Student Investment
Management (SIM) Fund
Annual Report June 2014
________________________
Max M. Fisher College of
Business
The Ohio State University
The Student Investment Management (SIM)
Program
Contact Information:
The Ohio State University
Max M. Fisher College of Business
Department of Finance
700 Fisher Hall
2100 Neil Avenue
Columbus, OH 43210
www.fisher.osu.edu/fin/courses/sim
www.buckeyefunds.com
FCOB-sim@osu.edu
1
Acknowledgements:
The SIM Fund family would like to thank:
Dr. Kewei Hou –SIM Director and FCOB Professor
The Rosenfield Family and Frank Bettendorf
Group – donors, for offering scholarships that
support the SIM Program
Royce West – SIM class Lecturer
Gary Leimbach, Natalie Darner, Tarek Ahmed
and Josh Smith – Controller’s Office, for
managing the SIM Fund and all University
endowment funds
SIM Class Guest Speakers
Matt Sheridan – Senior Lecturer in Finance
Bhavik Kothari – Diamond Hill Investments
Dan Roberts – Chief Economist, STRS Ohio
Raj Menon – Consulting Analyst, STRS Ohio
Fisher and OSU Alumni Hosts:
Hosts in New York
Spring 2013
J. Brian Mullen
Managing Director
Coady Diemar Partners
Tim Gallagher
Managing Director
Morgan Stanley
Aasim Khwaja
Managing Partner
KL Investment Partners, LLC
Elizabeth Mily
Managing Director, Global Healthcare Banking
Barclays
Bloomberg
Bofei Xu
Commodities Analyst
Goldman Sachs
2
Table of Contents:
History of the Student Investment Management (SIM) Program …….. 4
SIM Program Objectives and Philosophy .………………………………… 5
SIM Program Investment Process …..……………………………………… 7
SIM Program Performance: SIM vs. S&P 500 ……….…………………… 8
Appendices:
SIM Fund Holdings – June 30, 2014 ……………………………………… 12
SIM Fund BUY Transactions – July 1, 2013 to June 30, 2014 ……….. 13
SIM Fund SELL Transactions – July 1, 2013 to June 30, 2014.……….... 14
SIM Fund Dividends Received – July 1, 2013 to June 30, 2014………..... 15
SIM Fund Net Interest Received – July 1, 2013 to June 30, 2014 ..…...18
SIM Fund Management Fees – July 1, 2013 to June 30, 2014 ….……..18
Rosenfield Family Prizes for Excellence in Security Analysis …………….18
3
History of the Student Investment Management (SIM) Program:
Following an initial what-if “paper dollar” experiment that lasted approximately one year, a
team of students in 1990 developed a proposal for managing an actual endowment fund. The
team made a presentation before the Investment Committee of the University Trustees. On
the basis of the proposal and favorable results during the trial period, the student team was
awarded a $5 million equity account. A burst of media attention followed the initial press
release, including a spot on the NBC morning show, Today. Coverage of the first anniversary
of the Program was even more intense upon the announcement that the student account had
earned 20% or $1 million while the S&P 500 index had only returned 13.5%. Incredibly,
students eclipsed their high returns the second year with a return of 25% or $1.5 million.
From its inception and through its continuing evolution, OSU’s SIM Program has been an
integrated effort by many individuals and groups. The SIM class is the heart of the Program,
but there is much support offered from the following:
University Trustees: University Trustees proposed the project, monitored its early
development, and approved the final plan. In addition, the Board continues to supervise both
the investment and academic merits of the Program.
University Administration: The SIM class was hired as an equity manager subject to the
same conditions and limitations that apply to any other equity manager for the University
Endowment with one notable exception: The Office of Investments serves as the formal
manager of the account. So far, the office has been able to follow the advice provided by the
SIM class. Should the need arise, The Office of Investments has the authority to override
decisions or to take independent actions. This arrangement allows the SIM Program to avoid
potential legal problems regarding fiduciary responsibility. It also eliminates logistical
problems due to the academic calendar (vacations, turnover of student managers, etc.). Other
University offices are involved with the SIM Program as well, including University
Communications, which helps coordinate media relations.
