware that international equities are often negatively correlated with U.S. equities, and could provide investors with the opportunity to further reduce the risk of their portfolios. International equities will be introduced to the portfolio once CSULB SMIF can identify and select international equity that will positively impact the risk-return relationship of the client’s portfolio.

k. DESCRIBE YOUR EQUITY SECURITY SELECTION AND VALUATION

PROCESS: x What valuation methods are used in analyzing stocks?

Current Holdings: Current value holdings, Berkshire Hathaway and SPLV, were positioned in our core because of their long-term success over the benchmark and follow a traditional buy-and-hold strategy. The momentum portion of the portfolio is invested in the five best-performing ETFs when ranked according their cumulative six-months price return. ETFs are used to simplify momentum selection process, and to aid in diversifying the overall portfolio (Ammermann et al. 2011). Selection of Momentum Equity: The important benefits to rebalancing the momentum equity is minimizing risk from momentum crashes and ensuring that the portfolio is invested in the best performing momentum equities. However, a potential problem arises when investing in momentum ETFs. The ETF itself may be exhibiting momentum, but a large amount of individual stocks within the portfolio may not be exhibiting momentum. Individual stocks would fully capture any momentum, and eliminate the need to use ETFs. CSULB SMIF has used a Bloomberg Terminal to develop value and momentum equity screeners to select individual value and momentum equities. CSULB SMIF defines momentum as the total return to a security over a given historical period. In consideration for the two-month reversal effect that adversely impacts the returns of momentum, the historical period to measure a momentum equity’s total return is 10 months. The momentum screener will be used to rebalance momentum equity within the portfolio every six months, as opposed to monthly, to minimize transaction costs to the client, and ensure that individual securities added to the portfolio fully capture momentum. Selection of Value Equity: A similar approach will be followed to develop a value screener, although it will serve a fundamentally different purpose. The value screener would not serve to rebalance value equity, but as a means to confirm that the core equity portion of the portfolio is appropriately invested in value. That is, the core equity will only change

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if, and only if, the value selection process determines that the core holdings are no longer representative of value as defined by CSULB SMIF. CSULB SMIF defines value as equities with price multiples that fall below the security’s relative sector, while maintaining a dividend yield above the security’s relative sector. As previously noted, Bloomberg was an integral tool in developing the screeners for value and momentum. The value screener sequentially filters the universe of securities according to specified criteria the CSULB SMIF team has identified as characteristic of value. Moving forward, the value screener will be employed to select the first round of value equity to be invested in a buy-and-hold strategy. As noted at the very beginning of this section, current core is invested in Berkshire Hathaway and SPLV. Should the value screener exclude those two investments from the list of potential securities, Berkshire Hathaway and SPLV will be sold. Value equity will then be reinvested in the equities that are within the top 10% to 20% of equities listed by the value screener. The preference in range was constructed in consideration of securities whose performances above the 10% mark may be considered an outlier.

x What market capitalization and liquidity ranges meet your requirements? Value Equity: The universe of equities is defined as all equities that are a primary security of a company, active, and trading within the United States. First, the screener excludes securities with a market cap less than two-billion to sort out small-cap equities, which on average are the most volatile within the market. Securities with an average five-year beta greater than one are eliminated to further reduce volatility within the pool of potential securities. Momentum Equity: The selection process to isolate momentum equity begins with an identical universe of equities when selecting for value. The filtering process to identify momentum equity begins by excluding any US equities with a current capitalization less than 10 billion. Multiple backtests on the Bloomberg Terminal over a 20-year period demonstrated the superior performance of large-cap momentum in comparison to small and mid-cap momentum. Selecting for large-cap equities has the added benefit of the volume or liquidity premium. Previous research on the relationship of trading volume and a security’s price noted that as a security traded more, investors could earn a premium as a result of the increasing demand for that equity (Lee et al. 2000). This is best illustrated by the increase in a security’s demand and price immediately following announcements of the security's inclusion to one of the major market indexes, such as the S&P 500 or the Dow Jones.

x What specific fundamental factors (P/B, earnings, growth, sales margins, etc.) are integral to the stock selection process? What is the relative importance of these factors? Value Equity:

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The remaining screener criteria were specified according to the findings of “Value and Growth Investing: Review and Update”. The article tested multiple fundamental factors within markets across multiple countries and found that price-to-book, price-to-cash flow, price to earnings, and dividend yield were the best fundamental factors to employ when capturing value premia (Chan et al. 2004). Next, the screener disregards securities with price-to-earnings, price-to-book, and price-to-cash-flow that are higher than the average for the security’s relative sector. Price-to-book was chosen to prioritize securities that are not currently overvalued, or has experienced significant growth in the near future, within the market. The final criteria disregards securities with a dividend yield that is less than the security’s relative sector. Combining the four factors within the screener was the best way to capture undervalued equities as investors paid less for every dollar of cash flows earned in the future. Backtesting the screener over a 20-year period within the Bloomberg terminal with the criteria listed above reaffirmed the article's conclusions, and captured positive returns for a portfolio invested in value equity. Momentum Equity: Next, CSULB SMIF employed the backtesting capabilities of the Bloomberg Terminal to investigate the short-term reversal effect of momentum portfolios. Specifically, research noted that momentum portfolios performed better when hedging for the two-month reversal effect (Jegadeesh 1990). The selection process for momentum equity hedges for the two-month reversal effect to improve average returns for investors by selecting equities with a price two-months ago (n-2) that is greater than the equity’s price one-year ago (n-12). Lastly, the screener employed two criteria to rank equities according to total return, and minimize the amount of volatility inherent to the remaining selection of equities. Specifically, equities were ranked according to total return, and excluded if not within the top 20%. The final criteria excluded any remaining equities with a beta greater than 2. The criteria specifying conditions for beta was positioned at the end of the screener criteria to minimize the risk of momentum crashes inherent to the remaining selection of momentum equity. Portfolios outperformed the market when the criteria listed above was back-tested over a 20-year period, and rebalanced every six-months.

x Under what circumstances would the team deviate from this discipline? Value Equity: CSULB SMIF is confident in the value screener’s capability to select for value equity, and does not foresee any changes to the criteria specified within the value screener. The value screener does not act as an agent of change, but as an added method to confirm that the core equity is aligned with the portfolio managers, and by extension the screener’s, definition of value. Therefore, the value selection process will not deviate from the process listed above. Momentum Equity:

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While the current criteria are used within the momentum screener, CSULB SMIF will continue to investigate ways to improve the selection process for momentum. Deviations from the current selection discipline, or any other prospective attempts to improve the momentum screener will only be considered once multiple backtests and comparisons to the current screener indicates that the new screener selects equity with a positive impact on the risk return relationship. Once the final criteria are specified, and agreed upon by all portfolio managers, individual securities will be chosen after consideration for the listed securities return rankings, relative volatilities, in addition to special considerations for the security's relation to SRI.

l. WHAT ARE THE TARGET CHARACTERISTICS FOR THE EQUITY PORTION OF YOUR PORTFOLIO, RELATIVE TO THE EQUITY PORTION OF THE BLENDED BENCHMARK, ALONG THE FOLLOWING DIMENSIONS?

x Would every stock within your portfolio be expected to satisfy these characteristics? The characteristics within the tables below specify the criteria of the value and momentum screeners. As noted before, the value screener has been finalized while the momentum screener is close to finalization. Once both screeners are finalized, the screeners will determine the equities to be included within the portfolio. Deviating from the characteristics below, would mean that equities would not be selected according to the selection processes listed in the prior section. Selection processes were created to incorporate the CSULB SMIF philosophy of selective risk-management philosophy. Therefore, equities will not deviate from the listed characteristics so as to not deviate from the CSULB SMF philosophy that acts in the best interests of the client. Value:

Value Screener Less than Approx. equal to

Greater than

Varies widely

Market Capitalization

$2 Billion

Portfolio Beta 1

P/E Ratio Relative Sector

P/B Ratio Relative Sector

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P/CF Ratio Relative Sector

Dividend Yield Relative Sector

Earnings Growth Rate n/a

Momentum:

m. DISCUSS YOUR EQUITY DIVERSIFICATION GUIDELINES, AND DESCRIBE YOUR TARGETS FOR THE EQUITY PORTION OF THE PORTFOLIO IN TERMS OF THE FOLLOWING CHARACTERISTICS. BRIEFLY DESCRIBE HOW THESE TARGETS WERE CHOSEN:

x Sector / Industry allocation percentages: As a rule, the selection process for the equity portion of the portfolio begins when the managers receive a signal from the technical indicator. To reiterate, a sell-signal indicates that the market has entered an equity underweight period, and a buy-signal would indicate that the market has entered an equity overweight period. The equity portion of the portfolio is continuously invested in either value or momentum equities, depending on the signal from the technical indicator. As value and momentum are intrinsic characteristics of a stock, the diversification process

Less than

Approx. equal to

Greater than

Varies widely

Market Capitalization

$10 Billion

Price (n-2) > (n-12)

Portfolio Beta 2

P/E Ratio n/a

P/B Ratio n/a

Dividend Yield n/a

Earnings Growth Rate n/a

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follows a bottom-up approach, and equity is not diversified among individual sectors or industries.

x Average percent invested: Since the equity portion of the portfolio is diversified exclusively between two characteristics of equity, value and momentum, CSULB SMIF has decided to diversify equities as a percentage of the equity portion invested in either value or momentum. In reference to the buy-and-hold strategy for value, as a rule of thumb momentum is the only portion of the equities that is reallocated between shifts of overweight and underweight periods. Therefore, the number of equities in the portfolio is dependent on removing or adding the required percentage of momentum to reach the diversified portfolio target percentages. Lastly, the diversification guidelines assume that the initial portfolio allocations were made with respect to the target percentages of either the initial overweight or underweight period. Any changes thereafter are allocations due to a shift from an overweight period to underweight period, or from an underweight period to an overweight period. Buy Signal - Shifts to the Equity Overweight Period: In the event that portfolio managers receive a buy-signal, the portfolio would be allocated to overweight equity. Overweighting equity within the portfolio presents CSULB SMIF with the opportunity to generate higher returns than the benchmark by intelligently managing portfolio risk. Fixed Income is allocated from 40% to 20% to overweight the equity portion of the portfolio from 60% to 80%, as illustrated within figure 6. The objective for the equity portion of the portfolio during overweight periods refers back to our research indicating momentum outperformed value during overweight periods. Therefore, the portfolio sells 20% of the fixed income assets, and purchases equity to overweight momentum at 44% of the overall portfolio, while value equity remains unchanged. As a result, the equity portion of the portfolio is structured to overweight momentum at 55%, and underweight value at 45%. Note that despite the allocation shifts, the portfolio continues to invests in two equity strategies that provide consistent returns within both overweight and underweight periods.

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Figure 6. Equity Allocation During an Overweight Period

Sell Signal - Shifts to the Equity Underweight Period: In the event that portfolio managers receive a sell-signal, the portfolio would be allocated to underweight equity. Figure 7 illustrates the portfolio allocation within underweight periods with the equity portion of the portfolio reallocated from 80% to 60%, and fixed income reallocated from 20% to 40%. The objective for the equity portion of the portfolio during underweight periods is to minimize the risk of momentum crashes during states where momentum is most likely to underperform, and overweight value equity to minimize the portfolio's overall volatility. Therefore, the portfolio sells 20% of the overall equity portion invested in momentum, and uses the 20% to purchase fixed income assets. As a result, the equity portion of the portfolio is structured to overweight value at 60%, and underweights momentum at 40%. While value does outperform momentum within underweight periods, a combination of value and momentum serves to lower overall risk. Note that despite the persistence of momentum within the portfolio, the momentum portion of equity is lowered to reduce the portfolio’s overall risk to momentum crashes.

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Figure 7. Equity Allocation During an Underweight Period.

x Number of stocks in portfolio: Funds are included within the equity portion of the portfolio with respect to current holdings. However, moving forward individual securities will be used instead of funds with the ultimate goal of removing funds completely from the equity portion of the portfolio.

x Number of funds in portfolio: The percentage of the overall portfolio invested in any one equity security cannot exceed more than 5% of the overall portfolio. As a result, a minimum of 20 securities will be selected for both value and momentum to achieve the target percentages listed within the diversification guidelines. As a result, value and momentum equities will total a minimum of 40 equities invested within the portfolio.

n. DESCRIBE YOUR SELL DISCIPLINE FOR INDIVIDUAL EQUITIES: x Under what circumstances would you deviate from this discipline?

Sell Disciplines and the Technical Indicator: The value portion of the portfolio will remain consistent at a 36% of the overall portfolio during both overweight and underweight periods. Momentum equity is the only portion of equity adjusted with respect to shifts between the overweight and underweight periods. During transitions into an underweight period, the equity portion invested in momentum is reduced by 20% and then reinvested into the fixed income portion of the portfolio. The individual momentum equities to be sold would be determined by ranking the current holdings according to total return, and selling the equities with the lowest total return as needed to fulfill the target allocations required by fixed income. CSULB SMIF will not deviate from the sell discipline as listed with respect to the technical indicator.

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Additional Sell Disciplines for Momentum: Individual momentum equities will also be sold as needed during the rebalancing periods. The current equity holdings are ETFs, however equity screeners will be implemented to select individual stocks in the future. Momentum equity will be rebalanced semiannually, and in the event that the momentum equities are not within the top 10% to 20% of equities as listed by the momentum screener, current holdings will be adjusted to purchase the equities that fall within the listed range. CSULB SMIF will not deviate from the sell discipline for individual momentum equities as listed during rebalancing periods. Additional Sell Disciplines for Value: Value equities within the portfolio will follow a traditional buy-and-hold strategy. Individual value equities are only sold when they are no longer characteristic of value, are subject to short-term adversities that will hamper the long-term cash flows of the parent company, or if the value equity is not in accordance with SRI. Adjustments to value equity occur only if the selection process indicates that current holdings are no longer aligned with the portfolio manager’s definition of value as defined according to the relevant fundamental factors. In the event that a current holding for value equity is not listed by the value screener, value equity holdings will not be immediately liquidated. The security will be evaluated to determine that the value equity has moved out of the realms of value into a new classification such as growth. Value equities will also be sold, or traded outside the semi-annual rebalancing period, in extreme cases of turbulence and/or a substantial increase in the unsystematic risk of a current investment. For example, a legal dispute towards a company could affect the company’s business strategy, which in turn would negatively affect their revenue growth in the long run. The team will then re-evaluate the current position of the stock and determine whether future cash flows have been jeopardized. If portfolio managers determine that the equity will bring greater risk, they will close out the position.

