Latest News
- Category: Rising Stars
As the COVID-19 pandemic spread around the globe during the past few months, the stock market plummeted to new lows creating havoc for investors and financial planners. During this unprecedented time, a team of students at Telfer School competed against 37 teams from 20 different universities and colleges on an international stage in an investment competition.
Sponsored by The Vanguard Group, an investment management company based in the state of Pennsylvania, and hosted by Temple University’s Fox School of Business, the annual Vanguard Exchange Traded Funds (ETF) Challenge requires teams of four students to manage a portfolio of $1 million for three months. They analysed ETF from both a fundamental and technical point of view, evaluated risks, performed an economic analysis using micro and macro trends, and finally set up a strategy about a new ETF at Vanguard. The top 15 finalists were chosen based upon the overall performance of their portfolio. Given the exceptional circumstances this year, each team had to present its investment strategy online before a combined panel of Vanguard and Temple representatives, who selected the top two teams, one for each division (undergraduate and graduate).
Four students represented the University of Ottawa at the competition, including three Telfer students: Anh Nguyen Nguyen (Finance), Abdul Shunbuli (Finance), Daniel Tian (BCom/JD), and Jad Izgua (Financial Mathematics and Economics). The team won in the undergraduate division.
“There were many uncertain days, as we were afraid that the market would go wild. So we had to pay attention to the market and news everyday,” shared Anh. “A lot of emotions were involved. We sometimes freak out when the market drops, rush selling and we end up buying high, selling low, but there were days of enjoyment as our portfolio gained more than we expected.”
As the market was highly volatile, the uOttawa team sometimes prioritized patience, but it sometimes meant having to take big losses. “We forgot to liquidate one time before the weekend and lost 8% on Monday,” remembered Anh. “Timing the market was extremely difficult. Although we had the correct expectation for the market movement, it sometimes took time for the market to correct itself.”
Overall, Anh and his team enjoyed the three-month competition, and personally grew throughout this competition. “Not only have [we] learned a lot about ETF management and trading strategy, but we have also learned that emotional involvement might destroy a portfolio, and that the news has a huge impact on a stock movement. Good earnings coming out might not make the stock go up if people front-run already based on anticipation,” added Anh.
Congratulations to the 2020 Vanguard ETF Challenge winners and for representing Telfer Nation on an international level!
- Category: Telfer Announcements
The Telfer Financial Research and Learning Lab located in the Desmarais building at the University of Ottawa is used as a key tool to educate students about capital markets.
This lab is recognizable with its real-time stock exchange ticker tape, multiple televisions displaying world news, and 11 Bloomberg terminals available for students. The lab is open to all University of Ottawa students daily from 8:00 a.m. to 10:00 p.m.
Each Bachelor of Commerce student in the Finance specialization requires the use of Bloomberg technology in capstone and mandatory finance classes as well as in extra-curricular programs, workshops and competitions.
The Bloomberg terminals provide students with the ability to retrieve past historical pricing data, review past financial statements of publicly listed companies, acquire in-depth industry analysis, and track macro-economic trends.
Students are able to enhance their resumes by taking the Bloomberg Market Concepts Certification, an 8-hour self-paced e-learning course that provides a visual introduction to the financial markets. This course covers economics, currencies, fixed income and equities, and retails for $249 USD, but is FREE to all students with a valid University of Ottawa ID.
Also, the Financial Research and Learning Lab is the first of its kind in Canada to be recognized as a Bloomberg Experiential Learning Partner (ELP). This means the lab hosts a number of workshops such as “Financial Literacy”, “Key Functions in Bloomberg”, “FactSet Overview” and an “Introduction to Capital Markets”. This is a four-part series that helps students learn and practice technical skills in finance.
Recently, this lab has become part of the University Affiliation Program (UAP) from the Chartered Financial Analysts (CFA) Institute. They are a global association of investment professionals that offer the CFA designation, the Certificate in Investment Performance Measurement designation, and the Investment Foundation Certificate.
As a result of joining the UAP, 10 new scholarships will be awarded this year to select Telfer students. The Manager of the Financial Research and Learning Lab shared that “the scholarship for the CFA designation will be awarded to students who demonstrate excellent academic standing, who have a passion for finance, and have strong career aspirations for capital markets.” Students who are interested in getting their CFA designation and who would like to receive a scholarship are encouraged to talk with the lab manager if they have any questions or if they demonstrate a strong interest in the tools that the Financial Research and Learning Lab has to offer.
In addition, to the variety of opportunities and scholarships offered with access to the lab, there is also a variety of ongoing workshops available throughout the year, led by industry professionals such as Vice Presidents, Portfolio Managers, and Asset Management professionals from leading institutions.
