Smart Woman Securities (SWS) is a student-run investment organization based at Harvard University. The core purpose of SWS is to educate young women about investing in the financial markets through direct investment experience. By targeting undergraduate women, SWS focuses on giving students a platform to learn about the financial markets in a practical and applied setting. Through instructive workshops, skill-development programs, and meetings with mentors, SWS provides an avenue for education that will empower women to start investing early and continue to build their knowledge of the finance industry.
Smart Woman Securities (SWS) seeks to provide undergraduate women with the skills necessary to make
investment decisions through market education, exposure to industry professionals, and real-world financial experience.
our mission
who we areSWS is a student-run investment organization. The SWS team is made up of enterprising undergraduate women who are interested in the financial markets and have demonstrated great achievement as dynamic individuals in the community. The success of SWS relies on these smart, enthusiastic women who are passionate about the financial markets and investing in their futures.
what we doSWS aims to educate young women by giving them the skills to manage an investment portfolio, handle risk, and take responsibility for their financial decisions. Each Smart Woman selected from the application process must go through an extensive training program, in which she gains knowledge about the markets, develops analytical and research skills, and learns about the SWS investing principles. After finishing training, SWS members conduct research on individual companies within an industry, and offer recommendations to the Investment Board on SWS strategy. Industry professionals serve as mentors, provide insight into the market, and offer assistance in the training program; however, the ultimate investment decisions are made by the student-run Investment Board.
Once a Smart Woman has demonstrated sufficient understanding of the financial markets and investment strategies, she may be selected to the SWS Investment Board, which manages the investment portfolio.
The goal of SWS is to provide young women with a framework upon which they can build research skills and financial knowledge that will help them in the future. SWS aims to accomplish this by giving women the training that they can use in order to succeed in investing, along with offering a hands-on experience in managing an investment portfolio. Through our comprehensive programs, we believe SWS will give women a deeper understanding of the risks and rewards of investing in the financial markets.
Smart Woman Securities (SWS) is a student-run investment organization based in Harvard University. Co-Founded bBritt and Teresa Hsiao in Fall 2005, SWS is comprised of enterprising young women who are interested in the financmarkets. The goal of the organization is to educate young women about investing through applied experience. By tarundergraduate women, SWS focuses on giving students a platform to learn about the financial markets in a practical applied setting. Through instructive workshops, skill- development programs, and meetings with mentors, SWS provavenue for education that will empower women to start investing early and continue to build their knowledge of the industry. Smart Woman Securities (SWS) is a student-run investment organization based in Harvard University. Co-Fby Tracy Britt and Teresa Hsiao in Fall 2005, SWS is comprised of enterprising young women who are interested in financial markets. The goal of the organization is to educate young women about investing through applied experientargeting undergraduate women, SWS focuses on giving students a platform to learn about the financial markets in aand applied setting. Through instructive workshops, skill- development programs, and meetings with mentors, SWS an avenue for education that will empower women to start investing early and continue to build their knowledge of t
about us
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timelineFall 2005. Smart Woman Securities (SWS) is started in Fall 2005 by Tracy Britt and Teresa Hsiao. From their experiences in the business world and on campus at Harvard University, they realize that there are very few opportunities for women to collectively learn about investing in college. Although there are a few investment clubs on campus, many women they speak with express their unease at joining these organizations, due to a lack of financial knowledge.
Spring 2006. Thus, in response to what is seen as a growing need, SWS is founded as an organization to provide investment education to undergraduate women. Initially a concept, SWS is solidified in Spring 2006, as the Founding Team is selected amongst an overwhelming number of applicants.
Summer 2006. During the Summer 2006, the SWS Founding Team works on solidifying the structure of the organization. In particular, the Founding Team works to launch SWS as a fully-functional organization by Fall 2006, including finalizing an educational training program and developing relationships with industry professionals to serve as mentors. Founding Partners coordinate resources and facilitate the management of the organization in order for it to run smoothly in the fall.
Fall 2006. In Fall 2006, over 60 students at Harvard are selected from an application process to join the SWS inaugural class. These participants go through the 10-week educational program, during which they gain knowledge about the markets, develop analytical and research skills, and learn about the SWS investing principles. The SWS Mentoring program is also launched, with each student receiving a General and Industry Mentor. Furthermore, SWS Founding Partners plan and execute a trip for over 90 Harvard students to visit Warren Buffett in Omaha, NE on October 5-6. At the end of the semester, SWS members complete the Investment Project, which involves making a presentation and giving their recommendations for a company.