MUTUAL FUND AND/OR ETF VALUATION AND SELECTION

o. WHAT IS YOUR SELECTION PROCESS FOR MUTUAL FUNDS AND/OR ETFS (FIXED-INCOME, BALANCED, OR EQUITY)?

x Describe the extent to which your analysis will extend to the underlying holdings of mutual funds and/or ETFs. CSULB SMIF does not currently hold any mutual funds. We are employing a technical indicator to determine the overweight/underweight periods. Since CSULB SMIF is in an equity overweight period, the selection process follows the guidelines and specifications of the ETFs selection process in an equity overweight period. The fixed-income ETFs are allocated in accordance to the guidelines that require any portfolio with a current value less than $500,000 to invest in fixed-income

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ETFs instead of individual bonds. The core equity ETF is concentrated in the PowerShares S&P 500 low volatility ETF (SPLV) to capture low volatile stocks. For the tactical equity portion, CSULB SMIF is allocating the funds for the momentum-based ETFs from the iShares ETFs family. The selection process boils down to the selection of the top momentum-based ETFs performance in respect to the cumulative 6-months return. This strategy is in accordance to the paper “A New Quantitative Approach for the Management of a Student-Managed Investment Fund,” by Peter A. Ammermann, L.R. Runyon and Reuben Conceicao. Future investments in tactical equity will exclude ETFs, and look to investing in individual securities according to the selection process listed previously.

x What criteria do you use in selecting mutual funds and/or ETFs? The momentum-based ETFs are selected based on a few key factors. If the S&P 500 crosses above the 5 percent band above its 200-day moving average, this generates a buy signal. The five style ETFs with the strongest measured momentum in terms of either cumulative returns since the most recent market bottom or cumulative returns over the previous six months (whichever period is shorter) are purchased in equal amounts for the portfolio (20 percent of the portfolio in each) at the following trading day’s closing prices. If SPY is in the rankings among the top five, then only the style ETFs that are ranked above SPY will be put into the portfolio (at 20 percent for each), and the rest of the portfolio will be allocated to SPY. At the beginning of each month (so long as the S&P 500 remains above the 5 percent band below its 200-day moving average), the momentum rankings will be recalculated, the new top five style ETFs will be determined, and the style ETF holdings will be rebalanced. This process continues until the moving average system gives a sell signal to liquidate the holdings and allocate to 40% fixed-income and 60% equity. The core equity portion is divided to expose the SMIF portfolio to value and low volatility securities. Therefore, the main criteria are based on these characteristics. The fixed-income portion of the portfolio is allocated in means to match or expose the portfolio to the appropriate benchmark.

x How do you monitor the success of a fund manager or ETF? The CSULB SMIF monitors the success of the ETFs by reallocating and reevaluating of the momentum-based ETFs every month to select the ETFs with the highest momentum. CSULB SMIF also evaluates the other holdings to insure the applicability and the consistency of the criteria applied to the core and tactical holdings.

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p. WHAT IS YOUR SELL DISCIPLINE FOR MUTUAL FUNDS AND/OR ETFS?

x What criteria will you use to recommend selling a mutual fund or ETF? CSULB SMIF will employ a sell strategy that is designed to sell of the ETFs and replace them with individual stocks that are derived from the value and momentum screeners. Each and every stock will therefore go through extensive research and analysis to replace the respective ETFs we are planning to sell. In conjunction with the 200-day moving average, if the S&P 500 falls below the lower 5% band, we will liquidate all the momentum-based ETFs and shift the portfolio into fixed income ETFs or money market funds.

x Under what circumstances would you deviate from this criteria? CSULB SMIF currently use ETFs within their tactical equity to capture momentum, and are in the process of developing a momentum screener for a more targeted/detailed tactical equity investment approach - choosing specific stocks exhibiting momentum vs ETFs exhibiting momentum. Moreover, investing in specific stocks is cheaper than using ETFs as CSULB SMIF is no longer paying a management fee to ETF manager.

GENERAL ISSUES IN PORTFOLIO MANAGEMENT AND CONSTRUCTION

q. DESCRIBE YOUR PORTFOLIO CONSTRUCTION PROCESS. AT A MINIMUM, INCLUDE THE FOLLOWING INFORMATION IN YOUR ANSWER:

x What is the universe from which your securities are selected? CSULB SMIF will select securities from United States securities market, such as the NYSE, NASDAQ, American Stock Exchange, and other securities markets. For now, CSULB SMIF is mainly focused on investing in U.S. companies but they will continue to consider overseas investments as a part of their options.

x What types or classes of securities are included (common, preferred, convertible, derivatives, etc.)? CSULB SMIF plans on using mostly Exchange-Traded Funds with the momentum-based strategy. Using the implemented screener, more common stocks will be added to the portfolio. CSULB SMIF does not invest in derivatives, options, futures contracts, mutual funds or commodities.

x How will individual security weightings be determined? Weightings are limited to the allowed quantities in the investment policy statement. Individual securities will not exceed 5% of the equity portfolio. Industries will be limited to 10% of total weight each. No non-broad based ETF securities are limited to 10% of total portfolio. Given the maximum allocation per individual stock in the equity portfolio, CSULB SMIF will aim to have 20 individual stocks which represents a 5 % allocation in each.

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x Discuss any quantitative and qualitative processes you will use in portfolio construction. Qualitative: Once securities are found through the screeners, the objective of CSULB SMIF is to find companies in industries that are sound with the current and projected economic conditions. In terms of the individual analysis, with the exception of the CSULB SMIF momentum strategy holdings, CSULB SMIF plans to focus on value companies that count with strong fundamentals and attractive valuations. Before making the final decision, the CSULB SMIF team evaluates their selection with the Socially Responsible Investment guidelines. Quantitative: The 200-day moving average with the upper and lower bands is the principal analytical tool for the construction of the CSULB SMIF portfolio. With this model, CSULB SMIF exposes their portfolio to positive trends in the markets, while maintaining conservative positions in downturns. Thereby, capturing returns while controlling for risk. Thereafter, CSULB SMIF utilizes the momentum and value screeners, which they created, to finalize their security selection process.

x Will you utilize any portfolio optimization techniques? The objective of CSULB SMIF is to provide the best return-risk profile for the portfolio. CSULB SMIF utilizes optimization through their dual investment strategy of momentum and value investing. The relationship between the two strategies is negatively correlated, thereby allowing CSULB SMIF to maximize returns while minimizing risk.

x How important a consideration is benchmark-tracking error in the portfolio construction process? Will it be measured and managed? If so, how? Consistent with the CSULB SMIF momentum-based strategy, and based on the empirical evidence behind the effectiveness of the strategy, their objective is to outperform the benchmark, not track it. Thus, CSULB SMIF will not directly consider the benchmark-tracking error in their portfolio construction process.

x What latitude will be given to individual portfolio managers within the team? Who has ultimate decision-making authority and accountability? Dr. Ammermann, the SMIF faculty advisor, states the causes and effects to be held in consideration with each decision. Ultimately, portfolio responsibility rests collectively with the student portfolio managers. All students are able to share their opinions and recommend changes. All students have equal votes and must meet a minimum number of positive votes in order to pass a proposal, ensuring that a majority group agreement is made.

r. WHAT IS YOUR TEAM’S DEFINITION OF RISK WITH RESPECT TO THIS PORTFOLIO?

x How is portfolio risk managed and monitored? Describe all risk management functions and tools used. Lastly, please provide the Portfolio Beta in your RFP

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Proposal. In addition, One Elective (i.e. Optional) Portfolio risk metric may be included at the discretion of the SMIF team? Part of the management of the CSULB SMIF portfolio consists in being aware of the portfolio’s exposure to the overall market and other risk factors. The key risk factors that Fama and French have identified within the equity and fixed-income markets, include (i) the value vs. growth factor, (ii) the size (small-cap vs. large-cap) factor, (iii) the market risk premium factor, (iv) the maturity risk factor, and (v) the default risk factor. CSULB SMIF strives to ensure that the portfolio is best positioned to benefit from those risk factors whose returns are anticipated to be the best compensated. Standard Deviation of Returns: A traditional and widely accepted measure of risk that CSULB SMIF believes is important. CSULB SMIF seeks to control this risk component through adequate diversification across asset classes, expected return factors, and individual securities. Portfolio Beta: Given that CSULB SMIF focus’ on diversification, which greatly reduces their exposure to unsystematic/diversifiable risk, CSULB SMIF will be using portfolio beta as a measure of the portfolio’s exposure to the overall market, or systematic risk. Based on the current weights and individual beta per security, the portfolio currently has a beta of 0.79. Our primary risk management tool is the use of the 200-day moving average with the 5% upper and lower bands for our asset allocation process, which suggests to underweight equities and overweight fixed-income in downturn markets. This approach protects the portfolio against the possibility of absolute and/or permanent losses in portfolio’s value. Another way that they manage risk in the CSULB SMIF portfolio is by blending two investment strategies: momentum and value investing. These investment strategies are negatively correlated. When markets are moving upwards, the CSULB SMIF momentum strategy captures market upswings; when markets are moving downwards, our value strategy helps us to persevere through market downturns.

s. REGARDING RISK, PLEASE ANSWER THE FOLLOWING QUESTIONS, IF APPLICABLE:

x Do you intend to use cash reserves as a method of risk control? CSULB SMIF does not plan on using cash reserves.

x Describe how you monitor and manage: i. Residual risk versus the benchmark

Our portfolio consists of mainly ETF securities. The purpose for this is to benefit from diversification by balancing out the top performers with the low performers. The ETF will adjust accordingly with the performance of

39

all the securities in the ETF, reducing the residual risk relative to investing in individual companies.

ii. Common factor risks Market: As stated above our holdings are primarily invested in ETFs, which reduces the risk of investing in a single company. The risk involved with individual securities, which will be added eventually, will be reduced by diversifying our holdings. Size: Through extensive research, CSULB SMIF concluded that more stable, less risky returns derive from large cap stocks rather than small cap stocks in the long run. Therefore, our preference for size during our security selection was towards large cap stocks. Value: Through intensive research, CSULB SMIF concluded that value stocks outperform growth stocks in the long run. Therefore, our preference during our security selection was towards value stocks. Term: Longer maturities provide higher returns and higher volatility. The current interest rate environment is best described as historically low. Short term rates are less than the long term rates. Given the possibility of future interest rate hikes, the fixed-income portion of the portfolio is not devoted to long-term instruments. Default: This is the probability that the issuer fails to meet its obligation to make full and timely payments. Given the risk involved with purchasing non-investment grade fixed-income instruments, which carry a higher default risk relative to investment-grade instruments, the allocation to high-yield bonds ETFs is limited to 25% of the fixed-income portion of the portfolio, in accordance with the CFAOCF guidelines.

iii. Security and industry weightings Part of the responsibilities of CSULB SMIF is supervising the weights of the holdings. Through our selected tracking platform, Yahoo!’s Portfolio, CSULB SMIF is able to determine and monitor the securities and industries weightings by using their current market value.

iv. Value at risk CSULB SMIF did not use the value at risk statistical technique to measure the risk of the portfolio.

x Describe any risk measurement models (e.g., Wilshire Atlas, MSCI/Standard & Poor’s, etc.) that are used and how this analysis is incorporated into the portfolio management process. As previously mentioned, the CSULB SMIF risk measurement models are individual and portfolio beta. CSULB SMIF is interested in stable, profitable

40

investments, thus, they attempt to control for risk while maximizing returns. Additionally, they monitor the portfolio’s exposure to Fama and French risk factors. Thereby, improving the portfolio’s risk-return profile.

t. HOW WILL THE PORTFOLIO BE MONITORED? x How often will you confirm positions?

Positions will be reviewed weekly, and rebalanced monthly, if necessary, while using ETFs with our momentum strategy. Once CSULB SMIF transitions to investing in individual securities, the portfolio will be reviewed weekly, but rebalanced semi-annually due to transaction costs.

x Is there a portfolio performance analyst on the team? Lenny Adili is the portfolio performance analyst. In addition, groups within the class actively monitor the portfolio holdings, which leads to discussions of monthly rebalancing if the class considers it necessary.

x What system is being used to monitor pricing relative to stop loss levels? The portfolio is tracked through Yahoo!’s Finance Portfolios. The platform provides a fundamental and detailed description of the securities in the portfolio, including real-time data. Furthermore, the platform offers an alerts tool, where an alert will be sent out to those tracking the portfolio once a certain security drops 15% below the price paid.

u. HOW WILL YOU MONITOR THE PORTFOLIO’S ADHERENCE TO ITS INVESTMENT GUIDELINES? SPECIFY WHO IS RESPONSIBLE FOR COMPLIANCE. WHAT CHECKS AND BALANCES DO YOU HAVE IN PLACE? Portfolio adherence is monitored by Lenny Adili. However, the decision to invest/divest ultimately rests with the SMIF class. A voting procedure is set in place to ensure that the class reaches a mutual agreement on all decisions.

v. DESCRIBE YOUR POLICY ON REBALANCING YOUR PORTFOLIO: x Frequency, triggers, or bands?

Consistent with the CSULB SMIF momentum strategy, their portfolio is rebalanced monthly if the list of top 5 best-performing ETFs changes. CSULB SMIF triggers to buy or sell are based on the 200-day moving average. When the S&P 500 Index moves above the 5% upper band, a buy signal is initiated. In the contrary, if the index drops below the 5% lower band, a sell signal will be triggered. If a certain security drops below 15% of its original price when bought, the drop will initiate a sell order for the security.

w. DESCRIBE THE SOURCES OF INFORMATION USED TO SELECT SECURITIES AND HOW THIS INFORMATION WILL BE PROCESSED:

x Are you seeking unique sources of information?

41

All assets that are in the portfolio are selected and analyzed through the Bloomberg terminal and other investment research sources such as Morningstar and Value Line.

x Are you applying unique approaches to process this information? The CSULB SMIF class is structured in a way where the students are the teachers on an individual and group level. Students read research articles from prominent academic and practitioner-oriented journals on a weekly basis and present them in front of the class to instill knowledge and stimulate ideas on new investment strategies and other topics that can help benefit their portfolio management skills and their understanding of the capital markets. This continuous challenge of growing, learning, and applying new information, creates a mutually beneficial environment that ultimately equips the CSULB SMIF students with the tools they need to construct the portfolio that will best fulfill the needs of the client, in this case the CFAOCF.

x What percentage of time and resources does your team devote to the top-down (macro-economic) aspect of your approach versus the bottom-up (security selection) aspect? The team inputs our desired criteria into the momentum and value screeners, then, we select the equities in those sectors that are sound with current and projected economic conditions. Aside from the CSULB SMIF momentum securities selection, which is based solely on past performance; they focus on finding individual securities with strong fundamentals. CSULB SMIF then research’s economic factors to justify their selections and ensure strong future performance. They team dedicates three hours of class time and approximately nine to ten hours per week outside of the classroom environment.

42

ORGANIZATIONAL CHART

43

INVESTMENT PROCESS FLOW CHART

44

BIBLIOGRAPHY Asness, C. S., Moskowitz, T. J., & Pedersen, L. H. (2013, June 20). Value and Momentum Everywhere. The Journal of Finance, 68(3), 929-985. doi:10.1111/jofi.12021 Jegadeesh, N. (1990, July). Evidence of Predictable Behavior of Security Returns. The Journal of Finance, 45(3), 881-898. doi:10.1111/j.1540-6261.1990.tb05110.x Lee, C. M., & Swaminathan, B. (2000, October). Price Momentum and Trading Volume. The Journal of Finance, 55(5), 2017-2069. doi:10.1111/0022-1082.00280 Peter A. Ammermann, L.R. Runyon, Reuben Conceicao, (2011) "A new quantitative approach

for the management of a student‐managed investment fund", Managerial Finance, Vol. 37 Iss: 7, pp.624 – 635

Schueth, S. (2003). Socially responsible investing in the United States, Journal Business Ethics, 43, 189 – 194. Shank, T. T., Manullang, D. K., & Hill, R. P. (2005). Is it better to be naughty or nice? Journal of Investing 14(3), 82-88. Statman, M. (2006). Socially responsible indexes. Journal of Portfolio Management, 32(3), 100 109.

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REQUIRED FORMS Student Biographies and Résumés: Lenny Adili Hilal Al Khalili Josh Angeo Spencer Blim Darren Chu Nam Chu Sergio Duenas Mark Espinoza Nick Fenn Taryn Kawahara Carolina Lemus Luis Antonio Medrano Takudzwa Mungoza David Oceguera Kevin Pichardo David Puzio Carlos Ramones Chandler Sant Pablo Saucedo Ka Cin Wong Faculty Biography: Peter A. Ammermann, Ph.D.

