 Hello, everyone. As many of you know me, I'm Dr. Michael Melton, founding director of the Center for Advanced Financial Education. I would like to welcome everyone to the first summer cafe presentation. We're going to keep this intro brief as many of you are joining us from your desks today. But before we begin, I'd first like to introduce Dr. Susan McTernan, the Dean of the Gabelli School of Business, to say a few words. Dean McTernan, you'll get started. Thanks, Professor Melton. It's great to be with all of you here. And thanks to all of our friends and alumni who are with us from, I think, all over the globe today. This is such a great way of being able to offer this presentation so that we can have more participation. And these students have just done an incredible job this summer. I think everybody knows that they have been working as a team, but they have been working remotely throughout the entire summer. We seem to be experiencing what is a new normal for all of us, and they have leveraged the technology and the capabilities of the cafe program to be able to have a great experience and to manage their two portfolios about which we're going to hear in just a few minutes. I'd also like to extend a very warm thank you and welcome, if you're with us, to both Hans Christensen and Mario Gabelli, who have been longtime supporters of the cafe program, wonderful accomplished people who have taken their time and their expertise and also financially supported the program, as well as to extend a special welcome to all of the cafe alumni who are with us today, many of whom have also participated in supporting the program through the very successful campaign for cafe. So it's wonderful to have everybody with us today. I am looking forward to the presentation. It's always one of my favorite events. And again, so glad that so many of us, so many of you could be with us this afternoon and welcome from wherever you are. So with that, I'll turn it over, I think, to Matt, who is going to take it from here. Matt. Thank you, Dean McTernan. So all mics and video have been disabled for this presentation. Should any of you have any questions during the presentation, please use the Q&A feature and we'll answer them all at the end. We apologize for fixed picture presenters as we're trying to conserve on our bandwidth in order to bring you the clearest audio that we have. We will, however, be having live videos of our presenters during the Q&A session. And also, this presentation is being recorded. Welcome, everyone, to the Center for Advanced Financial Education Portfolio Manager Program's first ever summer semester presentation. Thank you to everyone for joining today and supporting all the hard work that has been done this summer. My name is Matt Woznik, and I'm the Chief of Staff at the cafe. And on behalf of Dr. Michael Melton, I would like to take this time to welcome and thank our distinguished panelists for being with us today. We are currently joined by Carlo Puccini, Jeanette Griffin, and Malli Patron. I would also like to introduce our moderator for today's Q&A session, Natalie Ticillo, from the spring class of 2020. I would now like to introduce the associate directors, the portfolio managers, and the student phone managers. My name is Brett Monofo, and I'm one of the associate directors. My name is Madison DeSantis, and I'm the other associate director. My name is Brandon Baez, and I'm the portfolio manager for the cafe core fund. My name is David Willett, and I'm the other portfolio manager for the Cabelli Value Fund. My name is Zachary Saunders. My name is Ricky Reimers. My name is Emily Gilday, and we are the financials, energy, industrials, and communication services analysts. My name is Neda Hashemi. My name is Gabrieli. My name is Alex Der Bartanian. My name is Frank Zimnick, and we are Information Technology, Consumer Staples, and Real Estate Analysts. Thank you, guys. As you all know, the Center for Advanced Financial Education is traditionally run in the cafe room inside the Cabelli School of Business. Like last semester, the analysts have faced unique obstacles as the learning environment remained online for the duration of the summer. Thanks to the advent of Zoom and Bloomberg Disaster Recovery Act, we are still able to continue the program into the summer and hold the program's first ever summer cafe presentation. Through working from home, the analysts have had the privilege of managing two real-dollar portfolios in a setting that truly replicates industry today. Incorporating Zoom into the cafe routine took some getting used to, but the challenges met head-on and led to the first successful fully virtual cafe semester. To keep the cafe running at its usual pace, Zoom calls it become a daily occurrence, often running all day long to help facilitate the flow of information and provide structure. As time went on, the Zoom calls only got longer for analysts and management alike. While the analysts were diligently working, management was working hard behind the scenes to not just keep things running smoothly now, but plan how to keep it that way when classes resumed and cafes were turned to the Cabelli School of Business. This group of students-fund managers started working together back in May when they all participated in Finance 380 or Technical Analysis. This course was specifically designed to prepare the students for the analysts and trader roles they have taken on today. Technical Analysis also allowed for the analysts to become accustomed to the virtual environment we operated the cafe through. As the summer progressed, the market continued to run amid extreme volatility. We saw and experienced sectors, industries, and sub-industries falling in and out of favor at an unprecedented rate. This led us to conclude that expanding on Markowitz portfolio theory was the best course of action we could take to gain exposure to more industries and capture the underlying industry rotation that was occurring in the volatile market environment. Further diversification enabled our portfolios to deliver consistent performance amid this wide rotation. Our decisions to increase our asset breadth has paid off and has been our rule of thumb as the inconsistent market rotation continues. I'd like to turn it back over to Matt to discover what differentiates the cafe from other programs of this type. Now, the cafe portfolio management program differentiates itself from similar programs at other universities in almost every way. It focuses on aligning more with industry than actual college course. For starters, the cafe room is designed in a way that mimics a real investment pod. The architecture is extremely important as it allows for the natural flow of information to everyone within the room. Sharing ideas and debating each other is one of the reasons why the program is so successful. We are so fortunate to have the opportunity to not only manage one but two real-dollar portfolios with differing objectives. By managing two different objectives, it allows the analysts to become familiar with the two main styles of investing. Having the opportunity to learn both sides of portfolio management only makes them more prepared post-graduation. The cafe also allows our analysts to make trades in real time. Most universities that manage real money have advisory boards that are required to approve each security. Now, this can be very time consuming as this board may not meet on a daily or even a weekly basis. The cafe does not report to a board, only the principal director and our founder, Dr. Michael Melton. Throughout the utilization of myself and the associate directors, the analysts bring forth companies to us and we bring them straight to dock for approval. This can take anywhere from three to five minutes. And with this quick turnaround time, we're able to make trades at a moment's notice. Now, it is because of all these differences that I've led the cafe to be one of the four most portfolio manager programs at the university level. Let me give you a little rundown on the cafe's chain of command. Docs are headhunter that oversees the whole operation. Then his right-hand man, chief of staff Matthew Woznik, who helps facilitate the background discussions and all the work behind the scenes. He also takes any and all pertinent information the associate directors have straight to dock, such as an opportune buy or an urgent sweep. As a team, often during lengthy Zoom calls, management sifts through all of the company's analysts bring forth and discuss which ones are the strongest candidate for our funds, so only the best picks get brought to dock. The flow of information also works in the opposite direction. Matt really is information from doc to management who then disperses it to the SFMs. Brett and I, the associate directors report directly to the chief of staff and work with the PMs and run the day-to-day operation. Through endless discussions with the analysts and helping shape our funds, we oversee the portfolio's daily performance. Last but certainly not least, we have our student fund managers who work day in and out wearing three different hats as analysts, traders, and portfolio managers. Doc made the decision this summer to bring back the