Overview

Overview

McIntire Investment Institute (MII)

MII is an entirely student-run long/short equity fund. With a portfolio currently valued at approximately $580,000, MII operates as a nonprofit organization under the McIntire Foundation. Our mission is to educate University students in securities and portfolio management through actual investing experience.

Most Recent Report: external link: Semi-Annual Report 2012

History

The McIntire Investment Institute was founded by McIntire alumnus (class of ‘85) John Griffin, President of Blue Ridge Capital. Mr. Griffin donated $200,000 to the University in 1994, all of which was earmarked for a student run investment organization. Subsequently, The McIntire School of Commerce Foundation added an additional $100,000 in 1999 and an additional $200,000 in 2000. The funds are deposited into two accounts held by the McIntire School of Commerce Foundation – one for operating activities and one for investing activities. McIntire faculty provides oversight for its activities. MII has made three separate donations of earnings in the amounts of $25,000, $50,000, and $75,000 to the McIntire School of Commerce for various School initiatives.

Investment Philosophy

The Institute strives to achieve real capital appreciation through a variant perception of the market. MII believes this variant perception is gained by focusing on the key drivers of value for our investment ideas and establishing credibility with our research through exhaustive VAR (value-added research). VAR involves contacting stakeholders (including customers, suppliers, competitors, company insiders, and experts) to better understand the business we are analyzing. In short, our strategy is to long companies with a sustainable competitive advantage and short companies with unsustainable business models.

Involvement

All University students are welcome and encouraged to actively participate. MII offers a number of programs for engaged students from the beginner to the experienced investor. Students can seek management roles, research and present a company, or simply attend weekly meetings and participate in discussion. The complete list of involvement positions includes: Managing Officer, Manager, Associate, Analyst, and Member. Managers are elected for annual terms based on investment memos and discussions. Managing Officer elections are held in December and Manager elections are held in April of each year. The club’s membership currently consists of 5 managing officers, 4 general managers, 9 associates, 45 analysts, and approximately 70 members.

Becoming a Member

While all students are welcome to the weekly meetings, to be admitted to MII membership, students must go through our membership application process. The application process involves attending an education session, submitting a one page investment idea, and participating in a conversation with a manager. The management team will vote on membership applications. The application process takes place at the beginning of every semester.

Returning Members

Members who meet MII's attendance and performance requirements are invited to return the following semester with the submission of a one page buy/hold/sell analysis on a current MII portfolio position.

Documentation

external link: MII Charter external link: MII Code of Conduct


Primary Goals for 2014

I. Engage membership with hands-on, impactful educational opportunities

II. Create a close-knit culture with an emphasis on mentorship

III. Beat the S&P 500 benchmark

IV. Get the brightest and most passionate students at UVA to join and stay with MII


FAQs

1. What's the difference between MII and the Alternative Investment Fund at McIntire (AIF) or MII and the Sustainable Investment Group (SIG)?

MII is the only organization among the three that manages a substantial amount of real money. MII's portfolio is 25 times larger than the next largest student-run fund at the University. MII has a 15 year history and was founded by McIntire alumnus John Griffin (President, Blue Ridge Capital). While MII focuses solely on long/short equity, AIF members learn about a variety of market neutral strategies. SIG focuses on creating a forum through which students can interact and network with professionals within the socially responsible investment community as well as with each other.

2. How do I join MII?

The McIntire Investment Institute holds regular weekly meetings every Tuesday at 7:00 P.M. in Rouss/Robertson Hall room 123. All University students are welcome to join and listen to company presentations, guest speakers and investment lectures.

While all students are welcome to the weekly meetings, to be admitted to MII membership, students must go through our membership application process. The application process involves attending an education session, submitting a one page investment idea, and participating in a conversation with a manager. The management team will vote on membership applications. The application process takes place at the beginning of every semester. More active members should pursue the Analyst, Associate, or Manager Programs for more involvement and responsibility.

3. Who can join MII?

All University students, including non-commerce students, are welcome and encouraged to actively participate. The MII offers a number of programs for engaged students from the beginner to the experienced investor. Members are encouraged to seek management roles, research and present companies, and participate in discussions.

4. Can I list MII on my resume or Commerce School application if I am not selected as a member?

You must go through the membership application process and be selected as a MII member to claim affiliation with the group. Recruiters and admissions personnel check our membership roster to verify participation.

5. What are some common ways to get involved?

You can become an analyst by giving a presentation during one of our meetings or writing a formal investment memo (please see examples in the "Research" page). Once you have become an analyst, you are eligible to apply for the Associate Program. Of course, you can also run for a management position. There is no rigid hierarchy within MII, but demonstrated interest and involvement increase your chance of getting elected to a management position.

6. How do I sign-up to give a presentation at a meeting?

Please contact Vice President external link: Selena Kowalski. A manager will be assigned to you as a research mentor.

7. Do I have to be an analyst or associate to run for a management position?

No. However, prior involvement is a criteria for the selection of managers.

8. Can I see examples of MII's work?

Sample Work
external link: Sample Presentation: Jon Haas (FRC)
external link: Sample Memo: Xiaoyi Yu (KITD)
external link: Sample Chalk Talk: Robert Sampson (Efficient Markets)
external link: Sample Associate Update (ENDP)

If you are interested in seeing more memos or one specific memo, please email Vice President external link: Selena Kowalski.