Student Biography Name Lenny Adili

Address 8248 Atlanta Ave Apt A, Huntington Beach, CA 92646

Phone: (714) 914-5670 Fax: N/A

Email lenny.adili@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? MBA - Finance

Why did you choose your major?

I want to work in investments, within finance, since it is a dynamic industry that is constantly changing. It provides challenging opportunities to react, maintain, and defend against current and future market conditions.

Why did you choose this school?

I chose CSULB because of the historical success in SMIF, its value (cost) in education, and location in Southern California with its ties in Los Angeles and Orange Counties.

Indicate semester or quarter units taken in each subject:

2 semester(s) of Economics 3 semester(s) Finance 2 semester(s) Investments 4 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Fin – Financial Management Concepts Seminar in Business Finance Inv – Seminar in Investments

Are you a _X__ CFA Candidate ____ CFA Charterholder ____ Neither

What other degrees or professional designations do you hold?

N/A

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: N/A

Title/Responsibility: N/A

Length at Present Employer N/A

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

N/A

Please describe briefly your motivation for participating

My motivation for participating in this project is to gain exposure to the capital markets as a portfolio manager.

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

in this project.

Why are you qualified to be a part of this team?

I am qualified to be a part of this team because I have the educational background with some work experience within investments.

What benefit do you expect to derive from participation in this project?

The benefit that I expect to derive from participating in this project is the experience of presenting our team’s research over the past 3 months to earn the rights to manage the CFAOCF portfolio.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

Lenny Adili 714-914-5670

8248 Atlanta Ave Apt A Huntington Beach, CA 92646

Leonor.Adili@gmail.com

Education: California State University-Long Beach (CSULB) Master of Business Administration - Finance Expected 2017 University of Wisconsin-Milwaukee (UWM) Bachelor of Business Administration - Finance, Marketing; Minor in Economics 2011 Relevant Experience: Student Managed Investment Fund (SMIF) Finance Departments, CSULB Student Portfolio Manager August 2016 - Present

x Oversee AUM of approximately $230k within 3 portfolios. x Present weekly presentations of analysis performed on fixed income research and market expectations. x Prepare new trade proposals for director/investor approval. x Maintain and update trading activity for the Fund’s portfolio performance tracker.

International Collegiate Business Strategy Competition, CSULB Student Chief Financial Officer January 2016 – April 2016

x Prepared a business plan and reported 4 years of pro forma financial statements. x Prepared, reported, and presented the company’s financial performance via an annual report and in front of the

board of directors in the annual meeting. x Managed the company’s capital structure via debt and equity to fund the company’s strategic goals. x Forecasted quarterly financial statements to maintain positive cash flow.

Pacific Life (contracted via Innovative Career Resources) Newport Beach, California Private Equities Fund Accountant October 2014-September 2015

� Obtained and reviewed private equity financial statements to book adjusting journal entries for quarterly mark to market valuations on investments.

� Managed the Fund’s daily cash activities with investments, investors, and banking institutions. � Prepared monthly reports summarizing underlying funds’ performance reported to management. � Prepared presentation materials, including cash activity reports (using pivot tables and SharePoint) and misc ad

hoc requests as requested by the portfolio managers, for weekly management meetings. � Assisted in preparing quarterly managerial reports summarizing underlying fund data and quarterly activities. � Handled ad hoc requests coming from prospective investors and reviewed line of credit covenants to manage

short-term debt obligations.

Other Experience: Pacific Life (contracted via Innovative Career Resources) Aliso Viejo, California New Business Accounting Associate November 2012–August 2014

� Reviewed and analyzed pending individual life insurance files for policy placement. � Forecasted premiums required for the policy to hold positive cash value.

Skills: Analysis, Presentation, and Communication; MS Excel (Pivot Tables, VLOOKUP), PowerPoint, Word, SharePoint.

!Student'Biography'Name% Hilal%Al%Khalili%

Address% (1025%Palo%Verde%Ave.%#33%

Phone:%(562)%387A3982% Fax:%N/A%

Email% alkhalilihilal@gmail.com%

EDUCATION%

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What%is%your%major?% Business%Administration,%Finance%

Why%did%you%choose%your%major?%

My%family%is%famous%for%their%history%with%finance,%realAestate,%and%oil%and%I%was%exposed%to%the%field%of%finance%and%investments%since%I%was%a%kid.%I%was%selected%to%earn%a%fullyAfinanced%scholarship%from%the%embassy%of%my%country%(Oman)%and%I%choose%to%pursue%a%degree%in%finance%and%hone%my%skills%during%my%studies%in%the%United%States.%

Why%did%you%choose%this%school?%

I%have%visited%a%number%of%states%to%consider%where%I%should%study%and%learn.%California%State%University,%Long%Beach%was%one%of%my%top%schools%because%it%is%richly%diverse%and%offers%many%educational%resources.%Accompanied%with%the%great%weather,%CSULB%enjoys%a%very%welcoming%community%that%helps%anyone%from%everywhere%to%feel%like%home.%This%helped%me%to%develop%a%state%of%mind%that%aimed%to%give%back%to%the%community%by%working%hard%and%smart.%%%%

Indicate%semester%or%quarter%units%taken%in%each%subject:%

2%semester(s)%of%Economics%%%%%4%semester(s)%Finance%%3%semester(s)%Investments%%%%2%semester(s)%Accounting%

Specify%title%of%specific%investment%or%finance%related%courses%taken%or%currently%enrolled%in:%

Fin%350:%Investment%Principals%%Fin%360:%Capital%Markets%%Fin%450:%Portfolio%Analysis%%Fin%499A:%StudentAManaged%Investment%Fund%

Are%you%a%_%X%_%CFA%Candidate%%%____%CFA%Charterholder%%___%Neither%

What%other%degrees%or%professional%designations%do%you%hold?%

3%CSULB%President%Honor%List%Certifications%1%CSULB%Dean%Honor%List%Certification%Bloomberg%Market%Concepts%(BMC)%National%Honor%Society%MemberA%Financial%Management%Association%(FMA)%

CFA!SOCIETY!ORANGE!COUNTY!|!RFP!FOR!INVESTMENT!MANAGEMENT!SERVICES! %!

EMPLOYMENT%

Employment:% FullAtime%%%PartAtime%%Not%Currently%Employed%

Employer:% %

Title/Responsibility:% %Length%at%Present%Employer% %

OTHER%QUALIFICATIONS%

Describe%any%experience%you%have%had%personally%or%through%employment%with%investing.%

I’ve%chosen%a%career%of%investment%and%banking%because%I%have%always%been%fascinated%with%the%complexity%of%global%financial%markets.%I%held%an%internship%with%Al%Sarouh%Logistics%LLC%(Muscat,%Oman)%where%I%was%involved%with%Financial%Modeling%for%MultiAFamily%Residential%Construction%primarily%in%finance%and%banking.%I%learned%the%fundamentals%of%corporate%finance,%and%was%able%to%learn%the%important%aspects%of%business%analytics%including%the%development%of%sophisticated%financial%models.%My%past%experience%emphasizes%my%business%analysis,%problemA%solving,%and%communication%skills%

Please%describe%briefly%your%motivation%for%participating%in%this%project.%

This%project%is%the%backbone%of%our%educational%experience%as%student%managers.%It%is%one%of%the%huge%challenges%that%motivates%and%encourages%every%one%of%us%to%work%as%hard%as%possible%to%learn%the%most%out%of%it.%Whenever%there%is%a%challenge%that%needs%to%be%excelled,%I%feel%stimulated%to%embrace%the%challenge%and%commit%myself%to%perfect%it.%

Why%are%you%qualified%to%be%a%part%of%this%team?%

I%have%taken%the%challenge%to%study%abroadAthrough%a%fullyAfinanced%scholarship%that%I%have%earnedA%to%challenge%myself%to%adapt%and%excel%at%a%dynamic%environment%that%requires%high%levels%of%responsibly%and%hard%work.%There%is%no%legitimate%substitute%for%hard%work%or%responsibly.%Having%said%that,%I%have%maintained%a%solid%4.0%GPA%in%my%finance%major%and%have%proven%to%myself%and%to%my%professors%the%high%level%of%commitment%and%hard%work%I%bring%to%the%table.%Amidst%being%accepted%into%SMIF,%I%contributed%countless%hours%on%outside%research%to%further%our%progress%in%the%program.%I%have%been%a%crucial%teamAmember%with%every%team%I%worked%with%(%partly%because%of%the%great%people%of%SMIF)%and%I%am%planning%to%bring%all%of%that%to%project.%

What%benefit%do%you%expect%to%derive%from%participation%in%this%project?%

The%CFA%institute%is%very%respectful%among%the%finance/investment%fieldk%therefore,%partaking%a%challenging%project%such%as%the%RFP%is%a%huge%benefit%inAandAout%of%itself.%Managing%and%partaking%the%dayAtoAday%activities%of%the%portfolio%is%a%great%educational%and%work%experience.%Working%on%a%very%dynamic%and%diverse%work%environment%will%indeed%result%to%many%countless%benefits.%

CFA!SOCIETY!ORANGE!COUNTY!|!RFP!FOR!INVESTMENT!MANAGEMENT!SERVICES! %!

Moreover,%having%the%chance%to%be%directed%and%guided%by%Dr.%Ammermann%is%a%huge%advantage%to%us%student%managersk%he%is%an%excellent%source%of%information%and%guidance.%

COMPLIANCE%and%DISCIPLINARY%QUESTIONS%

Are%you%a%registered%representative%of%a%broker/dealer?% YES%%%NO%Disclose%any%areas%of%potential%conflicts%of%interest%between%other%business%activities%you%conduct%and%management%of%the%Fund.%

N/A%

Disclose%personal%stocks%owned%(or%attach%brokerage%statement)%

N/A%

Have%you%ever%been%convicted%of%or%plead%guilty%or%“no%contest”%to%a%felony?% YES%%%NO%Have%you%ever%been%convicted%of%or%plead%guilty%or%“no%contest”%to%a%misdemeanor%involving:%investments%or%an%investmentArelated%business?% YES%%%NO%

Has%the%SEC%or%CFTC%or%any%other%federal%or%state%regulatory%agency%or%any%selfAregulatory%organization%in%the%last%10%years:%(1)%found%you%to%have%made%a%false%statement%or%omission?% YES%%%NO%

(2)%found%you%to%have%been%involved%in%a%violation%of%a%regulation%or%statute?% YES%%%NO%(3)%found%you%to%have%been%a%cause%of%an%investmentArelated%business%having%its%authorization%to%do%business%denied,%suspended,%revoked,%or%restricted?% YES%%%NO%

(4)%entered%an%order%against%you%in%connection%with%investmentArelated%activity?% YES%%%NO%(5)%imposed%civil%money%penalty%or%ordered%you%to%cease%and%desist%from%any%activity?% YES%%%NO%

(6)%ever%denied,%suspended,%or%revoked%your%registration%or%license%or%otherwise%prevented%you%from%associating%with%an%investmentArelated%business%or%any%advisory%affiliate%activity?%

YES%%%NO%

Please%provide%an%explanation%to%any%questions%to%which%you%answered%Yes%above:%

N/A%

Within%the%last%five%years,%have%you%been%involved%in%any%litigation%or%other%legal%proceeding%relating%to%Regulatory,%Compliance,%Legal,%Custody,%Investment%advisory%or%other%activities?%If%so,%provide%an%explanation%and%indicate%the%current%status%or%disposition.%

YES%%%NO%

!

! !

Hilal %(“Hay–%%lal”) %Kh%a%l%i%l%i%%Address:%Long%Beach,%CA%%%%%%%%%%%Phone:%(562)387C3982%%%%%%%%%Email:%alkhalilihilal@gmail.com%

%PRO%FILE%%

Current undergraduate student in California State University Long Beach (CSULB) Focus in Finance with interest in Banking and Investments International experience in Native country of Sultanate of Oman Skilled in computing numbers and analyzing large sets of data Experience with Microsoft Excel and Word� Fluent in Arabic and English

EDUCATION%%%

California State University Long Beach (Long Beach, CA, United States)�� B.SU in Finance

%ACADEMIC%ACCOMPLISHMENTS%%

Maintained a GPA of 3.6 to 4.0 since fall 2012 in the finance undergraduate program Earned a fully-financed scholarship from the embassy of Sultanate of Oman Earned three "President’s Honor List” Fall 2014-Fall 2015 Earned the “Dean’s Honor List” for Spring 2016

%RELATED%COURSES%%%Corporate%finance%and%banking/in

%Corporate finance and banking/investments Capital market expectations Microeconomics: Behavioral economics and investor rationale International Finance: Global financial markets; developed and emerging International Business: Monetary and Fiscal policy Statistics: Analyze and forecast data using excel

Extracurricular% Involvement%% % % Student-Managed Investment Fund (SMIF)- Student Portfolio Manager Financial Management Association (FMA)-National Honor Society Member Beta Gamma Sigma (BGS)- “Best in Business” Beta Gamma Sigma certification SCPD Corporate Mentoring Program- Mentee Voluntary Involvement with the city of Long Beach

EXPERIENCE%%%

Portfolio Manager: Student-Managed Investment Funds (SMIF) California State University, Long Beach Duties: Manage and analyze real portfolio funds with a total value over $300,000 Intern: Al Sarouh Logistics LLC (Muscat, Oman) Duties: analyze and establish micro and/or macro-economic models

GPA: 4.0

APPENDIX I. Student Biography

Name Joshua Angeo

Address 17019 Bixby Avenue, Bellflower, CA 90706

Phone: (562)481-6218 Fax: N/A

Email jt.angeo@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance Why did you choose your major?

I chose this major as a way to gain understanding of how to make money work for itself

Why did you choose this school?

I chose this California State University Long Beach for its respected academics program.

Indicate semester or quarter units taken in each subject:

2 semester(s) of Economics 3 semester(s) Finance 2 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis, Derivatives, Intermediate Financial Management, and Applied Portfolio Management

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

N/A

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: N/A

Title/Responsibility: N/A Length at Present Employer N/A

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

I have mainly participated in class projects that involved thorough analysis of security selection and investing.

Please describe briefly your motivation for participating in this project.

Motivation for this project would stem from the class projects I have participated in. Furthermore to use actual funds would enhance the experience and put the pressure on to succeed even more.

Why are you qualified to be a part of this team?

I believe my the grades I have earned in all of the finance courses taken in addition to my work ethic, qualify me to be on the team.

What benefit do you expect to derive from participation in this project?

I expect to gain and enhance current knowledge on proper portfolio management techniques. This project enhances a student’s knowledge and understanding of finance far more than any class ever could, the ability to take part in that would be quite tremendous.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Joshua Angeo17019 Bixby Avenue, Bellflower, CA 90706

Tel 562-481-6218 Email: Jt.angeo@gmail.com

Education

California State University Long Beach Expected Graduation: Business Finance May 2017

Work Experience

The Pacific Inn Seal Beach, CAGuest Service Representative July 2015 - October 2015• Facilitated guest reservations pertaining to their check-in/check-out, room request, changes, and

cancellations • Established guest relations and resolved any issues with their stay • Transported guests to areas of interest via shuttle

Associated Students Incorporated Long Beach, CAMarketing Associate August 2013 - July 2015• Promoted and managed over 25 events each a semester including student referendums, concerts, and

social events. Utilized promotional strategies would include tabling, social media: Facebook and Instagram, and classroom presentations.

• Directed a team of two to five interns per semester. Duties included: directed daily objectives, evaluated work produced, and oversaw any complications interns had with their position.

