On Tuesday, February 27th, Charlie Duryee pitched Callaway Golf as an addition to SMIF portfolio. Callaway is a producer of all types of golf accessories ranging from clubs to clothing. Given the success of the company’s most recent line of clubs, EPIC, and its strategic acquisitions of TravisMatthew and OGIO, Callaway saw a significant revenue increase in 2017. This is expected to continue into 2018 with the companies’ new golf club line, ROGUE and increased investment into TopGolf. Unlike any of its competitors, Callaway currently holds nearly a 20% stake in TopGolf, a privately held golf entertainment company with 41 locations, three of which are in the U.K. TopGolf has brought a social aspect to the game by simplifying it and inviting guests to both eat and drink while they play with their friends and family. Analysts estimate Callaway’s initial 54-million-dollar investment to be worth up to 400 million dollars today. In addition, an investment in Callaway further diversifies the consumer discretionary sector of the SMIF portfolio through an investment in a golf specific, Russell 2000 company. The motion to purchase 400 shares of ELY and sell 60 shares of XLY was ultimately approved by the class. Now, Callaway makes up about 75 basis points of the equity fund and is the smallest company held in the portfolio with a market cap of roughly 1.5 billion.