fund charter - College of Business Administration

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5 Δεκ 2012 (πριν από 4 χρόνια και 10 μήνες)

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1


TABLE OF CONTENTS


EXECUTIVE SUMMARY

................................
................................
................................
............

3

INVESTMENT THESIS

................................
................................
................................
................

4

FUND PERFORM
ANCE METRICS

................................
................................
.............................

5

Portfolio Gain/Loss Analysis

................................
................................
................................
....

5

Portfolio Risk
-
Unadjusted Return
................................
................................
.............................

5

Risk Analysis

................................
................................
................................
............................

5

Sector Allocation

................................
................................
................................
......................

6

INDIVIDUAL STOCK PERFORMANCE AND ANALYSIS
................................
......................

7

Q2 TRANSACTION HISTORY

................................
................................
................................
....

9

Portfolio Annualized Dividend Yield

................................
................................
.....................

10

INDIVIDUAL STOCK SUMMARIES

................................
................................
........................

11

Consumer Discretionary

................................
................................
................................
.........

11

John Wiley & Sons, Inc. (JWA)

................................
................................
...........................

11

Consumer Staples
................................
................................
................................
....................

11

Altria Group
, Incorporated (MO)

................................
................................
.........................

11

Philip Morris International, Incorporated (PM)

................................
................................
....

12

Proctor and Gamble Company (PG)

................................
................................
.....................

12

Energy

................................
................................
................................
................................
.....

13

AmeriGas Partners (APU)

................................
................................
................................
....

13

Lufkin Industries, Incorporated (LUFK)

................................
................................
..............

13

Noble Corporation (NE)

................................
................................
................................
.......

13

Financials

................................
................................
................................
................................

14

American Capital Ltd. (ACAS)

................................
................................
............................

14

Goldman Sachs Group (GS)

................................
................................
................................
.

14

Pinnacle Financial Partners, Incorporated (PNFP)

................................
...............................

14

Visa, Incorporated (V)

................................
................................
................................
..........

15

Healthcare

................................
................................
................................
...............................

15

Amgen, Incorporated (AMGN)

................................
................................
............................

15

Becton, Dickinson and Company (BDX)

................................
................................
.............

16

Bristol
-
Myers Squibb Company (BMY)

................................
................................
..............

16

Johnson & Johnson (JNJ)
................................
................................
................................
......

16

2


Novo Nordisk A/S (NVO)

................................
................................
................................
....

17

Pharmaceutical Product Development, Incorporated (PPDI)

................................
...............

17

Industrials

................................
................................
................................
................................

18

DryShips, Incorporated (DRYS)

................................
................................
...........................

18

FedEx Corporation (FDX)

................................
................................
................................
....

18

General Electric Company (GE)

................................
................................
...........................

18

Information Technology

................................
................................
................................
.........

19

Accenture, Limited (ACN)

................................
................................
................................
...

19

Adobe Systems Incorporated (ADBE)

................................
................................
..................

19

CISCO Systems, Incorporated (CSCO)

................................
................................
................

19

Intel Corporation (INTC)

................................
................................
................................
......

20

Materials

................................
................................
................................
................................
.

20

Celanese Corporation (CE)

................................
................................
................................
...

20

Vulcan Materials Company (VMC)

................................
................................
......................

20

Telecommunications

................................
................................
................................
...............

21

Utilities

................................
................................
................................
................................
....

21

ECONOMIC OVERVIEW

................................
................................
................................
...........

22

HASLAM FUND MANAGEMENT TEAM

................................
................................
...............

23

FUND CHARTER

................................
................................
................................
........................

24

Addendum to Haslam Fund Charter

................................
................................
.......................

25

REFERENCES

................................
................................
................................
.......................

26





3


EXECUTIVE SUMMARY

About the Cover

Mark Rothko’s oil painting No. 8 offers an exuberant color palette, symbolic

of the hope that has been re
-
instilled in the advancing stock market. From a historical perspective, artists such as Rothko were
commissioned by New Deal
-
age economic stimuli to paint vivid public works to be housed in and around
government and public bui
ldings. Such efforts in government spending are analogous to our own modern
financial crisis; may we hope the fruits of the current economic stimulus be as beautiful and symbolic as
its predecessors.

Results

At the beginning of our tenure, October 1, 2008,

the Haslam Torch Fund portfolio had a balance of
$183,251.34 (
at the
close of trading on September 30, 2008). At the close of trading on March 31, 2009,
the portfolio held $127,832.61, yielding a net loss of $55,418.73, or 30.24% through the fund’s 2008
-
2
009 tenure. At the beginning of the second quarter, January 1, 2009, the portfolio held $143,865.38
(close of trading on December 31, 2008). The net loss for the second quarter was $16,033.22 or 11.14%.
For our tenure, the S&P 500, our benchmark, returned
a net loss of 30.54% (with dividends).
1

Thus, on a
non risk
-
adjusted basis, the fund outperformed the S&P 500 by .30% for our tenure. On a risk adjusted
basis,
the

fund underperformed the S&P 500. For further details, please refer to the “
Risk Analysis


on

page 5
.

Heaviest Weighted Sectors

At the close of trading on March 31, 2009, the portfolio’s three heaviest weighted sectors, excluding
dividends, were Healthcare (28.90%), Financials (16.77%), and Consumer Staples (15.44%).

Least Weighted Sectors

At the
close of trading on March 31, 2009, the portfolio’s three least weighted sectors, excluding
dividend, were Utilities (0.00%), Telecom (0.00%), and Consumer Discretionary (2.33%).

Transactions

On February 17, 2009, the fund purchased 100 shares of Visa, Inc
. (V). On February 23, 2009, the fund
liquidated its full position in Adobe (ADBE) and purchased 100 shares of John Wiley & Sons, Inc.
(JWA). The managers elected to liquidate ADBE due to concern that cutbacks in advertising budgets
would hurt the company’
s revenues. For complete transaction details, please refer to the Q2 Transaction
and Individual Stock Summaries sections.

Best Performers

Over our tenure, the three best performing stocks have come from the Healthcare and Financial sectors.
They are: Brist
ol
-
Myers Squibb (8.11%), Becton, Dickinson (3.07%), and Visa (2.40%)
. T
he best
performers over the second quarter came from the Financial and Energy sectors. They were: Goldman
Sachs (26.18%), Lufkin (10.52%), and Noble Energy (9.38%).

Worst Performers

Ov
er our tenure, the three worst performing stocks have come from the Financial, Industrial, and IT
sectors. They are: American Capital (
-
88.55%), DryShips (
-
85.09%), and Adobe (
-
54.29%). In the second
quarter, the fund’s three worst performing stocks came f
rom the Financial and Industrial sectors. They
were: DryShips (
-
53.25%), American Capital (
-
42.28%), and General Electric (
-
35.68%).