portfolio manager role, designed to provide an overall direction for the fund while managing risk through determining aspects of our investments, such as sector allocation and individual company weightings, while managing portfolio efficiency. We look to compare our level of risk in both funds to the forecasted returns expected based on historical data. Brett and I act as guides to our analysts, having discussions on how companies they bring to the associate directors will fit into our funds. We look at measures of risk, such as standard deviation and beta, while also considering the correlation between each of our holdings within the funds. Now together, management makes tough decisions for the fund and we protect it to the downside while determining how to take calculated risks. We would like to take a second to show you our PM fund reports, which we implemented this summer as a way to monitor performance and thus make suggestions. Brenda and I write weekly reports as a way to continue the flow of information during these challenging times. These reports are sent to the ADs, our chief of staff, the cafe stakeholders, and our client doc. The reports are vital for the management meetings that we would conduct on Sunday nights. We track weekly alpha and report on things such as the current fund makeups, individual holding performances, current concerns, and targets moving forward. These, along with the heat map, shown on the right side of the screen, led the conversations during these meetings as we're able to hold discussions on a company's performance for the given week. This allowed us to make more educated decisions as we were able to see companies that were slowly moving out of favor. Now one example of this was Alphabet Inc. purchased amid the ad boycotts surrounding Facebook. After watching strong performance over the first month of holding, our reports showed us slowing down as Facebook once again began to take over. We brought our fondings to the group and with final approval from our chief, we made the decision to sell and locked in a 9.82% HBY. These reports also give us as the PMs a chance to make objectives for the week and spot any concerns that need to be addressed to those above us. Through these reports, we've been able to stay on track of things like sector rotation and how the changes we are making truly alter our funds. As we move forward into the fall, Brandon and I will be utilizing these reports to meet our goals of coming back from the shock in the market that was the coronavirus and we're proud to say that our value fund has hit a huge milestone in break and even for the year on Monday. And Core has made a step in the right direction as well, but we won't take the glory. Here are our analysts to tell you about this summer's performance. We would like to jump right into the performance of our two funds over our respective holding periods from June 17th to August 17th. I'm looking at Core Investing. We look for companies that will be able to perform well in the short term. We look at industry rotation to determine which holdings are ideal given current market conditions. We chose to look at different fundamental metrics, technical patterns and behavioral news that will drive them in the short term. Looking more into portfolio metrics, we see that the core portfolio has performed well over our holding period. We use something interesting this semester to measure fund performance, a portfolio weighted benchmark. We are confident in our level of both systematic and unsystematic risks we've taken on in our core fund. We can see a healthy risk-reward relationship. While our core portfolio's alpha shows the excess return we made over our benchmark, we saw a 0.89% alpha using our weighted portfolio. It makes us proud to say that even though we are in line on a raw basis using risk-adjusted measures, we are outperforming. What makes us even more proud is our value fund and the way it has been performing during our holding period. Value investing requires us to dig deeper. We take more into account the long-term health of the company and look less into the current trends of the stock. Referring to the graph, we can see that the Gabelli Value Fund outperformed the S&P 500 on a raw basis. Our Sharpen trainer ratios of 1.82 and 0.13, respectively, outperformed our weighted benchmark, showing that our value fund realized more units of return for each unit of risk. While those two performance measures are important, the alpha of this fund is our pride and joy. We are extremely proud that our portfolio generated 3.3% alpha. Now that you have seen our funds performance on both a raw and risk-adjusted basis, one of the main reasons why our funds were able to generate these returns is because we use the top-down analysis to determine portfolio allocation. Our top-down analysis gave us an indication to the state of global and domestic economic conditions. This led us to focus on specific sectors that will perform well in both the short and long terms. Understanding which sectors without reform helped us make proper asset selection, finding the strongest companies. Over the following slides, we'll take you through our journey when conducting the top-down analysis. We'll begin by discussing some of the key economic indicators we felt were most important. Before we started the CAFE program, we watched the US GDP fall 5%, indicating contraction in the US economy. We all know the cause of this has been the pandemic and the growing number of cases. The Fed took action to lower interest rates to near 0% and introduced the stimulus package in hopes to stimulate the economy. By doing so, this would relieve some financial stress and increase investment spending by the public and private sector. The stimulus package had helped increase disposable income in the short run by 13.55%. However, the outlook on the economy became even more bleak, despite all of the efforts. With more closures of business causing higher unemployment rates and increasing cases of the virus, GDP fell even more by 32.9%. And it brought disposable income down along with it. The economy over our time in the CAFE appeared to be unfavorable with economic activity dwindling right before our eyes. Since COVID cases are influential in the economy, we kept up to date with how cases were constantly changing by implementing them into our daily reports. We used the John Hopkins COVID-19 website to track how cases were growing both globally and domestically. Shifting discussions over from domestic economic conditions to what actions were taken to protect the economy. Let's take a look at some of the fiscal measures that helped drive the market over our holding period. On March 27th, the $2.2 trillion CARES Act was passed to provide relief to the American people. The CARES Act included benefits to both individuals and companies. One notable benefit was the Paycheck Protection Program that gave businesses grants to continue paying their employees. Other benefit programs that the government provided gave relief, tax incentives, as well as spending on health aid. This aid was given to hospitals and healthcare providers who were working on the front lines. These stimulus packages have been a driving force in the market and are one of the main reasons we have seen the V-shaped recovery. Many individuals and companies have only been able to survive due to the stimulus provided by the government. We recognized how influential these benefits were to the market and took advantage of that within some of our holdings. We took some positions that were able to capitalize on the quick recovery and took others that were able to survive moving forward with or without more stimulus. Not only was fiscal policy implemented, but the Federal Reserve took measures to stimulate the economy during our holding period. As mentioned before, the Fed lowered interest rates to the lower zero bound. They also reduced the bank's reserve requirements in March and began purchasing corporate bonds. The Fed asked BlackRock to buy billions in corporate bond ETFs as part of its coronavirus relief effort, which allowed companies to receive money through loans. We recognized this utilization of BlackRock by the Fed, and when we were looking to further diversify our financial holdings within our two funds, we recognized that all the pieces fit with BlackRock. The fundamentals were there, as well as the behavioral drivers for the company, which is why we decided to hold them across both funds. Now that we have discussed multiple policies to stimulate the economy, we would now like to dive deeper into specific short-term market drivers. When we first started the portfolio management program, we had to quickly acclimate to the COVID-19 driven market and grow accustomed to deciphering the relevant catalysts in this environment. Everyone has probably read countless articles explaining our V-shaped recovery, but we would like to give you a quick refresher. The first driver that has become apparent was a new demand for essential items. Another driver is states imposing and retracting stay-at-home orders to combat the spread of the virus as we try to make plays accordingly. For two out of the five weeks of us being portfolio