INITIATING COVERAGE REPORT

William C. Dunkelberg Owl Fund 11 November 2013

ConocoPhillips
Exchange: NYSE Ticker: COP CUSIP:20825C104 Target Price:$90.30
Charles Paraboschi Lead Analyst Cparaboschi@theowlfund.com Matthew Teitelman Associate Analyst M.teitelman@temple.edu

RECOMMENDATION
COP Target Price Projected Return Dividend Yield

BUY
$72.26 $90.30 29% 3.8%

Market Data
52 week trading range Shares Outstanding ($mm) Market Capitalization ($mm) Enterprise Value ($mm) $55.16-$74.55 1,225.1 M 88.525 B 110.59 B

COMPANY OVERVIEW
COP is a U.S. based independent exploration and production firm. COP explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids on a worldwide basis. Its portfolio includes assets in North America, Europe, Asia, and Australia; growing North American shale and oil sands businesses; various international development projects; and a global exploration program. In 2012, it produced 844,000 barrels per day of oil and natural gas liquids and 4.2 billion cubic feet a day of natural gas, primarily from the United States, Canada, Norway, and the United Kingdom. Proven reserves at year-end 2012 stood at 8.6 billion barrels of oil equivalent.

Financial Data ($M)

Cash & Equivalents Debt ($mm) 3.88 B 19,369.3B

Revenue (B)
150 100 50 0

INVESTMENT THESIS
Every portfolio that tracks the S&P 500 needs to have a mega energy conglomerate included within its holdings. Conoco Phillips is the perfect company for the Owl Fund to fulfill that requirement. However, Conoco has recently dropped its downstream segment and has essentially become a mega E&P which works to the funds advantage. ConocoPhillips, in 2012 divested its downstream segment into Phillips 66 (PSX). This allows the company to be more nimble and take advantage of new opportunities within the energy sector. With this divestiture, COP has begun to change from an integrated oil company into an E&P, and should be trading at multiples similar to its new E&P peers and not its previous integrated peers. Its margins have already begun the transformation and are beginning to look more akin to E&P margins instead of integrated margins. The market is not valuing COP like and E&P yet because it is waiting for Conoco to show that the projects it started a couple years ago will indeed produce and continue to produce margins like an E&P and not an integrated. Also, because there are many new projects under development, COP should start exhibiting revenue growth that would make the market realize its value. In the next year or so COP should be announcing returns from projects currently under development.

Exploration and Production

Earnings History
Earnings Date FY09 FY10 FY11 FY12 EPS 2.95 7.62 8.97 6.72 Revenue 136 B 175.7 B 64.19 B 57.97 B DVD Yield % 4.9 % 4.14 % 4.75 % 4.55

Analyst Consensus Estimates

Industry Primer
The Exploration and Production (E&P) industry includes participants involved in exploration, development, production and marketing of oil and gas products. The process of E&P companies includes prospecting, acquisition and maintenance of mineral leases and landholdings, including contract management and obligation payments. Global exploration and production spending is set to reach a record $644 billion in 2013, up 7% from $604 billion in 2012, according to Barclays Global 2013 E&P Spending Outlook. Spending growth in 2013 should be driven almost entirely by international markets, where estimated capital budgets will jump 9%, as the international and offshore cycles continue to build momentum, and commodity prices remain at attractive levels. In contrast to the international sector, E&P spending in North America is forecast to pause, with flat, year-on-year spending in both the U.S. and Canada expected during 2013.

Earnings Date FY13 FY14 FY15 FY16

EPS 5.88 6.45 6.55 6.30

Revenue 48.64 B 47.23 B 44.2 B N/A

Energy

All prices current at end of previous trading sessions from date of report. Data is sourced from local exchanges via CapIQ, Bloomberg and other vendors. The William C. Dunkelberg Owl fund does and seeks to do business with companies covered in its research reports. Thus, investors should be aware of possible conflicts of interest that could affect the objectivity of this report.

CONOCOPHILLIPS Spring 2013

Catalysts
A series of Capital Projects will be coming online in the next couple years from 2014 through 2017. Increasing demand from emerging countries as their middle classes buy more cars and utilize heating. The construction of NGL exportation facilities should help increase the demand for natural gas, effectively raising its price.

