On Tuesday, December 5th, Jeff Hagen, one of our Consumer Discretionary analysts, pitched McDonald’s Corporation. Jeff pointed to McDonald’s three recent growth initiatives as catalysts for future growth, including improvements in technology, a new delivery platform and menu expansions. He believes that McDonald’s is a valuable addition to the SMIF portfolio due to its commitment to provide shareholder value. McDonald’s has outperformed our benchmark during economic downturns while having a lower beta. Jeff proposed buying 75 shares of McDonald’s by selling 100 shares of Starbucks, 35 shares of Nike, 5 shares of the SPY and funded the rest with cash. The proposal passed unanimously.