~$7,500,000 Across Four Funds
Global Equity Fund
$1.0M
~28 HIM Analysts
Fixed Income Fund
$1.4M
~8 HIM Analysts
SRI
Fund
$2.5M
Heading 1
Alpha Squared Fund
$2.6M
Heading 1
Managed by MMF Students
HIM analysts take a role in either the GE or FI fund, with most participating in the GE fund. Participation in Desautels Capital Management is the key opportunity for HIM students that differentiates their learning experience. By joining HIM, you join a well established student-run investment fund with the infrastructure built for your success.
The HIM Cycle
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Sophomore Year
(typically U1)
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Junior Year
(typically U2)
HIM 1
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Senior Year
(typically U3)
HIM 2
Apply to HIM!
Sector placements post-admission
Recruiting for Junior summer internships
"Junior Analyst" Role
Learn from your seniors
Improve your skills
"Senior Analyst" Role
Hone what you've learned
Carry momentum through graduation
Transfer of Knowledge
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The transfer of knowledge is a key component of the HIM program. By bringing together some of the brightest students at Desautels, analysts not only learn from the experience itself, but also from each other. Seniors pass down experience to Juniors, and Juniors bring fresh new perspectives, creating a constant flywheel of learning and improvement.
The 2 year structure ensures that students get the most out of their final 2 years at McGill, allowing analysts a hands-on experience with the framework to propel themselves for their post-Desautels career.
Structure
Below is the analyst structure for the two funds managed by HIM students. The GE Fund is separated into 7 sector verticals and each team is composed of "Senior" and "Junior" analysts. Sector placement is determined subsequent admission via a coordinated networking effort between incoming juniors and rising seniors.
*Model is illustrative and meant to reflect a 'normal' structure. Typically teams are composed of two seniors and two juniors
Global Equity Fund
Consumers
Sr.
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Sr.
Jr.
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Jr.
Energy
Sr.
Sr.
Jr.
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Jr.
FIG
Sr.
Sr.
Jr.
Jr.
Healthcare
Sr.
Sr.
Jr.
Jr.
Industrials
Sr.
Sr.
Jr.
Jr.
Materials
Sr.
Sr.
Jr.
Jr.
TMT
Sr.
Sr.
Jr.
Jr.
*for a comprehensive breakdown of each team, see further down the page
Fixed Income Fund
Group A
Sr.
Sr.
Jr.
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Jr.
Group B
Sr.
Sr.
Jr.
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Jr.
*team structure for FI adapts as analysts see fit
Executives
Senior analysts have the opportunity to take a larger role within the fund by taking a role as an executive. As of the 2023-24 academic year, 5 executive roles exist within HIM. Executives retain their roles as senior analysts within their respective sectors. The GE and FI strategists must be seniors from their respective funds, and no other restrictions apply.
*highlights are illustrative, as the sector the executive belongs to changes year to year
GE Strategist
Acts as the portfolio manager for the GE fund, taking the lead on capital allocation and assisting the sector verticals on improving research processes.
COO
Oversees the operational needs of the program by managing the schedule, organizing guest speaker sessions and networking trips.
President
Leader of the program through all initiatives. Acts as a liaison between HIM students and McGill faculty, represents the fund at all events, and continuously engages in initiatives to improve the program.
Network Director
Responsible for maintaining strong relationships with alumni of the program, and leads the effort for incoming junior recruitment.
FI Strategist
Acts as portfolio manager for the FI fund, leading trades to manage the four key levers: duration, currency, sector/credit exposure and fundamentals.
Sectors
(Click to view profiles)
Consumers
CONSUMERS
The Consumers Team is responsible for the allocation and selection of stocks in both consumer discretionary and staples. Sector analysts develop a thorough understanding of everything from household products to food/beverages to clothing.
GICS Industry Groups
Automobiles & Components ----- Consumer Durables & Apparel ----- Consumer Services
Consumer Discretionary Distribution & Retail ----- Consumer Staples Distribution & Retail
Food, Beverage & Tobacco ----- Household & Personal Products
Energy
ENERGY
The Energy sector is responsible for researching and investing in both small and large cap companies along the whole energy value chain. We identify potential investing opportunities through thorough bottom-up research combined with deep macroeconomic understanding and analysis. Given the nature of the industry, we believe this strategy will yield the best results.
GICS Industries
Energy Equipment & Services ----- Oil, Gas & Consumable Fuels ----- Electric Utilities
Gas Utilities ----- Multi-Utilities ----- Water Utilities
Independent Power and Renewable Electricity Producers
FIG
Financial Institutions Group (FIG)
The Financial Institutions team is responsible for the allocation, valuation and selection of stocks in the financial sector. Real estate falls under the FIG umbrella in the Global Equities Fund as well. Our universe of stocks is broad and encompasses several sub-sectors, the principle being small- mid- and large-sized banks, insurance firms, REITs, and investment funds. We focus on a bottom-up value approach but strive for an allocation that matches our macroeconomic and industry convictions.