Drag Factors
Prolonged natural gas price depression. (Speculation) Oil and natural gas cyclicality and volatility Licensing delays Possible increases in regulation. High level of competition ( > 250 companies in space with market caps greater than 500M) Possible failures of future projects.

Peer Group Identification

Anadarko Petroleum Corp. (NYSE:APC) This company is an oil and gas exploration and development
company that has operations in the U.S. as well as internationally.

Target Price
Instead of a single target price, a range that the security should be trading in was derived. To derive this price range a DCF analysis and relative valuation were utilized. The price target is between $90.35 and $96.81.

Intrinsic Value: To arrive at COPs Intrinsic Value per share, a DCF model forecasting
the results of COPs operations and a price deck were used. All expenses are a function of units produced. Using WACC and an added discount as the required rate of return (9.24%) the intrinsic value per share of $90.35 was synthesized. This target price implies a capital return of 25% and an absolute return (which includes dividend) of 29%.

Canadian Natural Resources. (NYSE:CNQ)

The company acquires explores for, develops and produces natural gas, crude oil and other related products. CNQ operates exclusively in Canada This company explores for and produces crude oil, natural gas and other related products. DVN also maintains midstream and marketing operations. Hess Corp is an independent corporation engaged in the exploration for and production of natural gas and crude oil. This company has a global presence. OXY is a major E&P that also generates and markets power and C02. This company has a large global presence

Devon Energy Corporation (NYSE:DVN)

Relative Valuation: Compiling five E&P companies that represent the new peers COP
will have in the near future. Using these peers, the peer relative EV/T12Month Ebitda multiple is 6.02x. Using this multiple and the companys current Ebitda, the implied equity valuation is $140,097M or $96.81/share. The capital return with this target price would be 32.01%, and absolute return (which includes dividends) would be 36%.

Hess Corp (NYSE:HES)

Occidental Petroleum Corp (NYSE:OXY)

DCF Derived Intrinsic Value per Share= $90.35 Equivalent Peer Multiple= 5.60x Relative Multiple Fair Value Price= $96.81 Relative Target Multiple= 6.025x COP Est. Ebitda = 22,931 M

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Dividend Analysis: Indicated Yield: 3.82%

COPs dividend yield is a steady 3.74% with an indicated yield of 3.82%. Its been that way for the past eight quarters. Before that, the dividend for COP had been growing at a slow and steady pace over the past five years and has been able to sustain its dividend since the divestiture of PSX, this shows that the company is capable of having a reliable, sustained dividend even though a significant part of its structure has been removed. Five year dividend growth has been 7.51% but for the past 7 quarters, the dividend has remained stagnant at $0.66 per share due to the company structural change. Recently however, the dividend was raised by three cents to $.69 per share. This is indicative that the company sees steady sustainable growth going forward and feels safe to start to grow its dividend again, increasing the return to shareholders.

FINANCIAL ANALYSIS (refer to attachments for tables and figures)

Intro to FA: The financial analysis is going to be a bit skewed from the historical perspective due to the spin-off of Phillips 66 and other small portions of the business. COP wanted to become a mega E&P as opposed to the massive conglomerate it was previously. And as a mega E&P, COP will have different margins and trends and ratios than when it was a conglomerate. So the challenge here will be factoring COPs learned efficiencies and astute management into the new business going forward.

Revenue Projections:
Revenue is derived entirely as a function of COPs production and the market price of the commodities it sells. In the attached projection model, the value the company is derived from those assets currently producing or will be producing in the near future, because they are the only ones one can be sure will be producing into the future. In order to account for depletion, built into the revenue/ production model is a well depletion rate of 2%. This accounts for the general drawing down of all the reserves in each new project. This also mean that since the model assumes no new projects after those being developed near term, revenue will begin to decline after the last new project hits peak production. And because there are no new projects assumed down the road, exploration expense is eliminated from the Conocos forecasts.