managers, we had to weather the volatility that comes with earnings season. We were able to use these earnings to our advantage and that, in turn, became a driver. With the aggregate earnings of the S&P, surprising by 21.86%, this shows how analysts overestimated the effects COVID-19 had on the economy and specific companies. After taking these long-term drivers into consideration, Nada and Molly will discuss our sector weightings. We saw more pessimistic economic indicators potentially leading us to a bearish outlook, but we saw the market driven more by behavioral news surrounding COVID, giving us a more bullish short-term outlook to start the summer. Over the past six months, we saw COVID-related sectors drive the market. As we continue to see the circumstances surrounding coronavirus deteriorate, we made the decision to overweight the healthcare and consumer-stable sectors. When deciding what sectors to underweight in our core fund, we decided to focus less on those with weak fundamentals and valuation concerns. We decided to overweight the energy sector because it does not have any growth potential. Our outlook in the future for our core fund is moderately bearish due to the long-term drivers that Alex will now discuss. In this unpredictable market, we had to keep up with the various long-term drivers, including geopolitical tensions that forced us to focus on safer domestic positions, reducing our overseas risk, as well as the overall risk associated with the upcoming election. Last week, initial jobless cams came in below $1 million for the first time since March. This movement shows the first step the U.S. labor force is taking to adapt the new work environment. You can see certain sectors adapting quicker than others and, in turn, we waited our value fund accordingly. Given the influx of investors entering the market, there has also been an increase of speculative investors. The increase of these investors has caused the market to become more volatile than ever before. After taking these long-term drivers into consideration, again, Hironetta and Malay to discuss our sector weightings. Based on our long-term drivers, we determined our weighting scheme for value. The main sectors we decided to overweight were the communication services and real estate sectors. With interest rates at all time lows and not increasing for the next two years, we predict the real estate sector will outperform. In regards to the communication services sector, we are predicting that the coronavirus will cause more people to be working from home, which will drive the sector. We have chosen to underweight sectors that are very volatile. Information technology, utilities and energy are the top three sectors we underweighted. Our weighting scheme and value contributed to our positive alpha. Our outlook in the future for our value fund is also moderately bearish due to the coronavirus and other long-term drivers that were previously mentioned. We not only take sector weighting into account, but we also diversify across different industries. Here are Brett and Maddie to discuss further. As the market pushed higher, there were periods where it wasn't the companies with the strongest growth projected leading at higher. Instead, it was the beaten down sectors and industries where there was still a good bit of uncertainty, such as energy, financials and industrials. Moving into the summer, we focused on binding companies with cash flow statements and balance sheets strong enough to weather a recession. We also actively seek out companies that offer products and services with inelastic properties. These companies were more concentrated within the information technology, healthcare and consumer stable sectors. We also knew things weren't quite right when there were some days when consumer staples and discretionary were moving in tandem. These market movements led us to further diverse fire funds not to lower unsystematic risk, but to better capture the performance of the market by holding the most favorable assets in these more volatile sectors and industries. We also knew things weren't quite right when there were some days when consumer staples and discretionary were moving in tandem. These market movements led us to further diversifier funds not to lower unsystematic risk, but to better capture the performance of the market by holding the most favorable assets in these volatile sectors and industries. Since equity markets hit their peak back in February, the underlying foundation of systematic risk in markets has flipped. Stocks from the technology and healthcare sectors, for example, used to amplify market movements, rising higher when the market went up and falling further when it declined. But in the COVID-19 market, they actually display lower volatility. At the same time, defensive stocks that previously exhibited a dampening effect have lagged a spiking or declining market, now have sharper up and down. Markowitz portfolio theory holds that proper diversification of a portfolio across 25 assets can't prevent systematic risk, but it can reduce if not eliminate unsystematic risk. However, in the current investing environment, we felt building a Markowitz portfolio theory and holding up to 32 assets was the best course of action to efficiently capture the rapid sector and industry rotation we were seeing to effectively minimize risk. These next few charts should help show you the diversification of how it improved our funds performance. Building off of what the ADs have just explained, when our summer group first took over the funds back in the end of May, we were only diversified in 20 assets in our core fund and 25 in our value fund. We realized that the market was not following the traditional patterns of sector and industry rotations. On any given day, risky industries that we would not normally hold due to the inherent risk would be driving the market. This led to our decision to further diversify our funds to hold 30 and 31 assets. On June 17th, we began the reallocation process of our funds. Being invested in 30 and 31 holdings in each fund has allowed us to be exposed to multiple industries within each sector across funds. This reallocation has improved the overall consistency of each fund's performance. But don't just take our word for it. As you can see on the screen, our current funds in white are compared against our old funds in blue. With both our funds, you can see that this added diversification allowed us to increase our returns while minimizing our downside risk. Now, here at Gabe and Katie to show you the current holdings within our two funds. Thanks Emily. After seeing how our performance has changed with our reallocation of our funds, here's a snapshot of our core and value specific holdings. The core fund consists of 31 holdings and the value fund consists of 30. One of the aspects that was most important with asset selection was ensuring that we are diversified across a large number of industries across funds. After taking a look at a list of our current holdings, we'll move into our rationale we took when building our fund. To pick specific holdings for our funds, we can't just throw a dart at a dartboard and pick the company it lands on. We have to get into a specific state of mind and for both funds, the mentalities differ. For our core fund, we have to think about how we can gain the most profit in a short amount of time by taking key actions such as major earnings place, researching short term drivers for undervalued opportunities and having a sweep in the back pocket ready to bring to the table. On the other hand, our Gabelli Value Fund has a longer time horizon. We look at what this company can do for us in the long term by using a buy and hold strategy. We focus on fundamental metrics and financial statement analysis to project stable growth when constructing our value fund. Now that we have given you the rundown of how our objectives differ, Katie and Alex will now explain how technicals play a role in asset selection. Now all of us in CAFE have actually been together longer than the five weeks this program was scheduled for. We took technical analysis way back in May and were able to learn how to be a trader. What we would like to showcase for you is our ability to execute trades at the most opportune times. We're able to not only buy while stocks are at a low but sell at times that help us obtain the highest possible HPY. In technical analysis, we used measures like the relative strength index and stochastic oscillators to help determine trade triggers. With Viva Systems, RSI was an overbought territory for most of the month. The short term stochastic oscillator crossed the long term from above and the MACD increased its negative divergence, leading us to exit this position as all three indicators pointed to a perfect selling point. When actively managing a fund with a growth objective, using technicals such as these present under the chart on your screen becomes essential for choosing the most opportune positions within the fund. Now the strategies that the student fund managers learned in technical analysis are used most frequently within our core fund due to the active management strategy. We rely on short term global