Fisher College of Business: Fiscal responsibility for the management of the program rests
with the Dean’s office. The Office of External Affairs also assists with program publicity,
media and alumni relations, investment management, special events and biannual visits to
New York and Chicago.
Securities Industry: Support from the greater investment community has been extensive.
Over time, the SIM Program has found increasingly more effective channels for this support,
which now include summer internships, guest speakers for the SIM class, state-of-the-art
investment information services, and reasonably priced trade and service commissions. The
SIM Program would like to express its gratitude to the Frank Bettendorf Group of Morgan
Stanley, who invited two Fisher College of Business MBA candidates as finalists for the
Morgan Stanley Scholarship.
4
SIM Program Objectives and Philosophy:
The Ohio State University SIM Program combines traditional academic objectives with the
practical demands of hands on investment management. The trustees, administration, and
faculty view the Program as a unique opportunity for delivering high quality, pragmatic
education in an area of considerable interest to students and employers alike.
The SIM Program has three primary objectives:



To achieve a total return in excess of our benchmark, the S&P 500 index,
To preserve and maintain the real purchasing power of the fund, and
To enhance the educational experience of the students by providing them an
opportunity to apply the investment management skills and knowledge learned
in the classroom
SIM class trip to New York City – Spring 2013
Outside the classroom, the SIM Program concentrates on establishing and maintaining ties
with the investment community, which, in turn, enhances public relations for both the Fisher
College of Business and The Ohio State University. Each semester, the Program sponsors
student trips to major U.S. and international financial markets, such as New York, Chicago,
and Hong Kong. While on these trips, the SIM students meet with professionals, often Fisher
or OSU alumni, in the investment industry. Only one trip was organized during the school
year 2012-2013, as the initial trip to NYC in the Fall was cancelled due to Hurricane Sandy.
5
From an academic perspective, the SIM Program focuses on developing the students’
understanding of the securities market, specifically, and the financial markets, in general. To
do so, different analytical valuation tools are presented, developed, and hopefully mastered
throughout the class term. The valuation techniques are supplemented by theoretical
material, as well as the real world application and interaction with the SIM fund. In this way
a more complete understanding of investment theory and portfolio development is accessible
to the SIM students. Ultimately, the SIM students become active portfolio managers of the
fund. Each SIM student is responsible for a part of the portfolio in the following way:




Each student is assigned one security from the existing SIM fund. The student
analyst gives current event updates on his or her security in every class session.
The class as a whole is further divided into market sector groups, which are then
responsible for researching and analyzing that specific market sector. Periodic
reports are delivered to the class outlining overall trends and recent
developments.
Furthermore, students are charged with researching potential security additions
or replacements of the current fund securities.
The culmination of the security and market sector analysis results in class
presentations on portfolio rebalancing among sectors and also buy/hold/sell stock
recommendations. The entire class then votes on the recommended actions
based on the presented information and persuasiveness of the students.
The Rosenfield Prize: Thanks to a generous donation from OSU alumni Jack and Dan
Rosenfield, the SIM Program maintains a rewarding process in which the SIM students are
required to prepare an investment report on their assigned stocks in the SIM fund. Each
semester, two prizes are awarded: $2,500 for winner and $1,000 for the runner-up. The
students also gain a competitive advantage in security analysis for any future internship or
full-time employment opportunities.
Professor Hou (right) with Fall 2013 Rosenfield Prize winner Micah Martin (left)
6
SIM Program Investment Process:
The investing philosophy of the SIM Program is based on a value investing approach,
specifically that fundamental analysis can be used to identify attractively priced securities in
the market. Because markets are inefficient in the short term, the market price of the
security can experience volatility around the “intrinsic value” of the security. Fundamental
analysis plays a role in determining the intrinsic value and then comparing that to how the
security is currently priced in the market. Stocks that are priced lower than the intrinsic
value are examined as potential additions to the SIM fund, while stocks that are priced higher
than the intrinsic value are not. The alignment of the SIM Program with this intrinsic value
philosophy causes the fund to be focused on large-cap value stocks with an eye towards
portfolio risk diversification as well.