Spring 2007. SWS members are placed in industry teams, where they conduct research on companies of their choosing. Working as Analysts and Associates, SWS members analyze companies in their industry and present stock pitches in their teams and to the SWS Investment Board. The Investment Board at Harvard—comprised of students who have demonstrated a broad understanding of research, investing, and the SWS investing principles—discuss the portfolio allocation and listen to presentations from SWS members in specific industries. The Board then makes investment decisions for the SWS portfolio.
Our mission is to endow every woman with the proper skills and training in order for her to successfully invest on her own. Thus, in the future, SWS hopes to expand outside Harvard University to other undergraduate schools across the nation.
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founding familySWS was started in Fall 2005 by Tracy Britt and Teresa Hsiao. They brought on five Founding Partners who were selected from an overwhelming number of applicants in Spring 2006. The seven members constitute the Founding Family of SWS.
- The Founding Family worked throughout Summer 2006 to prepare the organization for its launch in Fall 2006.
- The Founding Family is expected to stay involved with SWS in some capacity even after graduating from Harvard.
Jane FangFounding PartnerHarvard ‘08
Lilly DengFounding PartnerHarvard ‘09
Aidan Madigan-CurtisFounding PartnerHarvard ‘07
Anika GrubbsFounding PartnerHarvard ‘09
Teresa HsiaoCo-FounderHarvard ‘07
Tiffany NiverFounding PartnerHarvard ‘08
Tracy BrittCo-FounderHarvard ‘07
founding family
role of the founding family
acknowledgmentsDuring Summer 2006, the SWS Founding Family was able to connect with several men and women who were integral to the process of developing the organization further. From the advice and feedback of these professionals in finance, the foundation of SWS was established. We would like to acknowledge these individuals and thank them for all their insight and suggestions:: Meredith Adler, Aisling Bier, Joe Campbell, Alison Deans, Anne Erni, Lana Franks, Tom Goss, Janet Hanson, Felicia Hendrix, Jeanne Kane, Jeff Kollin, Jeannie LaChapelle, Leigh Lanier, Stu Linde, Patricia Miller, Mary Beth Rogers, Mark Stevenson, Stephanie Stiefel, Kathleen Kennedy Townsend, Judy Vale, and the many other men and women who graciously shared their time and feedback. We would also like to thank Lori Lesser and Simpson Thacher & Bartlett for their probono legal support.
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co-foundersTracy BrittHarvard University // Class of 2007 //[email protected]
Tracy’s initial interest in business came at a young age when she became involved in her family farm and business located in Manhattan, Kansas. By the time she was 18 years old, Tracy was managing the retail and wholesale divisions of the company along with her brother. At Harvard, Tracy is a senior Economics concentrator. Following her sophomore year of college, Tracy was first introduced to investing through internships at Banc of America and 85 Broads. Through independent research and the help of mentors, Tracy has developed a deep passion for investment management and equity research. After her initial exposure to investing in the summer of 2005, she spent the fall researching companies in the Restaurants sector, participating in earnings calls, attending investors’ conferences, and speaking with senior management. Her interest in the industry continued to grow, and she spent her junior summer interning in Equity Research at Lehman Brothers on the Wireless Communications and Semiconductors team, researching companies such as Motorola, Nokia, Qualcomm, Texas Instruments, and a variety of others. Through these experiences her interest in investing continues to grow, and she is excited to pursue a career in the industry.
On Harvard's campus, Tracy was the 2006 President of Harvard Undergraduate Women in Business, the largest undergraduate business organization on campus. Tracy also served as the 2006 Co-Chair of the Women’s Leadership Project and currently serves on the Harvard/MIT COOP Board of Directors. Following graduation, Tracy plans to further her business education at Harvard Business School. While in business school, she is excited to continue to work with SWS.
By co-founding Smart Woman Securities, Tracy combines her love of investing with her sincere interest and dedication to educating women about financial opportunities and independence. She hopes that SWS will provide a forum in which women can learn about personal finance, investing, and the markets.
Teresa is a senior Economics major at Harvard College. She graduated cum laude from Thayer Academy in Braintree, MA in 2003. At Harvard, Teresa served on the Executive Board of Harvard Undergraduate Women in Business (HUWIB) as the External Communications Chair. In addition, she was the Editor-in-Chief for the first HUWIB national magazine, Make it Happen, which premiered in September 2006. Teresa is also a Supervisor for the Economics Unit Test Program, which provides supplementary education for over 600 students taking the introductory Economics course each semester. Throughout her time at Harvard, Teresa worked with children in Boston through the Mission Hill After-School Program, served as a Peer Tutor through the Bureau of Study Counsel, and worked as a proof reader for the National Bureau of Economic Research.
