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The James-Atkins Fund Investment Report

March 2020

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Overview Background This organization provides Wofford students with real-life investment experience by managing a stock portfolio. Membership is open to Finance and Accounting majors and non-majors alike. The fund’s first meeting was held on September 9, 2008. The fund is made possible by the generosity of R. Michael James (’73) and Robbie Atkins (’65), who each made a $100,000 gift to the college. Proceeds earned from the fund are used to fund micro-credit initiatives in Haiti and the Dominican Republic. Organization Members of the fund serve in one of three positions: managing partner, portfolio manager, or research associate. In these roles, students are assigned to one of the four research groups: (i) domestic equity & international, (ii) domestic equity & alternative, (iii) domestic equity & real estate, and (iv) domestic equity & fixed income.

Members giving a presentation at a monthly meeting

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2019-2020 James-Atkins Fund Members

Blake Jeresaty ’20 Grant Melton ’20 Kyle Blair ’20 Managing Partner Portfolio Manager Portfolio Manager

Andrew Riazzi ’20 Mills Brice ’20 Nolan Dee ’20 Portfolio Manager Portfolio Manager Assistant Portfolio Manager

Ryan Holmes ’20 Andrew Sargent ’20 Braden Tuttle ’20 Assistant Portfolio Manager Assistant Portfolio Manager Assistant Portfolio Manager

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Sergio Sum Munoz ’20 McKay Brabhman ’20 Julia Wiles ’20 Assistant Portfolio Manager Assistant Portfolio Manager Assistant Portfolio Manager

Grant Blalock ’20 Read Folline ’20 Ashlyn Chester ’21 Research Associate Research Associate Research Associate

Chase Storch ’20 Maggie Adcock ’20 John Fisher ’20 Research Associate Research Associate Research Associate

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Alex Collie ’20 Henry Lesesne ’20 Will Moore ’21 Research Associate Research Associate Research Associate

Grayson Loftis ’20 Carolyn Albritton ’21 Erin Bedenbaugh

Research Associate Research Associate Research Associate

Dr. Philip Swicegood James-Atkins Fund Professor

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INVESTMENT TickerMarketValue

Percent of Portfol io

% Gain/Loss Inception

% Gain/Loss

TTM International 36,331.58 14.61%Vanguard FTSE xUS VEU 15,997.80 6.43% 109.07% -15.53%PowerShares FTSE RAFI Dev Mkts PXF 3,610.46 1.45% 0.60% -21.82%iShares Core MSCI Emerging Markets ETF IEMG 6,313.32 2.54% 5.47% -19.12%Nova Measuring Instruments LTD NVMI 5,877.00 2.36% 22.74% 29.67%Mowi ASA MHGVY 4,533.00 1.82% -32.18% -29.16%

Domestic Equity 86,163.39 34.64% S & P 500 SPY 9,794.50 3.94% 239.55% -6.89%Vanguard Total Market VTI 28,231.29 11.35% 243.03% -9.24%Market Vectors Morningstar Wide Moat ETF MOAT 25,281.72 10.16% 132.78% -5.00%Valero Energy Corporation VLO 2,812.32 1.13% 6.53% -44.19%Matson, Inc. MATX 1,531.00 0.62% -15.25% -15.16%Pioneer Natural Resources Co. PXD 1,122.40 0.45% -59.26% -53.26%Dollar General Corporation DG 3,322.22 1.34% 41.75% 28.01%Lockhead Martin Corporation (LMT) LMT 5,084.25 2.04% 11.88% 15.73%Raytheon Company (RTN) RTN 4,065.65 1.63% -26.36% -26.54%Motorola Solutions Inc. MSI 4,918.04 1.98% -17.09% -3.92%

Real Estate 25,695.62 9.02%Vanguard REIT VNQ 2,794.00 1.12% 334.93% -16.69%Vanguard Global ex-US Real Estate ETF VNQI 3,261.16 1.31% 3.92% -22.31%Apartment Investment and Mgmnt Co. AIV 1,406.00 0.57% 7.10% -27.93%Prologis, Inc. PLD 3,054.06 1.23% 60.45% 14.80%Camden Property Trust CPT 2,931.88 1.18% -2.94% -19.34%Equinix Inc. EQIX 3,122.85 1.26% 55.30% 40.35%UMH Properties Inc. UMHPRC 5,858.67 2.36% 47.39% 46.07%Diversified Healthcare Trust DHC 3,267.00 1.31% -56.00% -53.22%