• Connected to over 36,000 students a semester through social media outreach, surveys, tabling, and planned events

• Researched student necessities and backgrounds through online surveys in order to improve their college experience

• Notable Successes - Student Fee Referendum, Spring 2014: Raised tuition $15 dollars per semester, resulting in over

$1,080,000 increased annual profit. Resulting in a 24 hour study area, major concert, and scholarships.

- USU Student Referendum, Spring 2015: Increased student voter turnout to 33% versus the national average of 10% through promotional giveaways, tabling, classroom presentations, and advertisements in print and web media.

Marketing Intern September 2012 - August 2013• Assisted with promoted events throughout the semester through tabling (setting up a table and

informing students about upcoming events), social media such as Facebook and Instagram, and classroom presentations.

• Participated in group decision making, as one of five interns per semester in order to effectively function as a team and ensure the target market was reached.

• Coordinated promotional schedules with appropriate school departments to get the correct permits and permission to be in the area.

Additional Information • Computer: Microsoft Office: Word, PowerPoint, Excel, and Access • Social Media: Facebook, Instagram, and Twitter• Interests: Surfing, Photography (freelance), Cooking, and Camping

Student Biography Name Robert S Blim III

Address 1022 Georgia St, Huntington Beach, CA, 92648

Phone: (805) 252 6340 Fax: N/A

Email robert.blim@student.csulb.edu

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance Why did you choose your major? I was interested in learning how to invest in the stock markets.

Why did you choose this school?

CSULB is centrally located, with great companies within a close proximity.

Indicate semester or quarter units taken in each subject:

2 semester(s) of Economics 4 semester(s) Finance 2 semester(s) Investments 2 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis, Financial Management.

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

EMPLOYMENT

Employment: Not Currently Employed

Employer:

Title/Responsibility: Length at Present Employer

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

I have a stock trading portfolio that I actively manage.

Please describe briefly your motivation for participating in this project.

Interest in what it takes to create a profitable stock portfolio and what it takes to manage it.

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Why are you qualified to be a part of this team? I have experience with investing and a strong passion for finance.

What benefit do you expect to derive from participation in this project?

I hope to learn what it takes to create an efficient portfolio and how to present the information to potential investors.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

Robert “Spencer” Blim III Huntington Beach, CA 1022 Georgia St 92648

P: (805) 252-6340 E: rsblim2@gmail.com L: https://www.linkedin.com/in/spencerblim

Profile

Graduating from California State University, Long Beach with Business Finance degree. Experience with building business plans and executing long-term goals as well as overseeing the day-to-day operations. Specializes in establishing new connections and developing customer relationships. Now seeking to contribute my experience, skills and expertise.

Education

California State University, Long Beach (CSULB) Expected Graduation: December 2016 • Candidate for B.S. in Business Administration, Concentration: Finance GPA: 3.65 • President’s List: Fall 2015, Spring 2016

Honors Project Student Managed Investment Fund (SMIF), College of Business, Finance Department, CSULB August 2016 - Present

• Selected to participate in invitation-only SMIF Honors Program, which is extended to Finance students. • Learning to proactively manage three portfolios totaling $300,000, and gaining hands-on experience in securities analysis and

portfolio management. • Student Representative of SMIF Advisory Board to act as a liaison between the class and University’s Investment Committee.

Experience Executive Team Leader Logistics Intern, Target, Santa Ana, CA May 2016 - Present

• Oversee day-to-day operations of 45-50 employees within logistics team. Review key metrics related to daily inventory replenishment within store and online orders, to ensure efficiency and accuracy of replenishment transition and productivity results.

• Demonstrate leadership to build team cohesion and providing supervision to team members to ensure safety and efficiency of operations.

Eureka Burger, Bartender, Santa Barbara/ Huntington Beach, CA September 2012 - May 2016 • Hired as food expediter and competence was recognized and rewarded by advancement to server and subsequently to

bartender. • Won many sales related competitions organized by Eureka. • Successfully worked with a diverse cliental while maintaining customer satisfaction.

Campus Involvement

Leadership Academy, CSULB March 2015 - Present • Participate in workshops and other events designed to cultivate leadership excellence and provide an understanding of

attributes and characteristics of an exceptional leader. Student Center of Professional Development, CSULB March 2015 - Present

• Participate in workshops that develop professional skills and personal attributes necessary to provide value to an organization and perform responsibilities successfully.

Financial Management Association, CSULB January 2015 - Present • Participate in workshops and meetings, advancing financial knowledge and skills related to basic and applied research.

Volunteering

Found Animals Foundation, Lakewood, CA July 2016 - Present • Provided exercise and training for 20+ animals while actively assessing pet behavior to determine adoptability.

Student Biography Name Darren Chu

Address (5452 Bransford Dr La Palma CA

Phone: (562-565-5765 Fax: N/A

Email Darrenchudchu@yahoo.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance Why did you choose your major? Because money and investing had always intrigued me

Why did you choose this school?

Close to home and I had many friends and family attend this school.

Indicate semester or quarter units taken in each subject:

2 semester(s) of Economics 3 semester(s) Finance 2 semester(s) Investments 2 Semesters of Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

None

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: Morgan Stanley

Title/Responsibility: Intern: Cold calling/warm calling Length at Present Employer 20 months

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

Yes I have been doing investments in a few IRA’s, ETrade accounts, and 401ks. I have mostly been doing day trading, but have started to look into long-term retiree portfolio management.

Please describe briefly your motivation for participating in this project.

I want to get into managing larger sized portfolios. I love investing and I want to get away from short term trading and more into long term safe investing. I believe this would be a great way to get more into it.

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Why are you qualified to be a part of this team?

I believe my knowledge in certain sectors of the market can help the overall benefit of this team.

What benefit do you expect to derive from participation in this project?

I believe the biggest benefit I can gain through this experience is learning how to account for risk when constructing a portfolio for the long term. Also the diversification in our portfolio has given me much more knowledge on ETF’s and other sectors outside of just individual stocks.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Darren Chu 5452 Bransford Dr

La Palma, CA 90623 562-565-5765

Darrenchudchu@yahoo.com

Objective · Current 2016 Resume

Education CERRITOS HIGH SCHOOL SEPTEMBER 2009-JUNE 2013

CERRITOS, CALIFORNIA

CALIFORNIA STATE UNIVERSITY LONG BEACH AUGUST 2013-PRESENT

LONG BEACH, CALIFORNIA

· Major: Bus iness Finance

I plan on pursuing a business finance degree in hope to find out more about the investment world.

Current GPA: 3.36

Skills and abilities · Substantial knowledge in stocks, bonds, and ETF’s.

· Great mathematical and social skills.

· Fluent in English and Mandarin Chinese

· Active day trader. Handling over $15,000 in 401k’s, IRA’s, and E*TRADE accounts.

Work Experience NORDSTROM JUNE 2014-January 2015

x Women’s Shoes Sales Associate

x Ass isted in stock and sales floor.

x Accumulated the most cl ient based sales in a 2 week period

x Sold many pairs of the least sold shoe in the s tore

x Persuaded many angry customers to buy more shoes

Morgan Stanley January 2015-PRESENT

x Make both cold and warm ca lls. Over 500+ ca lls a day.

x Bui lt a lead l ist of over 360 names

x Brought in over 13 cl ients whose net worth is around $2,500,000.

x Set up appointments with cl ients for various advisors.

x Ass isted in email’s and portfolio construction

Student Biography Name Nam Chu

Address 1412 S Kenmore St, Anaheim, CA 92804

Phone: (714) 867-3086 Fax: N/A

Email chunamm@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance Why did you choose your major?

To gain background knowledge and exposure to financial industry for later development in investment career

Why did you choose this school? Because it has a very good finance program with affordable tuition

Indicate semester or quarter units taken in each subject:

3 semester(s) of Economics 3 semester(s) Finance 1 semester(s) Investments 2 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis, Intermediate Finance Management, Real Estate Principle, Applied Portfolio Management

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

N/A

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: N/A

Title/Responsibility: N/A Length at Present Employer N/A

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

N/A

Please describe briefly your motivation for participating in this project.

By participate in this project; I will earn experiences of managing a real portfolio from working with my team.

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Why are you qualified to be a part of this team?

I have good academic standing and I am a member of CSULB SMIF team

What benefit do you expect to derive from participation in this project?

I expect to gain more knowledge and experience in applying different strategies in managing a portfolio

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

Nam Chu 1412 S Kenmore St, Anaheim, CA 92804 (714) 867-3086 | chunamm@gmail.com

PROFILE An undergraduate student majors in finance at California State University, Long Beach. Currently looking for opportunities to earn real-world experience in investment and portfolio management. Excel in data analysis and organization, strong problem solving skills, and good time management. A team player with ability to work under pressure and meet deadline. Competitive and fast learner with high ability to adapt to changes. EDUCATION California State University, Long Beach 2015 – Present Cypress College 2012 – 2015 RELEVANT COURSES

x Business Finance x Investment Principle x Real Estate Principle x Intermediate Finance Management

x Portfolio Analysis x Applied Portfolio Management

(SMIF)

SKILLS

x Advance in Microsoft Office (Word, Excel, PowerPoint, Access) x Perform economic research and forecast x Able to use Bloomberg Terminal to create screener and perform back test

ACADEMIC ACHIEVEMENTS

x Member of Beta Gamma Sigma International Honor Society x Member of Phi Kappa Phi National Honor Society x President List: Spring 2014, Spring 2015, Fall 2015 x Dean’s Honor List: Fall 2012, Spring 2013, Fall 2013, Fall 2014 x Cumulative GPA: 3.672 x Finance GPA: 4.00

RELATED EXPERIENCE Student Portfolio Manager, Student Management Investment Fund (SMIF) Finance Department, CSULB Fall 2016 – Present

x Manage a total of $300,000 in 3 different portfolios. Work with team mates to gain investment knowledge through published article and represent the material to other teams in class. Make portfolio related decisions through formal voting system.

APPENDIX I. StudentBiographyName Sergio Duenas

Address 11852 Gorham Ave. Apt 7 Los Angeles, CA 90049

Phone: (323) 239-2909 Fax: N/A

Email Sergioduenas25@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance

Why did you choose your

major?

I always find Finance and the market intriguing. I like how people

can see different aspects of the market and get and overall

knowledge of what is happening in the world

Why did you choose this

school?

Long Beach is one of the few special schools that has the SMIF

program and I thought it would be a great experience.

Indicate semester or

quarter units taken in

each subject:

2 semester(s) of Economics

3 semester(s) Finance

4 semester(s) Investments

2 semester(s) Accounting

Specify title of specific

investment or finance

related courses taken or

currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis

Are you a

____ CFA Candidate

____ CFA Charterholder

_X__ Neither

What other degrees or

professional

designations do you

hold?

Associate of Science in Business Administration

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: Academy of Beauty

Title/Responsibility: Analyst / Administrative

Length at Present

Employer 8 years

OTHER QUALIFICATIONS

Describe any experience

you have had personally

or through employment

with investing.

I interned with a Financial planner and it was good to familiarize

with different types of retirement accounts and portfolios. After

my intern with the financial planner, I opened a Roth IRA and

began investing for my retirement.

Please describe briefly

your motivation for

I want to have more exposure in the investment field of finance.

Currently, one of my goals is to get my CFA charter to become a

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

participating in this

project.

financial analyst and with the SMIF program it will increase my

experience and knowledge.

Why are you qualified to

be a part of this team?

I am qualified to be part of the SMIF program because I am a

team player and enthusiastic.

What benefit do you

expect to derive from

participation in this

project?

I have already seen benefits from this project. For example, I

have a better understanding of different strategies used in

different portfolios. I believe there is still more to learn and I am

excited of how I will grow over the course of the program

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO

Disclose any areas of

potential conflicts of

interest between other

business activities you

conduct and management

of the Fund.

N/A

Disclose personal stocks

owned (or attach

brokerage statement)

SPY

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO

Have you ever been convicted of or plead guilty or “no contest” to a

misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory

organization in the last 10 years:

(1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO

(3) found you to have been a cause of an investment-related business having

its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related

activity? YES NO

(5) imposed civil money penalty or ordered you to cease and desist from any

activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or

otherwise prevented you from associating with an investment-related business

or any advisory affiliate activity?

YES NO

Please provide an

explanation to any

questions to which you

answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other

legal proceeding relating to Regulatory, Compliance, Legal, Custody,

Investment advisory or other activities? If so, provide an explanation and

indicate the current status or disposition.

YES NO

SERGIO DUEÑAS

Los Angeles, CA 90049 | sergioduenas25@gmail.com | 323-239-2909

EDUCATION

California State University, Long Beach Graduation date: May 2017 Bachelor of Science Business Administration in Finance Finance GPA: 3.5

WORK EXPERIENCE

Academy of Beauty | Culver City June 2008 - Present Analyst/Administration (30 hours per week)

• Analyzed company’s completion and employment data to report yearly annual reports • Managed and balanced company’s quarterly financial statements of over $90,000 • Created an effective excel spreadsheet to analyze the information of over 1000 students • Researched marketing paths to increase enrollment of students resulting in 30% increase from past year • Collaborated along with owner to create the company’s Internal Self Study to acquire school’s certification • Updated company’s website align with marketing strategies to attract prospective students

INTERNSHIP

Randy Madrid LPL Financial | Manhattan Beach, CA Summer 2015 Financial Intern (10 hours per week)

• Conducted 54 calls per hour to acquire new customers with average pension size of $100K • Contacted prospective customers while data mining which resulted in 8 strong leads • Assessed the performance of a mutual fund’s proposal along with the financial planner

INVOLVEMENT

Student Managed Investment Fund (SMIF) | CSULB Fall 2016 Student Portfolio Manager

• Managed 3 diversified and dynamic portfolios with total value of $260,000 • Researched and applied strategies to minimize risk in order to outperform the benchmark imposed • Analyzed a publicly traded company with the purpose of giving a recommendation to the CFA • Collaborated with the SMIF team to complete and present a request for proposal to the CFAOC • Designed CSULB SMIF’s logo for spring 2017

Financial Management Association (FMA) | CSULB Active Member – Spring 2016

SKILLS

• Languages: Spanish and English • QuickBooks (P&L, Balance Sheets, Journal Entries) • Excel Proficient (V-lookup, Macro, and Pivot Tables) • Bloomberg Market Concepts

Student Biography Name Mark A. Espinoza

Address 6801 Anthony Ave, Garden Grove, CA 92845

Phone: (714) 365-3854 Fax: N/A

Email mark.espinoza94@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance Why did you choose your major?

Heavy influences from my internship with Morgan Stanley, and my passion for mathematical analysis.

Why did you choose this school?

CSULB is a 10-minute drive from home, and one of the most prestigious schools where I could attend for free because of my parent’s inability to pay for college.

Indicate semester or quarter units taken in each subject:

2 semester(s) of Economics 4 semester(s) Finance 2 semester(s) Investments 2 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis Intermediate Financial Management, Capital Markets, Applied Portfolio Management

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

-

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: Morgan Stanley: The Wolfslau Group

Title/Responsibility: Client Service Associate Length at Present Employer 1 year, 10 months

OTHER QUALIFICATIONS

Describe any experience you have had personally or through employment with investing.

My employer specializes in the wealth management of retirees from the surrounding major companies. Working with my group, I’ve learned about what it means to be a high-net worth investor, what a successful retirement plan needs, and how to build a book of business within the wealth management industry.

Please describe briefly your motivation for participating in this project.

Wealth management has provided experience limited to the marketing aspect of constructing a book of business. SMIF is my opportunity to learn the dynamics of what it means to manage a portfolio.