In the classroom, students become active portfolio managers of the SIM Fund. They are
divided into market sector groups. Sector groups review the prior class sector presentations
and complete a detailed update. The groups present their sector outlooks to the class with
emphasis on business, economic, financial, and valuation analyses. The presentation ends
with a recommendation to overweight, market-weight, or underweight the SIM Fund’s
position relative to the S&P 500.
Following the sector round of presentations, each sector group assesses their current SIM
Fund holdings and evaluates alternative companies within the sector as possible additions.
Finally, the group makes another class presentation, in which they recommend buy, sell, or
hold for SIM Fund holdings or buy for securities outside of the SIM fund. The only
requirement for security additions is that the new stock(s) must be within the group’s
assigned market sector. After this round of presentations, a final class discussion and vote
takes place. The class engages in a group decision-making process and a majority rule applies
to the vote. The aggregate buys and sells are finalized, and trade orders get sent out to the
brokers.
To facilitate continuity, all market sector and security specific presentations are uploaded to
the SIM website under the “Class Info” section (www.fisher.osu.edu/fin/courses/sim or
www.buckeyefunds.com). Current students, as well as former and prospective students,
professors, SIM friends, and the general public, can review past class presentations on the
website. The individual investment reports of the Rosenfield Prize winners and runner-ups
are also available on the website.
7
SIM Program Performance: SIM versus S&P 500
The benchmark for the SIM fund is the S&P 500 Index. For the fiscal year ending June 30,
2014, the SIM portfolio’s net return was +28.07 % compared to +24.61 % for the S&P 500
benchmark. Figure 1 shows the relative performance of both for the fiscal year ending June
30, 2014. Figure 2 shows an overall 10-year relative performance.
Relative Performance - TTM
140
130
120
110
SIM
100
S&P 500 Total Return
90
80
Figure 1: SIM versus S&P 500 - Relative Performance - July 1, 2013 to June 30, 2014
Relative Performance - TTM
220.00
200.00
180.00
160.00
SIM
140.00
S&P 500 Total Return
120.00
100.00
06/14
10/13
02/13
06/12
10/11
02/11
06/10
10/09
02/09
06/08
10/07
02/07
06/06
10/05
02/05
06/04
80.00
Figure 2: SIM versus S&P 500 - Relative Performance - July 1, 2004 to June 30, 2014
8
Figure 3 shows the relative returns of the SIM Fund and the S&P 500 benchmark for different
time periods, including the last fiscal year, 3-year, 5-year, 10-year, and since inception time
intervals.
FY 2014 Return
S&P 500
SIM (Net of fees)
24.61%
28.07%
3-Year
Return
16.58%
14.68%
5-Year 10-Year 15-Year Since Inception
Return Return Return (2/13/90)
18.83% 7.78%
4.35%
9.86%
15.30% 5.93%
4.01%
8.02%
Figure 3: SIM versus S&P 500 - Annualized Portfolio Return
Figure 4 gives an overview of the SIM portfolio as of June 30, 2014 and June 30, 2013. The
market value of the fund was $11.6m in 2012. Mid June 2013, the funding level of the SIM
Fund was pareds back by $2.0m, which explains the drop in total net assets despite an annual
return close to 20%. The number of portfolio holdings decreased from 31 to 27.
Inception Date
Total Net Assets
Number of Equity Positions
Average Market Capitalization
Average Weighted Market
Capitalization
Average P/E Ratio
Average P/B Ratio
Average Dividend Yield
30-Jun-14
13-Feb-90
$13,053,413.28
35
30-Jun-13
13-Feb-90
$10,091,184.10
27
$86,812.96
$96,153.27
$110,555.33
$111,369.63
18.52
2.78
1.46%
14.87
2.59
2.37%
Figure 4: SIM Fund Overview - June 30, 2014 versus June 30, 2013
As of fiscal year ending June 30, 2014, the SIM Fund was overweight relative to the S&P 500
in Consumer Staples, Health Care, Information Technology, and Utilities, while underweight
in Consumer Discretionary, Energy, Financials, Industrials, Materials and
Telecommunication Services. The cash position in the SIM Fund represents 1.38% of the total
portfolio value. Figure 5 shows the sector weights in comparison to the benchmark.