Teresa spent the summer of 2006 as an Equity Research Summer Analyst at Lehman Brothers in the Brokers and Asset Managers group. She previously interned in the Consumer and Brand Insight Group at Dunkin’ Brands in Canton, MA. Teresa plans to take time off after graduation to continue building SWS. She will start work at the GE Financial Management Program at NBC Universal in January 2008.
Having spoken to many students both inside and outside Harvard, Teresa believes that SWS can empower women to learn more about investing and think about their future. As Co-Founder of SWS, Teresa hopes the organization will encourage undergraduate women to actively invest and give back to the community, bringing with them a new generation of smart, financially independent women.
our programswomen in investing • financial independence • introduction to stocks • how the financial market works •understanding the terminology • meet warren buffett • tour of berkshire hathaway • how to read the wall streetjournal • portfolio diversification and an overview of other investment tools • different strategies for different investors • determining portfolio allocation • highlighting careers in finance • personal investing experiences • risk versus reward • skills necessary for various positions • approaches to investing • accounting fundamentals • financial statement introduction and analysis • researching publicly-traded companies • understanding basic ratios • case study: evaluating financial statements from individual companies • how management interact with investors and research analysts • looking at attributes of successful companies • incorporating important ratios into your analysis • basic valuation techniques • running financial models • macroeconomic factors that may influence stock pricesefficient market hypotheses • investing principles • development of investment opinions • women in investing financial independence • introduction to stocks • how the financial market works • understanding the terminologymeet warren buffett • tour of berkshire hathaway • how management interact with investors and research analysts
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educating
mentoring
our programs
investing
• Fall Seminar Series• Investment Project
The SWS model is predicated on more than just the academic experience of attending seminars and writing Investment Reports. Instead, we also aim to give women exposure to successful investors and mentors, as well as practical applied experience with managing a real investment portfolio.
Investment education is the foundation of SWS, as the organization ultimately aims to provide members with the skills necessary to research companies and make investment decisions. The SWS education model is based on several tenets which combine to form a comprehensive and cumulative curriculum which we believe is helpful in giving students a basic framework in which to learn about investing. All our educational programs are supplemented by our mentoring initiatives, and culminate in real-life investment experience for the students. This ultimate “learning-by-doing” model is what we emphasize to our members in SWS.
• Industry Mentors• Professional Mentors
• Analysts and Associates• Investment Board
• Research Teams• Resources
personal investing
coming to an investment opinion
types of investing
macroeconomic factors and market trends
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basic valuation techniques
financial statement analysis
introduction to accounting
diversification and investment risks
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introduction to investments
basic fundamental analysis
investment research resources
managing your money
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sample of topics covered in fall 2006 Seminar Series
at Harvard
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educatingThe SWS Seminar Series is an intensive ten-week program through the fall semester, where students gain knowledge about the markets, develop analytical and research skills, and learn about the SWS investing principles. Participants attend weekly 1 ½ hour seminars comprised of lectures, workshops, simulations, and other programming taught by invited professors, experts in the field, industry professionals, and SWS Mentors. These meetings provide SWS members with the opportunity to research and formulate investment opinions for a variety of companies.
A recap of the Fall 2006 Seminar Series at Harvard is below. Handouts and materials can also be found on the SWS website at http://www.smartwomansecurities.com/educating.html.