economic and market conditions to help our investment decisions. Now the core fund objective requires a strong focus on behavioral news and immediate catalysts due to the short term time horizon. One of the first companies we would like to show to you is Monster. They exemplify the core fund objective and how we take advantage of short term buy opportunities to obtain a quick gain. You represented the opportunity to buy Monster soon after Coca-Cola's price to earnings ratio has flipped. For all the professionals in the crowd, you know it's our responsibility to stay current with our holdings. So if the metrics flip to show a negative growth rate, we will quickly sweep the company. Sure enough, when Coke's flipped, we took profits and ran. Luckily we had found Monster when we did and had a good price for that matter. At the time, Monster was outperforming its industry and betters on a year to date, one month and 10 day basis. This is due to rumors about a potential hard sell sir and a new tee being added to their product line. This expansion of their drinks is allowing them to further their customer base which contributed to our buy decision. As you can see, we did miss out on some potential gains through earnings. But prior to the call, we went back and forth for a hold or a sell. In the end, we felt that the 9.5% yield was good enough given our 25 day holding period. We took profits and in doing so, we protected ourselves from the downside risks that it posed. All in all, these profits we gained in the short term because we performed our responsibility is a great example of our core funds objective. Other than just checking to make sure our forward earnings are greater than our previous, we also make other quick decisions such as our sales force to Sienna situation. As we kept up with our active management style and core, we recognized the sweep opportunity serving out sales force for Sienna. As you learned over these past few weeks, industry has fluid and we need to be ready to make any changes at any time. We felt that this industry was a good hedge in comparison to our other holdings because it didn't follow the trend of bigger technology companies. This was a decision based on possible industry rotation but mainly behavioral drivers. And since we are constantly changing our outlooks on industries and specific companies within the tech sector, our decision to sever ties with sales force and incorporate Sienna has paid off tremendously. Now we know that sales force has gained a positive return since we said goodbye, but we were able to gain a higher HPY by holding Sienna. Not only do we make sweeps when necessary to gain HPY, but when earnings season came around, we took advantage by making several earnings plays. Ricky will now discuss further with UPS. We all hate to admit how many times UPS has dropped off one of our online purchases throughout the lockdowns, but we recognized the short-term driver in the transportation industry and took advantage of it. As we moved towards UPS' earnings on July 30th, we had to decide whether to take profits prior or hold them through. Before earnings, we had an HPY of 14.76%. Through our earnings analysis, we looked back at analyst revisions for earnings and revenue estimates for the four weeks prior. These revisions led us to believe that the street was uncertain on how UPS would report. Additionally, UPS had been trending up in the 10 days prior to earnings. After performing our due diligence, we decided we were confident to continue holding them through earnings. UPS' feet on revenue and UPS, showing the demand throughout coronavirus had a very positive effect on the company. UPS had truly delivered on their earnings. Since their earnings report, UPS has grown nearly 20% more. Successful earnings play, along with our continued growth after earnings helped contribute to our current HPY of over 48%. Over the five weeks of the CAFE program, three of them were highly focused on earnings analysis. Another one of our favorite earnings plays was Netflix. Our relationship with Netflix is a powerful representation of what it means to have an active portfolio. We can all admit that we spent countless of hours watching Netflix over the last few months. As we moved into earnings with around 20% HPY, we noticed a number of short-term indicators that signaled a potential downside on earnings. We began by putting on our analyst caps and scoured for information that would support a hold or sell decision. They had risen nearly 8% in the 10 days prior to earnings and we noticed that the stock may be getting overheated due to the steep price appreciation preceding the announcement. We transitioned from being an analyst into a trader when we decided to sell out of Netflix prior to their earnings announcement. We sold Netflix and secured an HPY of 21.59%. We knew that if Netflix dropped the following day after earnings, we would want to buy back in as they are a fundamentally strong company. Netflix dropped over 6.5% after their earnings were announced and we were able to buy back in at a discount below $500. By selling out, we saved 24 bits of weighted performance. Yes, the chart has been trending down since quarter to earnings, but we still feel that Netflix has the drivers to retouch their 52-week eye. We saw strong subscription growth and good guidance shows that Netflix will continue to gain those subscribers. Moving away from individual equities, Molly will now discuss in further detail how we diversified our core fund with the addition of ETFs. When properly diversifying our funds, we took a closer look at implementing ETFs. An ETF, for those of you who are unfamiliar, is short for Exchange Traded Fund which can hold equities, commodities, or bonds. An ETF has the capability to package together various financial instruments. In turn, we gained exposure to sums of companies within the target industry, but most importantly, we minimized the downside risk. ETFs have currently proved success given the volatile market. Going more in depth on one of our ETF holdings, Molly will now talk about iBuy in the consumer discretionary sector. We are sure over the past few months, most of us have spent a number of hours sitting on the couch, still in our pajamas, online shopping, which drew our attention over to this ETF. iBuy, formerly known as the amplified online retail ETF, is constructed of 48 companies. It focuses on the traditional retail industry which holds around 60% of the ETF. The companies within iBuy obtain 70% or more of their revenue from online or virtual sales. Due to the amount of people shopping online during the pandemic, iBuy was the perfect ETF to add to our fund. Looking at iBuy compared to their sector ETF, we can see that they have been outperforming, which has given us over a 70% HPY. iBuy is weighted at 5.23% in our core fund and has attributed to 3% of our core fund's alpha. We plan to continue holding iBuy through quarter four as lots of holiday shopping will be online this year. Without holding an ETF in our funds, we would be limited to one company and consequently one industry. In an effort to capture this industry cyclicality within the sector, we knew performance would benefit from the broad industry exposure an ETF offers rather than a single company could offer. We were able to properly diversify by not only utilizing ETFs, but through holding an international company as well. We will now turn it over to Emily, Rikki, and Zach to discuss UBS, one of our only international holdings. With UBS, we took a step back and looked at global trends rather than a solely domestic-centric viewpoint. We noticed that globally, wealth management would be an opportune segment to focus on in both the short and long term. With the idea to look into wealth management, we looked at UBS because it was one of our few positions focused outside of the US. Foreign countries make up over 50% of the revenue, showing that if one country is facing negative economic pressures, it will not significantly impact the company's revenue. This reach across the globe along with UBS's growing involvement in China signaled that it was a good value option for our fund. Interest in asset management is growing in China, which will benefit UBS as they have large exposure to this region. This global diversification allows for exposure to various economic and interest rate environments. This protects to the downside, which is what helped UBS fit within our value funds objective. When looking at UBS from our core objective, certain revenue segments stood out to us, leading us to believe it would outperform the financial sector in the short run. Wealth and asset management make up over 50% of the company's revenue, which was a key reason our attention was brought to UBS. This segment has been on the rise since March, and as we see the volume of investors in the equities market is increasing, we knew we wanted to capitalize on this short term driver. You also see UBS having a positive G prime, which is better than Bank of America and Morgan Stanley, which have lesser G primes. This positive growth rate differentiates UBS from many of its competitors. Moving on from our core portfolio, Matt will now introduce our value fund and