9
Figure 5: SIM versus S&P 500 - Sector Allocations - June 30, 2014
Figure 6 gives an overview of selected risk measures for the SIM Fund.
Risk Measures
Standard Deviation
SIM Fund
S&P 500
Sharpe Ratio
SIM Fund
S&P 500
Fiscal Year 3-Year 5-Year 10-Year
9.89%
9.47%
2.48
2.23
13.99% 15.59%
12.26% 13.40%
0.80
1.07
16.63%
14.70%
17.18%
14.70%
0.15
0.29
0.26
0.43
0.76
1.14
Figure 6: SIM versus S&P 500 - Risk Measures
10
Since
Inception
Figure 7 shows the performance of the fund compared to the S&P 500 for each particular
month of the 2014 fiscal year. The SIM Fund was able to outperform its benchmark in six out
the trailing twelve month period.
Figure 7: SIM versus S&P 500 - Monthly Return Comparisons - July 1, 2013 to June 30, 2014
At the end of the 2014 fiscal year, the ten largest holidngs of the SIM Fund amounted to
$5,740,066, which equals just over 44% of the Fund’s total value. The largest holding was
Molson Coors Brewing Co with a market value of $741,600, equaling 5.69% of the SIM Fund.
Security
Ticker
Molson Coors Brewing Co
Apple Inc.
Gilead Sciences Inc.
Chevron Corp.
Google Inc.
Coca-Cola Co/The
JPMorgan Chase & Co
Fluor Corp.
Vantiv Inc.
Abercrombie & Fitch Co
TAP
AAPL
GILD
CVX
GOOGL
KO
JPM
FLR
VNTV
ANF
Total:
Market Value
SIM Fund %
$741,600
$650,510
$592,807
$587,475
$578,823
$550,680
$547,390
$538,300
$476,732
$475,750
$5,740,066
Figure 8: SIM Fund Top Ten Holdings - June 30, 2014
11
5.69%
4.99%
4.55%
4.51%
4.44%
4.23%
4.20%
4.13%
3.66%
3.65%
44.06%
Appendix 1: SIM Fund Holdings – June 30, 2014
Ticker
Security
Quantity
Unit Cost
T
At&t Inc
10,000
$35.04
$35.36
$353,600.00
2.71%
ANF
Abercrombie & Fitch Co
11000
$41.79
$43.25
$475,750.00
3.65%
AET
Aetna Inc.
5,600
$68.05
$81.08
$454,048.00
3.49%
AAPL
Apple Inc.
7,000
$46.63
$92.93
$650,510.00
4.99%
COF
Capital One Financial Corp
3,000
$75.15
$82.60
$247,800.00
1.90%
CVX
Chevron Corp.
4,500
$87.31
$130.55
$587,475.00
4.51%
C
Citigroup Inc.
10,000
$52.58
$47.10
$471,000.00
3.62%
Market Price Market Value
SIM Fund %
KO
Coca-Cola Co/The
13,000
$40.79
$42.36
$550,680.00
4.23%
CMCSA
Comcast Corp.
4,800
$40.92
$53.68
$257,664.00
1.98%
DTV
DirecTV
3,800
$48.88
$85.01
$323,038.00
2.48%
EMC
EMC Corp
10,700
$23.70
$26.34
$281,838.00
2.16%
EMN
Eastman Chemical Co
1,100
$88.94
$87.35
$96,085.00
0.74%
FLR
Fluor Corp.
7000
$62.56
$76.90
$538,300.00
4.13%
GILD
Gilead Sciences Inc.
