2023 Crummer Truist Portfolio Recommendations: Crummer Investment Management 24th Anniversary

We would like to thank you for your service to the Crummer Truist Portfolio. Without your participation, Crummer students would not benefit from the unique insight you bring to managing an active portfolio. We have been fortunate to listen and learn from some outstanding guest speakers who have been generous with their time and expertise: Phillip Rich, Chief Investment Officer, Seaside Bank; Sarah Passero, Senior Consultant, EY; Shawn Fletcher, Financial Analyst, The Walt Disney Company; Ryan Abronski, Venture Capital Associate, Morgan Creek Digital; Robert Zhang, Senior Research Analyst, DePrince, Race and Zollo; Dr. William Seyfried, Professor, Crummer Graduate School of Business; Marc Miller, Partner, DePrince, Race and Zollo; Rick Ahl, President, Ahl Investment Management; Dr. Rob Roy, Senior VP and Chief Investment Officer, AdventHealth; Jay Menozzi, Principal and Chief Investment Officer, Orange Investment Advisors, LLC; Sean Warrington, Partner & Portfolio Manager, Gresham Partners. SunTrust (now Truist) endowed this portfolio to provide scholarships for future Crummer students and to give current students a practical, hands-on learning opportunity. This year, we are pleased to be able to disburse $55,000 to be used for scholarships. We are extremely grateful for SunTrust’s generosity and investment in higher education. We have all learned a great deal from this experience and the responsibility of managing real money. Our first challenge is to establish a portfolio position that takes advantage of economic opportunities while avoiding unnecessary risk and conforming to the Crummer Truist Investment Policy Statement (IPS). We are also tasked by the IPS to operate at two levels simultaneously – tactical for the near term, and strategic for the long run. Additionally, this portfolio presents some unusual portfolio management challenges by trading only once a year, in early April. Our tactical approach began with a top-down sector analysis. We established an economic forecast based on research and consultation with economists, including Professor William Seyfried of the Crummer School and Philip Rich of Seaside Bank. We based our equity and fixed income split on that forecast with a 20% allocation to bonds, at the highest level allowed by the IPS. That forecast also drove our allocation among the eleven S&P sectors: Communication Services, Consumer Discretionary, Consumer Staples, Energy, Financials, Healthcare, Industrials, Information Technology, Materials, Real Estate, and Utilities. Within the next twelve-month period, we forecast stagnant economic growth that will not quite be a recession. Accordingly, we tilted the allocation towards sectors that should do well in such a macro environment while paying attention to ongoing recovery from inflationary pressures as well as other issues such as the ongoing war in Ukraine. Our asset class allocation embodies the long-run strategy of our portfolio. The IPS sets asset class ranges from low to moderate risk to keep the portfolio from being whipsawed by transitory market cycles. Our equity allocations signify a heightened level of risk, consistent with our view that the stock market will relatively underperform the fixed income market through the end of March 2024. We maintain an allocation to a sector ETF in each sector to ensure diversification. Due to enrollment constraints, we actively manage eight sectors this year with a limit of two individual stocks in each sector. The remaining sectors are invested 100% in their sector ETF. Fixed income is our anchor sector, providing a hedge against the risk of an economic slowdown adversely impacting our equity holdings. Consistent with our non-parallel shifting yield curve projection, we are at the high end of our IPS range for fixed income at 20%, but towards the lower end of the permissible duration level. Furthermore, we have continued to incorporate the theme of Environmental, Social, and Governance (ESG) investing into our portfolio selection process. While ESG investing has become a lightning rod and ESG ratings have been under heavy criticism for lack of consistency, the fund flows into this domain have continued to grow globally. Regardless of a security’s consistency with this theme, all recommendations must be undervalued after rigorous quantitative and qualitative analysis. In other words, our intent is not to maximize the ESG impact of our portfolio but to tilt towards this factor. Specifically, the proposed equity holdings in this year’s portfolio have a weighted average FTSE ESG score of 3.56 out of 5, while S&P 500 holdings have a cap-weighted average score of 3.34. Since the onset of the COVID-19 pandemic, we have witnessed three extraordinary and unpredictable years in many respects. Inflation levels that have not been seen in the past 40 years, supply chain problems, the Russian-Ukrainian war, and interest rate hikes at an unprecedented pace have all contributed to an increased uncertainty. We do not intend to simply follow the crowd. Yet, echoing the philosophy of Warren Buffett, “our opinions and beliefs, grounded in economics and guided by all of those who have counseled us,” lead us to a strategy that is not significantly different from many investors. Even so, we accept responsibility for our investment decisions. We are investing for the long-term and we have been conservative in our forecasts and recommendations. Simultaneously, in the short term, we are mindful of the need to protect the portfolio’s commitment to scholarships. We thank you for your time and participation in this important endeavor. - Sincerely, The Crummer Investment Management Tea