Gr owth
140,000.00 120,000.00 100,000.00 80,000.00 60,000.00 40,000.00 20,000.00 0.00

Total revenue

EBITDA

Net Income

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CONOCOPHILLIPS Spring 2013 Current Production:

% of Total World Production: As of the third quarter of 2013(COPs most recent quarter), COP % of Total Production ConocoPhillips Share of total production of NGLs, Oil, and natural Q3 2013 Q3 2012 gas has decreased, even though the companys production is Global 17% 19% estimated to be greater than it was in 2012. The decline in overall market share of production is due to increased output from other NGL US 12% 14% companies as more of COPs competitors capital projects come Canada 58% 61% online. For instance, companies such as Anadarko and Apache have many capital projects coming online in the Eagleford and Bakken Global 15% 16% shale basins this year. This increase in output has lowered COPs Oil US 13% 14% share of the total natural gas production in the US by about 1%. Canada 16% 15% However, Conoco Phillips has made up for this by increasing natural gas production in other areas of the world. This also reflects the Global 12% 12% advantage the COP has in its geographic production diversification. Nat Gas US 6% 7% Something else to note is the large share Conoco Phillips has in the Canada 18% 19% Canadian liquid natural gas field. This will undoubtedly be a competitive advantage for COP going forward as LNGs become more popular and their demand globally begins to rise. Currently, a COP can sell its LNG in Canada for the equivalent of $46.90, considerably more than the price a barrel of LNG was sold in the lower 48 States, which was $32.57. So because Conoco has such a large foot print in Canadian LNG going forward, it will have a price advantage over competitors who produce large amounts of their LNG in the lower 48 U.S. States as opposed to in Canada. Company Specific Production: . One of the biggest challenges that E&P companies face is the worldwide geo-political climate. Whether its a regime change in Africa, hostilities in the Middle-East or environmental opposition in the United States, these events can force delays in project completion dates, halt production or even kill projects all together. Being overly exposed to any one area can be detrimental to an Exploration and production company. Conoco Phillips understands this and views geo-political climate changes as a diversifiable risk. Currently the largest segments of COPs operations are located within three regions: Alaska, Canada, and the Lower 48 States of the United States. These three regions are the best to operate in from a geo-political risk perspective because the United States and Canada are very lenient towards the rights of exploration and production companies and are amongst the most politically stable countries in the world. This means that the risk of project stoppage or delay is very minimal and requires a much lower IRR than if COP were to initiate projects in Africa or the Middle-East. Conoco Phillips actually just spun out its Libya production project in an effort to reduce its geopolitical risk. COP still operates primarily in North America. Understanding this, the company has initiated capital projects globally in an effort to capitalize on new resource finds, and to diversify its geopolitical risk globally to other geographies. The charts below illustrate the over the next seven years, as Conocos new projects come online, the company will be diversifying itself globally, with less production coming from North America as a percentage of it total.
2013 Geographic Production
Alaska 3% 4% 6% 5% 3% 6% Lower 48 13% 13% Canada Norway

2020 Geographic Production

2% 7% 15% 2% 5% 5% 6% 4% 6% 11% 19% 18%

Alaska

Lower 48
Canada

Norway
United Kingdom Australia/Timor-Leste China Indonesia Malaysia Libya Other International Equity affiliates

31%

United Kingdom Australia/Timor-Leste China Indonesia Malaysia

4%

12%

Libya
Other International

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Production estimates:
Since its divestiture of PSX, Conoco has been investing heavily in several large global capital projects in an effort to boost its already immense production capabilities. In the next 10 years, these new projects are expected to significantly add to COPs daily output, about 2.0 to 2.3 billion total in the next 10 years. For instance, the Australia project, which is one of the bigger ones on COPs agenda, wont be producing until 2015 and will hit peak production and is an LNG facility hitting 103 MMBOE per day, or about 37,600 MMBOE per year. Assumptions built into the projections are: All current projects will be completed on time, all current projects will be producing at a non-stop normal pace, there will be a ramp up to peak production, peak production will last a finite amount of time (company guidance) and that there will be a long period of 10% Y/Y decline from the point of peak production. Total production going forward is expected to increase by an annualized rate of 4% per year. This rate will vary as new facilities come online. The additions to production per year (in thousands of barrels of oil equivalent) for the next ten years are given in the chart to the right. These capital projects are the key to Conocos growth going forward. The size of COP allows it to leverage more capital than any of its competitors in the E&P industry, allowing it to take advantage of many new oppurtunities at once as opposed to having to choose between prospects. For instance, Conoco will be bringing online major projects projects in Canada, China, and Australia all at the same time. This is an understated competetive advantage that Conoco Phillips holds over its competitors.