7,150
$26.50
$82.91
$592,806.50
4.55%
GPN
Global Payments Inc
5200
$66.96
$72.85
$378,820.00
2.91%
GOOGL
Google Inc.
990
$466.58
$584.67
$578,823.30
4.44%
GOOG
Google Inc.
290
$293.27
$575.28
$166,831.20
1.28%
JPM
JPMorgan Chase & Co
9,500
$44.25
$57.62
$547,390.00
4.20%
KEY
Keycorp
15,500
$13.84
$14.33
$222,115.00
1.71%
MRO
Marathon Oil Corp
10,000
$36.58
$39.92
$399,200.00
3.06%
MCK
Mckesson Corp
2,500
$171.31
$186.21
$465,525.00
3.57%
TAP
Molson Coors Brewing Co
10,000
$53.37
$74.16
$741,600.00
5.69%
MOS
Mosaic Company/The
3,500
$53.45
$49.45
$173,075.00
1.33%
NRG
NRG Energy Inc.
8,500
$18.07
$37.20
$316,200.00
2.43%
NOV
National Oilwell Varco Inc
3,000
$74.70
$82.35
$247,050.00
1.90%
DNOW
Now INC/DE
750
$33.30
$36.21
$27,157.50
0.21%
PCP
Precision Castparts Corp
1,600
$260.17
$252.40
$403,840.00
3.10%
QCOM
Qualcomm Inc.
4,350
$63.05
$79.20
$344,520.00
2.64%
SCI
Service Corp International/US
12,300
$19.00
$20.72
$254,856.00
1.96%
TCK
Teck Resources Ltd.
4,700
$22.41
$22.83
$107,301.00
0.82%
TEVA
Teva Pharmaceutical Industries
7,500
$48.43
$52.42
$393,150.00
3.02%
TUMI
Tumi Holdings Inc.
10,000
$23.56
$20.13
$201,300.00
1.55%
VNTV
Vantiv Inc.
14,180
$30.26
$33.62
$476,731.60
3.66%
WFC
Wells Fargo & Company
7,730
$33.38
$52.56
$406,288.80
3.12%
XEL
XCEL Energy Inc.
4,000
$27.69
$32.23
$128,920.00
0.99%
12
Appendix 2: SIM Fund BUY Transactions – July 1, 2013 to June 30, 2014
Ticker
Security
Quantity
END OF FISCAL YEAR Trade Date: July 26, 2013
Unit
Cost
Total Cost
Settlement Date: July 31, 2013
ANF
FLR
MOS
ABERCROMBIE AND FITCH CO
FLUOR CORPORATION
THE MOSAIC COMPANY
5,400
6600
4100
$48.51
$61.61
$52.11
$
$
$
GLW
CORNING INC
5400
$15.18
$
(82,216.08)
QCOM
QUALCOMM INC
1600
$64.18
$
(102,762.56)
FALL SEMESTER
Trade Date: December 03,2013
ANF
Abercrombie & Fitch
TUMI
TAP
CVX
APA
(262,204.02)
(406,981.08)
(213,841.24)
Settlement Date: December 06, 2013
5600
$35.21
$
(197,477.28)
Tumi Holdings
10000
$23.51
$
(235,626.00)
Molson Coors Brewing Co
10000
$53.32
$
(533,712.00)
Chevron Corp
300
$122.10
$
(36,645.00)
Apache
700
$90.94
$
(63,693.00)
NRG
NRG Energy
1200
$26.74
$
(32,148.00)
XEL
XCEL Energy
4000
$27.64
$
(110,774.00)
PWR
Quanta Services Inc
15000
$29.24
$
(439,297.50)
FLR
Fluor Corp.