Alternative 21,172.92 8.51% Brookfield Infrastructure Partners BIP 4,316.40 1.74% -25.03% -10.37%Ishares GSCI Commodity GSG 511.50 0.21% -71.37% -41.69%Brookefied INFRA CORP BIPC 423.02 0.17% -32.18% -18.91%ProShares UltraPro 3x Crude Oil ETF OILU 3,031.00 1.22% -39.53% -98.23%iPath Series B S&P GSCI Crude Oil ETN OIL 2,891.00 1.16% -15.54% -67.27%Atlas 10,000.00 4.02% 0.00% 0.00%

Fixed Income 40,220.77 16.17% Ishares IBOXX LQD 6,546.03 2.63% 111.93% 7.52%Vanguard High-Yield Corporate Inv VWEHX 8,388.33 3.37% 49.43% -3.66%Eaton Vance Floating-Rate Advantage A EAFAX 3,707.51 1.49% 6.57% -12.20%Templeton Global Income Fund GIM 3,616.60 1.45% 3.48% -9.63%Fidelity New Markets Income FNMIX 3,996.09 1.61% -11.80% -10.88%Bank of America Corporation - PFD BAC-PL 7,596.12 3.05% 7.78% 2.41%Wells Fargo & Company - PFD WFCPRL 6,370.10 2.56% -11.66% 3.83%

Money Market 39,155.50 15.74% 0.01% 0.01%

TOTAL PORTFOLIO 248,739.78 100% -10.20%Benchmark -10.14%

Wofford College: James-Atkins FundAs of 03/31/2020

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International15%

Domestic Equity35%

Real Estate9%

Alternative9%

Fixed Income16%

Money Market16%

Asset Allocation

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Risk vs. Return

Metrics Comparison Return Std Dev Beta Sharpe Treynor Alpha

1 Year James-Atkins Fund -10.20% 13.04% 0.924 -1.012 -0.143 -0.041 Benchmark -10.14% 14.11% 0.974 -0.931 -0.135 -0.035 Endowment -10.60% 12.01% 1.025 -1.132 -0.133 -0.035

3 Years James-Atkins Fund 0.68% 10.52% 0.924 -0.221 -0.025 -0.046 Benchmark 1.84% 10.55% 0.974 -0.110 -0.012 -0.036 Endowment 1.03% 10.97% 1.025 -0.179 -0.019 -0.045

5 Years James-Atkins Fund 1.60% 10.72% 0.924 -0.131 -0.015 -0.044 Benchmark 2.68% 9.16% 0.974 -0.035 -0.003 -0.035 Endowment 1.72% 9.75% 1.025 -0.131 -0.012 -0.046

10 Years James-Atkins Fund 5.90% 8.88% 0.924 0.326 0.031 -0.038 Benchmark 6.09% 7.59% 0.974 0.408 0.032 -0.040 Endowment 4.43% 8.15% 1.025 0.175 0.014 -0.060

INCEPT James-Atkins Fund 8.87% 12.74% 0.924 0.461 0.064 -0.032 Benchmark 8.86% 12.82% 0.974 0.457 0.060 -0.037 Endowment 6.19% 13.33% 1.025 0.239 0.031 -0.068

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

1 Year 3 Years 5 Years 10 Years Inception

Return Comparison (%)

James-Atkins Fund Benchmark Endowment

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0

50

100

150

200

250

300

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Initial $100 Investment Growth Comparison

James-Atkins Fund Benchmark Endowment

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Wofford Micro-Credit Initiative Haiti and Dominican Republic

Loan Portfolio

LOANS MADE IN HAITI

• 249 retail loans ($63,300)

• 720 agriculture loans ($90,000)

REPAYMENT RATE • > 99.6%

MEALS MADE IN HAITI

• 354 meals are provided to children each school day

• Prepared by 4 micro-loan entrepreneurs

• Funded by James-Atkins loans and donors

School Lunch Highlights

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Wofford Micro-Credit Initiative Haiti and Dominican Republic

Entrepreneurs

LOANS MADE IN THE DOMINICAN REPUBLIC

• 160 retail loans ($84,000)

• $7,000 new loan money added each year

• 10 year loan partnership

agreement with Esperanza

Loan Portfolio

• Founded in 1995

• Number of loans: 248,305 • Capital Disbursed: $78 million • Repayment Rate: 98.3%

About Esperanza

our Partner

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JAMES-ATKINS FUND PLACEMENT

Graduate Schools

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JAMES-ATKINS FUND PLACEMENT

Jobs and Internships

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JAMES-ATKINS FUND PLACEMENT

Jobs and Internships

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JAMES-ATKINS FUND PLACEMENT

Jobs and Internships