Role of a single noncoding nucleotide in the evolution of an epidemic African clade of Salmonella

Salmonella enterica serovar Typhimurium ST313 is a relatively newly emerged sequence type that is causing a devastating epidemic of bloodstream infections across sub-Saharan Africa. Analysis of hundreds ofSalmonellagenomes has revealed that ST313 is closely related to the ST19 group ofSTyphimurium that cause gastroenteritis across the world. The core genomes of ST313 and ST19 vary by only ∼1,000 SNPs. We hypothesized that the phenotypic differences that distinguish AfricanSalmonellafrom ST19 are caused by certain SNPs that directly modulate the transcription of virulence genes. Here we identified 3,597 transcriptional start sites of the ST313 strain D23580, and searched for a gene-expression signature linked to pathogenesis ofSalmonellaWe identified a SNP in the promoter of thepgtEgene that caused high expression of the PgtE virulence factor in AfricanS.Typhimurium, increased the degradation of the factor B component of human complement, contributed to serum resistance, and modulated virulence in the chicken infection model. We propose that high levels of PgtE expression by AfricanSTyphimurium ST313 promote bacterial survival and dissemination during human infection. Our finding of a functional role for an extragenic SNP shows that approaches used to deduce the evolution of virulence in bacterial pathogens should include a focus on noncoding regions of the genome

Anabolic-Androgenic Steroid Use in Sports, Health, and Society

This consensus statement is an update of the 1987 American College of Sports Medicine (ACSM) position stand on the use of anabolic-androgenic steroids (AAS). Substantial data have been collected since the previous position stand, and AAS use patterns have changed significantly. The ACSM acknowledges that lawful and ethical therapeutic use of AAS is now an accepted mainstream treatment for several clinical disorders; however, there is increased recognition that AAS are commonly used illicitly to enhance performance and appearance in several segments of the population, including competitive athletes. The illicit use of AAS by competitive athletes is contrary to the rules and ethics of many sport governing bodies. Thus, the ACSM deplores the illicit use of AAS for athletic and recreational purposes. This consensus statement provides a brief history of AAS use, an update on the science of how we now understand AAS to be working metabolically/biochemically, potential side effects, the prevalence of use among athletes, and the use of AAS in clinical scenarios

The role of a single non-coding nucleotide in the evolution of an epidemic African clade of <i>Salmonella</i>

Introductory Paragraph Salmonella enterica serovar Typhimurium ST313 is a relatively newly emerged sequence type that is causing a devastating epidemic of bloodstream infections across sub-Saharan Africa. Analysis of hundreds of Salmonella genomes has revealed that ST313 is closely-related to the ST19 group of S . Typhimurium that cause gastroenteritis across the world. The core genomes of ST313 and ST19 vary by just 1000 single-nucleotide polymorphisms (SNPs). We hypothesised that the phenotypic differences that distinguish African Salmonella from ST19 are caused by certain SNPs that directly modulate the transcription of virulence genes. Here we identified 3,597 transcriptional start sites (TSS) of the ST313 strain D23580, and searched for a gene expression signature linked to pathogenesis of Salmonella . We identified a SNP in the promoter of the pgtE gene that caused high expression of the PgtE virulence factor in African S. Typhimurium, increased the degradation of the factor B component of human complement, contributed to serum resistance and modulated virulence in the chicken infection model. The PgtE protease is known to mediate systemic infection in animal models. We propose that high levels of expression PgtE of by African S . Typhimurium ST313 promotes bacterial survival and bacterial dissemination during human infection. Our finding of a functional role for an extra-genic SNP shows that approaches used to deduce the evolution of virulence in bacterial pathogens should include a focus on non-coding regions of the genome

