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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 three hours 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 Growth and Value funds. The two funds are each comprised of approximately fifteen managers. A General Manager actively participates in both 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. 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.