This lab also enables students to compete in an annual Telfer Simulation Trading Competition. Top competitors of the simulation are invited to compete at the Roman International Trading Competition (RITC) in Toronto, where students compete against schools from around the world. The simulation is effective in providing students with real-life experience in a financial trading environment. Last year, Telfer’s team placed third at the RITC.
Visit Telfer’s Financial Research and Learning Lab today to improve your financial analysis skills and learn more about the various opportunities mentioned. Follow the lab on Facebook to stay up-to-date with ongoing events.
- Category: Student Announcements
The Rotman International Trading Competition (RITC) is a one-of-a-kind event hosted annually at the Rotman School of Management, University of Toronto, located in one of North America’s largest financial centres.
This year’s team consisted of six of our highest-performing finance students Ben Fudali, Jack Lau, Dmitry Shorikov, Shiza Shahzad, Ben Laulan Souilhac, Maxime Gosselin and was coached by Tarek Kassem, the Manager of the Financial Research and Learning Lab. The Telfer School team finished 12th overall. Our BCom students competed among Masters and PhD students, as the University of Ottawa was among the few schools to send undergraduate students. There were schools represented from 4 out of 5 continents with teams from Australia, Italy, China, Mexico, Ireland and Iceland.
RITC, now in its 15th anniversary, is the world’s largest simulated market challenge, bringing together teams of students and their faculty representing over 50 top universities across the world. Unlike remote electronic trading competitions, RITC offers students, faculty, and sponsors the invaluable experience of engaging in a stimulating face-to-face interaction, encouraged by our unique conference format.
Here are the highlights:
1st Overall - S&P Global Quantitative Outcry case
The S&P Global Quantitative Outcry case challenges participants to apply their understanding of macroeconomics to determine the effect of news releases on the world economy as captured by the Rotman Index (“RT100”). The RT100 Index is a composite index reflective of global political, economic, and market conditions. Participants will be required to interpret and react to both quantitative and qualitative news releases based on their analysis of the news’ impact on the index by trading futures.
Top 10 – Fixed Income Case
The Fixed Income Case will challenge participants to manage a bond portfolio and generate profits by taking advantage of any mispricing of bonds due to changes in the zero-coupon rates and/or credit spreads. This will require participants to accurately understand various types of news and evaluate their impact on the yield curve, credit ratings, and bond prices. Participants will then use the risk-free zero-coupon rates to price risk-free treasury bonds. They will also use the yield curve and the Altman Z-Score model to forecast potential changes to companies’ credit rating to price the risky corporate bonds.
Top 10 – BP Commodities Case
The BP Commodities Case challenges the ability of participants to trade in a closed supply and demand market for crude oil. Natural crude oil production and its consumption will form the framework for participants to engage in direct trade to meet each other’s objectives. The case will test each participant’s ability to understand sophisticated market dynamics and optimally perform his/her role, while stressing teamwork and communication. The case will involve crude oil production, refinement, storage, as well as the sale of its synthesized physical products.
- Category: Alumni in the Lead
A woman with a plan
Jodie Harrison has been a planner. As a Telfer BCom student, Jodie set her sights on becoming an investment advisor. So she specialized in finance and took advantage of the school’s Connexions Program to intern with a national investment firm during her final year. Jodie also worked at the Career Centre and served as president of the Telfer BCom students’ association, roles that enabled her to gain several skills and many contacts that would prove especially valuable once she graduated.
“Everyone in the program earns the same degree,” she said. “It’s the things you do beyond your schoolwork that not only set you apart from other graduates, but also equip you to move closer to your goal.”
Jodie Harrison remains a planner. She does it professionally for BMO Nesbitt Burns, helping families and entrepreneurs achieve financial success. She also does it for our school. Jodie has served as president of the alumni association; she is a member of the executive mentorship program; and she was just named chair of the 2018 scholarship golf tournament.
“Heading up the tournament is a perfect fit for me as an investment advisor,” she said. “I want Telfer students to have access to many generous scholarships, so they can graduate with little or even no debt.”
Jodie Harrison is forever a planner: “My advice to Telfer students is to find your own path and then work hard—building networks, sharing experiences, finding mentors and supporting peers along the way.”
Sounds like a plan.