4


INVESTMENT THESIS

In a time marked by intense volatility, major broad market downturns, and a barrage of solemn
economic n
ews, it may be difficult for investment managers to maintain focus on achieving long
-
term goals. As Haslam Torch Fund managers, we understand that current market conditions will
eventually subside and that investment decisions based on fundamental quality
and thorough
research will yield positive long
-
term results for
the portfolio.

We believe that although most business sectors are experiencing major downturns, there are
companies whose necessity to consumers, solid fundamentals, and strong leadership will

allow
them to pass through these turbulent times with positive returns for their shareholders. Last
quarter
,

we stressed the importance of shifting the allocation of the portfolio to the essentials that
people need to survive.
During our second quarter
,
w
e continued with this objective in mind as
we

acquir
ed

two companies whose products and services are crucial even during a downturn


education
, by purchasing John Wiley,

and payment processing
, by purchasing Visa
.

Looking forward, we will continue to monitor key indicators of economic health, including
Consumer Confidence, Retail Sales, and the Chicago Board Options Exchange Volatility Index
(VIX) and will move away from cyclical companies whose value may be more se
nsitive to
economic conditions. The Haslam portfolio also places importance on companies who issue
annual dividends


an important source of income when stock prices may be temporarily
depressed by market conditions. Corporate confirmation of dividend paym
ents and support via
corporate cash balances are key drivers to our acquisition decisions.

With these principles in mind, we move forward, gaining perspective through experiencing such
unique market and macroenvironmental conditions, and applying them in
order to achieve our
goal through the capital appreciation of our fund.











5


FUND PERFORMANCE METRICS

Portfolio Gain/Loss Analysis

Portfolio Gain/Loss for 2
nd

Quarter

Close of 3/31/09

$143,856.83

Close of 12/31/08

$127,832.61

Net Gain (Loss) for 2
nd

Quarter

($16,024.22)


Portfolio Gain/Loss for Tenure

Close of 9/30/08

$183,251.34

Close of 12/31/08

$127,832.61

Net Gain (Loss) for Tenure

($55,418.73)



Portfolio Risk
-
Unadjusted Return


Second Quarter

Tenure

Haslam Portfolio

-
11.14%

-
30.24%

S&P
500 Index

-
11.01%

-
30.54%


Risk Analysis


Second Quarter


Tenure


Haslam

S&P 500


Haslam

S&P 500

Beta

0.86

1


0.84

1

Standard Deviation

2.32%

2.65%


3.05%

3.55%

Sharpe

(annualized)

-
1.833

-
1.532


-
1.
942

-
1.601

Treynor

(annualized)

-
0.949

-
.776


-
1.
347

-
1.
08
5





6


Sector Allocation

Sector

Haslam Portfolio

(%)

S&P 500
1

(%)

Consumer Discretionary

2.33

9.09

Consumer Staples

15.44

12.21

Energy

10.83

12.73

Financials

16.77

12.56

Healthcare

28.9

14.23

Industrials

8.45

10.08

Information Technology

8.86

17.96

Materials

5.03

3.24

Telecommunications Services

0.00

3.85

Utilities

0.00

4.05

Cash

3.38


0.00

Total

100.00%

100.00%




0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
Weight In Sector

Sector

Sector Allocation

Haslam Portfolio
S&P 500
7



INDIVIDUAL STOCK PERFORMANCE AND ANALYSIS



Ticker

Weight as of
3/31/2009

Market
Value as
of
3
/
31
/09

Q2 Total
Return

Tenure
Total
Return

Consumer Discretionary






John Wiley & Sons, Inc.

JWA

2.33%

2,978.00

-
0.73%

-
0.73%

Total Consumer Discretionary


2.33%

2,978.00



Consumer Staples






Altria Group, Inc.

MO

2.51%

3,268.00

8.50%

-
16.03%

Proctor &
Gamble

PG

7.37%

9,498.00

-
23.18%

-
31.28%

Phillip Morris International, Inc.

PM

5.57%

7,224.00

-
16.98%

-
23.78%

Total Consumer Staples


15.44%

19,990.00



Energy






AmeriGas Partners

APU

2.21%

2
,
892
.00

2.81%

-
2.86%

Lufkin Industries, Inc.

LUFK

2.96%

3,813.00

10.52%

-
51.63%

Noble Corporation

NE

5.65%

7,239.00

9.38%

-
44.94%

Total Energy


10.83%

13,944.00



Financials






American Capital, Ltd.

ACAS

0.22%

280.5
0

-
42.28%

-
88.55%

Goldman Sachs Group

GS

6.63%

8,518.93

26.18%

-
16.81%

Pinnacle Financial Partners

PNFP

5.56%

7,113.00

-
20.46%

-
23.02%

Visa, Inc.

V

4.35%

5,560.00

2.49%

2.49
%

Total Financials


16.77%

21,472.43



Healthcare






Amgen, Inc.

AMGN

7.75%

9,904.00

-
14.25%

-
16.45%

8


Becton, Dickinson, and Company

BDX

5.26%

6,724.00

-
1.68%

3.07%


Ticker

Weight as of
3/31/2009

Market
Value as
of
3
/
31
/09

Q2 Total
Return

Tenure
Total
Return

Johnson and Johnson

JNJ

5.14%

6,632.50

-
11.32%

-
22.75%

Novo Nordisk A/S

NVO

3.75%

4,876.16

-
5.11%

-
3.67%

Pharmaceutical Product
Dev., Inc.

PPDI

1.86%

2,384.50

-
17.80%

-
42.03%

Total Healthcare


28.90%

37,190.16



Industrials






DryShips Inc

DRYS

0.50%

636.25

-
52.25%

-
85.09%

FedEx Corporation

FDX

4.00%

5,129.00

-
30.48%

-
43.57%

General Electric Company

GE

3.95%

5,210.00

-
35.68%

-
43.18%

Total Industrials


8.45%

10,975.25



Materials






Celanese Corporation

CE

1.57%

2,011.50

7.88%

-
51.81%

Vulcan Materials Corporation

VMC

3.46%

4,478.00

-
35.64%

-
39.23%

Total Materials


5.03%

6,489.50



Information Technology






Accenture,
Ltd.

ACN

3.23%

4,123.50

-
16.16%

-
26.34%

Adobe Systems, Inc.

ADBE

0.00%

-

-
15.27%

-
54.29%

Cisco Systems, Inc.

CSCO

3.28%

4,192.50

2.88%

-
25.66%

Intel Corporation

INTC

2.35%

3,034.00

3.48%

-
18.26%

Total Information Technology


8.86%

11,350.00













9


Q2 TRANSACTION HISTORY

Q2
Acquisitions






Date

Company

Ticker

Share

Price

Cost Basis*

2/17/2009

Visa, Inc.