its objectives. Now, within our value fund, we hold companies that we plan to keep through year's end, and to truly understand the long-term growth potential of the company, we heavily rely on fundamental analysis to seek out undervalued assets. As most of you may know, firms mainly incorporate the bottom-up approach. However, we take a different approach than the norm when it comes to value investing by using a modified top-down approach. In talking about our value strategy, we dig a hole two feet wide and two miles deep. This narrows down the companies within our selection and are able to get a deeper understanding of what the company does along with how they are performing. To explain how we were able to select these companies in order to fit our value fund time horizon, Gabe and Ricky will now explain more in depth our modified top-down approach. With our value strategy, we use a similar method to our core fund. However, we focus on a longer time horizon, which in turn changes the outlook we have on specific companies. The reasoning as to why we say modified is because of the current environment we are in. Positive economic indicators do not necessarily depict a positive reaction and vice versa with the negative ones. Therefore, we have to dig deeper within the company itself to find specific catalysts and drivers to match our time horizon. We look at the overall health of the economy, but also which sectors will be leading several months from now. Lastly, we make sure any company we choose has the structure to withstand any economic changes that the pandemic may bring. Emily, Zach, and Alex will now discuss why you should follow our lead. With the high volatility in the market, we needed to be patient and remember what truly makes a value company. We looked for undervalued companies that have strong cash flows and fundamentals, high dividend yields, and future catalysts. We chose our value companies to ensure that we were not taking on too much risk and would be protecting our funds to the downside. Thus, price stability and continuous earnings growth became key points of analysis in our fund. We find the best companies for our value fund by extensive analysis of every holding. Some of those companies we would like to highlight have a high upside-downside ratio, strong fundamentals, and solid financial statements. As we move into our value holdings, the first company we would like to highlight is O'Reilly Auto Parts. O'Reilly Auto Parts within the consumer discretionary sector was one of the first companies that we were able to get into our value fund. Within the discretionary sector, we needed a company that had the capacity to perform even with the setbacks from COVID-19. The automotive industry immediately intrigued us as it had been performing well thus far. Their investing cash flow statement started to drop as O'Reilly expanded to Mexico and Puerto Rico. O'Reilly capitalized on NASCAR, being one of the few sports still operating during the pandemic, sponsoring the O'Reilly Auto Parts 500 race this summer. This led to the beating of their EPS and revenue estimates for quarter two. We didn't see any of O'Reilly's competitors have a price reaction that was as high as theirs. This led us to the discussion of holding the company or selling them to take profits. We decided to continue holding them based on our predictions of the resurgent and COVID cases leading to negative implications and new car production supply chains. These supply chains will continue to be disrupted, forcing consumers to repair their current vehicles instead of buying a new car. Within Value, the most important analysis tool is often times fundamentals, so we would like to showcase two companies we believe to have strong fundamentals in very different ways. Gabe will now discuss NVIDIA, another company with long-term gains, gains also held in our value fund. You all may be thinking, how can a company with an HPY over 57% be considered value? Shouldn't we be taking profits? Let us show you why this semiconductor company is a solid pick for a buy and hold strategy. Before our time in the cafe program, NVIDIA was bought and it had a consistent upward trend. When analyzing this company, it still showed great strength with constant drivers to propel its momentum forward. Within the trend channel displays when our summer group acquired NVIDIA from the spring group and it was on the lower end of the channel at that time. On the other hand, you might be thinking, what about advanced micro devices? It has returned more in a shorter time period. Well, through our analysis, AMD is too volatile of a stock to expose to our value fund given its daily standard deviation of 3.7%. NVIDIA is one of our value holdings that has a strong fundamental analysis but continues to grow with the behavioral drivers surrounding it. When we first analyzed NVIDIA with the strong impact of work from home, we saw that the race with seven nanometer processing chips was happening between NVIDIA, AMD and Intel. NVIDIA was the only company at the time that had the seven nanometer chip along with rumors of it already working on the five nanometer chip. And as of recently, we have seen a continuous and consistent growth of NVIDIA. This is due to the following behavioral drivers that Gabe will discuss. NVIDIA is in discussion with SoftBank in order to purchase the chip business ARM. ARM's technology appears in products like connected appliances and Apple devices, including the recently announced custom silicone for Macs. On top of that, we have recently come to terms with the acquisition of Melanox technologies. NVIDIA will use them for the execution of AI and networking as there has been a recent global surge. All of these drivers exemplify the growing demand that the semiconductor industry depends on. Now looking at a company with strong fundamental statements, we would like to move on to Honeywell. One industrial holding in our value fund is Honeywell International. They're an industrial conglomerate with the ability to generate revenue through different segments. We wanted to reduce risk by exposing ourselves to companies that are less susceptible to industry rotation. Honeywell, being a conglomerate, we expect more modest, continual growth moving forward. Honeywell has products that you have probably heard of like thermostats, fans, and PPE. Also, Honeywell has industrial automation and aerospace segments diversifying their product offerings. We knew that Honeywell, having diversification within itself would be a safe investment given the current volatility. Additionally, we knew we needed a company with strong enough cash flows to facilitate continued growth throughout the pandemic. As seen here, operating cash flows for Honeywell have been increasing over the last four years indicating that Honeywell is improving its operational efficiency. While 3M shows higher cash flows, the growth is much more stagnant than them. This past performance does not show the entire story. Looking ahead, we are also confident in Honeywell's future performance. Despite the challenging first half of this year, Honeywell was able to beat EPS expectations over the last four quarters, beating its competitors 3M and GE that were unable to do the same. Although we currently have a slightly negative HPY for Honeywell, we continue to hold them into the future because we believe in their long-term drivers. We bought into the company at the beginning of the summer knowing that they had value characteristics. We expect that in the future, we will see a resurgence and a demand for the currently underperforming segments. Not only do we put an emphasis on fundamentals and cash flow statements for our value fund holdings, we also take into consideration behavioral drivers of each company. Thermo Fisher Scientific has many catalysts to drive its price through the year's end. Thermo Fisher Scientific is a life science tools and equipment company that manufactures consumables and chemicals. Some institutions they cater to are pharmaceutical and biotech companies, as well as hospitals. In response to COVID, Thermo Fisher introduced a new type of testing system that is able to detect nucleic acid in the virus. This new system is capable of processing up to 6,000 COVID-19 samples a day and they have plans of taking this new system globally. Thermo Fisher's business segments are growing at a minimum rate of 8% quarter over quarter. Last quarter, we saw that Thermo Fisher's life science solution segment grew by over 29% quarter over quarter. And this contributed to almost half of Thermo Fisher's revenue along with the consumable segment. The consumable segment is the one producing necessary COVID-19 test kits. The United States is planning to increase COVID testing across the country, which is a big driver we saw for Thermo Fisher. Now Bloomberg is only one of the many tools that we utilize in the cafe to make informed investment decisions. As you can see here, Value Line has rated Thermo Fisher a timely investment. One of the reasons Thermo Fisher has such a strong timeliness rating is because of the continued demand for their reagents has driven sales since the COVID-19 outbreak. As this screenshot of the article shows, the CDC