Caroline Frank ’23 pitched Delta Airlines (NYSE: DAL) on December 5, 2022. Founded in 1924, Delta is an Atlanta based airline offering scheduled air transportation for passengers, freight, and mail over a network of routes in the United States and internationally. Delta is part of the SkyTeam alliance allowing it and its partners to collectively reach over 900 destinations and 140 countries, boosting international demand as it allows customers to book flights to destinations Delta does not directly service, with certain legs of the trip being operated by a partner. In 2019, prior to the onset of the COVID-19 pandemic, Delta offered more than 5,000 daily departures and as many as 15,000 affiliated departures and recovered to 4,000 and 5,500 in 2021. Overall, Caroline’s investment rationale focused on Delta’s global network, diversified and premium revenue streams, and operational reliability. SMIF voted to sell 400 shares of Merck (MRK) and buy 60 shares of the Health Care Sector ETF (XLV) to maintain their desired active risk in Health Care as well as buy 1,000 shares of Delta (DAL) and sell 10 January $35 Call options.