V

100

$54.62


-
$5
,
461.84

2/23/2009

John Wiley
&

Sons
, Inc.

JWA

100

30.12

-
3
,
011.81

Total



200


-
$8
,
473.65







Q2
Liquidations






Date


Company

Ticker

Share

Price

Cash Flow*

2/23/2009

Adobe Systems

ADBE

100

$17.34


$1
,
734.21

Total



100



$1
,
734.21

*Not Including transaction fees.











Q2
Dividends Received





Issued

Company

Ticker





Dividend

1/2/2009

Fed
E
x
Corporation

FDX




$12.65

1/2/2009

Becton
,

Dickinson

BDX



33.00

1/9/2009

Phillip Morris

PM



108.00

1/9/2009

Altria Group

MO



64.00

1/26/2009

General Electric

GE



155.00

2/2/2009

Celanese Corporation

CE



6.00

2/2/2009

Bristol
-
Myers Squibb

BMY



93.00

2/17/2009

Procter & Gamble

PG



80.00

10


2/18/2009

Amer
iG
as
Partners

APU



64.00

3/1/2009

Intel Corporation

INTC



28.00

3/2/2009

Noble Corporation

NE



12.00

3/10/2009

Vulcan Materials

VMC



49.00

3/10/2009

Lufkin Industries

LUFK



25.00

3/10/2009

Johnson & Johnson

JNJ



57.50

3/26/2009

Goldman Sachs Group

GS



37.33

3/27/2009

Pharmaceutical Prod.

PPDI



12.50

3/31/2009

Novo Nordisk A/S

NVO



78.16

3/31/2009

Becton
,

Dickinson

BDX





33.00

Total Dividends





$948.14

Total Transaction Fees




-
32.85

Total Interest Earned on Cash Held







1.43

Total Change in Cash





-
$5
,
822.72


Portfolio
Annualized
Dividend Yield

Haslam Portfolio

2.97%

S&P 500 Index

3.42%






11


INDIVIDUAL STOCK SUMMARIES

Consumer Discretionary

John Wiley & Sons, Inc
orporated

(JWA)

John Wiley & Sons (“Wiley”) is a global leader in the publishing sector. It offers both print and
electronic media resources ranging from scientific, technical, medical, and scholarly journals to
trade books and educat
ional materials for undergraduate and graduate students. In 2007, Wiley
acquired U.K.
-
based Blackwell Publishing, the world’s foremost academic and professional
publisher. Other well
-
known Wiley brands include the “For Dummies” series, the Frommer’s
travel

guides, and CliffsNotes study guides
.
2

The Haslam managers purchased 100 shares of Wiley stock on February 23, 2009. The
investment thesis behind the purchase was
a play to enter the education industry
. Historically,
when an economy is trending downward,
academic enrollments increase, either through current
students furthering their education or through displaced workers returning to grow their
knowledge base. In either case, students desire to gain a competitive advantage in a tightening
job market. We be
lieve Wiley stands in a strong position to gain from higher enrollments as well
as increased competition for academics to continue publishing in the midst of an economic
recession.


Consumer Staples

Altria Group
, Incorporated

(MO)

Altria Group is a holding

company. Through its various subsidiaries, it holds a portfolio of
companies that manufacturer tobacco for cigarettes and other tobacco products. It also holds an
interest in a company that brews beer.
3

MO

performed well against the market, outperforming the S&P through the fund’s second
quarter with a return of 8.50%. It has an overall holding period return of
-
16.03
%. After a
challenging first quarter,
MO’s

stock price was able to find a foothold shortly a
fter the start of
the new year. The addictive qualities of its branded tobacco products in conjunction with strong
brand loyalty provide
MO

a substantial economic moat. We believe that the economic crises
experienced globally will boost demand for tobacco
products. The acquisition of UST, a
smokeless tobacco producer, provides
MO

with a competitive advantage, as smoking bans in
public areas become more common.


Unpredictable stock price returns have led the Haslam management team to look for strong value
pl
ays within the market. With a $0.
32

quarterly payout, MO has an annualized dividend yield of
7.99
% (based on closing price on 3/31/09). The addictive nature
of
MO’s
product offerings
ensure

that sales of its products will be sustainable, even in light of r
ecent tax increases, litigation
settlements, and possible FDA regulation. We believe that Altria is a firm hold
going forward
.




12


Philip Morris International, Incorporated (PM)

Philip Morris International is a tobacco producer

and global marketer and distr
ibutor

whose
spinoff from Altria Group (MO) was completed on March 28, 2009. It produces, markets, and
distributes a wide range of branded cigarettes, including: Benson & Hedges, Marlboro, Merit,
Parliament, and Virginia Slims. Philip Morris Int’l is curre
ntly the largest publically traded
manufacturer and marketer of tobacco products. Its
return was a loss of
16.98% over the second
quarter of our tenure.

Comprising the

world’s premier cigarette portfolio with 7 of the 15 leading cigarette brands,
PM’s

brand
s have a wide international appeal.
PM

is second only to China’s state
-
owned China
National Tobacco in global market share, which operates in near
-
monopoly conditions in China.
Even though PM has a presence in over 160 countries, managers assert that furth
er market
penetration in large markets such as India and Southeast Asia is possible, as the company looks
to take market share from smaller local competitors. Future growth prospects and stability due to
the addictive nature of its products are reasons tha
t PM is viewed as a firm hold in the portfolio.

Tobacco companies, including Philip Morris and its holding company Altria
G
roup
are under
federal scrutiny, as the House of Representatives voted in favor of giving the FDA increased
oversight and direct regu
latory authority over tobacco producers. Developments concerning the
bill, as well as the financial implications it may have on producers will be carefully evaluated as
information becomes available.


Proctor and Gamble Company (PG)

Proctor and Gamble is a

household products company with 146 brands operating in more than
180 countries. The Company provides products in the laundry and cleaning, paper, beauty care,
food and beverage, and health care segments.
4

The first quarter of 2009 was a test for
PG
, whic
h saw its stock price drop from $61.82 to $47.09
over the period. However, in the absence of bad news concerning the company, we view overall
economic turbulence as the primary driver for the underperformance of the company.

The company has successfully in
tegrated
recently acquired
shaving company Gillette, and has
started to reap some of the synergies created by the acquisition. Efforts to find new pilot
programs and product development initiatives led to the creation of the Connect and Develop
program, wh
ich will draw ideas from its vast consumer base. Having dropped in stock price over
the first three months of 2009
in the absence of

bad news,
PG still offers

growth prospects
moving forward into the second half of our
tenure. Thus w
e view Proctor and Gamb
le as a hold
for our portfolio.




