Annual Report

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LETTER FROM 2022-2023 MANAGEMENT TEAMS

LETTER FROM 2023 SPRING SIF MANAGEMENT TEAM
The TCNJ Herbert B. Mayo Student Investment Fund (SIF) is a student-run organization of ambitious junior and senior business majors. These members share a passion for investment analysis and portfolio management. Leveraging the skills learned in their time at the School of Business, these fund managers oversee a portfolio comprising 53 positions across multiple industries. As of the close of Spring ‘23, the fund is valued at $650,000+. The primary objective of the fund is to expand and grow the portfolio; thereby outperforming the S&P 500 benchmark. Additionally, the income generated by the fund is distributed in a one-time scholarship offering to incoming TCNJ freshmen from Ewing Community. As a whole, the fund allows students to gain invaluable experience managing real world assets; enhancing their knowledge of the market, investments, and the global environment.

During the Spring 2023 semester, the fund continued to adjust the portfolio in response to macroeconomic headwinds; market volatility, high inflation rates, and geopolitical risks. The management team was aware of systematic risk to several sectors within the portfolio. The Fund’s managers evaluated the portfolio as a whole by scrutinizing all positions by their annual dividend yield. As part of the fund’s societal mission (see the section: Giving Back To The Community)it is dependent on generating income through dividends. After considering the portfolio as a whole, the leadership team divested several positions and used the cash to acquire financially resilient and undervalued equities. For additional information on each transaction see the Spring 2023 Transactions section of this report.

Through their strategic actions, the 2022-23 Student Investment Fund was able surpass their S&P 500 benchmark by 275 bps. The SIF remains one of the most valuable experiences offered by TCNJ’s School of Business. We extend our gratitude to Dr. Mayo and Dr. Choi for their consistent presence and valuable guidance during each presentation, enhancing the learning experience. We are confident that the SIF has equipped us with a unique skill set that will benefit each in our future professional careers.

Drafted by Joseph Fiordaliso and William Parr on behalf of the Spring 2023 SIF Management Team

NOTES FROM 2022 FALL SIF MANAGEMENT TEAM
The Herbert B. Mayo Student Investment Fund (hereinafter the SIF or the Fund) is a group that consists of driven TCNJ Business Students who are in their junior or senior year of college and have a passion for the stock market. This group of young men and women work together as fund managers to operate a fund worth $635,000+. Managers of the Fund have the mission of expanding and growing the portfolio while continuously expanding their knowledge of the market, investing, and the economic atmosphere.

For Fall 2022, the Fund’s focus was to adjust the portfolio in accordance with macroeconomic factors such as rising interest rates, high inflation rates, and geopolitical risks. In response, the Fund sold a few positions and used the cash to purchase more promising/resistant stocks. Details for each transaction can be found in the “Highlights of Transactions” section of this report.

The SIF is one of the best experiences TCNJ’s School of Business offers to its students. Thank you to Dr. Mayo and Dr. Choi for sitting in on each presentation this past semester and enhancing them learning experience. We are certain that the SIF has provided us with a unique set of skills that will benefit us in the rest of our professional careers.