has established the IRR as the United States struggles with the shortage of reagents, which are essential to coronavirus testing. In addition to behavioral drivers, we measure future potential for a company through calculating the upside-downside ratio. This ratio gives us a better understanding of how much upside the company has compared to their downside. One company we wanted to mention due to their upside-downside ratio is Ball Corporation. An upside-downside ratio tells us where the company sits in relation to their high and low PEs. Ball Corporation is continuing to show a strong upside ratio of 10.39, meaning we have 10.39 units to the upside for every one unit of downside based on their behavioral drivers that Molly is about to talk about. On June 30th, Ball announced a deal with Blue Ocean Innovative Solutions to represent their aluminum cup that is going to be sold in Walmart and Sam's Club locations across the country. Recently, Ball and Crown Holdings had a pullback in price due to a small competitor, CANPAC, announcing the construction of a new plant in Scranton, Pennsylvania. This allows for more of the upside potential and price growth that is shown above. Moving away from our specific holdings, Molly and Katie will now discuss the value funds correlation matrix. We ran a correlation matrices for both our core and value funds to showcase the value, and would like to showcase the value fund to you here and explain the significance of this type of analysis. For those of you who may not do this for a living, imagine investing in two completely unrelated companies in different sectors, let's say Clorox and Lowe's, both of which are held in our core fund. These two companies are highly correlated, which is shown in red. Despite having some highly correlated companies, we have seen that both our core and value fund mostly hold companies that are moderately correlated and yellow. Our value fund is slightly less correlated than the core fund. We are seeing that a number of the 30 holdings within our value fund have a correlation that is almost zero and represented in green. Two companies that represent this inverse correlation are CVS and Amazon. While these two companies may have some product overlap, they almost never trade together on a given day in the market. Now, we would like to turn it over to our portfolio managers, Brandon and Dave, to discuss how we use the minimum variance portfolio. As you have learned, the significant focus of our portfolio methodology lies within our waiting scheme. This summer, Brandon and I as portfolio managers investigated how to create an optimal portfolio with our objective to reach 30 and 31 holdings within our value and core fund, respectively. Now, the cafe has put an emphasis on Microsoft Excel and through utilizing the data analysis tools within it, we created a minimum variance portfolio, or MVP sheet, designed to determine an efficient waiting scheme. The sheet uses historical data to determine efficiency and we set parameters to design a fund around weightings within the S&P 500 with key over and underweightings. The sheet then creates an efficient frontier, a graph of standard deviation versus return created by a point with maximum return, minimum variance and minimum return. An efficient fund sits on the line of the frontier, taking on a healthy amount of standard deviation for the projected returns. We began by considering the differences between our funds and what optimal truly meant. We looked to construct value to limit standard deviation and variance while focusing on undervalued equities with barriers to entry in their respective industries that overall produced a stronger weighted dividend yield. Normally, we would expect to see this fund life further to the left on the frontier and on the lower end. Now, pictured here is core, where we are willing to take on more standard deviation at the expense of greater returns. We focused our portfolio on short-term growth to do this. Core, we would expect to see on the further right of the frontier and higher up, indicating a higher return coinciding with higher standard deviation. Now, as shown here, the move from 20 to 31 assets benefited the core fund. Now, while we may have given up some returns, we moved to a more efficient portfolio. Similar to core, value reacted in the same way and we accomplished the same results by minimizing risk and maximizing return. We created a portfolio that relies on the efficient frontier. Models like these have aided in the creation of these funds during the volatile market conditions as we move on from the coronavirus. Now, as portfolio managers, Dave and I are always looking for ways to improve the funds and manage risk. This MBP sheet, along with the weekly PM fund reports sent to our board members, stakeholders, and doc, keep us on track to navigating the way through this market. We would now like to revisit our funds performance over our holding period. We showed you at the beginning how we performed against our weighted benchmark and now we will show you how we ranked against our competitors. Our cafe core fund performed well over our time as student fund managers. As we looked at our competitors, we saw we outperformed some and underperformed others in different risk-adjusted measures. For both fund performance comparisons, comparisons, we use Jensen's alpha because we cannot record the comparable funds weights accurately as they do not report their weights on a daily basis. Our Jensen's alpha is 0.68% and be all but two of our competitors during our time horizon. We'll now continue looking at performance by moving into the Gabelli value fund. Our Gabelli value fund performed well during our time as student fund managers as we returned a Jensen's alpha of 3.91%. Similar to our core fund, we see that our fund is outperforming some but underperforming others in different risk-adjusted measures. Now I'm sure you're all thinking how impressive everything you've seen this far is, but we'd like to let you know we aren't perfect. So we're gonna talk about a day where we lost some major points in alpha due to unforeseen circumstances and the lessons we learned from them. Over the week of July 13th, we, our core fund lost 37 bips of weighted return. Three of our holdings that had been recently added to the fund following our core pitch weekend led the drop. On this day, we learned that not every day is a sunny positive return. And as New Englanders, many of us know that a Nor'easter can come out of nowhere and cause some pretty shocking damage. Beginning with Salesforce, we saw a company that was at the top of its industry for performance to them pulling back in price and continuing to underperform. Salesforce continued to drop at an extremely high rate in comparison to its competitors throughout this day. Moving on to Chegg. It had been showing significant growth over the past month and all news pointed to it being a solid buy. Based on our predictions about COVID-19 and schools not being in-person in the fall, we thought it was a solid buy opportunity. On Monday, there was a major server outage that rendered none of Chegg's services usable. This outage was unpredictable, but because of how much Chegg had been running, it caused a massive shock to the stock price. And finally, CoStar Group. A company who provides relevant information in the commercial property industry within the industrial sector. We thought that this company had capitalized on a niche market within the industrial sector and had a lot of growth potential. A few days after purchasing CoStar, it was replaced by Moderna on the NASDAQ and this led to the stock falling 5.2% on that day. All of these events occurred on the same day and our funds were hurt by it. We took the initiative to minimize more losses by trading out of these positions. With loss comes the opportunity to learn and be better, both of which we believe we have in the months since. After seeing how we can be used by the market, we will move into our forward planning to reduce this risk in the future. At this point in time, several financial institutions are in disagreement as to where the market will be through year end. The great news is our PM reports are forward thinking. There are some signals promoting a moderately bearish outlook, but because we are an actively managed fund, we continue to search for specific triggers to shift our funds' weights. The S&P is currently trading of upwards 33% over its historical price metric averages, as you can see in the table to the right. We are concerned that the market is heavily reliant on government aid, which is not guaranteed through year's end. We are thus taking a moderately bearish stance, but have prepared waiting schemes for either scenario. Now, within our core fund, what we're looking at is shifting our waiting scheme for a bullish and bearish scenario, driven more by short-term developments. In a bullish scenario, we'll look to overweight sectors like industrials while underweighting consumer staples that will lose sentiment if the market pushes further. However, in a bearish case, we would underweight technology significantly due to valuation concerns and overweight sectors like healthcare that have acted