Recovery from a national collegiate athletic association division I football game: muscle damage and hormonal status

The purpose of this study was to examine markers of skeletal muscle tissue damage and circulating anabolic and catabolic hormones to gain insight into the recovery process from Friday until Monday, when a new practice week begins. Twenty-eight National Collegiate Athletic Association Division I football players gave consent to participate in the investigation in the ninth game of the season. Sixteen players started the game and played the entire game (PL), and 12 others did not play and were on the bench during the game (DNP). Each player had fasted blood samples obtained at the same time of day between 1000 and 1200 hours the day before the game (Friday; T1), 18-20 hours after the game (Sunday; T2), and then 42-44 hours after the game (Monday; T3). Blood samples were analyzed for concentrations of creatine kinase (CK), lactate dehydrogenase (LDH), myoglobin, testosterone, and cortisol. The PL players showed significantly (p T1 and T3), myoglobin (T2 > T1 and T3), and LDH (T2 > T1). In contrast, DNP players showed significant differences in cortisol (T3 T1). Few changes were observed in testosterone and cortisol changes, indicating stability of the anabolic/catabolic hormones. In conclusion, these data indicate that participation in a college football game late in the season results in some degree of tissue damage but with minimal hormonal responses, which seem to have stabilized at resting concentrations without predominance of cortisol's catabolic presence. As previously noted in the literature, some type of "contact adaptation" to the season may have occurred with regard to tissue damage responses. However, by the ninth game of a season, players do carry soft tissue damage levels above resting ranges into subsequent games, indicating that recovery should be monitored, with coaches being careful with scheduling scrimmage and full-contact drills. How such data implicate overuse injuries remains unclear, considering that hormonal status in this study was highly stable, with catabolic influences minimized by the high level of athlete conditioning. These data again support that high-level conditioning can stabilize anabolic and catabolic hormonal signals and limit acute soft tissue injury, making cerebral concussion (acute and chronic) and traumatic injury the biggest threats to a student-athlete's health and well-being during an American football game

Effect of resistance exercise on muscle steroid receptor protein content in strength-trained men and women

The purpose of this study was to examine the acute effect of resistance exercise (RE) on muscle androgen receptor (AR) and glucocorticoid receptor (GR) protein content. Fifteen resistance-trained men (n = 8; 21 ± 1 years, 175.3 ± 6.7 cm, 90.8 ± 11.6 kg) and women (n = 7; 24 ± 5 years, 164.6 ± 6.7 cm, 76.4 ± 15.6 kg) completed 6 sets of 10 repetitions of heavy squats. Blood samples were obtained before RE, after 3 and 6 sets of squats, and 5, 15, 30 and 70 min after RE. Muscle biopsies from the vastus lateralis were obtained before RE, and 10 min and 70 min after RE. Blood samples were analyzed for total and free testosterone concentrations and muscle samples were analyzed for AR and GR protein content. Circulating total testosterone increased significantly (p ≤ 0.05) in men and free testosterone increased in men and women with exercise. AR was significantly reduced at 70 min post-exercise in men and at 10 min post-exercise in women compared to pre-exercise. There were no changes in GR following RE, but GR was significantly higher in women compared to men. These findings support a current paradigm for stabilization followed by a reduction and then a rebound in the acute AR response to RE but demonstrate that gender differences exist in the timeline of the AR response. © 2009 Elsevier Inc. All rights reserved

