Welcome to the UAH Capital Management Group

Participating in the TVA Investment Challenge

Outperform the S&P BARRA Growth Index over a one-year horizon.  Over a 3- to 5-year horizon, the portfolio is expected to generate a total return of at least 100 basis points over the S&P BARRA Growth Index.

Generate a total return that ranks in the top 50% of the Wilshire Large Core Equity Manager Universe

Generate a total return that ranks in the top 15% of the University Manager Universe over a 1- to 3-year horizon.

 The maximum allocation to any economic sector (as defined by S&P) may not exceed the sector weight of the selected benchmark index plus 10%.

The maximum allocation to any one sector may not exceed 40% of portfolio assets, unless the sector weight of the selected benchmark exceeds 40%, in which case the maximum weight to the sector would be 110% of the sector weight.

At time of purchase, no single issue should exceed 5% of the portfolio's market value for portfolios in excess of $150,000 in value and 8% of the portfolio's value for portfolios equal to or less than $150,000 in value.  Positions may be allowed to drift up to 8% (for portfolios values above $150,000) and to 10% (for portfolios values at $150,000 or less).  No time frame is given.

The portfolio is expected to be constructed with a minimum of 20 individual stocks for portfolios of more than $150,000 in market value and 15 individual stocks for portfolios of $150,000 or less in market value.

Investments in Real Estate Investment Trusts (REITs) should not exceed 5% of the portfolio at any time.

American Depository Receipts (ADRs) may be used in the portfolio but are restricted to 15% of the portfolio's market value.  The 15% limitation includes foreign securities traded on U.S. exchanges that are not ADRs.

The majority of the portfolio is expected to be invested in well-established large market capitalization companies.  Therefore, the average market capitalization of the portfolio is expected to be above $10 billion.

The portfolio may also invest in less established small capitalization companies.  No more than 35% of the portfolio may be invested in small capitalization stocks.  Small capitalization is defined as less than $1 billion in capitalization.  Companies with a market capitalization of less than $250 million at time of purchase are prohibited.  Positions that drift below $250 million after purchase shall be reported to TVA and monitored carefully.  The portfolio shall not have more than 5% invested in securities that have drifted below $250 million.

No investing in stocks of electric utility companies or independent power producers

No fixed income securities

No non-marketable securities

No non-dollar denominated securities

No commingled funds (including mutual funds)

No convertible or preferred securities

No warrants or commodities

No buying on margin or short-selling. No investing in derivatives of any kind.

No swaps or securities lending. 

A change in investment philosophy that represents a deviation from this policy statement.

A change in investment style that represents a deviation from this policy statement.

Any development in the ability of Manager to manage the portfolio either in accordance with the standards of a prudent investment manager or within the context of this statement of investment policy.

Any situation that has the potential to impact either the professionalism, financial position, or the integrity of either TVA or Manager. 
 

Bill Clark 2005

Erik Branch 2005

Brittney Hopper 2005

Dawn Sullivent 2005

Talita Barbieri 2005

CMG 2005 Answering Questions

Spring 2004

Tonya Sparks and Shaun Burke

Spring 2004

Mandy Flack, Todd Stiles, Ankit Shah

Spring 2004

Spring 2003

Students attend the Spring 2003 TVA Investment Challenge Conference

Drs. Burnett and Evans thank Mr. David Smith, Chief Financial Officer of TVA, for his commitment to the program.  He retired in June 2003.

Fall 2002

Van trip to Nashville in Fall 2002.

Spring 2002

Photo with Dennis Tito, Fall 2002.  He's a co-founded of Wilshire Associates and the first person to pay to be a tourist in space.  From left to right:  Dorla Evans, Dennis Tito, Fariba Weaver, Brad Heaton, and Angela Whitehorn.

Dorla Evans' house Spring 2001

Spring 2001

Fall 2001

Fall 1999

Spring 1999

Fall 1998