13


Energy

Ameri
G
as
Partners (APU)

Ameri
G
as
Partners is the United States’ largest propane retailer by volume, serving
approximately 1.3 million residential, commercial, industrial, motor fuel, and agricultural
customers over

46 states.
5

It markets propane, propane equipment, and related services from over
600 locations in 46 states.
6

APU started the year off strong, maintaining traction from its late
-
year surge in 2008. However,
APU handed back most of its profits as prices f
ell off as volumes increased and

investors started
taking profits in mid
-
February.
Its stock price

fell from $32.44 on February 5 to $23.88 on
March 9, a drop of over 26%.
Ameri
G
as
finished our second quarter with a return of
2.81
%.

Amid the volatility in
the market, we maintain that APU’s prospects are good going forward as
the economy starts to rehabilitate, and that the stock’s
9.05
% dividend yield adds great value to
holding the stock.


Lufkin Industries
, Incorporated

(LUFK)

Lufkin Industries designs, e
ngineers, manufactures, sells, installs and services high quality and
high value
-
added oil field equipment and power transmission products across the globe.
7

It
designs, manufactures, sells, refurbishes, services, and automates standard conventional “Mark
II” and other rod lift pumping units that are used to extract oil from wells. It also provides
engineering consulting and solutions for field equipment and transmission products worldwide.

After a price slide through our first quarter on depressed demand f
or oil products,
LUFK

has
seen a modest level of recovery over recent quarter, up
10.52%
. We believe that recent activity
from OPEC, including a considerable production pullback will see some invigoration in oil and
gas exploration and production companies
, which will benefit Lufkin Industries as we see more
capital expenditure in exploration and production.


Noble Corporation (NE)

Noble Corporation is a leading provider of diversified services for the oil and gas industry. The
Company performs contract dri
lling services with its fleet of 63 mobile offshore drilling units
located in key markets worldwide, including the U.S. Gulf of Mexico, Middle East, Mexico, the
North Sea, Brazil, West Africa and India.
8

Noble also provides labor contract drilling services
,
well site and project management services, and engineering services.
9

The recent quarter ended 3/31/2009 was also a quarter of turnaround and improvement for
NE
,
which posted a quarterly gain of 9.
38
%.
NE

maintains a considerable
contract

backlog in the
amount of $11.5 billion, which analysts estimate to equate to approximately 20 months of work,
on average, for every rig in the fleet.
10

We believe that crude oil prices have reached
a

bottom,
having tested the $40/bbl mark, and will continue to climb gradu
ally over the coming term, with
NYMEX Crude (Light) December 09 futures priced currently at $61.91/bbl. Increased
production pullbacks from OPEC may be a boon to domestic oil producers, who will be moving
to increase production to meet the U.S. government’
s call to reduce dependence on foreign
-
sourced oil. Operating perhaps the best
-
maintained deep
-
water drilling fleet and a considerable
14


backlog, we believe that
NE

is well
-
positioned to take advantage of future production
movements. We confirm our “hold” po
sition for Noble Corporation.


Financials

American Capital Ltd. (ACAS)

American Capital is an alternative asset manager. The company, directly and through its global
asset management business, invests in employee and management buyouts, private equity
buy
outs, and early stage and mature private and public companies. American Capital provides
debt and equity to fund growth, acquisitions, recapitalizations, and securitizations
.
11

ACAS has depreciated by 42.28% during the second quarter of our tenure and is down by
88.55
% for our entire tenure. The stock was removed from the S&P 500 index on March 3, 2009,
causing the company’s shares to drop by 18.2% on February 25
th
, the date of t
he
announcement
.
12

The stock reached a 52
-
week low of $.58 per share on March 6
th
, but rebounded
to close the quarter at $1.87 a share on March 31
st
.

The managers believe it would be imprudent to sell the funds position in ACAS at this time,

because the rem
aining value of the holding is negligible and the chance of some price recovery
still remains.

The managers
will continue to monitor the news releases for the firm and revaluate
the fund’s holding on a continual basis.


Goldman Sachs Group (GS)

Goldman Sa
chs is one of the world’s foremost investment banking and securities companies. It
specializes in investment banking, trading and principal investments, asset management and
securities services
.
13

On September 21, Goldman changed its business structure into

a bank
-
holding company.

GS enjoyed a strong appreciation of
26.18
% in the firm’s stock price in the second quarter of our
tenure, but for our entire tenure, the stock has depreciated by
16.81
%. In October 2008, GS
received $10 billion in TARP funds throug
h a treasury department preferred stock purchase. In
late March GS announced it intended to pay the funds back to the government, “ideally in the
next month” in order to avoid the strict government oversight that accepting the government
funds required
.
14

T
he Haslam fund managers view the repayment of the funds as a positive sign
for the company.

GS seems to have weathered the worst of the financial crisis and will benefit from the
consolidation in the investment banking industry. Taking all of this into con
sideration, the
managers believe that GS is a solid holding for the fund.


Pinnacle Financial Partners, In
corporated

(PNFP)

Pinnacle Financial Partners is a holding company for Pinnacle National Bank. The bank operates
as a community bank emphasizing pers
onal banking relationships with individuals and
businesses located in its primary service area,
comprising

the metropolitan Nashville, Tennessee
area and surrounding counties
.
15


15


PNFP shares have depreciated by 20.46% in the second quarter of our tenure,
and are down by
23.02% for our tenure. A March 26
th

announcement stated that PNFP would be added to the S&P
Smallcap 600 index effective April 1
st
.
16

Overall, PNFP still remains well
-
capitalized, as it
maintains a strong balance sheet and conservative lendi
ng practices. The company reported
earnings of $
0
.31 a diluted share for the 4
th

quarter of 2008, during a horrific period for many
financial stocks.

The managers believe that PNFP is in a position to realize strong growth and to continue
reporting positi
ve earnings moving forward. The managers continue to view PNFP as a strong
holding for the fund in the coming quarters.


Visa
,

Inc
orporated

(V)

Visa operates a retail electronic payments network and manages global financial services. The
Company also offe
rs global commerce through the transfer of value and information among
financial institutions, merchants, consumers, businesses and government entities
.
17

The Haslam managers purchased 100 shares
on Februar
y 17, 2009
. Since the fund purchased its
position i
n V, the stock has appreciated by a dividend
-
adjusted 2.
4
9
%, with bright prospects for
further appreciation.

The managers decided to purchase V because the company does not issue credit but
rather

processes electronic payments. The managers believe that in

a time when many Americans are
short on cash
,

they will increasingly
utilize

credit cards. Recent forecasts hint that electronic
payments are expected to increase from 40% of total payments to 70% of total payments in
2010
.
18

V is in a prime position to ca
pitalize on this increase in electronic payments and avoid
the risks of nonpayment from card users.


