Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
News from CFA Sacramento Print CFA Society Sacramento Newsletter Summer 2013 Featured Articles: CFASS Honors New Charterholders New Charterholders Meet Sunny Dhillon Golf Tournament Multi-Factor Models 2013 Career Event Milestone Member Anniversaries In December 2012, the CFA Society Sacramento (CFASS) held its annual CFA Charter Awards Ceremony and Holiday Dinner at the Hyatt Regency Hotel. Over 60 CFASS members and guests attended this joyous occasion to honor the 10 individuals who earned their CFA designation this past year. https://ui.constantcontact.com/visualeditor/visual_editor_preview.jsp?agent.uid=1113057474779&format=html&print=true[8/7/2013 12:54:22 PM] News from CFA Sacramento This awards ceremony was particularly special as the CFASS board recognized its longstanding members who reached milestone membership anniversaries in 2012. Nearly 30 members were acknowledged for reaching their 5, 10, 15, or 20 plus year membership anniversary in 2012 (See the last section for the names of members recognized). The CFASS board is especially grateful to these members who have helped build a solid foundation for our local society and who continue to reflect the highest ethical and professional standards for all investment professionals in the Sacramento region. The keynote address was delivered by Marla Harkness, CFA, Chair of the Presidents Council. Her address focused on how the journey to become a CFA charterholder is never easy. Many in attendance could relate to the numerous stories she shared about candidates studying for CFA exams. While some stories were inspirational and others were just plain funny, all of them spoke to the incredible resilience and strength of character that is common among CFA charterholders. Following the keynote address, the new charterholders were honored. Ms. Harkness, Brian Leu, CFASS President, and Roy Clothier, CFASS Membership Chair, presented charters to Jonathan Apsley, CFA, James Campbell, CFA, Colin Crane, CFA, Sunny Dhillon, CFA, Christopher Owen, CFA, and Bill Singh, CFA. Further recognition was given to the other society members who earned their charter but were unable to attend the ceremony, including Sarah Abernathy, CFA, Steve Karp, CFA, Phoebe Kwan, CFA, and Donnie Nielsen, CFA. Congratulations to all of our new charterholders for their remarkable accomplishment. Meet Sunny Dhillon Meet Simranjit 'Sunny' Dhillon, CFA, a recent CFA charter recipient honored at CFASS Awards Ceremony and Holiday Dinner. Mr. Dhillon is a member of CalSTRS Fixed Income Team where he assists in managing a $7 billion Investment Grade and High Yield Bond Portfolio. While many new charterholders would take time to soak in the glory of their accomplishment, Mr. Dhillon has continued full steam ahead towards his next https://ui.constantcontact.com/visualeditor/visual_editor_preview.jsp?agent.uid=1113057474779&format=html&print=true[8/7/2013 12:54:22 PM] News from CFA Sacramento goals. He recently passed the level I exam of the Chartered Alternative Investment Analyst (CAIA) Program in March and plans to enroll in business school this coming fall. The youngest of five siblings, Mr. Dhillon has resided in the Sacramento region for nearly 20 years. He completed his undergraduate studies at the University of California, Davis, where he earned a Bachelor's of Science degree in Managerial Economics. After graduating and working for several years at State Street in portfolio accounting, his desire to transition to a career in the front-office led him to pursue the CFA designation. As many CFA charterholders can attest to, completing the CFA program has been both professionally and personally gratifying for Mr. Dhillon. From a professional standpoint, the CFA curriculum enabled Mr. Dhillon to develop a strong foundation in concepts related to portfolio management, fixed income, and accounting. This gained knowledge not only allowed Mr. Dhillon to transition seamlessly to his front-office position, but it has also helped him to excel. He is able to consistently apply what he learned through the CFA curriculum to his daily responsibilities as he conducts fundamental analyses to develop investment theses for his buy and sell recommendations. From a personal standpoint, earning his CFA charter has reinforced what he learned about himself years ago - that if he fully dedicated himself to a task, no matter the difficulty, he could accomplish his end goal. There were also a number of lessons Mr. Dhillon learned throughout his experience in the CFA program that he wished he would have known at the start. The most important lesson he would stress to future test takers would be to join your local society early and take advantage of the resources it has to offer. He wholeheartedly believes that participating in the local society mock exam sessions and connecting with other test takers to form study groups are essential in improving one's ability to pass the CFA exams. Aside from being engaged in the CFA program, CAIA program, and his many other endeavors, when Mr. Dhillon is not submerged in Bloomberg charts and company 10-K statements, he morphs into a fun-loving guy. His biggest joy is spending time with his wife who shares his enthusiasm https://ui.constantcontact.com/visualeditor/visual_editor_preview.jsp?agent.uid=1113057474779&format=html&print=true[8/7/2013 12:54:22 PM] News from CFA Sacramento for outdoor adventures, such as hiking and camping. Mr. Dhillon is also a sports fanatic and avid Sacramento Kings fan. Congratulations to Mr. Dhillon and the best of luck to him and his future endeavors. 