2022 Fall Pitches

InAugustof2022,the elevennewanalystschose stocks to model and present in September. After presentingthosestockswouldbenarroweddown to iveforfurtheranalysisandtobepitchedatthe end of the fall semester. We’ve included brief descriptionsandthesesfortheoriginalproposals.

Pitched in December: newbrands.Atthetimeitwaspitched,DECKsaw a 24% growth in revenue YOY, primarily driven byboththeHokabrandandanincreaseindirectto-consumer sales. The company’s growth was attributed to its brand diversi ication and logistics network, allowing it to capture multiple consumer segments, mitigate supply chain impacts,andreducein lationarypressures.Itsits in a niche footwear market, producing high qualityfootwearwithlargemargins.

COKE - Coca-Cola Consolidated is the largest manufacturer and distributor of non-alcoholic beverages. COKE purchases products primarily from The Coca-Cola Company (NYSE: KO) and operates across 14 Eastern United States. CocaColaConsolidatedwaspitchedasadefensiveplay with decreasing debt and steady growth as the company continues to expand its territory and productofferings.

Final Recommendation - Given our holdings in The Coca-Cola Company and the strong correlation between COKE and KO, we decided not to add COKE to the portfolio. Ultimately, we believed KO offered better stability and aligned more with the Bowden Fund’s goal of long-term value. Despite our recommendation COKE continuedtoreturn12%bytheendoftheyear.

Analysts - JimmySaid,DavidPrice,andIanWhite

Final Recommendation - Looking back, Deckers Outdoor Corporation would have been a great addition to the portfolio, earning 34.61% from thetimeitwaspitchedtillyearend.However,the group decided against adding it to the portfolio duetovaluationconcerns.

Analysts - NoahDeLuciaandStevenTesta

DECK - Deckers Outdoor Corporation is a leading global footwear, apparel, and accessories manufacturer that produces everything from lifestyle products to high-performance athletic wear. It provides a diverse set of products through ive main brands: Ugg, Hoka, Teva, Sanuk, and Koolaburra. DECK was pitched as a growth play due to tremendous increases in revenue through acquisitions and the creation of

ELF - e.l.f. Beauty is one of the lowest-cost makeup companies in the beauty industry, with an industry-leading focus on clean, vegan, and cruelty-free makeup products. When selecting a stock,wewantedto indsomethingthatwouldbe successful in any economic environment and a productthatwillnotbegoingawayanytimesoon, so we thought of makeup. e.l.f. Beauty has tremendous growth opportunities because of its focus on the quality of ingredients, its low-cost competitive positioning, and its expansion into skincare products. E.l.f. Beauty had a growing market share of the beauty industry when its closestandoldercompetitorswerelosingmarket sharein2022.

Final Recommendation - In hindsight, e.l.f. Beautywouldhavebeenanincredibleadditionto the portfolio. However, as a group we ultimately decided against adding it due to overall uncertainty in the future growth of the company. e.l.f. Beauty is quickly becoming a leader in the beauty industry through clean initiatives and a uniquefocusonprovidingmakeupatlow-costsin comparison to all other brands. From September 1toDecember31,2022,e.l.f. Beautyhadareturn of43.96%,furthershowingthesigni icantimpact itwouldhavehadontheportfolio.

Analysts

McKenzieShailandCharlotteRice

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HII - HuntingtonIngallsIndustriesisanAmerican shipbuilding company that specializes in designing, building, and maintaining military ships and submarines for the United States Navy and other international customers. The company was formed in 2011 as a spin-off of the defense and security conglomerate Northrop Grumman, and is now one of the largest shipbuilders in the world. In addition to shipbuilding, the company alsoprovidesengineering,logistics,andtechnical support services to its customers. The opportunities for growth in this company are derived from its strong relationship with the U.S. Navy, enabling it to secure contracts over its competitors, aswellasthe inelasticnature ofthe defense budget and geopolitical tensions from aroundtheworld.

Final Recommendation:

Despite its potential for revenue growth from government contracts, we determined that the stock was trading at a price that did not offer a suf icient margin of safety. While the company and its business model were attractive, the risk associated with investing in the stock at its currentpricewasdeemedtoohigh.

Analysts

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MorganScottandLuisLopez-Bautista

continue to lead the guns and ammunition industryandiscurrentlyundervalued.Moreover, we believe that the company's upcoming relocation to Maryville, Tennessee, in 2023, will bene it the company through lower taxes and fewer restrictions, resulting in increased pro its in the future. With economic uncertainty and geopolitical tensions, combined with stricter regulations, SmithandWesson is well-positioned tomeettheanticipatedhighdemand.