- Category: Student Announcements
On February 8, 2018 4th year Telfer BCom students James Beaudoin, Aamena Chatoo, Christian Cotroneo, Natalie Dokmajian, and Nicholas Pelchat were named winners of the 2018 CFA Society Toronto Ethics Challenge. Led by Faculty Advisor Pouya Safi, this is the 3rd time that the Telfer School has participated, and our very first win! This year's winning team demonstrated their ability to expertly negotiate ethical dilemmas in a real-life investment scenario and presented their case to a panel of seasoned investment professionals. They will be heading to the Canadian Ethics Challenge on May 3, 2018, which will be held in Vancouver, BC.
- Category: Rising Stars
Each year, students in the 4th-year Equity Valuation class (ADM 4350) take part in a case competition in which they estimate the value of a real company and propose recommendations to improve performance.
This term, the ADM 4350 students did an excellent job analyzing Blackberry Limited.
We would like to congratulate this year’s winners:
First place:
- Alexandre Richard
- Sadaf Naziri
Second place:
- Wenjun Tian
- Zhuohang Yu
Third place:
- Xu Zheng
- Yaozong Zhou
“Best Poster” Award:
- Patrick Joseph Murphy
- Spencer Robert O'Brien
We would also like to thank the judges: James Yearsh, Cassy Aite, Jivan Maharaj, Bart M. Bagrowicz, Evan Johnson, Kailin Araujo Noivo, Pouya Safi, and Allan Riding.
- Category: Rising Stars
BCom Finance Student Receives “Volunteer of the Month”
Neekita Bhatia is a driven second year BCom student in Finance who wants to leave her mark through volunteering. She has already amassed a Co-Curricular Record, an official university document that records approved and verified volunteer activities undertaken by students, with lists volunteering experience ranging from being a proxy agent with the uOttawa Residents’ Association to a tax filer with ACORN Canada.
Neekita’s favourite position, however, was leading an Alternative Student Break project with the Office of Campus Sustainability. “We conducted waste audits for DMS and MRT [Pavillons], analyzed the data, and made reports on it. I learned so much about sustainability in that week that I use every day including good recycling practices,” she says. Neekita also recently joined Enactus.
When asked what matters to her, Neekita responds: “I greatly value my networks. […] With my diverse background, I tend to appreciate the individual experiences of every person I meet. It is amazing how different people’s beliefs and personalities are, even within Canada. And I believe Telfer connects me to amazing people through the diverse student body, opportunities in student clubs, speakers at events and a professional and comfortable environment.”
Neekita was awarded the Volunteer of the Month for the month of October with the Centre for Global and Community Engagement.
- Category: Telfer Announcements
Thursday, September 17th marked a very important day for the 2015-2016 academic year. Telfer launched its newly expanded Financial Research and Learning Lab as well as its new student-managed fund entitled the Telfer Capital Fund. Faculty, alumni, industry partners and students, totalling over 70, gathered in the new space in order to kick-off both initiatives. The new lab is triple the size of the original and is a fully enabled teaching and learning facility with all the top financial research tools and databases, including Bloomberg, as well as new technologically advanced interactive learning tools. The lab has been integrated into many Telfer classes which will use its resources for assignments, and bridging the gap from theory to practice. These classes include Equity Valuation, Portfolio Management, Marketing Management and Finance, Ethics and Social Responsibility. The manager of the space, Pouya Safi, acted as the event’s emcee and introduced Francois Julien (Dean of Telfer), Leslie Weir (University Librarian), and Tyson Rigg (TCF Portfolio Manager Leader) to say a word about the lab and its impact for the University, Telfer and the students. The lab expansion was as a result of the very successful collaboration between the Library and the Telfer School of Management. Marc Albert and Pouya Safi planned and oversaw the project but everything was collaborated with Faculty, uOttawa Library, the Career Centre, AV, IT, Physical Resources, Facilities, Protection and the school’s Project Manager, Sylvio Miron. Everyone played an integral goal in making sure the project was completed in time for the school year. The goal of the space has always been to bridge the gap between theory and practice and provide the students with an avenue to excel.
The Telfer Capital Fund (TCF), which also launched, will manage a real value based investment portfolio and will also call the lab their home for their weekly stock pitches, sector updates, and portfolio and company analysis. The fund will start with an initial seed capital of $50,000 to $100,000 and will aim to grow to $500,000 in principal within the next 5 to 10 years, so that each incoming year of students can continue to invest with new capital. The TCF will allow students to gain real hands-on experience in order to help them land internships and eventual employment with major firms in the capital markets. Students will be part of the program for 3 years and start as Analysts and work their way to Portfolio Managers all while completing their CSC and first level of the CFA. Tyson Rigg, one of the Portfolio Manager Leaders for this years’ cohort said “This program and lab have given me opportunities to grow and develop my skills in finance that I would have not otherwise known or been privy to had it not been here. I’ve used this lab to its fullest, and spent much of the last two years learning through my peers and courses. Now I’m really seeing the results through better internships and job opportunities.” The TCF has been something that has buzzed around students’ ears for many years. With the help of the International Dean’s Advisory Board and Pension and Treasuries group of uOttawa, Pouya Safi was able to develop the details of the fund and the governing Terms of Reference and Investment Policy and help ensure that it finally launched alongside the new lab. Alumni Jean Desgagné, President and CEO of Global Enterprises Services at TMX, was also present for the launch and made a generous donation to the fund.