8th Annual CFA Society of Sacramento Golf Tournament On June 12 th , 85 investment professionals from the CFA Society Sacramento (CFASS) and its partners ventured out to Teal Bend Golf Club for the 8 th Annual CFASS Golf Tournament. Mother Nature was kind to the participants relative to last year, providing a mildly warm day with a light breeze. Players took to the course after lunch and found the favorable conditions allowed for some low scoring. After the golfing was finished and the scores were tallied, players were treated to a banquet where awards were presented for first, second, and third place team scores in the scramble format. In addition, awards were also presented for closest to the pin and longest drive. It was a great day to be out on the course and a great opportunity to spend time with other members. The CFASS Board would like to extend a big thank you to Teal Bend for providing a wonderful venue and to all who came out to participate, making the 8th Annual CFASS Golf Tournament a great event. See you next year! Multi-Factor Models Get a New Look Ease of use and better computation power make multi-factor models more compelling The ease with which portfolio managers can now access and use multifactor models in their investment decisions warrants a closer look, said Lee O'Dwyer from Bloomberg at the CFA Society Sacramento's luncheon on May 16 th . Mr. Dwyer explained that multi-factor models can be comprised of any quantitative or qualitative factor that is persistent in its predictability over time. Multi-factor models are primarily utilized by portfolio managers to analyze sources of equity returns and are most beneficial when trading costs are accounted for. Users of the Bloomberg service can now employ a suite of multi-factor models designed by the Bloomberg team. These models offer easy access to pricing and fundamental data, utilizing Bloomberg's network servers to https://ui.constantcontact.com/visualeditor/visual_editor_preview.jsp?agent.uid=1113057474779&format=html&print=true[8/7/2013 12:54:22 PM] News from CFA Sacramento crunch the numbers. However, Mr. Dwyer noted there are a number of alternative multi-factor models offered by other providers. It is important to consider both the source and the volatility of the data employed in a multi-factor model, Mr. Dwyer noted. Once composed, it is also important to back-test a factor model to validate that its predictability persists over an economic cycle. Incorporating a lag for the data based on a reasonable assessment of its predictability is an important part of constructing any factor model. Mr. Dwyer further noted that users of these models should beware of the temptation to use multi-factor models as a data mining tool. Lastly, he emphasized the importance of beginning with an investment strategy that the model is testing. If the result is a model that has poor predictability, change the strategy first, then change the numbers or the parameters of your lags. Stay Tuned For Career Event in Fall 2013 Jo Lee, Employer Outreach / Industry Relations Committee Chair We at CFA Society Sacramento are committed to fostering industry relations in the Sacramento region by bringing local employers and talents together. Last year, CFASS hosted its first career panel at the California State University, Sacramento. Seasoned investment professionals from various organizations in the Greater Sacramento region, including CalPERS, CalSTRS, Wells Fargo, Intel, Rabobank, and FolioDynamix, were panelists. Students and peers enjoyed the evening as the panelists shared their unique experiences from a wide range of background - including investment management, financial advisory services, corporate finance, and the banking industry. Despite the less than ideal weather, it was a successful event with over 80 attendees from the local business schools. The evening ended with an open networking session filled with hor d'oeuvres, idea exchange, and interactions amongst students, speakers, https://ui.constantcontact.com/visualeditor/visual_editor_preview.jsp?agent.uid=1113057474779&format=html&print=true[8/7/2013 12:54:22 PM] News from CFA Sacramento and representatives from the aforementioned organizations. This fall, CFASS is excited to organize another career event similar to the one described above. CFASS would like to invite peers and students from all local business schools to attend to learn more about the CFA charter and explore the career opportunities in the finance industry in the Sacramento region. Stay tuned for more information on the CFASS website, www.cfasociety.org/sacramento. 2012 Milestone Membership Anniversaries 5 Years: George Leighton Allen Jr., CFA Richard Burton Desgroseilliers Jeffrey H. Jaro, CFA Brian Matthew Leu, CFA Ping Liu, CFA Na Luo, CFA Michael J Maduell Russell Clark Mills David C. Phillips, CFA 10 Years: Jason T. Bell, CFA Brent Allen Cardwell, CFA Alan Richard Carlisle David Muir Carmany, CFA Roy Almon Clothier III, CFA Colleen E. Crowley, CFA Jane C. Delfendahl, CFA Richard Eduardo Duffy Andy Takuzo Iseri, CFA Geraldine Lynn Jimenez, CFA Ryan A. Kimball, CFA Fred F. Rogers, CFA 15 Years: Geoff J. Bunton, CFA Arnold B. Phillips, CFA 20 Years and More: DeWitt F. Bowman, CFA (21) Curtis D. Ishii, CFA (20) Deborah Kanner (20) Richard M. Rose, CFA (20) Kevin A. Winter, CFA (20) https://ui.constantcontact.com/visualeditor/visual_editor_preview.jsp?agent.uid=1113057474779&format=html&print=true[8/7/2013 12:54:22 PM] News from CFA Sacramento Forward this email This email was sent to [email protected] by [email protected] | Update Profile/Email Address | Instant removal with SafeUnsubscribe™ | Privacy Policy. CFA Sacramento | 915 L Street, #C252 | Sacramento | CA | 95662 https://ui.constantcontact.com/visualeditor/visual_editor_preview.jsp?agent.uid=1113057474779&format=html&print=true[8/7/2013 12:54:22 PM]