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Why are you qualified to be a part of this team?

My experiences within the wealth management industry, and my drive to succeed (4.0 major specific GPA) makes me an asset to the SMIF team.

What benefit do you expect to derive from participation in this project?

Experiences in portfolio construction, adapting to working in a team of nearly 20 individuals, and learning what it means to be a portfolio manager. Also, widening my horizons beyond the marketing aspect of wealth management to explore other finance related professions/careers.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

I work directly under a Morgan Stanley Wealth Manager.

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

Mark Anthony Espinoza z Garden Grove, CA 92845 z Phone: 714-365-3854 z Email: mark.espinoza94@gmail.com

Objective: Combine real-world experience from within the financial industry with textbook finance principles to aid my

professional pursuits.

EDUCATION

California State University, Long Beach Bachelor of Science in Business Administration: Emphasis on Finance and related concepts such as portfolio management, capital markets, and wealth management principles

Long Beach, CA Graduate: May 2017

WORK EXPERIENCE

Morgan Stanley – The Wolfslau Group Intern

Long Beach, CA February 2015 – October 2016

x Assist financial advisors with business and products through clerical duties , including handling telephones, mailing, fi l ing, and processing forms

x Work closely with financial advisors to generate leads, educate prospects about general finance related topics such as 401K’s, IRA’s, various investment securities, Social-Security, and by call ing and setting appointments for financial advisors to introduce team to prospects

Client Service Associate October 2016 - Present x Supervise and train 4 out of the 25 interns to communicate effectively, professionally, and persuasively through

cold call ing, with the goal of educating potential cl ients, and generating leads for advisors to pursue x Update the Act! Marketing Database, housing sensitive information such as the finances of the group’s

clientele, and current prospects, to increase the rate of appointments set for Advisors to meet and create new accounts

MEMBERSHIP EXPERIENCE

Student Managed Investment Fund (SMIF) CSULB, CA Portfolio Manager August 2016 – Present

xTra in in hands-on securities analysis and portfolio management in an honors finance course xExposure to career-enhancement opportunities within the investment industry with networking and training sessions xManage investments with other senior undergraduate students and second year MBA students totaling over $300,000 xParticipate in the Annual Portfolio Management Request-for-Proposal (RFP) Competition conducted by the CFA Society of

Orange County Foundation (CFAOCF) F inancial Management Association (FMA) CSULB, CA Member August 2016 – Present Hispanic Health Learning Alliance (H2OLA) CSULB, CA

Undergraduate Mentee July 2014 - December 2014 x Worked cohesively with 3 other first-generation Latino undergraduate students, for 6 months, on concepts

relating to successfully pursuing graduate or professional-level degrees beyond undergraduate studies x Accomplished 12 hours of intensive workshop training designed to develop mentor’s professional,

organizational, and communication skills to better educate and guide program mentees x Facil itated 3 undergraduate students in successfully entering internships relating to their respective careers

Atlantis Project Fellowship Azores, Portugal Intern May 15 - June 21, 2014

x Developed network and communication skil ls while l iving with a range of interns from across the United States in student dormitories, on the Azorian island chain off the coast of Portugal

x Shadowed surgeons as they went about their day-to-day operations, including surgical procedures often requiring three to six hours of continuos standing

x Underwent training sessions to enhance communication and teaching skil ls to effectively overcome culture and language barriers associated with educating Azorian people on english-speaking and writing skil ls

x Worked in a cohesive team with 3 other interns to successfully formulate and execute an accelerated cross -cultural education plan designed to teach English to Portuguese-speaking Azorian people, within the alloted

2.5 month time frame Long Beach Leaders CSULB, CA Campus Tour Leader October 2012 – July 2013

x Educated students, grades 3-12, on the importance of pursuing a higher education, tips for success in college l ife, as well as shared my experiences as a current student in Q&A sessions

x Informed students about the California State University Long Beach Campus, the available student resources, and the different requirements for admission

x Led groups averaging 20-30 students across the CSULB campus on hour-long guided tours to answer any questions they may have about the campus

SKILLS, CERTIFICATIONS, ACHIEVEMENTS

x Skills: o Fluent in Spanish speaking, reading, and writing o Proficient in use of Microsoft Word, PowerPoint, and Excel o Proficient with use of Marketing: Act! Database Manager

x Certifications: o Responsible Conduct of Research

x Achievements: o President’s Honor Roll:

� Fall 2015 � Spring 2016 � Fall 2016 � Spring 2017

Student Biography Name Nicholas James Fenn

Address 730 Atlantic Ave, (Long Beach), CA (90813)

Phone: (760) 702-0437 Fax: N/A

Email Nicholasjamesfenn@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance Why did you choose your major?

I chose to major in finance because, I wanted to fully understad the investment world, and how money circulates in our economy.

Why did you choose this school?

California State University Long Beach has an excellent business program, and is well respected. One of the best State universities in California.

Indicate semester or quarter units taken in each subject:

2 semester(s) of Economics 3 semester(s) Finance 1 semester(s) Investments 2 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

None

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: Halbert Hargrove

Title/Responsibility: Financial intern. Create financial documents for clients, research markets and send data to wealth advisors.

Length at Present Employer 6 months.

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

While interning at Northwestern Mutual, I learned the importance of implementing insurance into your financial plan. Also it opened my eyes to how many people do not know basic fundamentals of personal finance.

Please describe briefly your motivation for participating in this

When I was making my decision to transfer to Long Beach, this program really sold me. What motivated me to join the Student Managed Investment Fund, was the first hand learning I would

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

project. gain. The skill of picking various investments, analyzing companies, and working with my peers, were all motives of joining this project.

Why are you qualified to be a part of this team?

I have great interpersonal skills, I am a hard worker, and I have multiple internships in finance.

What benefit do you expect to derive from participation in this project?

I expect my understanding of the stock market, analysis of companies, and my presentation skills, to become more well rounded.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

NICHOLAS FENN

Long Beach, California (760) 702-0437 « ▪ Nicholasjamesfenn@gmail.com « ▪ LinkedIn

PROFILE

High- achieving Finance undergraduate with varied experience in financial investments, portfolio analysis, presentations and multiple internships in unique areas of financial sectors. Intermediate skills in Bloomberg Terminal. Licensed to sell Life, Health, Disability, Long Term Care, and Fixed annuities in California. Proficient in Microsoft office PowerPoint, Excel, Word

EDUCATION

California State University, Long Beach (CSULB)

Bachelor of Science in Business Administration, Option: Finance Expected Graduation: Spring 2017

Bakersfield College, Bakersfield, CA

General Requirements for Transfer, Completed: Spring 2015

GPA: 3.1

Dean’s List: Spring and Fall semesters through 2013-2015

LEADERSHIP INVOLVEMENT

• Student Managed Investment Fund, Department of Finance, CSULB, Fall 2016 - Present o Managing/Investing $250,000 on behalf of CSULB. o Presented weekly on various investment strategies (Momentum, Low Volatility, and Value Based Investing) to teach the class. o Attended and networked at Chartered Financial Analyst Los Angeles events where executives gave presentations about stock

market. • Treasurer, Kappa Sigma Fraternity, CSULB, Fall 2016- Present

o Handled and budgeted approx. $45,000 a semester. o Served on the executive board of fraternity and oversaw the fundraising and budget committees. o Kept brother accountable and made sure dues were paid on time.

• Eagle Scout, Boy Scouts of America, Troop 217, Bakersfield, CA, Fall 2011

PROFESSIONAL EXPERIENCE

Intern, Halbert Hargrove | Long Beach, CA | Summer 2016

Wealth Management firm with $2.3 billion in AUMS. Portfolios of $1 million minimum. • Arranged annual review documents (wills, trusts, accounts, investment portfolios) and provide information to wealth advisors in

preparation for client follow-ups. • Daily access of Bloomberg Terminals to review different markets, including S&P 500, 200 – Day Moving Avg, Bloomberg Brief.

Provide daily summary to wealth advisors. • Maintain Excel documents of portfolio quotes, cost–basis reports, and other financial documents

Intern, LPL Financial | Manhattan Beach, CA | Spring/Summer 2016

Investment Advising Firm. $75 million in AUMS. Portfolios of $200,000 minimum • Arranged portfolio quotes based on clients’ risk tolerance. Clients had 10 portfolios to choose from. Ranging from 100% equities to

100% fixed income. • Trained weekly on different investment principles such as option trading, fixed income, and mutual funds by mutual fund wholesalers,

and licensed financial advisors. • Cold called 250 potential clients every day, and invited them to a seminar LPL was hosting, in order to manage their retirement

assets.

Financial Representative Intern | Northwestern Mutual | Bakersfield, CA | Summer 2015 Financial Services company offering financial planning and insurance solutions • Met with potential clients, and reviewed financial situation, and offered insurance products to supplement financial plan. • Created original call script to use when calling potential clients to arrange a meeting. • Passed California state licensing exam to sell a variety of insurance products.

I.

Name Taryn Kawahara

Address 5851 Beach Dr.

Phone: (805) 266- 9075 Fax: N/A

Email taryn.kawahara@gmail.com

EDUCATION Circle One: Junior Senior Grad Student Circle one: Full-time Part-time

What is your major? Business Administration, Finance

Why did you choose your major?

I chose my major because I have always been interested in business and I chose a concentration in finance because of my passion for math.

Why did you choose this school?

I chose California State University Long Beach because of its applied learning style, as opposed to the UC system of research-based learning style.

Indicate semester or quarter units taken in each subject:

2 sem/qtr Economics 5 sem/qtr Finance ____sem/qtr Investments 2 sem/qtr Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance (FIN 300) Investment Principles (FIN 350) Intermediate Financial Management (FIN 400) Portfolio Analysis (FIN 450) Applied Portfolio Management (FIN 499A)

Are you a ____ CFA Candidate ____ CFA Charterholder X Neither

What other degrees or professional designations do you hold?

Associates in Science Business Administration

EMPLOYMENT

Employment: Circle one: Full-time Part-time Not Currently Employed

Employer:

Title/Responsibility:

Length at Present Employer

OTHER QUALIFICATIONS

Describe any experience you have had personally or through employment with investing.

Prior to this course, I have taken an Investment Principles course (FIN 350).

Please describe briefly your motivation for participating in this project.

This project gives me a chance to put to practice all that I have learned as a student and allows me to gain experience in my field of study. I am motivated to participate in this project because it is something I am passionate about and wish to pursue in my career.

Why are you qualified to be a part of this team?

I am qualified to be a part of this team because of my strong GPA from prior courses that are finance related and my skills in team work and writing.

What benefit do you expect to derive from participation in this project?

I expect that I will derive from this project stronger communication skills, a stronger sense in where my career is headed, and a better understanding of how real world investments work as opposed to the hypothetical basis I have had in courses thus far.

COMPLIANCE and DISCIPLINARY QUESTIONS Are you a registered representative of a broker/dealer? YES NO

Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement) N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO

Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business?

YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO

(3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?

YES NO

Taryn Kawahara 4365 Valley Dr., Santa Maria, CA 93455 | (805) 266-9075 | taryn.kawahara@gmail.com

Objective · To gain experience in my major (Business Finance), to further my education towards my career, and to develop and broaden teamwork

and communication skills.

Education CERTIFICATE OF EXCELLENCE IN GRAMMAR AND ESSENTIAL MECHANICS (GEM) BUSINESS COMMUNICATION | DECEMBER

2015 | CALIFORNIA STATE UNIVERSITY, LONG BEACH

· Major: Business Finance

DEAN’S HONOR LIST | FALL SEMESTER 2015 | CALIFORNIA STATE UNIVERSITY, LONG BEACH

· Major: Business Finance

ASSOCIATES IN SCIENCE | MAY 20, 2015 | ALLAN HANCOCK COLLEGE

· Major: Business Administration

DEAN’S HONOR LIST | SPRING SEMESTER 2013-2014 | ALLAN HANCOCK COLLEGE

· Major: Business Administration

Skills & Abilities COMPUTER SKILLS IN MICROSOFT OFFICE

· Received an A in IS 233 from community college.

MATH SKILLS

· Tutored College Algebra, received an A in Calculus for Business.

ORAL COMMUNICATION AND WRITING SKILLS

· Received a B in IS 301 – Business Communications from CSULB, received a certificate of excellence in Grammar and Essential Mechanics

· Received an A in BUS 160 – Business Communications from community college

· Received an A in ENG 102 – Critical Reading and Writing from community college

Experience CASHIER | OLD TOWN MARKET | AUGUST 2014 – JULY 2015

· Cashiered, prepared sandwiches, sliced meat and cheese for sandwiches, faced (made store presentable), filled inventory when orders came in, cleaned and assisted with closing and opening, prepared trays for wine night.

TEAM MEMBER | COLD STONES | SEPTEMBER 2014 – JULY 2015

· Prepared ice cream, shakes, brownies, waffle cones, filled toppings, cashiered, provided excellent customer service, made the store presentable, cleaned and assisted with closing at the end of the night, opened.

TUTOR | ALLAN HANCOCK COLLEGE | SPRING AND FALL 2013, FALL 2014

· Tutored in subjects College Algebra and below. Worked with each individual’s learning style. Knew the subject well enough to communicate to students.

Extracurricular Activities SMIF PROGRAM 2016

· Student Managed Investment Fund

FINANCIAL MANAGEMENT ASSOCIATION 2016

· Finance club

ALPHA GAMMA SIGMA 2013-2014

· Honors Society club

VOLUNTEERED AT MARIAN REGIONAL MEDICAL CENTER 2012-2014

· Filed paperwork, restocked printer, called to confirm appointments, sterilized rooms.

APPENDIX I. Student Biography

Name Carolina Lemus

Address 33 S Scottsdale Carson, CA 90745

Phone: (310) 984-9998 Fax: N/A

Email caro.lemus310@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance

Why did you choose your major?

Not only because an education in finance helps guide individuals, corporations, or firms through financial struggles and uncertainty with short term and long term planning responsibilities; but also because in finance jobs, education, intelligence and personality are all taken into account.

Why did you choose this school?

In the sunny weather of Long Beach, CSULB is a diverse school with a strong and prestigious business program.

Indicate semester or quarter units taken in each subject:

6 semester(s) of Economics 2 semester(s) Finance 2 semester(s) Investments 2 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Intermediate Financial Management, Portfolio Analysis, Management in Financial Institutions, Applied Portfolio Management

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

N/A

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: Sitara Consulting Group

Title/Responsibility: Inside Sales Consultant Length at Present Employer One month (October 2016)

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

Up to now, my experience with investing consists of my college education and the hands-on training provided by the SMIF Program.

Please describe briefly your motivation for participating in this project.

Through this project I am exposed to real world experience beyond of what I would learn through a textbook.

Why are you qualified to be a part of this team?

With my background in economics, I understand and can communicate how changes in the economic environment can affect our chosen securities and risks we are taking on.

What benefit do you expect to derive from participation in this project?