defensive during this new normal. Within value, we're looking a bit further ahead. In a bullish scenario, we would overweight sectors like financials due to favorable valuation still. While in a bearish scenario, we would underweight consumer discretionary. As we would see retail spending fall off if the economy just simply cannot recover at the pace that the market has. Zooming back out to cafe as a whole, Emily will now discuss how our program relates to the real world. Through this program and running real money from home, we truly were able to experience what many industry professionals are doing today. We executed trades, performed company analyses and managed our portfolios remotely. Our experience from home mimicked being in the cafe room as much as it possibly could. Our group has created a bond with each other over Zoom, even though some of us have never even met in person. Working from home is going to be a new normal from now on as businesses are starting to realize how much they can save without paying for office space. By being the first cafe program to be done exclusively at home, we are gaining the experience that is going to be considered the new normal. As you can see from this picture, we learned that the markets never sleep and neither did we. Next is Gabe to talk about the specific skills we have learned that are parallel to industry. Having the opportunity to be a part of the cafe program this past summer helped us garner a better understanding of industry. Doc showed us the ins and outs of how industry professionals think, work, and make crucial decisions. While switching through our three hats, we put in endless hours to shape not only the future of the funds, but us as future business leaders. Being a student fund manager helped us improve in a variety of practices such as communication, flexibility, time management, expressing thoughts, and so on. We learned to talk through our disagreements and come to a conclusion as a group. Through these processes, we learned how to adapt to working remotely. We also developed professional skills as well, including a multitude of qualitative and quantitative characteristics. Katie and Netta will now talk about how the cafe program here at Roger Williams University relates to industry after graduation. Many of us have had internships so far and would tell you that while they are demanding, cafe has prepared us for industry in ways that they could not. Repetition through four reports a day, necessary quick thinking, and asset selection within an hour's notice, we are prepared for just about anything that industry can throw at us. Many of us in our audience today are alumni of the cafe program. You have shown us that the work we have done in cafe will only help us once we are working in the real world. Furthermore, we would like to take a moment to thank our ADs, PMs, and doc for the privilege of being in the cafe program. On our transcripts, cafe appears as just a three credit course, but the experience of having been in the program is much more like a full-time job and then some. The skills that we have been able to build upon will be useful in so many more applications than just a job or resume builder. We are still learning, and although we now wear three hats, analyst, trader, and portfolio manager, we learned life skills from this program that we will never forget. And thank you as well to our audience for your patience, time, and allowing us to present to you. I'd like to turn it back over to Matt to open the Q&A. Thank you, Neda. On behalf of Doc and myself, we would like to welcome Natalie Ticello from the Cafe Class of 2020, who will be moderating our Q&A session today. Thank you, Matt. Great job, everybody. We would like to start our Q&A session with our panelists. So, Neda, if you would like to start us off, please. What do you see opportunities to get in the market now? What sectors do you see some upside in? So, to answer that, we definitely still see opportunities in the market now. Although we've seen a quick-paced return in the market since March, and some sectors are definitely reaching highs, we've seen the industrials we still see upside in as they have been somewhat underperforming, whereas technology is starting to become overheated and in just the past two weeks, we've seen them begin to underperform and other sectors that have been lagging throughout the summer sort of take their turn to run. Our next question is going to come from Janetta. She said, over the last six months with a work-from-home setting, what is your favorite holding? Doesn't necessarily have to be the best performing one, but why do you like it or why do you think it will thrive and live in this work-from-environment? Oh, that was a great question. I'd like to answer that by saying UPS. As we've seen, the stay-at-home orders and the lockdowns throughout this past three months and most likely continue through year's end, with people staying at home, we can see stay-at-home online purchases and UPS will benefit as they've seen growth in the past few months because of that. Now we would like to call on Karla for her question. Hey, can you guys hear me now? Yes, my friend. Okay, awesome. Great job. Congratulations on being the first summer presentation, especially doing it virtually. This was actually pretty cool. Actually piggybacking off that question or I guess the answer, the UPS position, you guys had a lot of success leading up and I believe it was the one that had earnings as well and you decided to hold through and you're continuing to see success in this position after as well. So when you see something like this that's clearly behaviorally driven, given our current situation, how often do you reevaluate or update your evaluation on these positions? When do you have an exit strategy and at what level is that? With UPS, we have been constantly reevaluating it and whether we should sell and take profits on it since we've seen a 48% return so far. Currently we're still deciding to hold it continuing going forward. Like Ricky had mentioned, we expect with people still being at home, there's still gonna be a demand and we expect with going into quarter four with holiday shopping, there's gonna be demand coming from that as well, not just the lockdowns. Also to add to that, this is where we bring in our technicals. If we look and see on a chart that UPS is falling out of favor due to our indicators that we look at, we then look into that and if they're falling out of favor, then we make the decision and combine it along with the behavioral aspect as well. Next we'd like to hear from Molly Patrone. Great job, you guys. I know it's never easy trying to do things through new technology and you guys do a phenomenal job. My question's kind of broad but where you see the market going for the rest of the year, especially with an election year coming up, we're getting lots of questions about it from clients. What are you guys doing to prepare for the upcoming volatility? That's a really good question and I'd like to kind of bring you back to some of the things that our PMs talked about and how we have prepared both of our funds for either a more bullish or bearish market through some reweighting schemes that we have. Another thing is that we typically like to kind of steer away from discussing politics just for everyone's sake but our outlook right now is that we are in a position that we are well established and well able to withstand the election year. As of right now, we are focused on a more bearish outlook through the end of 2020 but as we've seen on every day, the market is so volatile and we are expecting changes so we're really just, we're prepared in every possible way that we can be. Also to add on that, a big aspect of our fund that we're positioned for is the volatility of the market we currently stand in and due to our changing weights and working with our PMs, we're able to capitalize on that. And also with the election season, there's also gonna be a big impact on financials and healthcare. So we're definitely gonna keep an eye on those going into the election season. We're just gonna keep a lookout for those as well. Thank you panelists. We now have a question from the Q&A section from Sarah Watson that reads, I noticed that the funds hold ETFs. Can you please describe your process to evaluate ETFs and if the investment was worth it for you? So yes, our process for evaluating ETFs basically starts with the individual holdings in the ETF and our confidence in them. And then we look at the top five weighted holdings and see their performance compared within the individual industry. And then from there, if the ETF and its holdings are performing well against the industry and within their sector, it leads us towards our next step in looking to add them to our fund. Going off of that, for ETFs, we think that they've definitely helped our portfolio become more diverse with such a volatile market that we're seeing right now. And we also believe that it has been very rewarding because as we mentioned with IVY, we have over a 70% HPY on them, which was great for performance. Also to add on that again, when I was a healthcare analyst in the beginning of the summer semester, we were really