Topics Covered:- What is value investing?- Finding undervalued stocks- Using accounting and valuation techniques- Benefits of value investing- Different forms and approaches to investing
Wednesday, Oct. 18Lecture: Value Investing Speaker: Andrew Weiss, President and Chief Investment Officer, Weiss Asset Management
Topics Covered:- How to read the Wall Street Journal- Portfolio diversification and an overview of other
investment tools- Brief glimpse at the various industries- Case Study and Simulation: Investment strategies- SWS Investment Assignment
Wednesday, Oct. 11Lecture: More on InvestingSpeaker: Lise Woodard, Investment Analyst, Wilkins Investment Counsel
Meet Warren Buffett- Tour of Berkshire Hathaway
Oct. 5-6Trip to Omaha
Topics Covered:- Introduction to stocks- How the financial market works- Understanding the terminology- Case Study: Billionaire investors
Topics Covered:- Understanding what a financial officer does for a
company- Maintaining its fiduciary duty to shareholders- How management interact with investors and
research analysts- Looking at attributes of companies in the Investment
Project
Wednesday, Nov. 8Discussion: The Company’s PerspectiveDiscussion: SWS Investment Report Teams
Topics Covered:- Accounting fundamentals- Financial statement introduction - Understanding basic ratios- Case Study: Evaluating financial statements from
individual companies
Wednesday, Oct. 25Lecture: Introduction to Financial Statement AnalysisSpeaker: Carolyn Clark, Student, Harvard Business School
Wednesday, Dec. 13Lecture: SWS Fund Details and Personal Investing Speakers: Jamie Harmon, Vice President, Fidelity Investments and SWS Founding Team
Topics Covered:- SWS Members present their investment
recommendations for their companies- Questions that should accompany any presentation- Exposure to presentations in differing industries- Feedback from industry experts
Wednesday, Dec. 6Presentation: SWS Investment ProjectPresenters: SWS Investment Project Teams
Topics Covered:- Financial statement analysis- Development of company and industry ratios- Analysis of senior management- Development of investment hypothesis- Exploration of key investment criteria
Wednesday, Nov. 29Simulation: Finally Making an Investment DecisionSpeaker: Meredith Adler, Managing Director, Research Analyst, Lehman Brothers
Topics Covered:- Macroeconomic factors that may influence stock
prices- Efficient market hypotheses- Patterns or trends in the market?- Case Study: Market sentiment
Wednesday, Nov. 15Lecture: Market Factors and Trends Speaker: John Copeland, Managing Director, Investment Management, Lehman Brothers
Topics Covered:- Incorporating important ratios into your analysis- Basic valuation techniques (ie. DCF analysis, dividend
valuation model, etc.) - Running financial models- Keeping up to date with the market on your own
Wednesday, Nov. 1Lecture: Introduction to ValuationSpeaker: Stu Linde, Head of Equity Research, Lehman Brothers
educating
Topics Covered:- SWS fund details- Investing principles and criteria- Explanation of SWS industry coverage- How to pursue a position in SWS- How to invest in a personal account
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educatingThe SWS Investment Project is conducted during the fall semester in conjunction with the Seminar Series. The Investment Project is formulated with the intention to give students a practical outlet in which they can apply the skills learned throughout the seminars. The project is a means of combining and applying the skills learned during the semester Seminar Series. The goal of the project is to allow participants to apply the lessons learned in the previous week to gain a better understanding of the fundamentals of a company. The project also serves to help participants build knowledge in a specific industry. Their analysis and presentation includes research on industry background, market position, financial analysis, operations overview, and a variety of other details regarding the company.
examples from Fall 2006 Investment Project reports at
Harvard
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studying investment opportunities within financial institutions
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analysis of valuation metrics in the healthcare industry
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keeping up to date with new technological innovations
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identifying risks for stocks within the consumer industry
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understanding what drives profits at media corporations
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making investment recommendations by incorporating analysis and instinct
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SWS Research Teams are comprised of Analysts and Associates chosen after completion of the Seminar Series and Investment Project. These students are placed into specific industries, and within each industry, students learn more about valuation techniques, conduct background research on the main companies, and further analyze the industry as a whole.
industries currently covered by SWS at
Harvard (as of March 2007)
consumer financials healthcare media
technology
SWS Analysts lead each of these industry groups, and help SWS Associates conduct research and learn about various companies within the industry. SWS Analysts and Associates subsequently present their recommendations with each other and to the SWS Investment Board. After listening to presentations from SWS members and discussing the current portfolio, the Board makes the ultimate investment decision for the fund.By participating in an organization making actual investment decisions, this practical experience is part of SWS’ continuing commitment to its members.
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mentoringmentoring in SWS
In addition to the various aspects of our Education Program, including the Seminar Series, Investment Project, and Research Teams, we also aim to provide an opportunity for our members to interact with successful women and men in business. The SWS Mentoring program is designed to expose SWS members to accomplished industry professionals. We seek Mentors in industries directly related to investing, in addition to industries that our fund actively covers. Mentors offer assistance in the educational program, sharing their expertise through conference calls, workshops, and a variety of other realms. Although ultimate investment decisions are left to the students, Mentors serve as invaluable resources to SWS members and help guide students through the research and investment process.
becoming a mentor
Involvement as a Mentor can vary, but we are seeking to find women and men who will be committed to our mission of educating undergraduate women about investing. Due to the instructional-focus of SWS, we hope that the Mentors can be reached for questions and advice pertaining to finance and investing. We also encourage all Mentors to be actively involved in the fall Education Program, particularly offering insight for the Investment Project. We expect our Mentors to be a resource for our members, but we also understand that many of our Mentors have full-time jobs and other commitments as well. We encourage Mentors to attend SWS meetings and seminars to interact with students, if their schedules permit. For more information about the Mentoring Program, please email [email protected].
According to a 2005 survey from
Oppenheimer Funds, 76% of
women surveyed wish that they had
learned more about money and investing growing up; however, only 30% said that they
teach their children about
money.