I am benefitting by learning how to work with different teams specializing in different areas and together working to accomplish a common goal.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

www.linkedin.com/in/carolemus

Carolina Lemus 33 Scottsdale S Carson, CA 90745 | (310)984-9998 | caro.lemus310@gmail.com

Objective: Seeking a challenging opportunity to gain valuable exposure to financial practices, and explore my skill-sets and knowledge, to effectively deliver assigned responsibilities and contribute to organizational growth along with personal development. Core Qualifications

• Establish a team effort that promotes working towards a common goal • Ability to look outside the box and develop new strategies • Risk management and assessment • Ability to obtain information from several sources to address present needs

Education California State University of Long Beach August 2012 - May 2017 Bachelor of Science in Business Administration— Option in Finance Minor: Economics | GPA: 3.17 Young Entrepreneur Program (CSU Long Beach, CA) June 2015

• Explore the process of starting a business in a team environment • Conduct industry research • Consider financial management, legal structures, marketing, and more

Experience Sitara Consulting Group (Torrance, CA) — Inside Sales Consultant October 2016 – Present

• Create sales protocols and procedures designed to increase conversion rates and improve incoming sales interactions

• Build and manage relationships with clients • Set appointments with clients and follow up afterwards • List cleansing and augmentation

Student Managed Investment Funds (CSU Long Beach, CA) — Portfolio Manager August 2016- Present

• Train in securities analysis and portfolio management • With a team manage investment portfolios consisting of approximately $100,000 each • Provide weekly macroeconomic updates coinciding with portfolio decisions • Participate and provide suggestions in team decision-making

Emerald Express (Inglewood, CA) — Accounting Clerk May 2015- October 2016

• Prepare monthly checks worth over $120,000 in payables • Verify validity of account discrepancies by obtaining information from sales and customers. • Maintain a filing system for all financial documents • Accountable for reducing delinquency for assigned accounts

Emerald Express (Inglewood, CA) — Sales Representative October 2014 - May 2015

• Monitor customer and supplier communication • Ensure a smooth sales process • Find new sales leads through business directories, client referrals • Stay in touch with past customers

Student Biography Name Luis Antonio (Tony) Medrano

Address 3441 E. Wilton Street, Apt. 6

Phone: (805) 607 - 8558 Fax: N/A

Email Medranoluis42@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance

Why did you choose your major?

There are a lot of families who I know personally that are financially illiterate and unorganized when it comes to their finances. I want to be able work and educate them on how they can manage their money and reach their short term and long term goals.

Why did you choose this school?

The reason I chose Cal State University Long Beach was because during my visit to the College of Business Administration, some of the student organizational leaders explained the culture at the campus and the various opportunities that existed for internships and jobs.

Indicate semester or quarter units taken in each subject:

2 semester(s) of Economics 3 semester(s) Finance 2 semester(s) Investments 2 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Financial Management, Derivatives, Applied Portfolio Management

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

N/A

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: Morgan Stanley Private Wealth Management

Title/Responsibility: Analyst Intern Length at Present Employer 7 months

OTHER QUALIFICATIONS Describe any experience you have had personally

Through the Financial Management Association (FMA), a student organization on campus, we developed a mock portfolio

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

or through employment with investing.

competition that allows students to put their skills to the test with their own investment strategies.

Please describe briefly your motivation for participating in this project.

It is definitely a great opportunity to put all that I have learned from my finance courses into practice. Working with a team to create an investment strategy and actually implementing is very satisfying and beneficial to my growth.

Why are you qualified to be a part of this team?

My involvement with student organizations have provided me with the soft skills needed in order to work with a team and carry out a plan.

What benefit do you expect to derive from participation in this project?

Being part of this program has allowed me to learn from not only my classmates, but learn from myself. Through extensive research in a given subject and preparation, I have been able to teach myself well enough so that I can teach the rest class.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO

(5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

LUIS ANTONIO (TONY)

MEDRANO

Address: 3441 E. Wilton Street

Long Beach, CA 90804 Telephone: (805) 607–8558

E-mail: Medranoluis42@gmail.com

Ambitious honors finance undergraduate with experience in financial/investment management. Personable leader and conscientious team-player. Skilled understanding of financial analysis processes including economic/market research/analysis, forecasting of market conditions/risks, and making strategic recommendations. Open to relocation throughout the U.S.

EDUCATION

Bachelors in Science, Business Administration (Finance) Current GPA: 3.2

California State University, Long Beach

January, 2015 – Present Expected Graduation: May 2017

Associates in Science, Business Administration

Ventura College August 2011 – December 2014

RELATED EXPERIENCE

Morgan Stanley Private Wealth Management Job Title: Analyst Intern

April 2016 – Present

x Arranged annual and quarterly review documents (wills, trusts, accounts, investment portfolios) and provide

information to wealth advisors in preparation for client follow-ups. x Access to Morningstar premium and StockCharts to review different markets, including S&P 500, 200 – Day Moving

Avg. Provide biweekly summary to wealth advisors. x Provided courteous and friendly customer service and resolved client issues.

Student Managed Investment Fund (SMIF) Job Title: Student Portfolio Manager

August 2016 – Present

x The SMIF program exposes students to a degree of real world experience by providing hands on training in securities

analysis and portfolio management. x Act as Chief Executive Officer during a specified time period, duties consist of developing an agenda, delegating

tasks, and overseeing teammates. x Manage a sum of $300,000 in various portfolio funds. Partner with fellow students to create informative, high –

quality presentations on various investment strategies. Utilize Excel spreadsheets to create graphs, track portfolios, and forecast economic models.

INVOLVEMENT

Financial Management Association Vice President of Finance

August 2015 – Present

x Collect member dues. Forward dues, the invoice, and our club’s membership roster to Associated Business Students

Organizations Council (ABSOC). x Prepare the club’s budget, present it to the board for approval, and ensure that club activities adhere to the budget. x Maintain accurate financial records throughout the year to be reviewed at any time by members, other officers, or

administration.

Student Biography

Name: Takudzwa Mungoza

Address: 15325 ½ Bellflower Blvd. Apt. 7 Bellflower, CA 90706

Phone: (562)-441-2300 Fax:

Email: takumungoza@gmail.com

EDUCATION

Circle One: Junior Senior Grad Student Circle one: Full-time Part-time

What is your major? Finance

Why did you choose your major?

I have had an interest in capital markets and Corporate finance since my earliest days in High school

Why did you choose this school?

I wanted to choose a school with a Business Finance Program as well a school that was within an acceptable distance to firms with which I would like to work

Indicate semester or quarter units taken in each subject:

9 Semester Units of Economics 9 Semester Units of Finance 3 Semester Units of Investments 6 Semester Units of Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

FIN 300 Corporate Finance FIN 350 Investment Principles FIN 490 International Finance FIN 499A Applied Portfolio Management

Are you a

CFA Candidate CFA Charterholder X Neither

What other degrees or professional designations do you hold?

EMPLOYMENT

Employment: Garden Sales Associate Circle one: Full-time Part-time Not Currently Employed

Employer: The Home Depot

Title/Responsibility: Garden Sales Associate

Length at Present Employer: 3 years

OTHER QUALIFICATIONS

Describe any experience you have had personally or through employment with investing.

I have been enrolled in the Employee Stock Purchase Program at the Home Depot since my first month in 2014. I have purchased over $6,500 in Home Depot stock, contributing 20% of my yearly income to building my portfolio

Please describe briefly your motivation for participating in this project.

I joined the SMIF program because of my interest in pursuing a career in the Investment Banking field. I believe that the work we do in this program, surrounded by peers who challenge and give me new ways of looking at complex ideas in Finance and statistics is the proper environment for me to have a greater understanding and background for my future career.

Why are you qualified to be a part of this team?

I am qualified to be a part of this team because I have personal experience of investing my time and money in building my own portfolio. I have been building my knowledge of capital markets and economic trends since my earliest years in college as well as the later years of my High school career.

What benefit do you expect to derive from participation in this project?

The main benefit I get from participating in the project is the insight and knowledge I get from working with like-minded individuals that have such a dedication to the work. In most courses and teams most students will have only a general understanding, but this work attracts students who have a greater knowledge and experience in the subject matter.

COMPLIANCE and DISCIPLINARY QUESTIONS Are you a registered representative of a broker/dealer? YES NO

Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

Disclose personal stocks owned (or attach brokerage statement)

The Home Depot, Inc. (15 shares) Facebook, Inc. (5 shares)

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO

Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business?

YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self- regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO

(3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?

YES NO

(4) entered an order against you in connection with investment-related activity?

YES NO

(5) imposed civil money penalty or ordered you to cease and desist from any activity?

YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

TAKUDZWA “TAKU” MUNGOZA

takumungoza@gmail.com 562-441-2300

LinkedIn: “Takudzwa Mungoza”

SUMMARY • Well- rounded and goal-oriented as demonstrated through extracurricular involvement • Participated in three-day Leadership retreat in order to demonstrate timely and efficient problem solving • Accuracy and attention to details demonstrated by academic performance and professional accomplishments • Extensive experience with data analysis and business modeling using Microsoft Excel • Experience carefully developing a variety of business presentations in and out of classroom settings

EDUCATION California State University, Long Beach (CSULB) Expected December 2017 B.S, Business Administration GPA: 3.2 Emphasis: Business Finance

Long Beach City College, Long Beach, CA Transferred: August 2015 Associate of Science for Transfer, Business Administration GPA: 3.3

WORK EXPERIENCE Garden Sales Associate February 2014 – Present The Home Depot, Inc., Lakewood, CA • Interact and build interpersonal relationships with diverse customers to better assist their needs • Assist with online purchase orders, verify store inventory, and operate the reach truck and liquid propane gas forklift • Explain various home services that are available to customers as well as providing assistance in enrollment in company database

HONORS PROJECT PORTFOLIO MANAGER, Student Management Investment Fund (SMIF) Finance Department, CSULB Fall 2016-Present The SMIF program exposes students to a degree of real world experience by providing hands on training in securities analysis and portfolio management

• Act as Chief Executive Officer during a specified time period, duties consist of developing an agenda, delegating tasks, and overseeing teammates

• Manage a sum of $300,000 in various portfolio funds • Participate in the Annual Portfolio Management Request-for-Proposal (RFP) Competition conducted by the CFA Society of Orange County Foundation (CFAOCF)

• Partner will fellow students to create informative, high – quality presentations on various investment strategies • Solve problems in fast-paced environment • Utilize Excel spreadsheets to create graphs, track portfolios, and forecast economic models

AWARDS & HONORS

• Bergen Scholarship, CSULB: $2,000 Award for academic achievement May 2016 • Dean’s List, Long Beach City College Fall 2012 • Employee of the Month, Home Depot September 2014

SKILLS • Corporate Finance • Investment principles • Management • Business Communication

• Financial Accounting • Managerial Accounting • Applied Portfolio Management

STUDENT INVOLVEMENT •Boeing Case Study Competition, CSULB September 2016 -October 2016 • Corporate Mentoring Program, CSULB August 2016 – Present • Financial Management Association, CSULB August 2015 - Present

Student Biography Name David Oceguera

Address 4302 Lindsey Ave, Pico Rivera, CA 90660

Phone: (562) 659-0491 Fax: N/A

Email doceguera21@gmail.com

EDUCATION

Circle One: Junior Senior Grad Student Circle one: Full-time Part-time

What is your major? Business Administration, Finance

Why did you choose your major?

My interest in the overall economy and functions of companies led me to this major. I was good with numbers, so this major complemented my strength.

Why did you choose this school?

I chose Cal State Long Beach because of its diversity and high attendance. I wanted a large school so I may improve on my public speaking skills when I am speaking in front of large groups of people.

Indicate semester or quarter units taken in each subject:

2 sem/qtr Economics 3 sem/qtr Finance 3 sem/qtr Investments 2 sem Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis

Are you a ____ CFA Candidate ____ CFA Charterholder X Neither What other degrees or professional designations do you hold?

N/A

EMPLOYMENT

Employment: Circle one: Full-time Part-time Not Currently Employed

Employer: JP Morgan Chase

Title/Responsibility: Teller Length at Present Employer 1 yr and 7 months

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

Besides SMIF, I recently opened my own brokerage account with Capital One investments and own Microsoft at the moment. FMA (Financial Management Association) also has an investment simulation competition that I compete in.

Please describe briefly your motivation for participating in this

My main motivation is to gain the experience and knowledge to improve my understanding of investments. This project gives me the hands on experience that helps me apply the theories I learned

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

project. in past classes.

Why are you qualified to be a part of this team?

I am a collaborative team player that dedicates benefit the group as a whole. I carry the will to learn and be taught new concepts.

What benefit do you expect to derive from participation in this project?

Expectations are to get a better understanding of investments strategies and cohesively work in a team to manage a portfolio.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

Microsoft

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

I hereby certify that all the above information is true and accurate to the best of my knowledge. I further commit that if selected as a member of the winning TEAM, I will participate in this project for the full duration and upon selection will sign a statement that I will adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct.

_David Oceguera __________________ Printed Name

___ _________ Signature _November 12, 2016______________ _ Date

Please attach a current resume.

(Note: The students should also develop a compliance process for getting pre-approval for any personal trading activities.)

David Oceguera4302 Lindsey Ave, Pico Rivera, California 90660

(562)659-0491 | doceguera12@yahoo.com

OBJECTIVEI am seeking an opportunity to work in a professional and challenging environment where I can apply my knowledge offinancial analysis. My leadership expertise has defined who I am and what I can accomplish. I carry the drive and desireto adapt quickly and have a positive influence to ensure a brighter future for the company.

EDUCATION

California State University, Long Beach Long Beach, CABachelors, Finance Present• Current GPA 3.0• Worked in group projects to analyze securities and keep track of virtual portfolios• Constructed an efficient frontier to properly weight assets along the curve

ORGANIZATIONS

Corporate Mentoring Program Long Beach, CAMentee August 2016 - Present• Created a business plan for a new company that uses ash to create a fertilizer that naturally enriches farm land - Won

2nd place in our Leadership retreat• Expanding my network with like minded students and mentors (professionals)

Financial Management Association Long Beach, CAExecutive Vice President August 2015 - Present• In a leadership role that supports the everyday functions of the organization• Working on creating FMA's first alumni mixer that will expose the broad finance job market to members• Constructing an alumni package to help build a pipeline to connect current students with FMA alumni• Helping fellow students figure out their career path as well as enriching them with essential tools to succeed

WORK EXPERIENCE

J.P. Morgan Chase Pico Rivera, CATeller April 2015 - Present• Helping customers with their financial security and efficiently completing transactions• Learning the banking regulations and obtaining cash handling skills to pass audit evaluations• Increasing P&L by referring clients to bankers for new products and services• Consistently being a top referrer in the market on a monthly basis

SMIF (Student Managed Investment Fund) Long Beach, CAPortfolio Analyst August 2016 - Present• Conducting research using data from the FAMA French website to track historic performance of our current strategy• Working in a small team to develop long term strategies to control risk and maximize return• Using economic indicators to forecast the economy and the value of the stock market

Sunglass Hut Arcadia, CASales October 2014 - January 2015• Gained valuable knowledge on closing sales and making recommendations that fulfill client's needs while accounting

for their desires• Built a client base that helped the company maintain a pipeline of future sales

StudentBiographyName Kevin Pichardo

Address 3624 Delta Ave, Long Beach, CA 90810

Phone: (562) 453 - 7626 Fax: N/A

Email kfpichardo@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance Why did you choose your major?

After my family financial troubles, I budgeted my parent’s funds and it inspired me to chase the financial function.

Why did you choose this school?

I really love the City of Long Beach, and I believe there are many financial opportunities in Southern California.

Indicate semester or quarter units taken in each subject:

2 semester(s) of Economics 3 semester(s) Finance 2 semester(s) Investments 2 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis, Intermediate Financial Management, Applied Portfolio Management

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

N/A

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: Goldman Sachs 10,000 Small Businesses

Title/Responsibility: Student Intern Length at Present Employer 6 months

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

N/A

Please describe briefly your motivation for participating in this project.

This is a great hands-on opportunity with wealth management that I couldn’t pass up. I’m also very fascinated with the investment industry, and want to learn as much as possible.

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Why are you qualified to be a part of this team?

I am an ambitious individual with a strong drive to learn. I also have great presentation skills.