Total Added Prod. N10Y (k) Alaska 517,751.63 US 55,434.18 Canada 932,888.33 Norway 168,679.63 UK 229,211.23 China 207,766.11 Indonesia 70,189.07 Malaysia 269,627.75 Vietnam 0.00 Australia 285,486.03 Total 2,737,033.97

Price Deck:
For a price deck, the company provides the price which it is able to sell the commodities in which regions. For instance, Conoco sells oil produced in Canada to the lower 48 states cheaper than oil produced offshore of the UK to the E.U. To forecast, I just assume no change in the commodity prices going forward. I assume this because the most influential factor on the price oil is going to be the price of natural gas and vice versa. My assumption is that if one of the two abnormally increases or decreases, the other will increase or decrease to compensate. In addition, I am predicting that North Americas new role as a leading producer of both natural Gas and oil will help to provide a stabilization effect on the energy market, removing the need for growth or decline predictions in the price of natural gas or oil. In essence Im assuming that current energy commodity price will remain the same for the foreseeable future. The prices Im using will be the average of the last seven quarters to help account for the seasonal cyclicality of prices. Capital Expenditure: Since the spinoff of PSX, COP has been able to focus its capital more on new projects. Capital Expenditures has ramped up by $5 billion dollars from about $10 billion to $15 billion and is projected to continue growing into the future. This new Capex is being financed by a combination of new debt issuance, with the most recent new debt issuance of short term callable bonds totaling $2 billion and expiring in 2017 and 2022. Capex is going to be flowing predominantly into projects in Canada, Australia, Malaysia, and Indonesia.

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CONOCOPHILLIPS Spring 2013

As of the most recent quarter, return on invested capital has been declining from what it was pre-recession. This is not a bad thing for COP, it just means that the company is in an expansion phase of its business. Due to the capital intensity of the E&P industry, as well as the extended amount of time it takes for employed capital to actually produce a working facility, the low ROIC metric for COP shouldnt be worrisome. Also included in this metric is Capex spent on the refining and marketing business it spun off and no longer receives return from, essentially a sunk cost. The company will see its ROIC metric rise as the new projects financed by the new capital expenditures begin to produce returns. As previously stated, the bulk of COP investment is going to projects in Canada, Australia, Malaysia, and Indonesia. However, those are not the only geographies in which Conoco is investing. Additional geographies of investment include Norway, Alaska, the U.K., and China. Most of the investments are going to totally new projects or new projects on already mined fields, as opposed to current facility expansion.

Total Debt:
As of Q3 2013, total debt outstanding is $21.668 Billion, providing for a debt to capital ratio of 30% and a debt to equity ratio of 42%. Total cash amounts to $3.98 Billion. The largest upcoming payment of maturity is for a senior unsecured loan amounting to $1.5 Billion payable January 15th 2015. The companys current ratio is 1.35, suggesting that they have enough liquidity to pay down any short term liabilities the company may face. All COPs bond outstanding are fixed rate and pay a coupon on semi-annual basis. 20% of the bonds are Canadian issued and 80% are American issued. The average interest due per year comes to about $513 Million. There is only one asset backed loan in Conocos portfolio of debt and it is for a small amount; its set up as a pass through and does not represent any risk to the companys financial solvency. COPs interest coverage ratio for the past 4 quarters has been on average about 3x, suggesting that COP has more than enough operating income to meet its interest requirements going forward. This isnt surprising considering the generally large cash flows of established E&P companies.

Credit: COP has the benefit of low

coupon rates on its bonds due to its strong credit rating. All of the major rating agencies have a stable outlook and rate the company as investment grade. The senior unsecured debt is rated as follows.

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Default Risk:
Since the beginning of 2010, COP has maintained a default risk of basically 0. Currently, the risk of default is .169%. Since the recovery o began at the end of 2009, the only instance where COPs default rate was abnormal was in the first half of 2012. (The risk of default is comprised of a consensus polled by Bloomberg of the major credit companies as they have determined the risk of default to be). During this period, the risk of default spiked to only about 5% and was only because it was at this time that the company spun of its refining and marketing segment into Phillips 66 (NYSE: PSX). This company recently has had a lower risk of default than the United States government, which issues the risk free rate. Given the companys current estimated reserves, as well as the estimated value of projects not yet producing, COP looks like it will be at a very low risk of default for the foreseeable future. This means the company will not have to endanger any future cash flows to pay off any unexpected debt expenses and share-holders can expect a reliable return going forward.

