Chief Investment Strategist’s Annual Message

Dear alumni, donors, and friends,

Welcome to the second annual report of the York University Student Investment Fund.  It is truly an honour to have the privilege to lead our fund into the promised land of a funded launch. The launch is occurring on March 23rd, 2016. Much credit is due to past Chief Investment Strategists, Portfolio Managers, and Analysts; for without their dedicated commitment, we would not have today’s opportunities.

This annual report will provide you with a macroeconomic analysis from Yash Patel, the current Portfolio Manager, industry outlooks and top picks from our senior equity analysts, as well as a detailed reporting of our portfolio performance to date.  We hope that you get the chance to read it through to its completion and see the hard work, detailed analysis, and investment insights that YUSIF analysts have to offer.

It would be cliché to presume that there is much uncertainty regarding today’s markets.   Certainly, the uncertainty we feel today, much of which stems from the fall-out of the 2008 crisis, can be put into perspective by considering the uncertainty of 1945 at the conclusion of the Second World War, or 1979 amid the pain of the second energy crisis and the death of equities, or the repercussions of the Technology Bubble of the late 1990s.  Uncertainty is synonymous with the markets.  And although we are cognizant of the uncertainty, we are not blinded by fear of the unknown.  Ray Dalio once facetiously said, “An economy is not a complicated thing; it just has a lot of moving parts.”  Ray is evidently not afraid of the uncertainty, and he elucidates YUSIF’s overhanging goal: to systematically, categorically, and thoroughly analyze larger issues – be particular investment ideas or larger macreconomic trends – and mitigate the uncertainty by conducting detailed, targeted, and comprehensive research.  This has been our goal from day one and will be our goal for the foreseeable future.

Our analyst team is second to none and is prepared to meet our goal.  Our current group of 23 analysts were rigorously selected from a competitive pool of applicants, and have demonstrated their worth through their investment theses that have yielded positive alpha returns vis-a-vis our benchmark index.  Our culture is one that stresses learning for the sake of learning, continual improvement, constructive criticism, and questioning everything.  Our team members have responded well to the challenge of meeting our shared high expectations. YUSIF’s portfolio performance and investment research quality is evidence of this.

In the coming years, YUSIF is looking to expand the fund and improve our underlying analysis by integrating the diverse perspectives that York University has to offer.

Thank you very much,

David Marrello, Chief Investment Strategist (January 2014 – December 2015)

Alan Wai, Chief Investment Strategist (January 2015 – June 2015)

Percil Parikh, Chief Investment Strategist (January 2015 – Present)