What benefit do you expect to derive from participation in this project?

I want to learn the responsibilities of a portfolio manager, as I pursue the profession in the future. I also expect to build strong relationships with my fellow colleagues in SMIF.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

KEVIN PICHARDO 562-453-7626 | kfpichardo@gmail.com | linkedin.com/in/kfpichardo

S U M M A R Y

Proven leader with demonstrated experience working with team-based projects and presentations. Strong analytical and communication skills with sound knowledge of financial statements, portfolio management, general accounting principles and Microsoft Office applications.

E D U C A TIO N

California State University, Long Beach Expected Graduation: May 2017 Bachelor of Science in Business Administration, Finance GPA: 3.54 Long Beach City College June 2015 Associate of Science Transfer (AST) in Business Administration, Honors Program GPA: 3.53

A C A D E M IC HO NO R S

• CSULB President’s List Fall 2015 • Beta Gamma Sigma (Business Administration) Honor Society 2016 – Present • Long Beach Honors Rotary Scholarship 2015 – Present

- Among 10 recipients due to high achievement in LBCC Honors Program

S TU D E N T A FF IL IA T IO N S

Corporate Mentorship Program, Mentee Participant (SCPD), CSULB August 2016 – Present

Financial Management Association, Member, CSULB September 2016 – Present

NOTABLE P R O JE C TS

Corporate Leadership Retreat Business Plan, SCPD, CFO September 2016 Created a business plan and commercial for a newly invented product during our weekend retreat. We only had one day to complete the business plan and present. It taught us how to work under pressure, how to be creative, and how to work with different personalities. Our team created a customized hydration backpack that targeted people with active lifestyles. I created a three-year projection which saw 66% increase in revenues from year one to year three, +23% operating profit after corporate taxes, and a 37.85% return on investment. Our team was awarded with third place out of eight teams.

Finance Portfolio Management Project, Investment Principles Course, CSULB Spring 2016 Conducted mock portfolio management scenario and achieved 7.7% investment return on $2M proforma portfolio. Analyzed multiple companies across various industries and performed weekly ratio and trend analysis using Excel. Presented summary presentation evaluating decisions and results of portfolio companies.

P R O FE S S IO N A L E X P E R IE N C E

Goldman Sachs 10,000 Small Businesses, Long Beach City College, Intern June 2016 –Present • Assisted with client outreach and recruitment, including program delivery, relationship management, and financial

statement analysis. • Processed applications, performed data analysis and provided technical assistance to clients and professional staff.

Student Managed Investment Fund, Student Portfolio Manager, CSULB June 2016 – Present • Managed three investment portfolios equivalent to a quarter of a million dollars’ worth of real assets. • Supported weekly team presentations regarding current strategy outlook and conducted analysis on low risk equities

and fixed-income securities. Applied economic forecasting, investment strategies, buy/sell signals, and specified screeners to identify low risk investments with promising returns for the team.

E X TR A C U R R IC U LA R ACTIVITIES

Owner and Production Manager, M200 Productions, YouTube Channel 2012 – 2013 Managed team of 40 people consisting of content producers, editors, and graphic designers. Created videos of cinematic montages of real gameplay with added music, visual effects, and story lines. In first year, achieved over 3,000 subscribers, 100,000 views and partnership with The Gaming Network (TGN), resulting in monetization of videos.

Student Biography Name David Puzio

Address 856 Daisy Ave, Long Beach, CA 90813

Phone: (949) 547-2104 Fax: N/A

Email davidpuzio@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Masters of Business Administration Why did you choose your major? Learn the fundamentals of business operations

Why did you choose this school? Great business department

Indicate semester or quarter units taken in each subject:

3 semester(s) Finance 1 semester Investments 2 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Forecasting, Investment Principles, Portfolio Analysis

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

Bachelor of Arts

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: Republic Services

Title/Responsibility: Commercial and Recycling Consultant Length at Present Employer Feb 2015 – Present

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

N/A

Please describe briefly your motivation for participating in this project.

To gain hands-on experience within the investing field

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Why are you qualified to be a part of this team?

A team player and willing to work on various projects to help the outcome of the overall team

What benefit do you expect to derive from participation in this project?

Getting a better grasp of the financial markets and the economy as well as opening doors for employment opportunities

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

DAVID PUZIO 856 Daisy Ave �Long Beach, CA 90814 �949.547.2104 �davidpuzio@gmail.com

WORK HISTORY Republic Services, Long Beach, CA February 2015-Present Waste and Recycling Consultant

x Prepare and deliver sales presentations to prospective new clients; follow up with key customer decision makers

x Maintain a thorough knowledge of the Company’s available services, lines of business, pricing structures and offer additional services to existing and potential commercial, industrial and recycling clients

x Completes scheduled phone blocks and cold call prospecting activities to establish initial and follow-up appointments with customer decision-makers

x Build relationships and increase Company visibility through participation in Company-sponsored activities by attending trade shows, chamber of commerce events and other related events

Nationwide Insurance, Newport Beach, CA September 2013-February 2015 Senior Managing Agent

x Managed the performance of sales and marketing of Nationwide insurance products and services in the Newport Beach and surrounding territory

x Fostered educational trainings for a group of three associate agents on targeting niche markets, selling through the consultative approach, and conducts weekly activity reports exceeding quota requirements by 150 percent

x Delivered effective presentations by identifying the needs and opportunities of small and large businesses and developing a stream of repeat business

x Exceeded quarterly performance sales goals of personal lines on a continual basis though prospecting activities: canvassing, cold-calling, strategic mailings, and follow-up surveys

x Generated a weekly referral market of 10 warm leads through the membership of professional networking groups within the Orange County region as well as administering a executive role in each organization

x Worked closely with key figures in Nationwide underwriting and loss ratio departments on risk management for personal and commercial lines of insurance to build healthy and profitable business

x Produced a retention rate of 95 percent through determining short- and long-term needs of clients as well as extensive personal contact through newsletters and other medias exhibiting a piece of mind connection with clients

Farmers Insurance Group, Division Office, Laguna Hills, CA February 2013-September 2013

Training and Agency Development Manager x Trained and developed cohorts ranging from 15-20 agents and staff on Farmers products and

services through classroom and on-field instructions x Designed curriculum guidelines for agents and staff cohorts on sales and marketing activities to set

up a successful track during each phase x Drafted weekly reports on their productivity and progress for the Division Training Department and

advising on necessary changes to increase performance and profitability of each individual x Assisted Agents in computer programming utilizing the Farmers Dashboard on various insurance

products and services and instructing on key ways to upsell and cross-sell additional features x Coached Agents by building a weekly sales management program focusing on building

competencies with the industry and creating a strong relationship amongst Agents and staff members

x Continued educational courses with companies and State of California on-going training to build skill sets and uphold compliance standards

Agency Development Director, District Office, Signal Hill, CA May 2012-February 2013 x Conducted interviews and selected most qualified candidates through behavior prediction interview

techniques x Coached Agents and staff members on exceeding the companies metrics on sales quotas by

illustrating, overseeing, and assisting in the execution of the business plans of each individual

x Brought on talented candidates to the District Office by building mutual relationships with career transitions centers and college alumni organizations within the local community

x Built a successful recruiting platform for the District Office by channeling into military and college jobs fairs and social media avenues

x Managed the budgeting, unit forecasting, and program return on investment analysis for the marketing of the District Office

x Utilized the University of Farmers as a resource to maximize on all facets of sourcing candidates and outperforming other District Offices in surrounding areas

Costco Wholesale, Signal Hill, CA

Deli Service Assistant, Cashier Assistant, Pharmacy, and Major Sales November 2003-December 2012 x Ensured efficient use of resources through maintaining strategic inventory operations for the Deli

Department x Created a business plan with the Deli Manager to increase marginal sales and monitor negative

indicators resulting in 2 million dollar annual earnings and second largest sales increase in the region

x Utilized operational equipment such as pallet jack and baler to increase efficiency of the departments

x Maintained adherence to safety policy and procedure by executing systems in place as preventative hazardous measures

x Ensured property inventory of stock by analyzing data from Costco Headquarters on a weekly basis x Supervised new employees in the warehouse and provided coaching as a means to increase

productivity and composed written statements on their output x Aided Pharmacist with processing, pricing, and fulfilling prescription drugs to customers ensuring

accuracy with highly controlled substances x Exercised excellent sales skills on various televisions, cameras, and other electronic accessories in

order to help guide them to the right purchase x Followed Costco formulas and diagrams and monitored merchandise to see that the department

consistency and quality standards were met

EDUCATION California State University, Long Beach, (expected 2017) Masters of Business Administration California State University, Long Beach, August 2009 Bachelor of Liberal Arts Double Major: Philosophy and History with concentration in Modern Europe and United States

x Long Beach Historical Society, Internship, Spring 2009 x Phi Kappa Tau Fraternity, January 2007 - May 2009

o Served as Assistant Treasurer Saddleback Community College, Mission Viejo, May 2005 Associate of Liberal Arts Enrolled in core classes for History major

AWARDS AND MEMBERSHIP Costco Employee of the Month, May 2004 Toastmasters International, club member for Speakout!

Student Biography Name Carlos Ramones

Address 421 Marbora Ct Unit 101, Long Beach, CA 90803

Phone: (562)310-2619 Fax: N/A

Email carlosalbertoramones@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Economics

Why did you choose your major?

My country of origin, Venezuela, is an economic disaster. I am interested in understanding what is going on and how to change things for the better.

Why did you choose this school?

It has great professors with an amazing campus, and it is affordable.

Indicate semester or quarter units taken in each subject:

5 semester(s) of Economics 2 semester(s) Finance 2 semester(s) Investments 1 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Money and Banking, Macroeconomic Theory, Business Finance, Investment Principles, Portfolio Analysis, Applied Portfolio Management.

Are you a _X_ CFA Candidate ____ CFA Charterholder ___ Neither

What other degrees or professional designations do you hold?

N/A

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: College of Business Administration, Center for Student Success

Title/Responsibility: Student Research Assistant Length at Present Employer 3 months

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

I started my own equity portfolio in 2015. I began by trading highly-volatile stocks but switched to a longer-term, more stable strategy. I invest in large companies, upcoming ones, and certaETFs.

Please describe briefly your motivation for

My motivation is representing my university and delivering the best result possible. Also, through this project I challenge myself to learn and grow.

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

participating in this project. Why are you qualified to be a part of this team?

I am a fast-learning, motivated, passionate person. I am willing to work hard along the team.

What benefit do you expect to derive from participation in this project?

Through this project, I expect to acquire more knowledge and understanding in the areas of Economics and Finance.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO

(5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

CARLOS RAMONES (562) 310-2619 | carlosalbertoramones@gmail.com | Long Beach, CA | linkedin.com/in/carlosramones

“Highly-motivated, passionate learner and practitioner of financial analysis. Familiar with quantitative and qualitative approaches used in the management of portfolios. Interested in the ever-learning world of Finance.”

Education

BACHELOR OF ARTS| DECEMBER 2017 | CALIFORNIA STATE UNIVERSITY, LONG BEACH | MAJOR GPA: 3.65

· Major: Economics. Minor: Finance.

· President’s Honor Roll Fall 2015, President’s Honor List Spring 2016.

Involvement

STUDENT PORTFOLIO MANAGER, STUDENT MANAGED INVESTMENT FUND, CSULB AUGUST 2016 - PRESENT

· Managing several portfolios worth over a quarter million dollars with focus on analyzing potential investments and implementing innovative asset allocation strategies through extensive security analysis and economic forecast.

· Currently competing against other prestigious schools in the CFA Society Foundation for the right to manage the Society’s portfolio.

ACTIVE MEMBER, FINANCIAL MANAGEMENT ASSOCIATION HONORS SOCIETY JANUARY 2016 - PRESENT

· Collaborated with the club as a speaker for students interested in corporate finance in several occasions.

Experience

STUDENT RESEARCH ASSISTANT, CBA CENTER FOR STUDENT SUCCESS SEPTEMBER 2016 – PRESENT

LONG BEACH, CALIFORNIA

· Responsible for conducting a thorough research of underperforming students needing assistance in their academic studies.

· Assisted hundreds of undergraduate students with establishing a successful university career.

SALES, ANDICAR IMPORT MAY 2014 – AUGUST 2014

TACHIRA, VENEZUELA

· In charge of research of potential clients, meeting with clients, presenting products and partnership benefits.

· Successfully established business relationships with clients, including the biggest business partnership for the firm.

WAREHOUSE SPECIALIST, DRUGSTORE ENZ ANDES MAY 2014 – AUGUST 2014

TACHIRA, VENEZUELA

· Supervised, prepared, and organized orders from clients, securing constant customer satisfaction.

· Helped establish operational practices that significantly fastened and improved the order preparation process.

SALES ANALYST, DRUGSTORE ENZ ANDES MARCH 2013 – DECEMBER 2013

TACHIRA, VENEZUELA

· Oversaw the sales team results from daily business activities, ensuring that sales goals were met consistently.

· Handled the input of figures such as sales numbers and clients’ visits into the company’s database.

Achievements & Certifications

· Top 25 Contestant Spring 2016 ETF Global Portfolio Challenge.

· Winner Spring 2016 FMA Stock Portfolio Competition.

· Bloomberg Market Concepts.

Skills

PROFICIENT IN: MS Office. Bloomberg Terminal.

LANGUAGE: English (fluent), Spanish (native).

Student Biography Name Chandler Sant

Address 16032 Springdale Street, Huntington Beach, CA

Phone: (512) 299-7752 Fax: N/A

Email Chandler.Sant@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance Why did you choose your major?

I choose Finance because it is something that I can apply not only in my professional career but also in my personal life.

Why did you choose this school?

Cal State LB has an excellent business program and has a diverse student base that amplifies making lifelong business connections.

Indicate semester or quarter units taken in each subject:

2 semester(s) of Economics 3 semester(s) Finance 2 semester(s) Investments 4 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

Google AdWords Certified

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: The Creative Department

Title/Responsibility: Account Coordinator Length at Present Employer One Year

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

Personally trading and investing in my personal stock portfolio.

Please describe briefly your motivation for participating in this project.

The best way that I have found to learn is by jumping in. In this high-pressured learning environment I have been challenged to not only absorb information at a rapid pace but also learn how to efficiently apply it.

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Why are you qualified to be a part of this team?

What I am gaining in investment experience from the team I am making up in account experience; keeping the team on track, organized, and progressing towards the goals identified in our IPS.

What benefit do you expect to derive from participation in this project?

How to efficiently manage risk in a variety of ways that gives us the maximum return on our portfolio.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

CHANDLER

SANTA C C O U N T S E X E C U T I V EC

512.299.7752

Chandler Sant

S U M M A R Y

Detail-oriented Accounts Executive versed in curating engaging content, stirring interaction, and leading social innovation. Dedicated to measurable results under pressured situations to deliver work on time and on budget. Chandler.Sant@gmail .com

C R E AT I V E R O O T S M A R K E T I N G(Prev ious ly AdPower Adver t is ing) I rv ine, CA

Key Accomplishment: Promotion to Accounts Executive

2015 - Present

Accounts Executive working directly with clients, project scoping, and department coordination.

Facilitated marketing campaigns with high profile clients, creating and targeting custom ads that boosted client product and service sales.

Senior graphic lead for Company logos, web graphic assets, and promotional materials.

Implementing Pay-Per-Click advertising campaigns for e-commerce, local small businesses, and global travel spheres generating actionable leads and increased sales.

