Dear Board Members,
On behalf of our team, I’m excited to share our journey through the IRC. Over the past several months, we conducted deep research on PennyMac and advanced through both the CFA Society Los Angeles Local Competition and the Americas Subregional Round. We ultimately reached the Americas Regional Semifinals, placed among the top 16 teams, and continued CSUF’s six-year winning streak at the local level. It’s been a tremendous honor to represent TCM and the school.
PennyMac’s unique and complex business model really challenged us to break down valuation, business strategy, and industry dynamics into an accessible and cohesive presentation. Additionally, with mortgage banking performance so heavily influenced by macroeconomic factors like interest rates, we placed extra importance on demonstrating sensitivity to our assumptions and showcasing scenario analysis. While the journey took countless nights and hundreds of hours of hard work, the team is extremely proud of the insights we gained and the final product we delivered. From our first board presentation in Fall 2024 on Dollar Tree to now, this competition pushed us to grow into full-fledged analysts.
This was one of the most rewarding experiences within the TCM program, and we’re deeply grateful to Professor Ko, Derek Derman, and Professor Kim for their continued support and mentorship throughout. We hope you find the report and presentation valuable, and I’m happy to answer any questions for PennyMac’s approval in the TCM portfolios.
Best,
Dylan Nguyen
Team Captain, TCM CFALA 2025 Team
Link to Winning Subregional Round Video: