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Student Managed Investment Fund (SMIF)

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.

History

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 SMIF faculty advisors. Once selected, managers take courses in an "investment track" consisting of Financial Management, Fixed Income & Derivatives, Investments and Security Analysis, and 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) and 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.

Current Managers

JoaoGalbier

Joao Galbier, '18, General Manager
Joao Galbier is pursuing a dual-degree, one in business administration with a finance concentration and the other in interdisciplinary physics and math. Most recently, he was a summer analyst in the Investment Banking Division of Bank of America Merrill Lynch in New York, where he worked in the Global Industrials Group. The summer before, he interned at Hydromine Inc., a project finance firm committed to helping companies switch to more efficient, alternative forms of energy. Joao is also treasurer of Gateway Capital Management, an investment club oriented towards career paths in investment banking and sales and trading. 

RyanByrnes

Ryan Byrnes, '18, Values Fund-Head Manager
Ryan is majoring in business administration with a double concentration in finance and economics. From Basking Ridge, N.J., he interned for SunTrust Robinson Humphrey in N.Y.C. this summer in the Financial Sponsors Group. Last summer, Ryan interned in the asset management department at Foresters Financial in Edison, N.J., while also participating in a mentorship program with Bank of America Merrill Lynch in Bridgewater, N.J. Furthermore, he is a member of the Club Basketball team and Finance Society. 

AlecCover

Alexander Cover, '18, Values Fund
Alec Cover is studying business administration with a finance concentration in the Robins School of Business and a Chinese studies minor. This summer Alec is working as an intern with the Private Equity Investment Team at Private Advisors Alternative Asset Management in Richmond, Va. At Private Advisors, Alec supports analysts in the sourcing, evaluation, and monitoring of primary private equity fund commitments. Last summer Alec worked as an equity research intern at Edgewood Management in New York, NY.

CadeGal

Cadevon Gal, '18, Values Fund
Cade is from Stamford, Conn., majoring in business administration with a concentration in finance and a minor in Latin American, Latino, and Iberian Studies. This past summer, he interned at Marriott & Co., a boutique investment bank in Richmond, Va., specializing in sell-side and buy-side M&A advisory, capital raise, and valuation services. The prior summer, Cade worked at Welsh, Carson, Anderson & Stowe in New York as a private equity intern. 

ConnorFlanagan

Connor Flanagan, '18, Values Fund
Connor studies finance and psychology at the University of Richmond. This past summer, he worked on the Aladdin Client Services team at BlackRock. There, he serviced BlackRock’s end-to-end investment platform, Aladdin, which is used internally and sold to external clients. Prior to this, Connor has held numerous internships at non-profits in both the greater Richmond and New York City areas. 

DougButman

Doug Butman, '18, Values Fund
Doug is a business administration major with concentrations in both economics and finance. He spent the most recent summer interning at Barclays in a rotational program where he worked on the cash sales trading, FX sales, and short term trading desks. The summer before, Doug worked at the asset management firm Balanced Growth Advisors focusing on various projects regarding convertible bonds.

ElizabethSullivan

Elizabeth Sullivan, '18, Values Fund
Lizzy Sullivan is from Swampscott, Mass., studying business administration with a concentration in finance and a minor in psychology. She is co-president of the Finance Society on campus and a member of Tri Delta. This past summer she interned in Sales & Trading at Barclays in N.Y.C. in a rotational program that covered U.S. short-term trading, repo sales, and special situations equity trading. She spent the prior summer at Hughes Blake in Ireland as an accounting intern. 

NelsonBaetjer

Nelson Baetjer, '18, Values Fund
Nelson is pursuing a B.S. in business administration with a concentration in finance. This past summer Nelson worked as a summer analyst on the Consumer & Industrial Products Group with Matrix Capital Markets Group, a middle-market investment bank in Richmond, Va. Prior to his time with Matrix, Nelson interned with Dickinson Williams & Co, a boutique investment bank in Richmond. Before Dickinson Williams, Nelson worked at Passive Capital Management, a wealth management firm in Baltimore, Md. 

TylerGrosse

Tyler Grosse, '18, Values Fund
Tyler Grosse is from Bayport, N.Y., studying finance and leadership studies. He spent this summer in New York working as an investment banking summer analyst at Stifel Nicolaus. At Stifel, he gained a vast exposure to deals in industries such as energy, industrials, utilities, technology, depositories, and healthcare. This past spring, Tyler worked as a private equity intern at Private Advisors in Richmond. The previous two summers, Tyler interned at the largest credit union in New York, Bethpage Federal Credit Union, in their corporate development and investment strategies groups. At Bethpage, he worked on the acquisition of a $167 million credit union (in assets), which Bethpage completed in March of 2016.

BenBarad

Benjamin Barad, '18, Growth Fund-Head Manager
Benjamin Barad, originally from Israel, is majoring in economics with a finance concentration and minoring in history. Last summer, he interned at Wells Fargo's Investment Bank in its Technology, Media, and Telecommunications group. Prior to this, he interned at Dominion Resources, a large utility company based out of Richmond, during his sophomore year. Outside of the SMIF Growth Fund he has also been involved in the University’s ETF Fund, Finance Society, and finance faculty research into whether words used in an IPO prospectus can have an impact on its success.

Faraino

Anthony Faraino, '18,  Growth Fund
Anthony Faraino, originally from Birmingham, Ala., has had three internships over the past three summers. Most recently he was with Clark Capital Management Group in Philadelphia, Pa. The internship with Clark Capital fueled his interest of a career within wealth management. The previous summer he was with McVean Trading & Investments in Memphis, Tenn. Prior to that, he was with HealthSouth Inc. within the Financial Operations department. Furthermore, Anthony is a member of the lacrosse team at Richmond. 