The Effects of Carbohydrate Loading On Repetitive Jump Squat Power Performance

The beneficial role of carbohydrate (CHO) supplernentation in endurance exercise is well documented. However, only few data are available on the effects of CBO loading on resistance exercise performance. Because of the repetitive use of high-threshold motor units, it was hypothesized that the power output (power-endurance) of multiple sets of jump squats would be enhanced following a high-CHO (6.5 g CHO kg body mass(-1)) diet compared to a moderate-CHO (4.4 g CHO kg body mass(-1)) diet. Eight healthy men (mean +/- SD: age 26.3 +/- 2.6 years; weight 73.0 +/- 6.3 kg; body fat 13.4 +/- 5.0%; height 178.2 +/- 6.1 cm) participated in 2 randomly assigned counterbalanced supplementation periods of 4 days after having their free-living habitual diet monitored. The resistance exercise test consisted of 4 sets of 12 repetitions of maximal-effort jump squats using a Plyometric Power System unit and a load of 30% of 1 repetition maximum (1RM). A 2-minute rest period was used between sets. Immediately before and after the exercise test, a blood sample was obtained to determine the serum glucose and blood lactate concentrations. No significant difference in power performance existed between the 2 diets. As expected, there was a significant (P \u3c= 0.05) decrease in power performance between the repetitions in every set. Blood lactate concentrations were significantly higher postexercise with both the high-CHO and the moderate- or lower-CHO diet, but there were no differences between conditions. The results indicated that the power output during multiple sets of maximal jump squats was not enhanced following a higher-CHO diet compared to a moderate- or lower-CHO diet. These data show that elevated carbohydrate intake is not needed to optimize a repetitive power-endurance performance when it is done as the first exercise in a workout

The effects of carbohydrate loading on repetitive jump squat power performance

The beneficial role of carbohydrate (CHO) supplementation in endurance exercise is well documented. However, only few data are available on the effects of CHO loading on resistance exercise performance. Because of the repetitive use of high-threshold motor units, it was hypothesized that the power output (power-endurance) of multiple sets of jump squats would be enhanced following a high-CHO (6.5 g CHO kg body mass) diet compared to a moderate-CHO (4.4 g CHO kg body mass) diet. Eight healthy men (mean ± SD: age 26.3 ± 2.6 years; weight 73.0 ± 6.3 kg; body fat 13.4 ± 5.0%; height 178.2 ± 6.1 cm) participated in 2 randomly assigned counterbalanced supplementation periods of 4 days after having their free-living habitual diet monitored. The resistance exercise test consisted of 4 sets of 12 repetitions of maximal-effort jump squats using a Plyometric Power System unit and a load of 30% of 1 repetition maximum (1RM). A 2-minute rest period was used between sets. Immediately before and after the exercise test, a blood sample was obtained to determine the serum glucose and blood lactate concentrations. No significant difference in power performance existed between the 2 diets. As expected, there was a significant (p ≤ 0.05) decrease in power performance between the repetitions in every set. Blood lactate concentrations were significantly higher postexercise with both the high-CHO and the moderate- or lower-CHO diet, but there were no differences between conditions. The results indicated that the power output during multiple sets of maximal jump squats was not enhanced following a higher-CHO diet compared to a moderate- or lower-CHO diet. These data show that elevated carbohydrate intake is not needed to optimize a repetitive power-endurance performance when it is done as the first exercise in a workout

The Effects of Carbohydrate Loading on Repetitive Jump Squat Power Performance

The beneficial role of carbohydrate (CHO) supplementation in endurance exercise is well documented. However, only few data are available on the effects of CHO loading on resistance exercise performance. Because of the repetitive use of high-threshold motor units, it was hypothesized that the power output (power-endurance) of multiple sets of jump squats would be enhanced following a high-CHO (6.5 g CHO kg body mass-1) diet compared to a moderate-CHO (4.4 g CHO kg body mass-1) diet. Eight healthy men (mean ± SD: age 26.3 ± 2.6 years; weight 73.0 ± 6.3 kg; body fat 13.4 ± 5.0%; height 178.2 ± 6.1 cm) participated in 2 randomly assigned counterbalanced supplementation periods of 4 days after having their free-living habitual diet monitored. The resistance exercise test consisted of 4 sets of 12 repetitions of maximal-effort jump squats using a Plyometric Power System unit and a load of 30% of 1 repetition maximum (1RM). A 2-minute rest period was used between sets. Immediately before and after the exercise test, a blood sample was obtained to determine the serum glucose and blood lactate concentrations. No significant difference in power performance existed between the 2 diets. As expected, there was a significant (p ≤ 0.05) decrease in power performance between the repetitions in every set. Blood lactate concentrations were significantly higher postexercise with both the high-CHO and the moderate- or lower-CHO diet, but there were no differences between conditions. The results indicated that the power output during multiple sets of maximal jump squats was not enhanced following a higher-CHO diet compared to a moderate- or lower-CHO diet. These data show that elevated carbohydrate intake is not needed to optimize a repetitive power-endurance performance when it is done as the first exercise in a workout