Lance Frame and Kaitlyn Kelleher were selected from over 180 applicants for the second year of Clifford Swan Investment Counsel’s summer internship program. Lance Frame is a rising senior at Brigham Young University, where he majors in Finance and is a native of La Canada. From Pasadena, Kaitlyn Kelleher is a rising junior at Claremont McKenna College, where she majors in both Economics and Government. Through the internship program, Clifford Swan aims to provide talented students who have shown interest in the investment and wealth management business a fundamental educational experience in each aspect of our work. In the two-month program, Lance and Kaitlyn worked on several projects and learned about key aspects of the firm, including portfolio management, equity and fixed income research, trading and execution, compliance, and marketing. Both Lance and Kaitlyn have written about their experience at Clifford Swan. Please see their comments below.

Lance Frame
The culture here is one of intellectual curiosity, and that drive for constant learning is truly contagious. During our internship here, Kaitlyn and I have been provided with a myriad of resources to aid us in understanding the everyday processes that contribute to a successful investment firm.

According to the Chinese proverb, “One hour with an expert is worth one hundred hours working alone.” Within a hundred feet of my desk, there are over 200 years of investing experience hard at work. In this flatly- structured organization, every door is open and every counselor is willing to lend their expertise to help me. My most-prized experiences here have been the opportunities to observe research and investment meetings, where real decisions are made. Seeing the process and extensive energy that goes into each and every investment decision has been a sneak peek into the level of expertise needed to manage portfolios.

While observing an expert is key to learning, I have kept in mind the adage that “a teacher can open a door, but the student must walk through it himself.”

The counselors at Clifford Swan have been keen to ensure that each aspect of our education be put into practice. During each week of our internship, we have focused on a specific aspect of the business and spearheaded projects related to each area. We have had the opportunity to research specific stocks and mutual funds, aid in the client service process, and streamline parts of the business development segment.

Kaitlyn Kelleher
Recognizing a historic spike in the trading multiples of hallmark ready-to- eat cereal (RTEC) companies, equity analyst Anil Kapoor asked Lance and me to research two RTEC companies that are industry leaders. Over the next two weeks, we scoured these two companies’ 10Ks and quarterly earnings transcripts, determined to understand their financial health and growth prospects. We also spoke with the head of investor relations of one of the companies and asked questions on the company’s margins, international footprint, and product pipeline. Throughout these early stages of the project, the Clifford Swan team was an invaluable resource, fielding our many questions and offering numerous research tips.

Using the company reports and our conference call notes, we launched into phase two of the research process: modeling. Focusing on projected sales revenue and EBITDA margins, Lance and I built models for both companies. Arriving at price targets for each company, we determined short and long-term buy/sell recommendations. Intrigued by our research, Anil asked us to present our work at both the research and investment meetings. Lance and I created a PowerPoint to succinctly outline our conclusions. We then rehearsed our presentations and met with Anil to review last-minute details.

Presentation Week
The entire Clifford Swan team convened in the conference room. Considering everyone’s busy schedules, the firm’s full attendance speaks to its genuine interest in developing its younger talent. As I began my presentation, my nerves were initially audible in my shaky voice, but quickly subsided as my comments were greeted with reassuring smiles. After our remarks, research analysts, portfolio managers, and even CEO Linda Davis Taylor asked questions—a perfect capstone to an engaging and rewarding project.

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