General Information
Instructor Bio
Frank Ieraci is the Senior Managing & Global Head of Active Equities at CPP Investments. He leads the Active Equities department globally, including the Active Fundamental Equities, Fundamental Equities Asia, Direct Equity Investment Latin America, Relationship Investments, Sustainable Investing, and Thematic Investing teams. Frank was most recently Managing Director, Head of Research and Portfolio Strategy, leading data-driven research efforts and portfolio design and construction for Active Equities. He joined CPP Investments in 2007 in Toronto and has held senior leadership roles, including Head of Active Fundamental Equities, where he was responsible for managing a concentrated portfolio of equity investments and leading a team of sector specialists. Prior to joining CPP Investments, Frank held roles at Ontario Teachers’ Pension Plan and BMO. Frank holds a BA in Economics and Management Science from Ryerson University, and an MA in Financial Economics from the University of Toronto. He is a CFA charterholder. He was recently appointed Executive in Residence at the Rotman School of Management.
Maureen Stapleton is an Associate Professor, Teaching Stream in Finance at Rotman. She teaches courses in financial markets and investments, and now works actively with students in our undergraduate, MBA and MFIN programs. Her interests include asset allocation, pension funds, mutual funds and ETF’s. She has 25 years of industry experience in investment analysis and institutional portfolio management. Maureen holds the CFA designation and is a Fellow of the Canadian Securities Institute. She is a former Director of Toronto CFA Society and a past President of Women in Capital Markets.
Target Audience
Students interested in a rigorous course on company evaluation using the Value approach. RSM 2312 is a core course for the Funds Management major
Format
Full year, half-credit course meets in 13 bi-weekly sessions, held between September and April. Classes include a combination of lectures and guest speakers, all of whom are high profile value investors who generously share their insight and experience. Students work in groups to identify attractively priced stocks, manage a portfolio and present their recommendations to a panel of industry judges.
Course Mission
The mission of this course is to provide students with the skills needed to practically apply the value-based investment philosophy to investment decision-making
Course Scope
This course provides a detailed examination of the fundamental investment process with a specific focus on the value-based approach to investing pioneered by Benjamin Graham and developed by Graham and David Dodd. As part of the course, student groups will manage a live portfolio using the value investing approach. This project will provide students with the opportunity to apply the core value-based principles of “Intrinsic Value” and “Margin of Safety”. The in-class sessions will also leverage industry experts to deliver key content. This will provide students with a unique opportunity to hear how top practitioners have contributed to the value-investing philosophy and the lessons learned along that journey.
Evaluation and Grade Distribution
Grades are a measure of the performance of a student in individual courses. Each student shall be judged on the basis of how well he or she has command of the course materials.
| Component | Weight |
|---|---|
| Individual Papers | 20% |
| Group Reports and Presentations | 40% |
| Final Exam | 40% |
Required Resources
Benjamin Graham, (BG) “The Intelligent Investor, “Revised Edition, Collins Business Essentials,1995.
Brief industry readings, to be posted on Quercus throughout the duration of the course.
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