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Baylor BU Hankamer School of Business Undergraduate Finance, Insurance and Real Estate Hodges Capital Financial Markets Center About the Hodges Fund
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About the Hodges Fund

Baylor’s small capitalization (small cap) investment practicum course began in 2016 and initial investments in Baylor’s Hodges Investment Fund were made in April 2017. Student analysts in the course manage the fund under the direction of two professors: Mr. Brandon Troegle, CFA®, CAIA® and Mr. David Morehead, CFA®.

The small cap practicum is a two-semester course.  Students in this course manage the $1.2 million (as of March 31, 2022) investment fund, which has been endowed with monies provided by Hodges Capital Management and other friends of Baylor. 

The fall semester of the course introduces equity research methods, including valuation, modeling, fundamental analysis, and cultivating resources.  Student analysts, in teams, complete an initiation-of-coverage research report on a firm. Their research may require the team to talk to company management and to utilize various information sources including financial documents, trade associations, and competitors, customers, and suppliers of the firm.  During the spring semester, a team of five students competes in the CFA Investment Research Challenge, while other student teams complete another initiation-of-coverage research report.

Small cap stocks are often overlooked or misunderstood, and informational efficiencies offer opportunities to outperform the market. Through the course student analysts gain valuable hands-on experience in portfolio management, receive business-world training in research and equity analysis of small cap stocks, deliver institutional level-of-coverage research and follow-up reports, and are exposed to current events and trends in the investment management field. The main emphasis is on out-of-class assignments that are supplemented by in-class discussion and decision-making. The course gives students experience researching, analyzing, and managing a portfolio of small-cap stocks.  Lectures and stock research were supplemented with guest speakers representing various areas of the investment field.

Student Managers - Small Cap Portfolio, Fall 2022 and Spring 2023 

Market Sector   
Consumer Disc, Staples, Comm. Services Andrew Robertson, Jack Johnson, Matt Campbell
Financials, Real Estate, Utilities Jenny Sang, Connor Thompson, Kailey Ransom
Health Care Jackson Mitschke, Connor Ford, Jason Stanford
Industrials, Materials, Energy Garrett Jepson, Billy Trammell, Dawson Drews
IT Claire Owens, Trey Fowler, Hayden Allen

Small Cap Portfolio Holdings as of August 31, 2022

Ticker Total
  Communication Services
THRY Thryv Holdings, Inc.
  Consumer Discretionary
KTB Kontoor Brands, Inc.
PATK Patrick Industries, Inc.
SMP Standard Motor Products, Inc.
VSTO Vista Outdoor Inc
WIRE Encore Wire Corp
  Consumer Staples
  Energy
CRC California Resources Corporation
  Financials
CPF Central Pacific Financial Corporation
PFBC Preferred Bank
STC Stewart Information Services
  Health Care
AMN AMN Healthcare Services
ENSG Ensign Group, Inc.
HALO Halozyme Therapeutic, Inc
PGNY Progyny, Inc.
  Industrials
ALG Alamo Group, Inc
AAWW Atlas Air Worldwide Holdings
WIRE Encore Wire Corporations
ROCK Gibraltar Industries, Inc.
  Information Technology
CMBM Cambium Networks Corporation
LITE Lumentum Holdings, Inc.
QYS Qualys, Inc.
  Materials 
  Real Estate
EPRT Essential Properties Realty
  Utilities
  Cash

Hankamer School of Business

Paul L. Foster Campus for Business and Innovation
1621 S 3rd St.
Waco, TX 76706

One Bear Place #98001
Waco, TX 76798

(254) 710-3411
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Baylor BU Hankamer School of Business Undergraduate Finance, Insurance and Real Estate Hodges Capital Financial Markets Center About the Hodges Fund
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