The Managers of the Fund are responsible for the day-to-day operations and decisions of the Fund. The General Manager is responsible for assuring that the Fund is run in a manner consistent with the procedures described in the TIGERFUND manual. The Faculty Advisor and the Finance Department faculty are available for consultation and advice. The Faculty Advisor will also monitor the actions of the Managers and hold them responsible for consistency and diligence of their behavior within the guidelines. The Advisory Board functions as the shareholders' Board of Directors, but without the power to hire or remove Managers. The main interaction with Advisory board is during the meeting held each year, although the fund's Managers will be encouraged to contact members of the Advisory Board when formulating investment strategies. These interactions are an important component of the program and will be treated with the necessary attention to professional standards and protocol.
Due to the permanent transitional nature of the fund, a strong emphasis is put on documenting the actions of the Managers so that future Managers can understand the reasoning for each investment. As new demands are placed on the Fund and as the Fund evolves, the responsibilities will also change. Changes may occur during the year and are not limited to when the Fund changes hands.
The main function of the General Manager is to handle the logistics of running the Fund. This position requires excellent organizational and interpersonal skills. The General Manager has the responsibility for implementing the policies and procedures described in this document. The General Manager is authorized to delegate any tasks to the Managers and Associates to accomplish the goals of the Fund. Any failure of a Manager or Associate to accomplish an assigned task should be brought to the attention of the Faculty Advisor as soon as possible. A partial list of the General Manager's duties is given below.
- Act as the contact person for the Faculty Advisor
- Coordinate and monitor the activities of Managers and Associates
- Communicate to the Fund Advisor any issues relevant to the Fund
- Execute trades
- Verify up-to-date documentation of trades is maintained
- Facilitate the weekly status meetings
- Organize and direct the compilation of the Annual Report
- Coordinate the preparation for the annual Advisory Board Meeting
- Coordinate the new Manager, Associate, and Analyst selection in the spring semester
A TIGERFUND Manager is responsible for the actual operations of the Fund. Managers run the investment screens, research candidate companies, sell companies in their Fund, and buy new companies. Their decisions must be consistent with the philosophy of the Fund and reflect their fiduciary responsibility. A partial list of the Managers duties is given below.
- Monitor the stocks in their respective part of the Fund
- Determine the investment philosophy within the Fund
- Establish the investment screens
- Perform the fundamental research on companies
- Collect and file reports
- Evaluate new investments pitches from all members of the Fund
- Interview and evaluate new Manager, Associate, and Analyst candidates
- Choose companies to be researched by candidate Managers
The Associate Program is for qualified candidates who did not make the cut for a manager position, but still would like to gain TIGERFUND experience. The exact number of Associates, if any, is based upon current Managers' discretion. Associates support the Managers by actively monitoring portfolio positions and submitting weekly updates highlighting key company and industry news, updates on any recently released financial statements, and feedback on how TIGERFUND'S investment thesis is playing out. On a rotating basis, associates review analyst pitch forms and are also strongly encouraged to submit their own investment pitches to the management team for review.
The Analyst Program is for qualified juniors who wish to gain valuable equity research experience. The Program pairs a manager with an analyst to facilitate and provide guidance during an analyst's research process. Ultimately, the analyst will pitch a compelling long or short investment idea to the Managers based on bottom-up fundamentals-based research. Investment ideas will be presented via pitch forms. Analysts will also be directly under the direction of Associates for all tasks other than research. Note: An Analyst position will not guarantee a future Manager or Associate position.