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Instructions from professor:
A 5–10-page written report, excluding title page, appendix, and reference page. I will turn on the originality report software for the paper.
Expect to address the following:
1. What are the benefits (and costs) of family ownership, control and management from the point of view of public investors? Use the spreadsheet to help your analysis.
2. Would you invest in this fund? Why or why not? Include at least three data points to support your conclusion.
3. If you were selected to manage this fund, would you change the investment process and if so how? In your answer, remember to maintain the investment philosophy but consider the stock selection criteria as a viable area to alter if necessary. If you do not feel you would change the selection criteria, explain why.
4. Does the investment philosophy of investing in family-run or owned firms make sense? Has this universe of firms provided long-term outperformance versus general benchmarks? Some of the data you need is in the spreadsheet, but you may have to use outside research/data to support this conclusion. Use a time frame consistent with whatever data you are able to obtain, regardless of whether it matches the time frame in this case or not.
5. One of Pitcairn’s managers claims that family firms have lower leverage, lower dividend payout ratios, and a greater focus on shareholder ROI. Select one of these measures and discuss data which either supports or refutes this manager’s position.
6. Any other items you feel should be addressed and are relevant to the case.
No AI / ChatGPT
Include 3 references please
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