Healthcare

Amgen, Incorporated (AMGN)

Amgen specializes in the development, manufacture, and delivery of human therapeutics based
on advances in cellular a
nd molecular biology. Focusing on ground
-
breaking treatments for more
serious illnesses, AMGN offers a range of products treating diseases from rheumatoid arthritis to
cancer.

In 2008, AMGN posted a 2% growth in revenue to $15 million, fueled by strong int
ernational
sales. Overall, U.S. sales growth remained relatively unchanged, as sales of Aranesp continued to
decline to 23%. Excluding Aranesp, U.S. sales grew by 6%. While international sales grew by
15% for the year, they grew by only 2% in the fourth qu
arter, due to the negative impact of
foreign currency fluctuations.
19

The Haslam managers will continue to evaluate the products in
AMGN’s pipeline for future growth potential but for now we believe that the stock is still a firm
hold for the portfolio.


16


Be
cton, Dickinson and Company (BDX)

Becton, Dickinson and Company (BDX) manufactures and sells a variety of medical supplies
and devices and diagnostic systems. The company’s products are used by healthcare
professionals, medical research institutions, and t
he general consuming public.

BDX reported positive growth in its fiscal first quarter, fueled by strong sales within its insulin
delivery products. The growth, estimated at 1.6%, was negatively impacted by foreign currency
translation. The company was name
d to
CRO

Magazine’s 100 Best Corporate Citizens list. The
fund managers believe BDX’s positioning within the diabetes treatment segment positions the
company for solid growth in the coming quarters.


Bristol
-
Myers Squibb Company (BMY)

Bristol
-
Myers Squibb

is a multi
-
faceted healthcare company, specializing in the development,
manufacture, and distribution of various pharmaceutical products worldwide. Its product offering
includes well
-
known drugs such as Plavix and Erbitux.

BMY’s fiscal fourth quarter pro
ved to be another successful one for the pharmaceutical giant.
Overall net sales increased 4%, with a 13% increase in the U.S. and a 9% decrease abroad. Like
many of the holdings in the Haslam portfolio, BMY’s international sales were hurt by currency
fluc
tuations. The company successfully spun off Mead Johnson, its nutrition subsidiary, in an
initial public offering that took place in February.
20

Onglyza, a diabetes drug co
-
developed with
AstraZeneca, received favorable initial reviews from the U.S. FDA, bo
osting the likelihood that
the drug will be approved in coming months.
21

Finally, a new study found that Plavix, when used
with aspirin, decreased the risk of stroke or other vascular events.
22

In 2009, BMY expects a
GAAP EPS guidance of $1.58
-
$1.73.
23

The Ha
slam fund managers firmly believe that BMY’s
current product offerings as well as its loaded pipeline will provide a solid return in the coming
quarters.


Johnson & Johnson (JNJ)

Johnson & Johnson manufactures healthcare products and provides related servi
ces for the
consumer, pharmaceutical, and medical devices and diagnostics markets. The company sells
products such as skin and hair products, acetaminophen products, pharmaceuticals, diagnostic
equipment, and surgical equipment in countries throughout the
world.

In January, JNJ released its 2008 full year and fourth quarter sales results. Overall sales
increased by 4.3% while fourth quarter sales fell by 4.9%, with the latter being negatively
impacted by foreign currency fluctuations. Additionally, the com
pany completed its acquisition
of Mentor Corporation, a leading provider of surgical procedure products. The U.S. FDA
approved JNJ’s NAVISTAR heart catheter for marketing, while JNJ received positive feedback
for its trials conducted with CYPHER, a new dru
g
-
coated stent developed by Cordis
Corporation, a JNJ subsidiary.
24

While JNJ’s drop in fourth quarter sales may seem alarming, the
Haslam managers believe JNJ is well
-
diversified enough to withstand the continuing economic
turmoil and consider the stock to

be a strong hold.




17


Novo Nordisk A/S (NVO)

Novo Nordisk A/S (NVO) develops, produces, and markets pharmaceutical products. The
company focuses on diabetes care and offers insulin delivery systems and other diabetes
products. Novo Nordisk also works in
areas such as haemostatis management, growth disorders,
and hormone replacement therapy.

NVO shares dipped slightly into the second quarter of our tenure as increased economic
uncertainty also took its toll on the company. Management announced plans to lau
nch its new
anti
-
diabetes drug Liraglutide in India with hopes of launching it globally by 2010. The U.S.
FDA has asked for further guidance in evaluating the drug before it is released in the United
States. In February, the company debuted in
FORTUNE
’s 20
09 “100 Best Companies to Work
For” issue, with editors citing the company’s unique benefits programs including a college
savings plan and a generous 401k plan as reasons for NVO’s inclusion in the list. Additionally,
the company announced a 33% dividend i
ncrease and a DKK 1 billion increase in its already
-
enacted share repurchase program as part of its desire to reduce share capital. NVO expects sales
to grow at a pre
-
currency adjusted 10%, with a free cash flow around DKK 9.0 billion. The
Haslam managers
remain confident that NVO’s strategic position in the diabetes market will
keep the stock steady in the coming quarter.


Pharmaceutical Product Development, Incorporated (PPDI)

Pharmaceutical Product Development is a leading global contract research organi
zation
providing discovery, development, and post
-
approval services as well as compound partnering
programs. Working with pharmaceutical, biotechnology, medical device, academic, and
government organizations, PPDI applies innovative technologies to deliver

safe and effective
therapeutics to patients.

PPDI posted a 28% gain in revenues in its fiscal fourth quarter, as the company continued its
international expansion. PPDI entered into a strategic collaboration with Merck, Inc. for Merck’s
vaccine testing fa
cilities. The move increases PPDI’s presence among global laboratories.
25

Additionally, PPDI announced the acquisition of AbCRO, an Eastern European contract
researcher specializing in Phase II
-
IV clinical trials. The acquisition gives PPDI an immediate
pre
sence in countries such as Romania, Bulgaria, and Croatia. Unfortunately, the company
announced that alogliptin, a diabetes drug developed Takeda Pharmaceutical, will likely not be
approved by the FDA in 2009. As a result, PPDI will lose a $25 million paym
ent it would have
received from Takeda at the time of approval.
26

In spite of this, PPDI’s outlook on 2009 remains
strong. The company expects revenues to increase by 12% and a diluted EPS between $1.97
-
$2.05. Around press time, the company announced the ac
quisition of Magen BioSciences,
increasing PPDI’s foothold in the dermatology segment.
27

With this underway, the fund
managers believe PPDI should remain steady in the coming quarters and consider the stock to be
a strong hold for the foreseeable future.