Final Recommendation: We decided not to invest in Smith and Wesson as the controversy surrounding the company was deemed too risky. Concerns over volatility and social impact outweighed the fundamental inancial well being ofthecompany.

Analysts - JonathanFogleandJacksonNorwood

Equities Eliminated in September:

SWBI - Smith and Wesson, headquartered in Spring ield, Massachusetts, is a renowned irearms manufacturer with a product line consisting of handguns, long guns, suppressors, and other irearm-related products. The company's competitive product mix and strong brandloyaltyhavecontributedtoitssuccessover the nearly 200 years of its existence. We had a strong belief that Smith and Wesson would

LOVE - The Lovesac Company, a technology driven home furnishings company, designs, manufactures, and sells furniture. The company offers modular couches called Sactionals, premium foam bean bag chairs called Sacs, and associatedaccessories.Thecompanymarketsand sells its products through modern showrooms, and increasingly, through online direct sales and third party retailers. Lovesac’s accelerated growthderivedfromitsstraightforward,scalable business model, and its healthy balance sheet would drive future value and growth. Further, Lovesac’s target market, high income millennials, are growing in volume and stature, and Lovesac has been able to carve out a niche within the furniture industry with its continual unique, and innovative product offerings. The group decided not to research Lovesac further because of the uncertainnatureoftheeconomyatlarge,andthe cyclicalityofluxuryfurnitureexpenditures.

Analyst - JacksonNorwood entertainment company with national and international locations featuring best-in-class hotels, casinos and more. MGM has a strong competitive advantage over other entertainment companies as it continually invests in its resorts by remodeling hotel rooms, restaurants, and nightclubs ensuringasuiteofpremierresortsin the market. This pitch was driven by the growth of online gambling worldwide. In the United States alone, there is an estimated 11.9% compound annual growth rate. As international markets continue to reopen, MGM is expected to bene it as long-term future growth in the Asian gaming market drives additional visitation at MGM Macau and MGM Cotai. Our decision not to further research MGM was due to the company’s high debt obligations and uncertainty in internationaltravel.

Analyst StevenTesta

TPR - Tapestry, Inc. is a leading New York-based fashion company that designs and manufactures luxury accessories and lifestyle brands. Known for their trendiness and quality, Tapestry products include handbags, footwear, and accessoriesforbothwomenandmen,aswellasa range of home decor items. The company operatesover1,500storesgloballyandalsosells its products through wholesale channels and online platforms. The thesis was that individuals who spend on luxury products are likely to continuetodoso,evenduringtimesofeconomic uncertainty. Our decision not to invest in Tapestry was based on concerns about the company’s inventory levels and its relative positionwithintheluxuryfashionindustry.

Analyst - LuisLopez-Bautista

wood while offering superior durability and resistance to weather, fading, staining, and mold. The original investment thesis was based upon the growing ESG concerns from consumers and their willingness to pay more for sustainable products. Ultimately, we decided not to invest in TREXduetoitshighcorrelationwiththehousing market and our concern for macroeconomic headwindsintheshortterm.

Analyst - IanWhite

TREX - Trex Company, Inc. is a manufacturer of composite decking and railing products. Trex's compositedeckingandrailingproductsaremade primarilyfromrecycledwoodandplastic,andare designed to mimic the appearance of natural

UNFI - United Natural Foods is primarily a wholesale distributor of conventional grocery and non-food items for grocery stores specializing in organic produce operating across the continental United States. Post-pandemic, we noticedagrowingdemandforspecialtygroceries in the recovering economy, and as a grocery distributor, United Natural Foods was a more diversi ied play than investing directly in an individual food producer or retailer and avoided the risk of luctuating food prices. We decided against further analysis in UNFI due to the company’s volatile earnings and insecurity in its supplychain.

Analyst -DavidPrice

WIRE - Encore Wire Corporation manufactures and sells electrical building wires and cables for interiorelectricalwiringintheUnitedStates.The company has products for interior wiring in homes, apartments, manufactured housing, commercial and industrial buildings, and others. It sells its products to wholesale electrical distributors primarily through independent manufacturer’s representatives. The investment thesis was based on the company’s strong inancial health, the rapid growth of new apartment buildings, and the increasing demand for electricity. We decided against investing in WIRE due to weakened expectations in the housingmarket.

Analyst - CharlotteRice