400
$77.34
$
(30,956.00)
FCX
Freeport McMoran
6000
$34.00
$
(204,291.00)
EMC
EMC Corp
20000
$23.65
$
(473,948.00)
VNTV
Vantiv Inc
14180
$30.21
$
(429,120.83)
C
Citigroup
10000
$52.53
$
(525,807.00)
AET
Aetna
8000
$68.00
$
(544,418.40)
TEVA
Teva Pharamceuticals
2100
$40.65
$
(85,470.00)
SPRING SEMESTER
Trade Date: April 23, 2014
Settlement Date: April 28, 2014
SCI
Service Corporation International
12300
$18.95
$
(233,733.21)
KO
The Coca-Cola Company
13000
$40.74
$
(530,270.00)
MRO
Marathon Oil Corporation
10000
$36.53
$
(365,817.00)
NOV
National Oilwell Varco, Inc.
3000
$82.98
$
(249,087.60)
PCP
Precision Castparts Corp.
1600
$260.12
$
(416,264.96)
TCK
Teck Resources Limited
4700
$22.36
$
(105,321.83)
EMN
Eastman Chemical Co.
1100
$88.89
$
(97,832.02)
GOOGL
Google Inc.
700
$538.05
$
(376,670.63)
GPN
Global Payments Inc.
5200
$66.91
$
(348,213.84)
T
AT&T, Inc.
10000
$34.99
$
(350,433.00)
COF
Capital One Financial Corporation
3000
$75.10
$
(225,444.90)
KEY
KeyCorp.
15500
$13.79
$
(214,533.95)
JPM
JPMorgan Chase & Co
2500
$55.95
$
(139,996.25)
MCK
McKesson Corporation
2500
$171.26
$
(428,269.00)
13
Appendix 3: SIM Fund SELL Transactions – July 1, 2013 to June 30, 2014
Ticker
Security
END OF FISCAL YEAR Trade Date: July 26, 2013
Quantity
Unit Cost
Total Cost
Settlement Date: July 31, 2013
SBUX
PM
JOY
STARBUCKS CORPORATION
PHILIP MORRIS INTERNATIONAL, INC
JOY GLOBAL, INC
3000
5050
6050
$72.58
$88.13
$48.21
$
$
$
217,575.71
444,800.80
291,339.33
GILD
GILEAD SCIENCES, INC
1000
$62.32
$
62,271.61
SUMMER TERM
Trade Date: August 08, 2013
Settlement Date: August 13, 2013
AAPL
Apple Inc
30
$464.02
$
13,918.85
BAC
Bank of America Corp
870
$14.69
$
12,736.57
WFC
Wells Fargo & Co
120
$43.50
$
5,213.90
FALL SEMESTER
Trade Date: December 03,2013
DG
Dollar General
F
Ford
WMT
Settlement Date: December 06, 2013
2000
$56.27
$
112,438.04
23350
$17.06
$
397,265.29
Wal-mart Stores Inc.
5700
$80.99
$
461,352.81
SLB
Schlumberger
5800
$86.87
$
503,541.43
SJI
South Jersey Industries, Inc.
2800
$55.80
$
156,097.28
CAT
Caterpillar, Inc.
5700
$83.74
$
477,021.84
MOS
Mosaic
3600
$46.98
$
168,945.05
AAPL
Apple Inc
140
$558.00
$
78,111.64
GLW
Corning Inc.
33250
$16.90
$
560,086.47
GOOG
Google Inc
220
$1,050.95
$
231,193.97
QCOM
Qualcomm
250
$73.19
$
18,284.68
TMUS
T-Mobile US Inc
4050
$26.32
$
106,391.64
JPM
JP Morgan
1200
$56.86
$
68,170.81
WFC
Wells Fargo
4300
$44.06
$
189,239.70
WLP
Wellpoint
5600
$92.07
$
515,283.98
SPRING SEMESTER
Trade Date: April 23, 2014
Settlement Date: April 28, 2014
DG
Dollar General Corp.
2300
$55.21
$
126,873.70
DTV
DirecTV
4000
$76.86
$
307,239.60
CVS
CVS Caremark Corp.
8300
$73.00
$
605,431.77
APA
Apache
6500
$88.23
$
573,139.12
NRG
NRG Energy Inc.
PWR
Quanta Services Inc.
