{
  "benchmark": "cfa_research_challenge",
  "contest": "CFA Institute Research Challenge",
  "source_page": "https://www.cfainstitute.org/insights/events/research-challenge/past-champions",
  "task_definition": "For a publicly listed company assigned by the host CFA Society, research the company using only publicly available information and produce an approximately 10-page equity research report with a BUY, SELL, or HOLD recommendation, then defend the recommendation orally.",
  "notes": [
    "CFA Institute does not publish separate yearly problem statements; Past Champions only hosts winning written reports and presentations.",
    "Each year's subject_company / ticker below is inferred from the global champion's written report (the company that local host society assigned that year).",
    "Champion PDFs are gold references for grading, not solver inputs.",
    "recommendation_in_champion_report is the rating stated in the winning report (for reference), not a required agent answer."
  ],
  "tasks": [
    {
      "year": 2008,
      "subject_company": "China Mobile Limited",
      "ticker": "0941.HK",
      "exchange": "HKEX",
      "champion_team": "Hong Kong Baptist University",
      "host_society": "Hong Kong Society of Financial Analysts",
      "written_report": "rc-2008-winning-rpt-hk-baptist-univ.pdf",
      "presentation": "rc-2008-winning-presentation-hk-baptist-univ.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on China Mobile Limited (HKEX: 0941) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2009,
      "subject_company": "ComfortDelGro Corporation Limited",
      "ticker": "C52.SI",
      "exchange": "SGX",
      "champion_team": "Nanyang Technological University",
      "host_society": "CFA Society Singapore",
      "written_report": "rc-2009-winning-rpt-nanyang-tech.pdf",
      "presentation": "rc-2009-winning-presentation-nanyang-tech.pdf",
      "recommendation_in_champion_report": "SELL",
      "inferred_prompt": "Write an approximately 10-page equity research report on ComfortDelGro Corporation Limited (SGX: C52) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2010,
      "subject_company": "Energy Development Corporation",
      "ticker": "EDC.PS",
      "exchange": "PSE",
      "champion_team": "University of the Philippines Diliman",
      "host_society": "CFA Society Philippines",
      "written_report": "rc-2010-winning-rpt-univ-philippines.pdf",
      "presentation": "rc-2010-winning-presentation-univ-philippines.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on Energy Development Corporation (PSE: EDC) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2011,
      "subject_company": "Piaggio & C. S.p.A.",
      "ticker": "PIA.MI",
      "exchange": "Borsa Italiana",
      "champion_team": "Politecnico di Milano",
      "host_society": "CFA Society Italy",
      "written_report": "rc-2011-winning-rpt-politecnico-di-milano.pdf",
      "presentation": "rc-2011-winning-presentation-politecnico-di-milano.pdf",
      "recommendation_in_champion_report": "Accumulate",
      "inferred_prompt": "Write an approximately 10-page equity research report on Piaggio & C. S.p.A. (BIT: PIA) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2012,
      "subject_company": "CP ALL Public Company Limited",
      "ticker": "CPALL.BK",
      "exchange": "SET",
      "champion_team": "Thammasat University",
      "host_society": "CFA Society Thailand",
      "written_report": "rc-2012-winning-rpt-thammasat-univ.pdf",
      "presentation": "rc-2012-winning-presentation-thammasat-university.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on CP ALL Public Company Limited (SET: CPALL) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2013,
      "subject_company": "KGHM Polska Miedź S.A.",
      "ticker": "KGH.WA",
      "exchange": "WSE",
      "champion_team": "Wroclaw University of Economics",
      "host_society": "CFA Society Poland",
      "written_report": "rc-2013-rpt-wroclaw-univ.pdf",
      "presentation": "rc-2013-winning-presentation-wroclaw-univ.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on KGHM Polska Miedź S.A. (WSE: KGH) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2014,
      "subject_company": "Manila Electric Company (Meralco)",
      "ticker": "MER.PS",
      "exchange": "PSE",
      "champion_team": "University of the Philippines Diliman",
      "host_society": "CFA Society Philippines",
      "written_report": "rc-2014-winning-written-report-univ-of-philippines-diliman.pdf",
      "presentation": "rc-2014-winning-presentation-university-philippines-diliman.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on Manila Electric Company / Meralco (PSE: MER) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2015,
      "subject_company": "Sovran Self Storage, Inc.",
      "ticker": "SSS",
      "exchange": "NYSE",
      "champion_team": "Canisius College",
      "host_society": "CFA Society Buffalo and CFA Society Rochester",
      "written_report": "rc-2015-winning-written-report-canisius-college.pdf",
      "presentation": "rc-2015-winning-presentation-canisius-college.pdf",
      "recommendation_in_champion_report": "HOLD",
      "inferred_prompt": "Write an approximately 10-page equity research report on Sovran Self Storage, Inc. (NYSE: SSS) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2016,
      "subject_company": "Canadian Tire Corporation, Limited",
      "ticker": "CTC.A.TO",
      "exchange": "TSX",
      "champion_team": "University of Waterloo",
      "host_society": "CFA Society Ottawa and CFA Society Toronto",
      "written_report": "rc-2016-winning-rpt-univ-of-waterloo.pdf",