• Professional Mentors function as advisors to the new members of the organization in the fall semester. Each Mentor has approximately 2-4 mentees, and helps to guide the students through the process of learning about the basics of investing and finance. Professional Mentors are also there to offer career and professional advice, and should offer members a fresh perspective from their recent experiences.
• Industry Mentors work with industry research teams to offer advice and feedback, particularly focusing on the Investment Project in the fall. As students are responsible for immersing themselves in their industry, Industry Mentors help students with questions regarding the research process and the companies they cover. The industry teams will ultimately produce investment recommendations and present their findings to the Investment Board.
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investing
research of domestic U.S. equities, talk to senior management, create research reports, and present stock pitches to the SWS Investment Board. The Investment Board then makes the ultimate investment decisions after analyzing the presentation, the company, and the current allocations of the portfolio.
The aim of SWS is to teach women how to invest real money in a real-life setting. To invest in the market, SWS receives donations from individuals who want to help women learn about investing and financial responsibility. Using these funds, SWS members conduct their own
In a study conducted by the University of California at Davis, women’s investment portfolios gained 1.4% more than men’s portfolios from 1991-1997.
investing in SWS
Because the main mission of SWS is to encourage more women to invest, SWS members do not retain any profits from the investments; rather, all capital gains are reinvested into the fund. In addition, ongoing training and interaction with SWS Mentors and Investors continue throughout the year. As SWS is completely managed by students, the volunteer efforts and financial support of Mentors and Investors greatly contributes to the success of SWS. For more information about investing in SWS, please email [email protected].
The SWS Investment Fund currently focuses on domestic U.S. equities, operating with a long-only strategy. SWS members are encouraged to seek out undervalued companies by using their expertise in the industry, coupled with current trends, future growth, and the competitive landscape to determine if a company warrants further analysis.After conducting in-depth research on a company, SWS members make presentations to their industry team and the Investment Board, outlining an investment recommendation and the analysis behind their hypothesis.The Board will eventually make a final recommendation to buy if the stock meets the value criteria outlined by the investment strategy of the fund.
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our strategy
In any great organization it is far, far safer to be wrong with the majority than to be right alone. - John Kenneth Galbraith The achievements of an organization are the results of the combined effort of each individual. - Vince Lombardi Nobody really likes large-scale organizations; nobody likes to take orders from a superior who takes orders from a superior who takes orders.... - Ernst F. Schumacher Once an organization loses its spirit of pioneering and rests on its early work, its progress stops. - Thomas J. Watson Great organizations demand a high level of commitment by the people involved. - Bill Gates An empowered organization is one in which individualshave the knowledge, skill, desire, and opportunity to personally succeed in a way that leads to collective organizational success. - Stephen R. Covey The achievements of an organization are the results of the combined effort of each individual. - Vince Lombardi In any great organization it is far, far safer to be wrong with the majority than to be right alone. - John Kenneth Galbraith Nobody really likes large-scale organizations; nobodylikes to take orders from a superior who takes orders from a superior who takes orders.... - Ernst F. Schumacher Once an organization loses its spirit of pioneering and rests on its early work its progress stops Thomas J
structureorganizational
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national structureSmart Woman Securities (SWS) is a pending 501c3 non-profit organization. At the national level, it is run by a Board of Directors responsible for overall policy and direction of SWS. The Board of Directors delegates responsibility for day-to-day operations to the chapter organizations and staff. The Board of Directors consists of the Chief Executive Officers of each college chapter, in addition to men and women who are interested in furthering the mission of the organization. The SWS Investment Fund is also managed at the national level by all the Chief Investment Officers from the chapter organizations. The national SWS Investment Board will only consist of the CIOs and CEOs from the chapter organizations, and thus will be managed entirely by students.
All members of the Board of Directors are subject to SWS by-laws governing the organization, as well as Board Policies that have been implemented across the organization.
As of March 2007, SWS operates one college chapter at Harvard College. SWS aims to expand to other college campuses in 2009 and beyond.
SWS College ChaptersExecutive Boards
Investment Boards
Board of Directors(CEOs of SWS Chapters; SWS Founding
Members; Other Directors)
Investment Board and Fund(CEOs and CIOs of SWS Chapters; Other
Investment Board Members)
CEOs CEOs, CIOs
SWS National
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college chapterscollege chaptersCollege chapters are officially chosen by the Board of Directors. Each chapter will be required to abide by the general principles set forth by the Board of Directors. College chapters will consist of an Executive Board that oversees the operations of that chapter’s activities in accordance with the by-laws set forth by the Board of Directors.