FCX
EMC
1500
$32.66
$
48,917.06
15000
$36.01
$
539,394.06
Freeport-McMoran Copper & Gold
6000
$33.47
$
200,522.16
EMC Corp
9300
$25.93
$
240,690.76
QCOM
Qualcomm Inc.
3400
$80.46
$
273,394.41
TMUS
T-Mobile US Inc
BAC
Bank of America Corp.
AET
TEVA
4500
$29.99
$
134,746.36
36230
$16.34
$
590,256.94
Aetna Inc.
2400
$68.75
$
164,864.83
Teva Pharmaceutical Industries
3500
$50.70
$
177,284.37
14
Appendix 4: SIM Fund Dividends Received – July 1, 2013 to June 30, 2014
Company
ABERCROMBIE & FITCH CO
AETNA INC
ALBEMARLE CORP
APACHE CORP
APPLE INC
BANK OF AMERICA CORP
CVS CAREMARK CORP
CAPITAL ONE FINANCIAL CORP
CATERPILLAR INC
CHEVRON CORP
CITIGROUP INC
Date
Dividend
Shares
Total Net
Amount
9/17/2013
$0.20
5,400
$1,080
12/17/2013
$0.20
5,400
$1,080
3/18/2014
$0.20
11,000
$2,200
6/17/2014
$0.20
11,000
$2,200
1/31/2014
$0.23
8,000
$1,800
4/25/2014
$0.23
8,000
$1,800
7/1/2013
$0.24
3,300
$792
8/22/2013
$0.20
5,800
$1,160
11/22/2013
$0.20
5,800
$1,160
2/21/2014
$0.20
6,500
$1,300
5/22/2014
$0.25
6,500
$1,625
8/15/2013
$3.05
1,170
$3,569
11/14/2013
$3.05
1,140
$3,477
2/13/2014
$3.05
1,000
$3,050
5/15/2014
$3.29
1,000
$3,290
9/27/2013
$0.01
36,230
$362
12/27/2013
$0.01
36,230
$362
3/28/2014
$0.01
36,230
$362
8/2/2013
$0.23
8,300
$1,868
11/1/2013
$0.23
8,300
$1,868
2/3/2014
$0.28
8,300
$2,283
5/2/2014
$0.28
8,300
$2,283
5/22/2014
$0.30
3,000
$900
8/20/2013
$0.60
5,700
$3,420
11/20/2013
$0.60
5,700
$3,420
9/10/2013
12/10/2013
3/10/2014
6/10/2014
2/28/2014
$1.00
$1.00
$1.00
$1.07
$0.01
4,200
4,200
4,500
4,500
10,000
$4,200
$4,200
$4,500
$4,815
$100
5/23/2014
$0.01
10,000
$100
15
7/24/2013
$0.20
4,800
$936
10/23/2013
1/23/2014
4/23/2014
$0.20
$0.20
$0.23
4,800
4,800
4,800
$936
$936
$1,080
9/30/2013
$0.10
33,250
$3,325
12/13/2013
$0.10
33,250
$3,325
1/23/2014
$0.10
20,000
$2,000
4/23/2014
$0.10
20,000
$2,000
10/2/2013
$0.16
6,600
$1,056
1/3/2014
$0.16
6,600
$1,056
4/2/2014
$0.21
7,000
$1,470
9/3/2013
$0.10
23,350
$2,335
12/2/2013
$0.10
23,350
$2,335
FREEPORT-MCMORAN COPPER
& GOLD
2/3/2014
$0.31
6,000
$1,875
5/1/2014
$0.31
6,000
$1,875
GLOBAL PAYMENTS INC
5/30/2014
$0.02
5,200
$104
7/31/2013
$0.38
8,200
$3,116
10/31/2013
$0.38
8,200
$3,116
1/31/2014
$0.38
7,000
$2,660
4/30/2014
$0.38
7,000
$2,660
KEYCORP
6/13/2014
$0.07
15,500
$1,008
MARATHON OIL CORP
6/10/2014
$0.19
10,000
$1,900
3/17/2014
$0.37
10,000
$3,700
6/16/2014
$0.37
10,000
$3,700