Ratio and Margin Analysis:

Conoco Phillips operates more efficiently that than its peers. The following graphs and analysis will show that COP operates like an E&P company and not the integrated oil company it used to be. The following graphs will show that from the standpoint of operating margins, profit margins, debt ratio, and fixed asset turnover, COP operates more like its E&P peers (in blue) as opposed to its former integrated peers (in orange). This bolsters the prediction that COP stock will begin trading in a new pattern with new valuations than it has previously.

Operating Margin: COP has an OM of 24.4% which is in approximately the same as the previous years OM. This is already in line with their new comp group of E&P companies. COP is still in the process of shifting their production to liquid gas as their production rose to 55% from 54% in the last year. Production is expected to increase 3-5% through 2017, combined with 48% growth COP liquid gas exposure could approach 63%. Higher exposure in this low margin product will help to increase OM further.

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Profit Margin: COP has a PM of 14%, this is a decrease from the previous year of 4.9%. With expected increases in production of liquid gas expected to between 3-5% through 2017 we expect COP, like in their OM, to see their PM increase as well.

ROA: COP has a ROA of 7.6% an increase of 1% from the previous year. COP is currently inline or better then its E&P comp group. Operating in a higher margin industry with production expected to reach 63% we expect COP to increase their net income which will push ROA higher.

ROE: COP has an ROE of 16.8% an increase of 6% from the previous year. COP is still transitioning into the E&P industry which is a higher margin industry. With margins expected to increase as liquid gas productions is expected to increase to 63% from 55% we expect ROE to also increase from the gains in net income.

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CONOCOPHILLIPS Spring 2013

ROIC: COP has an ROIC of 12.5% an increase of 1.5% from the previous year. As COP further transitions into the higher margin E&P industry, as their liquid gas production levels are expected to increase from 55% to 63%, we expect ROIC to increase as well.

Fixed Asset Turnover: COP currently has a fixed asset turnover of 0.8x which is a 0.1x decrease from the year before. COP is currently at the high end of their E&P comps. This shows that COP is able to operate with their asset for longer than its former integrated peers, showing one of the benefits of switching to an E&P company from an integrated company.

Debt to Equity: COP has a debt to equity of 48.7% an increase of 10% from the previous year. The increase in D/E comes from the transition into the E&P industry. COP is currently in line with E&P companies on a D/E basis.

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VALUATIONS and Trading Measures (see appendix for related figures and tables)
Conoco Phillips is not undervalued compared to its ten year trading history on an EV/Ebitda multiple basis. However, the company is not the same as it has been over the past ten years either. Compared to its new peers in the E&P industry, COP is trading at a lower value on an Ev/Ebitda multiple than it should be. Historically COP traded at an average multiple of 4.75 times Ebitda, however the company is trading above that multiple as it is now trading at 5.45 times Ebitda. This higher valuation is justified as the company is changing, but it should be the lower level of the new normal trading range for COP. According to peer analysis, COP should ascend in valuation to trade in line with its E&P peers at a valuation of 6.025 times Ebitda. The chart below shows the COP is trading between where it has historically been valued on average (white line) and where its new normal trading multiple (red line) will be. COP stock should close the gap in the next twelve months as investors start to favor the company due to cash flows coming in from projects causing people to buy and making the valuation of the company increase.

Discount Rate: WACC + 10%

COPs WACC is 8.4. The model utilizes a discount rate comprised of the weighted average cost of capital based off the 10 year US. Treasury note. WACC is used for determining the discount rate for this company because COP regularly finances it operations with debt offerings. Because the model estimates that a large portion of COPs production will be coming from projects not yet completed, it adds an extra discount on top of the WACC (equaling WACC x (1 + 10%)) to account for the added risk. One of the reasons the price target is at the top range of analyst estimates is that the street may be discounting these future projects more heavily than the model.