actively looking at biotech ETFs and being that there's certain industries within the market that are kind of hot right now, but have some sort of risk along with it. We were trying to use ETFs to use diversification in that sense. The next question comes from Eric Rollo, who asked, how is RWU handling your learning in the fall semester? Do you have any opportunities to interact with alumni, et cetera, through finance day, et cetera still? I'd like to direct that question to Chief of Staff Matt Woznik. Thanks, Natalie. Yeah, so I mean, Roger Williams has done a fantastic job putting in health protocols and going through state guidelines for the state of Rhode Island to bring us back on campus as we were just talking with Dean McTiernan in the business school. We're going to do our absolute best to get as many analysts and management members within the cafe that is acceptable under the Rhode Island state guidelines. And I think having everyone go through this time where we're all online, everyone's easily accessible. I feel as though that meeting with alumni and interacting with them just on this day-to-day basis and as well like so easily to reach them, I think they've been extremely accepting of like wanting to help us out and just continue dialogue with us. So it's definitely, we've worked with it and see great promise in the future, just continuing to do it. We have another question from Sarah Watson that asks, how do you evaluate responsible investing in your fund management techniques? Thank you, Sarah, for the question. The way we evaluate responsible investing, we do this through looking at companies that are assisting in taming the virus. One company example is Clorox. They've really assisted with everything they do with their business and been able to also capitalize on their stock as well doing that. So we'll add a little to that. When we're looking at more so value companies, we really dive deep and look at like how their management acts and like how they like connect to like their social and like their social values. The next question comes from Sam Sherrod. He says, phenomenal job gang with the recent announcements of apples and Tesla's stock splits at the end of the month where these tickers discussed as potential holdings through the semester. Thank you so much for the question, Sam. So in regards to these two stock splits, we do hold Apple on our value fund currently and we do expect to hold them through year end and into 2021. And in regards to Tesla, we do understand that you do have to own Tesla's share by August 21st to be a part of the split and that is something that behind the scenes right now we're going over and we are looking into and preparing for. Our next question comes from Faizal. He says, great job and thank you all for the presentation. Name a company you would hold for the next five years and why? One company that I would like to hold through the next five years would be Thermo Fisher. They have all the COVID testing and the suppliers for reagents. So those are still gonna be in continuous use up until like the next five years. This is gonna be the new normal with all of the coronavirus testing. So I feel like they're a very strong company to continue going through due to those behavioral, due to the behavioral news. But going off of that, we do wanna make sure that everyone is where any recommendation that we are giving for a company that we would like to hold. We would first wanna know that our clients objective and why they are choosing or where they're choosing to put their money. So that would be an important question that we would then bring back to you. Another question from Eric Rolo asks, with the lack of travel opportunities, what is the cafe doing to give you additional presentation experience and insight into international markets? A great question, Eric. The cafe has implemented cafe core fund company pitches as well as value fund pitches throughout the past summer. That has helped us experience more presentation as well as our daily reports. Instead of doing three, we've implemented a 4 AM, which gives us insight as to what the foreign markets are doing throughout the weeks. We would now like to go back to our panelists. Molly or Carla, if you had a question, please. Hey, it's Carla. So I understand the waiting of the overall funds done by over equal and under waiting by sector. Can you describe your process of putting individual weights to the positions within each sector and how you go about determining that? And do you ever fluctuate those weights? You know, I could start this one off looking at it from a portfolio manager's perspective. So as we were mentioning before, through looking at minimum variance portfolio along with sort of our strategy of designing a waiting scheme to produce the most optimal fund, we really look at targeted industries within sectors that are driving them. And within the core fund specifically, we're looking at short-term gains. So we're usually overweighting companies themselves based on the industries that they're within and the behavioral drivers surrounding them. So we don't necessarily do equal weights across companies within a sector and rather take the advantage of potential companies doing well by changing those weights up a bit. Molly, would you like to ask another question? Sure. With all you guys going into your fall semester, how has doing this virtually kind of prepared you for what you think your career is gonna look like in whether you're graduating at the end of this semester year, how has this really helped you to prepare for doing job interviews and what things can you take from your experience to help you? So by having this entire cafe program be online this semester, we feel like now that businesses are gonna start realizing that they don't have to pay for office space anymore and a lot of people are now going to be working from home. So by being able to have Zoom meetings regularly, I feel like I've been able to really learn and get used to that and I'll be more prepared for industry. Another thing is that we have spent this past summer learning a lot of different things that we might not have known before like how to use Bloomberg. We've expanded on our abilities within Excel. We now read Value Line. We use a number of different sources and have learned how to use those sources remote this summer and that has really positioned us in the best possible way going through the remainder of the semester as well as once we get into industry we already know how to learn virtually. Looping back more to like specifically Zoom related and learning virtually. I think it was mentioned in the presentation that a lot of us came in and like we didn't know each other in person. So being able to build those interpersonal relationships through this technology across New England and even on the country, it's helping us prepare for the working world in case there never is an in-person, get together with your other associates and you just have to all meet and learn and learn how to work as a team via Zoom. Well, moderator, are there any more questions? No, that seems to be it, Doc. All right, well, Dean McTinan, would you like to say a few words to conclude this presentation today? Yes, I would. Thank you, Dr. Melton. And thank you, Michael, for such a wonderful presentation on the part of the students. I know you work very closely with them in putting this all together. You know, it strikes me as just incredible the extent to which you all have been so resilient and rising to the occasion and really driving home the point that this is one of our really exceptional, experiential learning programs at the university and certainly at the Gabelli School and we're all very proud of you. I'm very proud of you. You did a great job today and thank you for just a wonderful hour or so that I got to spend with you. So, great job. And I know you're up again later and I'm looking forward to seeing you again a little bit later. In the meantime, if any of the alumni who are listening or our advisory council members or other friends of GSB or the university are listening, you're welcome to direct any questions about the CAFE program to Dr. Michael Melton, who deserves a huge amount of credit for being the founding director and the continuing director of this wonderful program that has launched so many highly successful careers in the financial services industry. So, thanks to all of you and enjoy the rest of your day until we see you later this evening. Take care and thanks again. Oh, and a special thanks to our alumni who have been with us today. It was really great to see the three of you join on the screen and take your time to be part of the panel. Hope we'll see you again soon. Thank you very much, Dean. All right, Chief, do we wanna finish up with that last slide? Absolutely. Now, if anyone would like more information regarding the Center for Advanced Financial Education, please contact Dr. Michael Melton at mmelton at rw.edu. And additionally, if anyone is interested in more information about the student fund managers after the Q&A session, please contact myself at mwoznik537 at g.rw.edu. Thank you, everybody. Thank you, everyone. Please have a very nice day.