GICS Industries
Banks ----- Financial Services ----- Consumer Finance
Capital Markets ----- Mortgage Real Estate Investment Trusts (REITs) ----- Insurance
Real Estate
CONSUMERS
The Consumers Team is responsible for the allocation and selection of stocks in both consumer discretionary and staples. Sector analysts develop a thorough understanding of everything from household products to food/beverages to clothing.
GICS Industry Groups
2510 - Automobiles & Components ----- 2520 - Consumer Durables & Apparel ----- 2530 - Consumer Services
2550 - Consumer Discretionary Distribution & Retail ----- 3010 - Consumer Staples Distribution & Retail
3020 - Food, Beverage & Tobacco ----- 3030 - Household & Personal Products
CONSUMERS
The Consumers Team is responsible for the allocation and selection of stocks in both consumer discretionary and staples. Sector analysts develop a thorough understanding of everything from household products to food/beverages to clothing.
GICS Industry Groups
2510 - Automobiles & Components ----- 2520 - Consumer Durables & Apparel ----- 2530 - Consumer Services
2550 - Consumer Discretionary Distribution & Retail ----- 3010 - Consumer Staples Distribution & Retail
3020 - Food, Beverage & Tobacco ----- 3030 - Household & Personal Products
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Fixed Income
Fixed Income
The Fixed Income Team is responsible for managing the Fixed Income Fund. Analysts on this team have a unique experience relative to equity analysts in that they focus on bond investments instead of stocks. The team considers four main levers: duration, currency, sector exposure, and fundamental analysis to generate outperformance. Investment opportunities range from high yield corporate issuers to good ol' US T-bills.
Types of Investable Securities
Investment Grade Corporate Bonds ----- High Yield Corporate Bonds
Municipal Bonds ----- Provincial Bonds ----- Sovereign Debt
Healthcare
Healthcare
The Healthcare sector performs research and analysis on relevant equities across the North American Healthcare landscape to find attractive investment opportunities. Given the large breadth and depth of the overarching industry, we specialize in a bottom-up approach within each pre-selected sub-sector to ensure balanced exposure through proper diversification. Our objective remains to find compelling investment stories from both the small to large cap world.
GICS Industries
Health Care Equipment & Supplies ----- Health Care Providers & Services
Health Care Technology ----- Biotechnology ----- Pharmaceuticals
Life Sciences Tools & Services
Industrials
Industrials
The Industrials sub-sector monitors industry trends and performs research and analysis on relevant equities within the North American umbrella to find companies that best fit our views. Given the large amount of securities and business models within the space, the Industrials group focuses on a top-down analysis. This allows us to find interesting stories from both the large and small cap world within sectors that are thriving.
GICS Industries
Aerospace & Defense ----- Building Products ----- Construction & Engineering
Electrical Equipment ----- Industrial Conglomerates ----- Machinery
Trading Companies & Distributors ----- Commercial Services & Supplies ----- Professional Services
Air Freight & Logistics ----- Passenger Airlines ----- Marine Transportation
Ground Transportation ----- Transportation Infrastructure
Materials
Materials
The Materials sector is responsible for conducting research and analysis on equities within the natural resources field, excluding oil and gas. Our fund considers natural resources equities to include companies that own, produce, refine, process, transport, and market natural resources or that provide related services. Given the wide breadth of securities and the multiple subsectors of the field, our investment strategy consists of a bottom-up approach within sub-sectors that reflect our macroeconomic and industry views.
GICS Industries
Chemicals ----- Construction Materials ----- Containers & Packaging
Metals & Mining ----- Paper & Forest Products
TMT
Technology, Media, Telecom (TMT)
The Technology, Media and Telecommunications sector performs research and analysis on relevant equities in the global TMT landscape to find the best stock ideas based on our own views Given the large breadth of securities and the variety of subsectors within the large TMT umbrella, we specialize in a bottom-up approach where we try to find unique and interesting stories from both the large cap and small cap world of TMT stocks.
GICS Industries
IT Services ----- Software ----- Communications Equipment
Technology Hardware, Storage & Peripherals ----- Electronic Equipment, Instruments & Components
Semiconductors & Semiconductor Equipment ----- Diversified Telecommunication Services
Wireless Telecommunication Services ----- Media ----- Entertainment
Interactive Media & Services
Deliverables & Tasks
As an analyst in HIM, students take on a variety of responsibilities. The core deliverables of each semester are investment pitch presentations, which are accompanied by other activities to round out the fund managing experience. Altogether, HIM provides a rigorous environment for analysts to 'learn by doing'.
1
Investment Pitches
2
Due Diligence
3
Industry Overview
Investment Pitches
Students recommend an investment idea to the rest of the cohort for their respective sector. If successful, the fund will initiate a position in the security.
Screen ---------------------------- Build ---------------------------- Present ---------------------------- Due Diligence
The pitching process is rigorous, and most presentations typically last 1.5 hours when considering extensive time for questions and discussion. Pitches are delivered during class time in FINE440/450 to all other members of HIM as well as one of Vadim or Jiro.
Guest Speakers
External Events
Networking Trips
4
Annual Report
5
Quarterly Earnings
6
Newsletters
Mock Timeline