H A N G W I T H , I N C .(Subs id iary of MEDL Mobi le ) Founta in Va l ley, CA

Key Accomplishment: Orchestrated and managed on-site live streaming events for Herbalife, ConMan, and BottleRock Napa, increasing the number of new users to the social media platform by 20,000. Managed weekly email blasts sent to over 85,000 people, resulting in a 14% increase in interaction.

Lead content curator for mobile app, main splash page and sub-category pages.

Assisted in maintaining ad network, allocating ad exposure, and monitoring overall ad success.

Created and ran custom celebrity ads increasing interaction by 30%.

2013 - 2015

M E D L M O B I L E , I N C .Founta in Va l ley, CA

Key Accomplishment: Promotion from Intern to position with Hang With.Executive Assistant working directly with clients and project scoping. Lead facilitator in the creation of official Client and Internal Project Briefs.

Junior graphic assets for marketing and promotional assets.

2012 - 2013

E X P E R I E N C E

C A L I F O R N I A S TAT E U N I V E R S I T Y, L O N G B E A C HBachelors of Sc ience in F inance (est . Spr ing 2017)

Student Managed $300,000 Investment Fund (SMIF) Participant.

Grammar and Essential Mechanics Academic Achievement Award.

Upstanding member of both the Tennis and Boxing club.

E D U C AT I O N

Project Management and Communicat ion.

Adobe Photoshop, InDesign, Premiere, and Sketch.

Problem Solving and Multi-tasking.

Planning, Organization, and Timeliness.

S K I L L S

Melissa Opperman

949.295.6441Account Di rector

DJ Swanepoel

949.306.3170CEO Aimte l l , INC.

Dr. Kimberly Safman

562.212.1669

Orthopedic + Pa in Management

Specia l is t

R E F E R E N C E S

StudentBiographyName Pablo Saucedo

Address 1021 Roswell Ave Unit 2, Long Beach, CA 90804

Phone: (310) 384-2891 Fax: N/A

Email Pablosaucedo94@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance

Why did you choose your

major?

I chose finance because I wanted to know how to invest my money

and set myself up for a financially secure future.

Why did you choose this

school?

I chose CSULB because it was not too far or close from home, and

the environment seemed fitting with my personality.

Indicate semester or

quarter units taken in

each subject:

2 semester(s) of Economics

3 semester(s) Finance

2 semester(s) Investments

2 semester(s) Accounting

Specify title of specific

investment or finance

related courses taken or

currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis,

Intermediate Financial Management, Capital Markets, Applied

Portfolio Management

Are you a

____ CFA Candidate

____ CFA Charterholder

_X__ Neither

What other degrees or

professional designations

do you hold?

N/A

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: Wells Fargo Advisors

Title/Responsibility: Wealth Management Intern

Length at Present

Employer April 2016-Present

OTHER QUALIFICATIONS

Describe any experience

you have had personally

or through employment

with investing.

At my internship I prepare quarterly reports for clients where I can

see what type of holdings and investment strategies are being

used to invest. I also trade on E-trade as a side hobby.

Please describe briefly

your motivation for

participating in this

project.

My motivation is to learn as much as possible and display the

skillset that I bring to the table.

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

Why are you qualified to

be a part of this team?

I am qualified because I have a excelled in all of my finance and

investment related classes (3.45 Finance GPA), and I also have

work experience at Wells Fargo Advisors where I shadow financial

advisors

What benefit do you

expect to derive from

participation in this

project?

I expect to learn a lot from this project while also having the

opportunity to manage a portfolio firsthand.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO

Disclose any areas of

potential conflicts of

interest between other

business activities you

conduct and management

of the Fund.

N/A

Disclose personal stocks

owned (or attach

brokerage statement)

YELP, VRX

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO

Have you ever been convicted of or plead guilty or “no contest” to a

misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory

organization in the last 10 years:

(1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO

(3) found you to have been a cause of an investment-related business having its

authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO

(5) imposed civil money penalty or ordered you to cease and desist from any

activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise

prevented you from associating with an investment-related business or any

advisory affiliate activity?

YES NO

Please provide an

explanation to any

questions to which you

answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal

proceeding relating to Regulatory, Compliance, Legal, Custody, Investment

advisory or other activities? If so, provide an explanation and indicate the

current status or disposition.

YES NO

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

I hereby certify that all the above information is true and accurate to the best of my knowledge.

I further commit that if selected as a member of the winning TEAM, I will participate in this

project for the full duration and upon selection will sign a statement that I will adhere to the

CFA Institute Code of Ethics and Standards of Professional Conduct.

_Pablo Saucedo____________________

Printed Name

________________________________

Signature

_November 11, 2016_______________

Date

Please attach a current resume.

(Note: The students should also develop a compliance process for getting pre-approval for any personal trading activities.)

Pablo Saucedo

Pablo Saucedo (310) 384-2891 • pablosaucedo94@gmail.com • LinkedIn: https://www.linkedin.com/in/pablo-saucedo-480413bb

OBJECTIVE Self-motivated finance undergraduate seeking an entry level position in a business environment where I can gain experience and contribute. California State University Long Beach Graduation: Spring 2017 B.S., Business Finance Finance GPA: 3.4

WORK EXPERIENCE

Wells Fargo Advisors April 2016-Present Wealth Management Intern Obtain leads by warm and cold calling potential clients to attend financial planning seminars which provide information on our team’s strategy for retirement planning, investment strategies, and the overall current economic conditions. CSULB Student Managed Investment Fund (SMIF) Program May 2016-Present Portfolio Analyst/Manager Analyze and Manage 3 portfolios combing for $300,000. Participate in financial strategy competitions against other west coast schools. Deliver presentations every week on investment strategies and the current economic conditions. AIR Commercial Real Estate/Xceligent June 2015- January 2016 CRA (Commercial Research Associate) Communicate with commercial real estate brokers on a daily basis to update their listings into our CDX database. Manage large excel projects using pivot tables to keep company information organized. Mercury Air Cargo, Inc. June 2014-July 2014 (summer) Office Services/Intern (Vice President’s assistant) Electronically organize and filed company minute books using Outlook and Excel. Assisted the Vice President of Administration and Human Resources Department with special projects, and filing/excel duties. COURSE WORK

§ Portfolio Analysis § Financial and Investment Principals § Accounting (Managerial & Financial) § Applied Portfolio Management

§ Information Systems (Microsoft Word,

Power Point, Excel, Outlook, Access) § Public Speaking § Engineering Design Graphics (Solid works)

SKILLS, ACCOMPLISHMENTS & EXTRACURRICULAR ACTIVITIES

§ BMC Certified (Bloomberg) § CSULB FMA (Financial Management

Association) member § Former Recruitment Officer & Treasurer of the Pi

Kappa Alpha Fraternity, managed and budgeted over $80,000 in 2014 & 2015

§ Bilingual (Fluent in Spanish) § Active Investor/Day Trader

§ Computer: Excel, Microsoft Word, Outlook, PowerPoint, and Solidworks

§ Attended the Pike University two-day seminar in Irvine focusing on leadership, personal development & business management

§ Lead and organized a philanthropy tournament that raised over $3,000 for the Taylor Trudeau Cycle for Life Foundation

CFA SOCIETY ORANGE COUNTY | RFP FOR INVESTMENT MANAGEMENT SERVICES

participating in this project.

passionate in the subject matter.

Why are you qualified to be a part of this team?

I am qualified to be a part of this team through being adaptable, responsible and hardworking.

What benefit do you expect to derive from participation in this project?

From participating in this project, I get to research and experience more aspects of finance while deepening my understanding of textbook concepts.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Fund.

N/A

Disclose personal stocks owned (or attach brokerage statement)

N/A

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? YES NO

(4) entered an order against you in connection with investment-related activity? YES NO (5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO

Student Biography Name Ka Cin Wong

Address 5868 Cerritos Avenue, Long Beach, CA 90805

Phone: (626) 429-2149 Fax: N/A

Email Kacin.wong@gmail.com

EDUCATION

Junior Senior Grad Student Full-time Part-time

What is your major? Business Administration, Finance

Why did you choose your major?

I was introduced to finance in high school after participating in a regional competition. Upon receiving recognition of my achievements in the competition, I found that finance was the major for me.

Why did you choose this school?

California State University, Long Beach is the best California State Universities and provides a diverse learning environment.

Indicate semester or quarter units taken in each subject:

2 semester(s) of Economics 4 semester(s) Finance 2 semester(s) Investments 4 semester(s) Accounting

Specify title of specific investment or finance related courses taken or currently enrolled in:

Business Finance, Investment Principles, Portfolio Analysis

Are you a ____ CFA Candidate ____ CFA Charterholder _X__ Neither

What other degrees or professional designations do you hold?

N/A

EMPLOYMENT

Employment: Full-time Part-time Not Currently Employed

Employer: California State University, Long Beach

Title/Responsibility: Supplemental Instruction Leader Length at Present Employer 2 years and 3 months

OTHER QUALIFICATIONS Describe any experience you have had personally or through employment with investing.

My experience with investing is being a part of the Student-Managed Investment Fund.

Please describe briefly your motivation for

My motivation for participating in the project is learning many applications of finance with a fellow group of peers who are

Ka Cin Wong 5868 Cerritos Avenue, Long Beach, CA 90805 | 626-429-2149 | Kacin.Wong@gmail.com

OBJECTIVE To obtain an internship in the financial sector utilizing communication, analytical, and organizational skills

EDUCATION Bachelor of Science in Business Administration, expected: May 2017 California State University, Long Beach Major: Finance | Minor: Music | GPA: 3.73 Relevant Coursework: Business Communications, Business Ethics, Business Finance, Financial Accounting, Intermediate Financial Management, Investment Principles, Portfolio Analysis, Student Managed Investment Funds

EXPERIENCE Associated Students Senator, College of Business Administration 06/16 - Present Associated Students, Incorporated (ASI), CSULB Long Beach, CA

x Serve as a voting member of the Associated Students Senate, representing the students within the College of Business Administration, and fulfill legal and ethical obligations thereof

x Compose and present resolutions to the Senate for consideration x Ensure that all activities, policies, and resolutions are initiated and carried out in the best interests of the student body

Supplemental Instruction (SI) Leader & Mentor 08/14 - Present Learning Assistance Center, CSULB Long Beach, CA

x Facilitate and teach business calculus to over 20 students per week: on average students have improved one letter grade since joining SI

x Develop effective communication skills and capacity to work with students with diverse backgrounds

Front-Desk and Research Student Assistant 06/16 – 08/16 College of Business Administration (CBA) Center for Student Success, CSULB Long Beach, CA

x Assisted incoming freshmen & transfer students through advising and schedule building for fall semester x Provided registration assistance, disseminated CBA informational materials and forms, and answered questions

regarding CBA and University policies, procedures and special projects

Student Orientation, Advising & Registration (SOAR) Advisor 05/15 – 01/16 California State University, Long Beach Long Beach, CA

x Presented campus tours to over 1000 students to introduce University history, traditions, campus safety, and important campus resources

x Conducted individual and group academic advising session to over 200 students

Clerk Intern 06/14 - 08/14 Oriental Buying Service Limited Hong Kong A buying office for an European department chain store group.

x Created and maintained data input for order shipment schedule x Assisted in a variety of bookkeeping tasks through the use of Microsoft Office to include shipping payment follow up x Hosted many unique clients in shopping for goods, while learning the manufacturing process in the clothing industry

HONORS & AWARDS x Beta Gamma Sigma International Honor Society & Phi Kappa Phi National Honor Society, 05/16 – Present x Best Business Plan Presentation (Student Center for Professional Development Corporate Mentoring Program), 09/16 x Best Presentation (German-American International Business Workshop), Short-term study in Germany, 06/16 x Certificate of Completion for Diversity Training (Student Talk About Race) Workshop, 03/16 x Leadership Academy Graduate (Leadership Resource Center), 05/15 x President's Honor List, Spring/Fall ’14, Fall ’15, Spring ’16

INVOLVEMENT x Chair of Senate Audit Committee, CSULB Associated Students Inc., 08/16 – Present x Senate Representative, Associated Business Students Organization Council, 07/16 – Present x Senate Representative, University Student Union Board of Trustees, CSULB Associated Students Inc., 06/16 – Present x Youth Group Leader & Sunday School Instructor, St. Gabriel's Episcopal Church, 09/13 – Present x Community Scholars, Student Center for Professional Development, 11/15 – 05/16 x Member At Large/Publicity Committee, University Honors Program Student Association, 05/15 – 05/16

SKILLS Computer: Proficient with Microsoft Word, Excel and PowerPoint; Knowledge of Microsoft Access Languages: Fluent in Cantonese Chinese, Mandarin Chinese & English

Faculty Advisor Biography Name Peter A. Ammermann

Title Associate Professor, Finance

Address 1250 Bellflower Boulevard, Long Beach, CA 90840

Phone: (562) 985-7526 Fax: (562) 985-1754

Email Peter.Ammermann@csulb.edu

EDUCATION Please indicate the school, major, decree, and year: Virginia Tech Ph. D. Statistics Continuing Virginia Tech Ph. D. Finance 1990-1999 Virginia Tech M.B.A. Finance 1987-1989 Virginia Tech B.B.A Economics & Accounting 1983-1987 Are you a? ____ CFA Candidate ____ CFA Charterholder _X___ Neither What other professional designations do you hold? Ph. D.

EMPLOYMENT

Faculty: Circle one: Full-time Part-time Tenured

Length at Present Employer 15 years

OTHER QUALIFICATIONS

Describe any experience you have had personally or through employment with investing.

Director of CSULB’s Student-Managed Investment Fund (SMIF); have taught all of the required courses within CSULB’s Investments track, including Business Finance, Investment Principles, and Portfolio Analysis, as well as the honors Applied Portfolio Management course.

Please describe briefly your motivation for participating in this project.

Competing in CFAOCF’s RFP competition and going through the process of completing the RFP enhances the educational experience that the students are able to receive from the SMIF program.

Why are you qualified to serve as advisor for this team?

I have served as co-advisor for the CSULB’s SMIF program, at least part-time, since Fall 2000, and I am now the director of the program. I have also participated in CFAOC activities for the past eight years.

What benefit do you expect to derive from participation in this project?

Personal satisfaction from providing the students with a unique educational experience that was not available to me

during my education; the ability to enhance the reputation of CSULB through its participation in the RFP competition.

COMPLIANCE and DISCIPLINARY QUESTIONS

Are you a registered representative of a broker/dealer? YES NO Disclose any areas of potential conflicts of interest between other business activities you conduct and management of the Foundation Fund.

N/A

Do you agree to follow CFA Institute’s Code of Ethics and Standards of Professional Conduct in your capacity as advisor to the student investment-management team?

YES NO

Have you ever been convicted of or plead guilty or “no contest” to a felony? YES NO Have you ever been convicted of or plead guilty or “no contest” to a misdemeanor involving: investments or an investment-related business? YES NO

Has the SEC or CFTC or any other federal or state regulatory agency or any self-regulatory organization in the last 10 years: (1) found you to have made a false statement or omission? YES NO

(2) found you to have been involved in a violation of a regulation or statute? YES NO (3) found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?

YES NO

(4) entered an order against you in connection with investment-related activity? YES NO

(5) imposed civil money penalty or ordered you to cease and desist from any activity? YES NO

(6) ever denied, suspended, or revoked your registration or license or otherwise prevented you from associating with an investment-related business or any advisory affiliate activity?

YES NO

Please provide an explanation to any questions to which you answered Yes above:

N/A

Within the last five years, have you been involved in any litigation or other legal proceeding relating to Regulatory, Compliance, Legal, Custody, Investment advisory or other activities? If so, provide an explanation and indicate the current status or disposition.

YES NO