- Category: Telfer Announcements
Construction has already started in the Financial and Learning Lab located on the 2nd floor of the Desmarais Building. When the expansion is complete, the lab will be a state-of-the-art facility, better equipped to meet the increasing demands for its learning, research, and teaching resources. The expanded lab will be about three times the size of the original, contain seating for 64 students in the main room, with additional capacity for 10 students in two enclosed private-study rooms. This new space will allow for full classes to be taught in the lab.
From May 1st, Bloomberg terminals will be accessible in DMS 2130 until the construction is over.
- Category: Latest News
What do Queen’s, Cornell, Princeton, Columbia, Peking and the London School of Economics all have in common? These are just some of the schools who were surpassed by Telfer’s team in the 2015 Rotman International Trading Competition (RITC). Following an intense two days of competition (Feb. 20 – 21), among 50 different teams from across the globe, Telfer’s team emerged 9th. This is all the more impressive considering that the competition was largely made up of graduate-level students in finance and quantitative engineering.
This year’s team consisted of six of our highest-performing finance students: Ian Harten, Cassy Aite, Malanga Mposha, Ethan Zhang, William Tu and Daniel Shannon and coached by Pouya Safi, the Manager of the Financial Research and Learning Lab. The team was formed following their exceptional performance at the Telfer Trading Competition in October. Since then, the team had been meeting regularly to devise their strategies and practice on the RIT software. Anyone passing the Financial Research and Learning Lab was likely to have seen these team-mates preparing for the competition. This preparation only became more intense as the competition approached. By the time reading week had started, RITC team members could be found practicing round the clock. Even on the train ride down to Toronto, the team continued to fine-tune its strategies.
RITC is an annual competition that pits teams of finance, economics and mathematics students against one another in six intense competitive events.
First among them was the BP Commodities case. Here team members were assigned roles as traders, producers or refiners. The team had to work together to interpret market signals and trade various petroleum commodities and futures contracts.
The Optiver Options case, in which the team finished 9th, had the team analyze market data to trade different call options on a fictitious exchange-traded fund. Competitors devised a model that collected, interpreted and modeled this data and devised a strategy to successfully trade on this model’s data.
The Sales & Trading case, in which we finished 10th, required participants to take on the role of a trader and make rapid evaluations of liquidity risk. Throughout the case, the traders had to assess the value and risk level of dozens of tender offers and execute trades on the positions gained through these tender offers. Success was determined by the team’s ability to manage its market exposure while exploiting market-making opportunities.
The S&P Capital IQ Equity Valuation case consisted of building a discounted cash flow model for four companies. As news items were released during the competition, updates had to be incorporated in to the model. As these new data emerged, players traded all four stocks to exploit possible market mispricing.
The Algorithmic Trading cash, in which the team finished 9th , focused on the development of a trading algorithm that would analyze market data and trade on that data, all while avoiding market penalties. Requiring a tremendous amount of preparation, this case was carried out by a single team member, Ethan Zhang, sequestered in a closed room.
The most colourful competition was definitely the Quantitative Outcry Case, in which Telfer placed 2nd. This involved two team members acting as market analysts and incorporating market data in to a model of four countries’ GDP in order to price a market index. This estimate was then transmitted via silent hand signals to two other team-members working in an open-outcry trading pit. These players, dressed in bright costumes to make themselves more visible to the analysts, bought and sold based on the analysts’ instructions.
This was only the second time for Telfer to participate at the competition, and they saw a huge improvement from last years’ 40th place finish. The practice, hard work and dedication played an instrumental role. Those on the team that are not graduating are already thinking about next year’s competition. However, no one is guaranteed a returning spot, they must all earn their spot next year. The bar is set high for a top 5 finish in 2016. A special thanks also goes to the Telfer Marketing Department, SFUO and Career Centre for their help in funding the expenses of attending the competition.
Subcategories
Student Voices
The following article was written by a member of our student community. The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of Telfer School of Management. For more information or to flag inappropriate content, please