18


I
ndustrials

DryShips, Inc
orporated

(DRYS)

DryShips

is a dry bulk shipping company, operating a fleet of 42 vessels worldwide. It ships
commodities used in production of other products, such as bauxite
and

coal.

DRYS fell dramatically again this quarter,
losing 52
.25
% of its value as the company continues
to suffer the effects of the collapse in global shipping rates as measured by the Baltic Dry Index.
The sharp decline in rates has reduced the market value of its fixed assets, its ships, and in
January,
two of DRYS’s creditors informed the company that it was in breach of loan
covenants.
28

Eventually the company received waivers on nearly all of its debt covenants, but
had to issue $500 million additional equity to maintain sufficient capital reserves.
29

Fi
nally, the
company has had to cancel 17 in
-
process ship orders as it sought to increase cash reserves,
incurring penalties of $160 million.
30

At this point our primary reason for holding this stock is
that it has already lost such a huge percentage of our i
nvestment that there is almost nothing to be
gained by liquidating it at this time.


FedEx Corporation (FDX)

FedEx is primarily known for its established U.S. and international package and freight delivery
services. The company also has a significant IT s
egment, offering supply chain and office
solutions to businesses.

Our position in FDX lost 30.
48
% this quarter, as demand for delivery service slipped with the
slowing economy. Quarterly profits are down 75% from the same period last year.
31

The
company ha
s cut 1,900 jobs over the quarter, and instituted management
-
wide pay cuts to reduce
costs during the tough economic times.
32
,
33

One possible bright spot for this stock moving
forward is that the CEO has claimed the company has probably hit the bottom of the

economic
cycle, and has predicted sequential growth for the next two quarters.
34


General Electric Company (GE)

General Electric is a large industrial conglomerate, encompassing significant segments in the
media, energy infrastructure, technology infrastru
cture, and financial sectors.

Our GE position lost
35.68
% this quarter, as the company was dragged down by a series of
historically bad developments. At the end of February, GE cut its dividend by 68%, the first time
it has made a cut since the Great Depr
ession.
35

The company’s profits were down substantially as
a result of drop off in the financial division, so the dividend cut was seen as a way of shoring up
the balance sheet for the current uncertain climate. Then, in March, GE’s credit rating with
Stand
ard & Poor’s and Moody’s was cut from the top rating for the first time in 42 years.
36

The
view of these analysts is that GE Capital could post losses for the next few quarters, and that
substantial write
-
downs in the division’s real estate and consumer loa
ns could still be ahead. We
continue to hold GE due to its substantial footprint outside the financial sector. GE stands to
benefit from increased government spending on infrastructure, with its operations in water
treatment, power generation, and the rail

industry.


19


Information Technology

Accenture
,

L
imi
t
ed

(ACN)

Accenture is a consulting and information technology firm covering a wide array of business
functions. Its largest segment is management consulting, but ACN also offers IT consulting,
financial s
olutions, outsourcing, and risk management.

ACN is down 16
.16
% this quarter, with nearly all of this loss occurring immediately following
the company’s earnings report on 3/26/09. ACN reported revenues of $5.27 billion for the
quarter, far below the compan
y’s previous guidance of $5.45 to $5.65 billion.
37

We are holding
on to this stock because we feel technology related to business functions is likely to see a strong
recovery as the economy stabilizes. ACN’s services will be in demand as companies that have

gone through layoffs attempt to fill the gaps in their operations.


Adobe Systems Incorporated (ADBE)

Adobe Systems is a software company known primarily for its programs that aid developers in
the creation of content. ADBE has created the very successful Acrobat, Photoshop and Flash
software programs.

We decided to liquidate our 100 shares of ADBE on 2/2
3/09 due to reports that the creative
professionals that use its products were not upgrading this cycle due to the financial pressures of
the down economy.
38

A recent survey of the Association of National Advertisers showed that
71%

of polled advertising pr
ofessionals
expected to see their advertising budgets cut in the
coming year, something that could have a profoundly negative effect on Adobe’s sales, which
are strongly tied to marketing departments.
39


CISCO Systems, Incorporated (CSCO)

Cisco Systems is a

technology company focusing on the hardware necessary to connect
computers via Internet protocols. This includes routers, switches, servers, modems, and network
storage devices.

This stock did reasonably well this quarter, appreciating 2.8
8
%. Cisco is po
ised to reap the
benefits of increased internet usage through mobile devices, as nearly any access or use of the
internet involves CSCO products in some way.
40

It also stands to benefit from the trend towards
cloud computing, in which businesses outsource IT functions and access necessary data over the
internet. Its acquisition this quarter of Richards
-
Zeta Building Intelligence, Inc. helps expand its
presence i
n this potentially high growth new field.
41




20


Intel Corporation (INTC)

Intel manufactures and sells the microprocessors used in personal computers. Its chips can also
be found in industrial equipment, digital music players, and flash memory devices.

Our
i
nvestment

in INTC
returned

3.48
% during the quarter, reflecting a general recovery by
technology stocks in late March. INTC has moved into the server chip market with its most
recent chip, the Xeon 5500.
42

This represents a new market for INTC, and servers
are likely to be
a growth market as network usage increases. Decreasing laptop prices have hurt INTC’s margins
on its PC chips, but its moves into the data phone and server markets with its chips give it strong
potential for future growth, and it maintains

its dominance in the PC market.


Materials

Celanese Corporation (CE)

Celanese is a global industrial chemicals company. Its business involves processing chemical
raw materials, such as ethylene and propylene, and natural products, including natural gas
and
wood pulp, into chemicals and chemical
-
based products
.
43

Our position in CE generated a total return of

7.88
% for the second quarter of our tenure but is
still down by
51.81
% for our tenure. During the quarter CE announced it was shutting down
productio
n of vinyl acetate monomer at its plant in Cangrejera, Mexico. This action was taken
due to weakening global demand during this world wide recession
.
44

The stock recently received
several analyst upgrades due to the positive signs being shown by the Chinese

economy. CE has
a strong presence in Asian markets and is in position to capitalize on Chinese economic growth.

The managers believe that as the world begins to slowly move out of recession CE is in a strong
position to benefit and deliver positive retur
ns for share holders. CE will continue to be held in
the portfolio and the managers will continue to monitor news about the company.


