UTC SMILE Fund members Brannon Smith, Rilee Ervin, Shaun Williams, Bana Sulieman and Ethan Tidwell won the fund’s 10th straight Chartered Financial Analyst Institute Greater Tennessee Research Challenge. Photo by Vanee Patel, a finance major and marketing director of the SMILE Fund.
The University of Tennessee at Chattanooga SMILE Fund has won its 10th straight Chartered Financial Analyst (CFA) Institute Greater Tennessee Research Challenge.
The CFA Research Challenge is an annual global competition that challenges students’ valuation, report writing and presentation skills to gain real-world experience before graduation.
The UTC SMILE Fund (Student Managed Investment Learning Experience) team consisted of Gary W. Rollins College of Business students Brannon Smith, Rilee Ervin, Shaun Williams, Bana Sulieman and Ethan Tidwell. The five undergraduates competed against 11 universities from across the state, including UT Knoxville, Vanderbilt University, Belmont University and Lipscomb University.
Robert L. Maclellan and UC Foundation Associate Professor of Finance Hunter Holzhauer serves as the faculty advisor.
“This is not something you just start on day one and say we’re going to win the most competitive competition for business school students and win your state 10 times in a row,” Holzhauer said. “It happens over time, and you just have to continue to build your process and continue to invest in your students.
“We’ve upped our game every time and the other teams are upping their game trying to beat us. So, we’re trying to stay not just one step ahead of them, but stay competitive at the next level. It’s been a very interesting learning curve, but it’s also been a testament that UTC and the SMILE Fund are serious. We’re training the best students in the world to be leaders in the investment industry and business in general.”
Holzhauer said the team examined Harrow Inc., an ophthalmic pharmaceutical retailer. He described the company as “interesting” to examine because it is a small-cap stock classified as a smaller or newer publicly traded company.
Part of the research was to determine whether the company’s business model was favorable. Students conducted a social media analysis to learn what patients were looking for in products. An Institutional Review Board-approved survey was created and sent to 6,000 ophthalmologists, yielding over 90 responses.
In terms of valuation, the team also provided specific growth assumptions and risk assessments at the product level.
Holzhauer said the team will now shift its focus to the Southeast Regionals, where UTC representatives have won three of the last five years.
“The students have already done the ground-level due diligence that most teams don’t even consider doing,” he said. “Not only did they consider doing it, but they did it the right way, and I’m really impressed.”
Learn more
Gary W. Rollins College of Business