      "presentation": "rc-2016-winning-presentation-university-of-waterloo.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on Canadian Tire Corporation, Limited (TSX: CTC.A) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2017,
      "subject_company": "Copa Holdings, S.A.",
      "ticker": "CPA",
      "exchange": "NYSE",
      "champion_team": "Barna Business School",
      "host_society": "CFA Institute Research Challenge in Central America",
      "written_report": "rc-2017-winning-written-report-barna-business-school.pdf",
      "presentation": "rc-2017-winning-presentation-barna-business-school.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on Copa Holdings, S.A. (NYSE: CPA) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2018,
      "subject_company": "VAT Group AG",
      "ticker": "VACN.SW",
      "exchange": "SIX",
      "champion_team": "University of Lausanne",
      "host_society": "CFA Society Switzerland",
      "written_report": "rc-2018-winning-written-report--university-of-laussane.pdf",
      "presentation": "rc-2018-winning-presentation-university-of-lausanne.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on VAT Group AG (SIX: VACN) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2019,
      "subject_company": "D&L Industries, Inc.",
      "ticker": "DNL.PS",
      "exchange": "PSE",
      "champion_team": "Ateneo de Manila University",
      "host_society": "CFA Society Philippines",
      "written_report": "rc-2019-winning-report-ateneo-de-manila-university.pdf",
      "presentation": "rc-2019-winning-presentation-ateneo-de-manila-university.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on D&L Industries, Inc. (PSE: DNL) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2020,
      "subject_company": "Commonwealth Bank of Australia",
      "ticker": "CBA.AX",
      "exchange": "ASX",
      "champion_team": "University of Sydney",
      "host_society": "CFA Society Sydney",
      "written_report": "rc-2020-winning-report-university-of-sydney.pdf",
      "presentation": "rc-2020-winning-presentation-university-of-sydney.pdf",
      "recommendation_in_champion_report": "SELL",
      "inferred_prompt": "Write an approximately 10-page equity research report on Commonwealth Bank of Australia (ASX: CBA) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2021,
      "subject_company": "Vestas Wind Systems A/S",
      "ticker": "VWS.CO",
      "exchange": "Nasdaq Copenhagen",
      "champion_team": "BI Norwegian Business School",
      "host_society": "CFA Society Denmark and CFA Society Norway",
      "written_report": "rc-2021-winning-report-bi-norwegian-business-school.pdf",
      "presentation": "rc-2021-winning-presentation-bi-norwegian-business-school.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on Vestas Wind Systems A/S (CPH: VWS) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2022,
      "subject_company": "Motorola Solutions, Inc.",
      "ticker": "MSI",
      "exchange": "NYSE",
      "champion_team": "Northern Illinois University",
      "host_society": "CFA Society Chicago",
      "written_report": "rc-2022-winning-written-report-northern-illinois-univ.pdf",
      "presentation": "rc-2022-winning-presentation-northern-illinois-univ.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on Motorola Solutions, Inc. (NYSE: MSI) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2023,
      "subject_company": "Qantas Airways Limited",
      "ticker": "QAN.AX",
      "exchange": "ASX",
      "champion_team": "University of Sydney",
      "host_society": "CFA Society Sydney",
      "written_report": "rc-2023-winning-written-report-university-of-sydney.pdf",
      "presentation": "rc-2023-winning-presentation-university-of-sydney.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on Qantas Airways Limited (ASX: QAN) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2024,
      "subject_company": "Cargojet Inc.",
      "ticker": "CJT.TO",
      "exchange": "TSX",
      "champion_team": "University of Waterloo",
      "host_society": "CFA Society Toronto and CFA Society Ottawa",
      "written_report": "rc-2024-winning-written-report-university-of-waterloo.pdf",
      "presentation": "rc-2024-winning-presentation-university-of-waterloo.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on Cargojet Inc. (TSX: CJT) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2025,
      "subject_company": "Dom Development S.A.",
      "ticker": "DOM.WA",
      "exchange": "WSE",
      "champion_team": "Kozminski University",
      "host_society": "CFA Society Poland",
      "written_report": "rc-2025-winning-written-report-kozminski-university.pdf",
      "presentation": "rc-2025-winning-presentation-kozminski-university.pdf",
      "recommendation_in_champion_report": "BUY",
      "inferred_prompt": "Write an approximately 10-page equity research report on Dom Development S.A. (WSE: DOM) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    },
    {
      "year": 2026,
      "subject_company": "Lightspeed Commerce Inc.",
      "ticker": "LSPD",
      "exchange": "TSX / NYSE",
      "champion_team": "University of Waterloo",
      "host_society": "CFA Society Toronto and CFA Society Ottawa",
      "written_report": "rc-2026-winning-written-report-university-of-waterloo.pdf",
      "presentation": "rc-2026-winning-presentation-university-of-waterloo_0.pdf",
      "recommendation_in_champion_report": "SELL",
      "inferred_prompt": "Write an approximately 10-page equity research report on Lightspeed Commerce Inc. (TSX/NYSE: LSPD) using only public information. Issue a BUY, SELL, or HOLD recommendation with supporting valuation and risk analysis, and prepare an oral defense."
    }
  ]
}