Securitys Relationship to Commodity Prices (All measures done on a 10 year basis):

Since COP is a member of the E&P industry, one might assume a high correlation between the company and the price of natural gas and oil. COP operates by pulling commodities from the ground and selling them on the open market making its topline very vulnerable to fluctuation in energy commodity prices. Investors express their reaction to COPs operational sensitivity to commodity prices by buying and selling the stock. It is important to analyze which commodity influences COP stock the most. Correlation graphs will be in the attached appendix. We used Non-Parametric regression to more accurately illustrate the relationship between COP price and energy commodity prices because the relationship between commodity prices and the stock price are not evenly distributed (when statistics do not display a normal distribution, a non-parametric test of correlation is warranted to accurately display the relationship between the two variables). The primary statistic used to judge the relationship between commodities and stock prices will be the RSquared metric. This metric will be used because it represents how much the move in the stock is informed by the move in the commodity price. The relationship is viewed in this way because the focus is on the sensitivity of the security to the commodity, not how they trade with each other. The relationship between COP stock price and assorted commodity prices are as follows: To Crude Oil WTI Generic Contract: 0.416 RSquared To Crude Oil WTI Active Contract: 0.417 RSquared To Natural Gas Generic Contract: 0.278 RSquared

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To Natural Gas Active Contract: 0.419 RSquared To Bitumen Generic Contract: 0.694 RSquared What these statistics show is that COP is not overly influenced by any one underlying commodity more than its peers. In fact, COPs relative index is actually much more sensitive to the price of crude than COP stock is with a RSquared of 0.803.

Industry Correlations
Pricing: The industry Conoco Phillips is going into noticeably sensitive to the price of oil, which makes sense as the market price of oil dictates the price at which that E&P companies can sell their products. The market understands them and investors buy and sell E&P stocks accordingly; in fact a non-parametric correlation study between the generic crude contract and the price of the E&P sector of the S&P 500 indicates that the two prices are highly correlated with an R-Squared of 0.803. This indicated that the E&P industry, on a pricing level is very correlated to the price of crude oil. If Conoco Phillips is going to trade like an E&P in the future, investors can expect a similar correlation between the price of COP stock and the price of crude oil.

Valuation: Although the price of E&P stock s are highly correlated with the price of crude, the valuations of the same companies display a much lower correlation. A non- parametric correlation study between the Ev/Ebitda valuation of the E&P sector and the generic crude contract yielded a low correlation with an R-Squared of only 0.353. This low R-Squared value indicates that even though the market buys and sells E&P stocks on the price of crude, the underlying valuation of the companies do not reflect the price of crude. This is because companies margins are not heavily influenced by the price of crude oil (as odd as that sounds).

Ebitda Margin: An explanation for the discrepancy between the sensitivity of E&Ps pricing to crude and their valuations to the price of crude is the sensitivity between the price of crude oil and E&P companies Ebitda margin. A non-parametric R-Squared study between the crude oil generic contract and the Ebitda margins of the E&P sector delivered a moderate correlation between the two with an R-Squared of 0.398. This moderate correlation shows that the price of crude is not the only driver of an E&P companys profitability and underscores the importance of cost-efficiency in the production of crude oil.

COP Beta against the S&P 500 Index:

We measured beta for COP against three benchmarks. The first is the S&P 500 index, and the study yielded an adjusted beta of 0.952 over the course of the past year. The second study put COP against its former industry integrated oil and gas index, and the study yielded a result of an adjusted beta 0.932 of over the course of the past year. And the third study put COP against its new industry exploration and development index, and the study yielded a result of an adjusted beta of 0.799 over the course of the past year. These results show that while

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COP generally trades in line with the S&P, it still trades more in sync with big integrated, indicating that the market is still valuing the company as such.

Sources:
All the information used within this report is derived from the following sources. Yahoo.com/finance Google.com/finance Finviz.com Thomson One Research and Investment Platform Bloomberg Investment Services Conoco Phillips Investor Relations Conoco Phillips 10k Conoco Phillips 10Q Conoco Phillips Online Factsheets Conoco Phillips 2012 Annual Report

DISCLAIMER This report is prepared strictly for educational purposes and should not be used as an actual investment guide. The forward looking statements contained within are simply the authors opinions. The writer does not own any of ConocoPhillips. stock.

TUIA STATEMENT Established in honor of Professor William C. Dunkelberg, former Dean of the Fox School of Business, for his tireless dedication to educating students in real-world principles of economics and business, the William C. Dunkelberg (WCD) Owl Fund will ensure that future generations of students have exposure to a challenging, practical learning experience. Managed by Fox School of Business graduate and undergraduate students with oversight from its Board of Directors, the WCD Owl Funds goals are threefold: Provide students with hands-on investment management experience Enable students to work in a team-based setting in consultation with investment professionals. Connect student participants with nationally recognized money managers and financial institutions

Earnings from the fund will be reinvested net of fund expenses, which are primarily trading and auditing costs and partial scholarships for student participants.

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