8/15/2013
$0.25
7,100
$1,775
12/19/2013
3/20/2014
6/19/2014
$0.25
$0.25
$0.25
7,100
3,500
3,500
$1,775
$875
$875
8/15/2013
$0.12
8,800
$1,056
NRG ENERGY INC
11/15/2013
2/17/2014
5/15/2014
$0.12
$0.12
$0.14
8,800
10,000
8,500
$1,056
$1,200
$1,190
NATIONAL OILWELL VARCO INC
6/27/2014
$0.46
3,000
$1,380
PHILIP MORRIS
INTERNATIONAL IN
7/12/2013
$0.85
5,050
$4,293
PRECISION CASTPARTS CORP
6/30/2014
$0.03
1,600
$48
COMCAST CORP
CORNING INC
EMC CORP/MA
FLUOR CORP
FORD MOTOR CO
JPMORGAN CHASE & CO
MOLSON COORS BREWING CO
MOSAIC CO/THE
16
9/25/2013
$0.35
8,000
$2,800
12/19/2013
$0.35
8,000
$2,800
3/26/2014
$0.35
7,750
$2,713
6/25/2014
$0.42
4,350
$1,827
7/12/2013
$0.31
5,800
$1,813
10/11/2013
$0.31
5,800
$1,813
1/10/2014
$0.31
5,800
$1,813
6/30/2014
$0.08
12,300
$984
7/2/2013
$0.44
2,800
$1,239
10/2/2013
$0.44
2,800
$1,239
9/3/2013
$0.32
8,900
$2,865
12/3/2013
$0.33
8,900
$2,906
3/10/2014
$0.34
11,000
$3,792
6/2/2014
$0.35
7,500
$2,627
WAL-MART STORES INC
9/3/2013
$0.47
5,700
$2,679
WELLPOINT INC
9/25/2013
$0.38
5,600
$2,100
9/1/2013
$0.30
12,150
$3,645
12/1/2013
$0.30
12,030
$3,609
3/1/2014
$0.30
7,730
$2,319
6/1/2014
$0.35
7,730
$2,706
1/20/2014
$0.28
4,000
$1,120
4/20/2014
$0.30
4,000
$1,200
QUALCOMM INC
SCHLUMBERGER LTD
SERVICE CORP
INTERNATIONAL/US
SOUTH JERSEY INDUSTRIES
INC
TEVA PHARMACEUTICAL
INDUSTRIES
(net amount includes foreign tax
withheld)
WELLS FARGO & CO
XCEL ENERGY INC
17
Appendix 5: SIM Fund Net Interest Received – July 1, 2013 to June 30, 2014
Total
Amount
Date
Dreyfus Cash Management Fund
7/1/2013
$16.88
8/1/2013
$1.03
9/1/2013
$0.51
10/1/2013
$1.38
11/1/2013
$1.89
12/1/2013
$2.17
1/1/2014
$5.79
2/1/2014
$6.68
3/1/2014
$6.47
4/1/2014
$7.34
5/1/2014
$5.61
6/1/2014
$3.89
Appendix 6: SIM Fund Management Fees – July 1, 2013 to June 30, 2014
Date
9/30/2013
12/31/2013
3/31/2014
6/30/2014
Portfolio Value
Fee Amount
Dreyfus Cash Management Fund
$ 10,541,167.64
$ 26,340.31
$ 11,765,140.28
$ 29,400.54
$ 12,240,973.14
$ 30,588.04
$ 13,053,413.28
$ 32,603.90
Appendix 6: Rosenfield Family Prizes for Excellence in Security Analysis – July 1,
2013 to June 30, 2014
Date
Winner
SIM Security
Runner-Up
SIM Security
Summer 2013
Martin Perrier
Abercrombie & Fitch
Wade
Guzdanski
Caterpillar, Inc.
Fall 2013
Micah Martin
SBA Communications
Nicholas C.
LiBassi
Gilead Sciences Inc.
Yao Yao
KeyCorp
Jon Koval
Quanta Services, Inc.
Spring 2014
18