Vulcan Materials Company (VMC)

Vulcan Materials, based in Birmingham, Alabama
,
is the nation’s largest producer of
constr
uction aggregates, a major producer of other construction materials including asphalt and
ready
-
mixed concrete and a leading producer of cement in Florida
.
45

The Haslam
F
und

s position in VMC

depreciated by 36.
64
% in the second quarter of our tenure,
and is

down by
39.23
% for our tenure. VMC shares have continued to be drug down by the slow
housing and commercial construction markets. The Obama stimulus package also fell short of
many expectations for infrastructure spending, thus further hurting VMC’s price
. There was an
unexpected increase in housing starts in February of this year, and VMC is well
-
positioned to
capture a large share of the infrastructure spending in the Obama stimulus plan, leading to slight
optimism for the short term future of the stock.

The managers believe that VMC is still a solid holding for the fund in light of recent positive
economic news. The managers will closely monitor the news released for VMC and reevaluate
the fund’s position accordingly.


21


Telecommunications

No companies
held.


Utilities

No companies held.




22


ECONOMIC OVERVIEW

The second quarter of our tenure started with the continuance of a rally that was sparked in late
November, as the S&P index rallied 182 points (24%) to 934.70 on January 6. The market would
reverse
course the next day as Intel and Alcoa released unfavorable earnings guidance. The
market continued its slide on continued releases of bad news and waning investor confidence
until March 9, testing new multi
-
year lows across many major domestic and interna
tional indices
in the process. The S&P 500 closed on March 9 at 676.53, a contraction of 37.73% since the
beginning of the year.

The Bureau of Labor Statistics’ March report revealed a sharp reduction in non
-
farm payrolls,
with the loss of 663,000 jobs bri
nging the national unemployment rate to 8.5%, up from 8.1% the
previous term. The negative trend in retail sales continued through March, extending the
negative growth trend to six months. This trend is likely to continue, as total unemployment and
new job
less claims continue to keep pressure on consumer spending.

Final 2008 GDP statistics released by the Bureau of Economic Analysis showed that fourth
quarter of 2008 real GDP decreased at an annualized rate of 6.3%. Economists project that the
U.S. economy
likely contracted approximately 5% during the first quarter of 2009.

Congress passed the American Recovery and Reinvestment Act of 2009, effective February 17,
2009 to provide stimulus to the sliding U.S. economy. The act comes in the form of wide
-
ranging
federal tax cuts, expansion of unemployment benefits, health care provisions (insurance
premium subsidies, research grants), education (relief funds to prevent further education cuts,
expanded college credit), homeland security, and law enforcement program

funding.
46

Totaling
approximately $789 billion dollars, it brings the total that the U.S. government and Fed have
spent, lent, or committed, to $12.8 trillion, which is equal to 90% of the nation’s GDP for 2008.
47

Improving headlines were present as new eco
nomic releases in retail sales and consumer
confidence indicate that the
y

may be starting to ease up. The Fed has maintained its stance on its
quantitative easing policy


increasing the money via open market operations, injecting record
levels of liquidit
y into banks. Increased transparency in the government’s plan to remove toxic
assets from bank balance sheets, including the revision to FASB
-
157
-
e (mark
-
to
-
market rule),
have given banks flexibility when valuing derivative assets. This combination of elem
ents may
see financial posting better quarterly returns than previously expected, which could spark a near
-
term turnaround. After the precipitous slide through March 9, the market reversed course due to
increased confidence, and the S&P 500 rallied 130 poi
nts to close out the quarter at 797.87, an
increase of 18%. The overall market rally will prove its sustainability in the coming weeks as
major companies start to report their first quarter 2009 earnings.






23


HASLAM FUND MANAGEMENT TEAM

Emily M. Edwards

Emily Michelle Edwards is a native Tennessean who graduated in 2007
from Washington and Lee University with a degree in Economics. Her
internship experience includes two summers with Duncan
-
Williams, a
Memphis
-
based fixed income broker dealer. She is curre
ntly a graduate
assistant with the Finance Department at the University of Tennessee.



Jon
athan

K.
Epperson

Jonathan Kent Epperson is a native Ohioan. He was a member of the
NCAA men’s Division I soccer program at the Houston Baptist University,
where he

graduated with degrees in Business Administration and Finance.
He is a former wealth management and investment analyst at Merrill Lynch
and is currently a graduate assistant with the Finance Department at the
University of Tennessee.



Tho
m
as P.

Newman

Thomas Perry Newman a native of Chicago, Illinois. He graduated from the
University of Illinois at Urbana
-
Champaign with a degree in humanities. He
is a former recruitment manager with Alcoa Inc. He is currently studying
Logistics and Finance.



Michael T
.

Schachleiter

Michael Tod Schachleiter is a native of Cincinnati, Ohio. He graduated
Magna Cum Laude from Lees
-
McRae College, where he was a member of
the men’s intercollegiate basketball team. He is a former commercial
financial analyst with Fifth Third
Bank in Cincinnati, Ohio, and is studying
Finance and Marketing.






24


FUND CHARTER

The Haslam Fund is a long
-
equity fund actively managed for our client, Mr. James Haslam. As
fund managers, we strive for the proper stewardship of our client’s funds as well

as the long
-
term
capital appreciation for the fund. We aim to maximize portfolio performance by making
investment decisions founded on strong fundamentals, selecting companies with solid financials,
sound operational conditions, and tolerable risk levels.

In light of current market conditions, we
have chosen to approach security selection using a top
-
down approach, assessing the economy
and market conditions before proceeding to select individual companies.

Thus, we measure risk: systematic risk in terms o
f beta; and total risk in terms of standard
deviation. Returns to our client’s funds will be measured against the returns of the market


in
our case, the Standard and Poor’s 500 Index. Returns against the S&P 500 will be assessed on an
absolute, positive
basis, in line with our objective of maximizing the returns on our client’s
funds.

The management team will operate under the following conditions: (1) decisions leading to the
acquisition or liquidation of assets must be made on a majority basis, in that
3 out of the 4
managers must be in agreement; (2) in the case of a dissenting opinion, the dissenting manager(s)
may prepare a case as to why they disagree, leading up to a second vote; (3) the second vote
must maintain a three
-
fourths vote in order to pro
ceed with the acquisition/liquidation; (4) during
the academic term, mandatory meetings will be held weekly; (5) during academic recess
(holidays and summer breaks), the group will meet weekly via videoconferencing, conference
calls, Internet chat discussi
on, however the conditions may allow; (6) in the case of an
emergency liquidation scenario, a manager may discuss the proper course of action with faculty
advisor Dr. Deborah Murphy as they disseminate essential information to the other managers.

The Hasla
m management team maintains a long
-
term perspective in decision
-
making. As a team,
we are unified in our decision
-
making, and believe that our asset selection process is based on
sound fundamentals, which will translate into long
-
term capital appreciation
for our client.


