Burkenroad Reports

Burkenroad Reports was established in 1993 by Peter Ricchiuti at Tulane University’s A. B. Freeman School of Business. Its central idea was to give students direct experience analyzing smaller companies that were often overlooked by major investment-bank research departments. Rather than limiting the work to classroom exercises, the program placed students in small research groups and had them meet company executives, visit operating sites, gather industry information, examine financial statements, and prepare reports under faculty supervision. The resulting research was intended to serve two audiences. Students gained practical experience in security analysis and investment communication, while companies received independent attention and a channel for presenting their businesses to a broader investor audience. The program became known for focusing on “stocks under rocks,” its informal term for companies that were under-followed by professional analysts. Its reports gained national recognition in the 1990s, including coverage in The Wall Street Journal, the Chronicle of Higher Education, and The New York Times. That attention emphasized both the educational value of the model and the perceived quality of the reports. The program’s coverage expanded over time. More than 40 companies had been covered since its inception according to the referenced account, and 21 of those companies had later been acquired. This acquisition history became part of the program’s reputation, although it does not by itself establish that the reports caused or predicted those transactions. Burkenroad also developed a large group of alumni who went on to work in investment and related financial fields. These graduates were informally nicknamed “Burkendorks,” reflecting the program’s culture of detailed research and analytical persistence. In 2001, the project began an international phase in Latin America after receiving a grant from the Inter-American Development Bank. Tulane partnered with universities in Mexico, Venezuela, Colombia, Peru, and Ecuador to develop reports on regional small and medium-sized enterprises. The reports were made available in English and Spanish. The Latin American initiative had a development-oriented purpose in addition to its educational function: it sought to improve smaller companies’ access to capital markets and strengthen the supply of people trained in management and financial analysis. Also in 2001, the Burkenroad Mutual Fund began operating. The Hancock Horizon Burkenroad Mutual Fund was managed by Horizon Advisors and distributed by SEI Investments. It invested mainly in common stocks of small-capitalization companies located in or doing business across Alabama, Florida, Georgia, Louisiana, Mississippi, and Texas. The fund used a quantitative top-down approach and treated Tulane’s research as a potential source of company analysis. Although linked by name and regional focus, the fund was a distinct investment product rather than a direct replacement for the student research program. Burkenroad Reports also established an annual investment conference in New Orleans. The conference gave individual and institutional investors an opportunity to hear from management teams of covered companies. It additionally served as a networking venue for students, alumni, business managers, and investment professionals. Through its reports, conference, international partnerships, alumni network, and associated fund, Burkenroad developed from a university course-related project into a broader research and financial-education platform. Its defining model remains the combination of supervised student analysis, direct company contact, regional specialization, and attention to businesses that may not receive extensive coverage from large brokerage firms.

• 2001

  Latin American expansion begins

  [1]Burkenroad Reportsen.wikipedia.org

  An Inter-American Development Bank grant helped extend the model through partnerships with universities in Latin America.

• 2001

  Burkenroad Mutual Fund launches

  [1]Burkenroad Reportsen.wikipedia.org

  The associated Burkenroad mutual fund began operating with a small-capitalization focus in the Gulf Coast region.

• 1995

  National press recognition

  [1]Burkenroad Reportsen.wikipedia.org

  The Wall Street Journal reported on the quality of the program’s research and its distinct position relative to conventional analyst coverage.

• 1993

  Program founded

  [1]Burkenroad Reportsen.wikipedia.org

  Peter Ricchiuti founded Burkenroad Reports at Tulane University’s Freeman School of Business.

• Annual investment conference develops

  [1]Burkenroad Reportsen.wikipedia.org

  The program hosted public investment conferences in New Orleans where investors could meet management teams of covered companies.

A university-based, field-research-driven equity analysis program focused on under-followed small and midsized companies, combining investor information with hands-on education for students.

• Equity research · 1993

  Burkenroad company reports

  Faculty-supervised student teams research small and midsized companies, typically through company visits, management interviews, industry analysis, financial review, and valuation work. The resulting reports are intended to provide practical investment analysis on businesses that may receive limited attention from large brokerage research departments.

• International financial education and research · 2001

  Burkenroad Latin America

  The Latin American extension connects Tulane with universities in countries including Mexico, Venezuela, Colombia, Peru, and Ecuador. Its reports on regional companies are offered in English and Spanish and are intended to support both student training and the ability of small and medium-sized enterprises to access capital.

• Investment conference

  Burkenroad annual investment conference

  A New Orleans-based public event where individual and institutional investors can hear from management teams of companies covered by the program. It also provides networking opportunities for students, alumni, business managers, and investment professionals.

• Mutual fund · 2001

  Hancock Horizon Burkenroad Mutual Fund

  A separately managed fund associated with the Burkenroad name. Horizon Advisors manages the fund and SEI Investments distributes it. The strategy focuses primarily on common stocks of small-capitalization companies located in or doing business in Alabama, Florida, Georgia, Louisiana, Mississippi, and Texas, using a quantitative top-down process.

• 2001

  Expand the research model into Latin AmericaStrategy

  Background

  The program sought to extend its practical company-research and financial-education model beyond the Gulf Coast and support the financing capabilities of Latin American small and medium-sized enterprises.

  Action taken

  With support from an Inter-American Development Bank grant, Tulane began working with universities in Mexico, Venezuela, Colombia, Peru, and Ecuador to produce company reports in English and Spanish.

  Aftermath

  The initiative created an international branch of the program and broadened its educational and development-oriented mission.

  Source

• 2001

  Launch an associated regional mutual fundProduct launch

  Background

  The Burkenroad research model had developed a regional focus on under-followed small-capitalization companies in the Gulf Coast states.

  Action taken

  The Hancock Horizon Burkenroad Mutual Fund began operations, with Horizon Advisors as manager and SEI Investments as distributor.

  Aftermath

  The fund provided an investment product connected to the program’s geographic research focus, while remaining operationally distinct from the student-reporting program.

  Source

1. 1Burkenroad Reportsen.wikipedia.org
2. 2Burkenroad Reports, A. B. Freeman School of Businessfreeman.tulane.edu