Each college chapter will maintain its own Chapter Investment Board comprised of students in the chapter. The Chapter Investment Board will make recommendations to the Investment Board regarding investment decisions, and the Investment Board will act on the behalf of all student members.
SWS Chapter
Research TeamsAnalysts and Associates
Teams led by Analyst
SWS Chapter
Executive BoardCEO, CIO, CFO, COO, CMO
Overseen by chapter CEO
SWS Chapter
Investment BoardSWS Analysts, Executive Board,
and Applicants
Overseen by chapter CIO
The Executive Board oversees the daily management and operations of their chapter of SWS on campus. The Executive Board coordinates the education program, recruits mentors, manages membership, creates marketing materials, oversees the chapter portion of the Investment Fund, and leads many other initiatives. The Executive Board is led by the Chief Executive Officer of each chapter, who also sits on the national Board of Directors and the national Investment Board.
The Investment Board oversees the investment decisions of the organization and makes recommendations to the National Investment Board regarding the allocation of the portfolio. The Investment Board hears stock pitches from Analysts and Associates and will make the ultimate decision on all investments. The Chief Investment Officer of each chapter leads the chapter Investment Board, and also sits on the national Investment Board.
SWS Research Teams are formed to cover industries that each chapter has designated of interest. These research teams are led by Analysts who guide Associates to analyze companies in the industry, become knowledgeable about the industry as a whole, and ultimately recommend stocks which they believe will be good investments for SWS. The research teams are the think tank for each chapter of SWS.
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chapter structureTo join SWS, all participants must go through the Education Program overseen by the Executive Board at the chapter. All participants will be expected to attend seminars and complete the SWS Investment Project. Once they have completed this fall semester, they are officially recognized as SWS Members.
SWS Members will have the opportunity to join one or two Research Teams as Associates. Associates work in teams and conduct research on companies in the industry. Once Associates have demonstrated sufficient interest and knowledge of the industry, they may become Analysts, who are in charge of leading a team.
Industry Analysts, along with members of the Executive Board, are invited serve on the chapter Investment Board. Other applicants to the Investment Board may also be considered. The members of the chapter Investment Board make recommendations to the national Investment Board, which makes the actual investment decisions for the SWS portfolio.
Analysts and Associates are allowed to apply for an Officer position on the Executive Board, which oversees the day-to-day operations of SWS.
SWS Member Progression
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Participate as an SWS Member and attend all
seminars in the fall Education Program
Complete Investment Project and apply to
become an Associate or Analyst
Join a Research Team as an Associate, conducting research on companies
in your industry
Lead Research Team as an Analyst
Become part of the Investment Board
Listen to presentations from industry groups and make investment
decisions with the chapter Investment
Board
Serve on the Executive Board and run the day-to-day operations of the
executive boardrun the day-to-day operations of the SWS chapter
member
Analyst or Associate
Investment Board member
chapter officer
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chapter leadershipexecutive boardThe Executive Board of each SWS chapter oversees the daily management and operations of SWS on every campus.
investment board
The Chapter Investment Board is
composed of the student-run Executive Board, in addition to
SWS Analysts. The CIO is the head of the
chapter Investment Board.
research teamsSWS Research Teams are led by Analysts. Analysts
lead a team of SWS Associates within one of
the five specific industries that SWS currently covers.
Analysts are chosen based on their
knowledge of the industry, leadership
ability, and their performance as
Associates.
The job of the Analyst is to lead and facilitate
discussion within your team. Weekly Analyst meetings allow each other to share best
practices, discuss other industries, and get to
know other team leaders better as well.
In regards to their own industry, Analysts may
not be in charge of covering any one stock in-depth; instead, they
should be knowledgeable about all
the stocks generally.
Chief Executive Officer (CEO): will oversee the Executive Board and will also serve on the National Board of Directors. The CEO will work with each Chapter Officer to ensure successful management of the Chapter.
Chief Financial Officer (CFO): The CFO will oversee the daily management of the financial operations of the chapter including financial responsibilities, budgeting, and management of the chapter’s bank account. In addition, the CFO will work with each of the other officers to coordinate the financial feasibility of events, trips, and programs.
Chief Investment Officer (CIO): The CIO will manage the logistics of the chapter’s portion of the investment fund will oversee the chapter’s portfolio. She is also responsible for managing the chapter’s investments with updated records of investments, dates, and asset allocation. The CIO will work with the CMO in producing the chapter’s portion of the Annual Report. The CIO is also the head of the chapter’s Investment Board, and is the liason to the national SWS Investment Board which oversees the Investment Fund.
