Student Managed Investment Fund

The Student Managed Investment Fund (SMIF) provides valuable, real-time experiential learning in securities analysis and portfolio management. Managers gain real world experience in topics and theories that are discussed in the classroom. SMIF is the capstone to investment studies in a sequence of courses developed by the Finance department over the past decade.

SMIF was created in 1993 to provide a "hands-on" experience in research, investing, portfolio management and the dynamics of the equity markets. The Board of Trustees started the program with a transfer of funds from the University's endowment.

Managers are chosen through a rigorous selection process that encompasses an application, formal interview, and written research report. The existing managers make all decisions with oversight from the SMIF Faculty Advisors. Once selected, managers take courses in an "investment track" consisting of Financial Management, Fixed Income & Derivatives, Investments, and Security Analysis & Portfolio Management.

The managers also receive one unit of academic credit for their participation in the Fund. Meetings are held at least once a week throughout the entire year to evaluate the status of the portfolios and execute any other administrative duties that are pertinent to its success.

SMIF is completely equity based and is split into a GARP (Growth At a Reasonable Price), Growth, and Value funds. The three funds are each comprised of approximately five managers. A General Manager actively participates in all three funds and ensures the professional management of SMIF as a whole.

Managers act as security analysts and portfolio managers. Through many different research sources, information is gathered in an attempt to lead to a buy or sell decision. Practical investment knowledge, exercised through field trips, internships, and a close working relationship with market professionals, has enhanced the educational experience for the fund managers.

The Fund maintains working relationships with alumni and other professionals in the financial services industry, acting as mentors for the managers of the portfolio. The managers work with faculty advisors from the Finance department as well as with an Advisory Board consisting of investment professionals in the Richmond community. Each year, the Fund continues to improve and plays a unique role in the Finance Curriculum. Through high caliber students, determination, and professional conduct, SMIF will remain one of the most unique and prestigious programs offered at the University of Richmond.

General Timeline

  • The application process typically begins the week after winter break during junior year
  • The application involves a few essay questions and submission of a resumé
  • Students are screened
  • Applicants are given a company to write up an 8-10 page research report along with assignment of a current SMIF manager mentor
  • Research reports are submitted
  • Interview process is four interview sessions with two people each.  Interviews are structured like sales and trading and investment banking interviews
  • Managers are chosen

Selection Requirements

  • An overall grade point average of 3.0 or better
  • A grade of B or better in FIN 366 – Investments
  • FIN 366-Investments must be taken before fall semester of senior year to participate in SMIF
  • A requirement of SMIF is to get Bloomberg Product Certification - Equity

Contact

Dr. John H. Earl, Jr.
Faculty Advisor
Associate Professor of Finance

Brennan O'Brien
General Manager, 2007-2008