With the greatest respect and dedication,



____________________________




____________________________

Emily M. Edwards






Thomas P. Newman




____________________________




____________________________

Jonathan K. Epperson






Micha
el T. Schachleiter




25


Addendum to Haslam Fund
Charter

This Addendum to the
Haslam Torch Fund Management Charter

("Addendum") is entered
to
confirm proper meeting practices, which were unforeseen during initial drafting
. Words and
terms have the same
meaning in this Addendum as in the Charter.

Provisions Added March 4, 2009:

1.

In the case of an advanced
-
notice absence from a meeting that involves a transaction
vote, the absent member must send his or her vote along with substantive rationale to the
team
members no sooner than 12 hours before the start of the meeting.

2.

During meetings with a transaction event, the manager who proposed the transaction will
document the reasons and risks behind the purchase or liquidation of stock, thus
capturing the thesis b
ehind the transaction.




26


REFERENCES




1

Bloomberg Analytics

2

John Wiley Investor Relations Website

3

Altria Group Website.
Retrieved on January 5, 2009 from
http://www.altria.com/
.

4

Proctor and Gamble.

Bloomberg Analytics. Retrieved on January 7, 2009.

5

Stuart J. Benway, CFA
, Standard and Poors’ Americas Partners Stock Report. Retrieve
d on January 11, 2009.

6

Amerigas Investor Relations Website.
Retrieved on January 11, 2009 from
http://investor.shareholder.com/ugi/apu/index.cfm
.

7

Lufkin Industries.

Retrieved on January

4, 2009 from
http://www.lufkin.com/
.

8

Noble Corporation: Investor Relations.
Retrieved on January 5, 2009 from
http://phx.corporate
-
ir
.net/phoenix.zhtml?c=98046&p=irol
-
irhome
.

9

Noble Corp.

Bloomberg Analytics. Retrieved on January 7, 2009.

10

Stewart Glickman, CFA.
Standard and Poors’ Americas Partners Stock Report. Retrieved on April 2, 2009.

11

Bloomberg Analytics

12

http://finance.yahoo.com/news/American
-
Capital
-
kicked
-
off
-
apf
-
14472600.html


13

Bloomberg Analytics

14
http://tpmmuckraker.talkingpointsm
emo.com/2009/03/government_sachs_tarp_funds_just_the_tip_of_the_ic.php

15

Bloomberg Analytics

16

http://finance.yahoo.com/news/Denbury
-
to
-
replace
-
Rohm
-
and
-
apf
-
1474780
7.html

17

Bloomberg Analytics

18

http://finance.yahoo.com/special
-
edition/stocks
-
for
-
the
-
long
-
haul/10
-
large
-
cap
-
stocks

19

Amgen 10K Filing

20

Bristol
-
Myers Sq
uibb Fourth Quarter Press Release

21

The Boston Globe

22

Streetinsider.com

23

Bristol
-
Myers Squibb Fourth Quarter Press Release

24

Johnson & Johnson Investor Relations website

25

Vaccine Weekly

26

Diabetes Week

27

Business Wire

28

Dryships in Breach of Some Loan Covenants. Retrieved on 4/7/09 from

http://www.reuters.com/article/governmentFilingsNews/idUSBNG3011520090128

29

Dryships Inks Final Agreement For Covenant Waiver. Retrieved on 4/7/09 from

http://www.reuters.com/article/ma
rketsNews/idINBNG43176220090226?rpc=44

30

DryShips Operating and Financial Results for 4
th

Quarter 2008. Retrieved on 4/7/09 from

http://www.capitallink.com/ppress/ppressfile/23406845/dryspr032409.pdf

31

Fedex Shares Fall as Demand Concerns Mount. Retrieved

on 4/7/09 from

http://finance.yahoo.com/news/FedEx
-
shares
-
fall
-
as
-
demand
-
apf
-
14703644.html

32

Fedex Freight Layoffs Will Number 900. Retrieved on 4/7/09 from

http://memphis.bizjournals.com/memphis/stories/2009/02/09/daily3.html?ana=yfcpc

33

Fedex Lays Off
1000 Worldwide. Retrieved on 4/7/09 from

http://nashville.bizjournals.com/nashville/stories/2009/03/30/daily40.html?ana=yfcpc

34

Fedex: We’re Done Falling. Retrieved on 4/7/09 from http://www.forbes.com/2009/03/19/fedex
-
courier
-
transportation
-
markets
-
equity
-
recession
-
bottom.html?partner=yahootix

35

GE Joins Parade of Deep Dividend Cuts. Retrieved on 4/7/09 from

http://online.wsj.com/article/SB123575953983996113.html

36

GE’s Pristing Rating Cut Back After 42 Years. Retrieved on 4/7/09 from http://www.ft.com/cm
s/s/0/9a757fd8
-
1813
-
11de
-
8c9d
-
0000779fd2ac.html

37

Accenture Sinks As Analysts Cut Estimates. Retrieved on 4/7/09 from http://finance.yahoo.com/news/Accenture
-
sinks
-
as
-
analysts
-
apf
-
14765142.html

38

Adobe Looking Less Acrobatic. Retrieved on 4/7/09 from

http
://online.barrons.com/article/SB123508528975927485.html?mod=yahoobarrons&ru=yahoo

39

Consumer Marketers: Get SMART About Your Marketing Spend To Do More With Less. Retrieved on 4/7/09
from http://www.prweb.com/releases/2009/03/prweb2229854.htm

27







40

Cisco Syste
ms, Inc Q2FY09 Earnings Conference Call. Retrieved on 4/7/09 from

http://investor.cisco.com/common/download/download.cfm?companyid=CSCO&fileid=270868&filekey=62173046
-
0ed0
-
4fee
-
8647
-
79e1f73b7d31&filename=Q2FY09_Transcript.pdf

41

Cisco Acquires Richards
-
Zet
a Building Intelligence, Inc. Retrieved on 4/7/09 from

http://www.cisco.com/web/about/ac49/ac0/ac1/ac259/richardszeta.html

42

Intel Serves Up A New Processor. Retrieved on 4/7/09 from http://www.forbes.com/2009/03/30/intel
-
computer
-
server
-
technology
-
cio
-
ne
twork
-
intel.html?partner=yahootix

43

Bloomberg Analytics

44

http://finance.yahoo.com/news/Celanese
-
to
-
Shut
-
Down
-
VAM
-
bw
-
14338604.html

45

Bloomberg Analytics

46

How the Stimulus Plan Breaks Down. USA Today. February 13, 2009. Accessed at
http://www.usatoday.com/money/economy/2009
-
02
-
12
-
stimulus
-
plan
-
breakdown_N.htm on April 4, 2009.

47

Mark Pittman and Bob Ivry,
Financial Rescue nears GDP as Pledges to $12.8 Trill
ion. Bloomberg. March 31,
2009. Accessed at http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkwtCA4&refer=home on
April 4, 2009.