Chief Marketing Officer (CMO): The CMO will create all marketing materials, update the chapter specific webpage, produce and design publications, lead external publicity initiatives, and work with the CIO to produce the chapter’s portion of Annual Report. The CMO will also oversee the mentorship program, lead the recruiting initiative, maintain the members’ database, and facilitate communication between all participants of SWS.
Chief Operating Officer (COO): The COO will coordinate the fall Education Program, plan seminars, secure speakers, produce supplementary educational materials and handouts, formulate the Investment Project, and coordinate with industry Analysts to provide supplementary finance education in the spring across industry groups.
Smart Woman Securities is currently supported by two separate entities: Corporate Partners, and SWS Investors. SWS Investors are individuals who want to help women learn more about investing and finance. The funds from Investors will be invested in the portfolio of the SWS Investment Fund. Corporate Partners are companies that want to advance the financial education of women. The funds from Corporate Partners are used to cover the general expenses associated with running SWS, but will not be invested in the portfolio. Smart Woman Securities is currently supported by two separate entities: Corporate Partners, and SWS Investors. SWS Investors are individuals who want to help women learn more about investing and finance. The funds from Investors will be invested in the portfolio of the SWS Investment Fund. Corporate Partners are companies that want to advance the financial education of women. The funds from Corporate Partners are used to cover the general expenses associated with running SWS, but will not be invested in the portfolio. Smart Woman Securities is currently supported by two separate entities: Corporate Partners, and SWS Investors. SWS Investors are individuals who want to help women learn more about investing and finance. The funds from Investors will be invested in the
funding
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fundingSmart Woman Securities is a pending 501c3 non-profit organization. We are currently supported by two separate sources of funding: Corporate Partners and SWS Investors.
SWS Investors are individuals who want to help women learn more about investing and finance. The funds from Investors will be invested in the portfolio of the SWS Investment Fund. For more information about becoming an SWS Investor, please email [email protected].
Corporate Partners are companies that want to advance the financial education of women. The funds from Corporate Partners are used to cover the general expenses associated with running SWS, but will not be invested in the portfolio. In 2007, there are three Corporate Partnership levels; for more information about becoming a Corporate Partner, please email [email protected].
• Benefits of being an SWS Investor
– Ability to help young women learn more about investing and finance in a practical setting
– Opportunity to be actively involved with many of the SWS educational initiatives
– Access to the Annual Report at the end of the fiscal year, detailing the performance of investments in the SWS Portfolio
• Benefits of being an SWS Corporate Partner (Specific benefits vary across partnership levels)
– Ability to meet and interact with smart, talented undergraduate women– Opportunity to interact with SWS members through various channels,
including the Mentoring and Education program.– Featured on the SWS website and in publications distributed to SWS
members and the Harvard community
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investment fund
SWS Investors
Investment FundManaged by Investment
Board
We seek donations from individuals to the Investment Fund. These SWS Investors do not actually receive any returns.
Currently, all returns generated from SWS investments will be reinvested in the Fund. Eventually, SWS may use generated returns to pay for the day-to-day operations of the organization, including expenses related to the Education Program.
Accountability
Logistics of the Fund
The SWS Investment Fund is run entirely by undergraduate students at a national level. The CIOs from the SWS Investment Boards across the various SWS chapters sit on the national Investment Board. The Investment Board manage the portfolio based on recommendations from SWS Analysts and Associates at the chapter level.
SWS Investors will be able to gather information about changes to the portfolio, as well as the fund’s current holdings. The Annual Report will be published in February for the previous fiscal year ending in December, and distributed to all Investors. The Annual Report provides information on the return to investments during the year.
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operations
SWS Investors
Investment FundManaged by national
Investment Board
Corporate Partners
Operational Expenses
Educational materials
Hosting speakers and mentors
Visits to companies
Website maintenance
Special member events
General administrative expenses
Currently, all organizational expenses are covered by funds fromCorporate Partners. The funds from Corporate Partners and funds from individuals are mutually exclusive—money from Corporate Partners will not be invested in the Fund, and money from individuals will not be used to cover expenses unless otherwise specified.
In the future, we hope that SWS will be self-sustaining. That is, returns generated from the Investment Fund will be used to cover all expenses from operations. Currently, all returns are re-invested in the Fund.
The national Board of Directors is responsible for budgeting for each of the chapters of SWS. More information about this process is in the SWS by-laws.
why SWS?The goal of SWS is to help women learn more about investing. With this motivation in mind, we seek smart, enthusiastic women who want to become more knowledgeable about investing as well as help spread that knowledge across the country.
Why should women learn about investing? In upcoming years, women will be making more and more decisions about their personal finances. Studies done by some of the major financial institutions show that many women will become the sole financial decisionmaker at some point in their lives.
Why should I start thinking about investing now? If you've ever heard about the time value of money, you know that investing early can be the difference between having a couple hundred thousand in the bank versus a million or more. Investing and saving may seem difficult at such a young age, but even if you think you're not ready to invest money now, why not learn about how it's done... and then decide?
What should I expect to learn in SWS? The purpose of SWS is not to give you practical advice about how to handle your money; only you can do make your own financial decisions. Instead, we want to make you feel more comfortable with the financial jargon that's thrown around with regards to investing. What's a PE ratio? What's EBITDA? What do a "bullish" market and low energy prices have to do with your portfolio? Even if you have no background or knowledge in investing, SWS seeks to create a comfortable forum in which you can learn, ask questions, and be more prepared to take hold of your financial independence.
why should I join SWS?
of total wealth women will control by 2010, according to
Allianz Life (8/2006)
by which women’s investment portfolios outgained men’s portfolios from 1991-1997,
according to a UC-Davis study
of GenX women said that they found investing “scary”,
according to a survey from Schwab
of GenX men who found investing “scary” in the same
survey
60%
1.4%
51%
19%23
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get involved
necessary, though every Smart Woman selected for the program must be willing to dedicate a significant amount of time to learning about the financial markets.
get involved!
SWS differentiates itself as one of the only investment organizations in the nation specifically targeted towards undergraduate women. We are constantly looking for women with diverse interests who want to learn more about investing. No prior experience or background in finance is
become a Smart Woman According to research from Prudential Financial, 90% of all women will be the sole financial decision maker for their households at some point in their lives .
join SWS in the FallTo become an SWS member, all students must go through the Education Program in the Fall semester. Currently SWS operates one chapter at Harvard College; the Education Program consists of attendance for the Seminar Series as well as completion of the Investment Project. Completing the comp is a great way to learn more about investing in a structured setting, apply your skills learned in a practical way, and meet other like-minded individuals. For more information about this process of becoming an SWS member, please email us at [email protected].
attend an SWS eventSWS holds many events that are open to everyone, not just our Members. To be notified of these events, check on our website or sign up for our mailing list. Our events range in topics from “personal investing” to “stock pitching 101.” We also support many other events outside of SWS that may be helpful for women to learn more about investing.
join our mailing listThe easiest way to join SWS is to get on our mailing list online and stay updated on our programs, various events, and the progress of the organization.
open a chapter of SWS at your schoolSWS currently operates at Harvard, though we hope to expand in future years to other college campuses across the country. If you are interested in opening up a chapter of SWS at your school, please email us for more information.
start learning!The goal of SWS is to enable women to learn more about investing. As everyone learns in different ways, we hope that even if you decide not to join SWS, that you will take an active approach to learning about investing. On our site, we have a recommended reading list as well as other resourceswhich may be helpful for you to get started! Feel free to email us with any questions or concerns you might have.
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support aIn the traditionally male-dominated realm of investing, SWS aims to empower women to take hold of their financial futures. Similarly, the future of SWS depends not only on the dedication of its members, but also on the generous support of benefactors. We welcome outside support through many channels: Become a mentor for a Smart Woman. Support SWS by giving. Invest in the SWS Portfolio. In the traditionally male-dominated realm of investing, SWS aims to empower women to take hold of their financial futures. Similarly, the future of SWS depends not only on the dedication of its members, but also on the generous support of benefactors. We welcome outside support through many channels: Become a mentor for a Smart Woman. Support SWS by giving. Invest in the SWS Portfolio. In the traditionally male-dominated realm of investing, SWS aims to empower women to takehold of their financial futures. Similarly, the future of SWS depends not only on the dedication of its members, butalso on the generous support of benefactors. We welcome outside support through many channels: Become a mentor for a Smart Woman. Support SWS by giving. Invest in the SWS Portfolio. In the traditionally male-dominated realm of investing, SWS aims to empower women to take hold of their financial futures. Similarly, the
Smart Woman
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supporting SWSsupport a Smart WomanIn the traditionally male-dominated realm of investing, SWS aims to empower women to take hold of their financial futures. Similarly, the future of SWS depends not only on the dedication of its members, but also on the generous support of benefactors. We welcome outside support through many channels:
- Become a Mentor for a Smart Woman- Invest in the SWS Portfolio- Support SWS through a donation- Lead a seminar as part of the SWS Education Program
corporate partnershipsSWS is currently seeking corporate partnerships. For more information about partnership levels and benefits, please contact Tracy Britt and Teresa Hsiao (contact information below).