Preschutti

Haley Preschutti, '18, Growth Fund
Haley Preschutti is majoring in business administration with concentrations in finance and marketing. This past summer, Haley interned with The Vanguard Group in the Retail Investor Group. She actively contributed to and managed components of the division-wide RIG Crew Experience Program. Haley is also the secretary of the Student-Athlete Advisory Committee, an Academic Tutor, and a Professor's Assistant for Dr. Conover's International Financial Management classes. She is a member of Omicron Delta Kappa Leadership Society, Beta Kappa Sigma International Business Society, and the Golden Key Honor Society. Furthermore, she is a middle distance runner and team leader for the University of Richmond's Division-I Cross Country and Track & Field teams. 

OConnor

Kieran O'Connor, '18, Growth Fund
Kieran is a double major in business administration with a concentration in finance and leadership studies. This past summer he interned with BMO in Chicago. Additionally, he has interned at various companies including a boutique investment bank in Richmond, Va., a financial services company in both New York and London, and a start up in Stamford, Conn. Furthermore, Kieran is captain of the Richmond Rugby team. 

Regan

Kylie Regan, '18, Growth Fund
Kylie Regan is from New Hampshire majoring in business administration with a double concentration in finance and economics and minoring in healthcare studies. This past summer she interned at J.P. Morgan Chase & Co. in the Global Finance & Business Management program. In addition to SMIF, Kylie also is a research assistant in the economics department and a student-athlete peer tutor. Furthermore, Kylie competes on the University of Richmond Women’s Cross Country and Track & Field teams. Throughout her career, she has won multiple XC A10 Conference team championships and has been named to the All Conference and All Academic teams. 

Perda

Luke Perda, '18, Growth Fund
Luke is majoring in economics with a concentration in finance. Over the summer, he worked at Capital Group within the Treasurer's Office as a Summer Associate. Prior to Capital Group, Luke interned for the V Financial Group and was part of a mentorship program at Bank of America Merrill Lynch. Outside of SMIF, Luke leads a student-run investment group, Gateway Capital Management, and plays on the Club Ice Hockey team. 

Oliver Merison, '18, Growth Fund
Oliver studies finance and international business at the Robins School of Business. This past summer he worked at Oppenheimer in New York as an equity analyst covering specialty retail and apparel. Prior to this, he worked for Trafelet Brokaw, a hedge fund and General Maritime shipping conglomerate. Furthermore, Oliver was a member of the men’s lacrosse team. 

Kanyo

Raymond Kanyo, '18, Growth Fund
Raymond is an economics major with a concentration in finance at the Robins School of Business. This past summer, he interned at PwC within their Deals division. His work involved doing financial due diligence for companies in a variety of industries such as technology, metals and mining, and biotechnology. In previous years, he also got exposure to the asset management and insurance industries. In his spare time, Raymond enjoys following and trading the cryptocurrency markets and playing tennis. 

Past Managers

  • link to page with list of old managers

2017-18 Schedule of Meetings

Growth Fund

  • Sept. 7
  • Sept. 9
  • Sept. 16
  • Sept. 23
  • Sept. 30
  • Oct. 11
  • Oct. 25
  • Nov. 1
  • Nov. 8
  • Nov. 15
  • Nov. 29
  • Jan. 20
  • Jan. 27
  • Feb. 3
  • Feb. 10
  • Feb. 17
  • Feb. 24
  • Mar. 1
  • Mar. 8
  • Mar. 22


Values Fund

  • Aug. 30
  • Sep. 6
  • Sep. 13
  • Sep. 20
  • Sep. 27
  • Oct. 4
  • Oct. 11
  • Oct. 25
  • Nov. 1
  • Nov. 8
  • Nov. 15
  • Nov. 29
  • Jan. 17
  • Jan. 24
  • Jan. 31
  • Feb. 7
  • Feb. 14
  • Feb. 21
  • Feb. 28
  • Mar. 7
  • Mar. 21

Advisory Board Members

  • Rob Allen, Capstone Financial Partners
  • Nancy Bagranoff, University of Richmond
  • Perry A. Corsello, CFA, Virginia Retirement System
  • Christopher Dion, Lowe, Brockenbrough & Co.
  • John Earl, University of Richmond
  • Steve Fisher, Virginia Asset Management
  • Cederic Fortemps, Matrix Capital Markets
  • Patrick Galleher, Boxwood Partners
  • Steve Goddard, The London Company
  • Chris Haberlin, Davenport & Co.
  • Roberta Keller, Alexis Advisors
  • Ashley Long, 1607 Capital Partners
  • James Mallory, SunTrust Bank
  • Jeffrey McNeill, SunTrust Bank
  • Pat O'Hara, Agincourt Capital Management
  • Chris Pearson, Davenport & Co.
  • Matt Rosenthal, Aptimy
  • Doug Sandler, Riverfront Investment Group
  • Mark Schlegel, CFA, TFS Capital
  • John Sherman, Scott & Stringfellow
  • George Smith, Davenport & Co.
  • Don Steinbrugge, Ramsey Asset Management
  • Jerry Stevens, University of Richmond
  • Cody Tafel, Thompson, Siegel & Walmsley
  • Dennis Tarrant, Davenport & Co.
  • Dan Whitlock, Virginia Retirement Systems
  • Lonnie Whitlock, Lowe, Brockenbrough & Co.
  • Brad Young, Altius Associates

Portfolio

Including past portfolios

Research Reports

Past Annual Reports

Application Process

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

Faculty Advisors

Dr. John Earl
Department Chair, Finance
jearl@richmond.edu
(804) 289-8589

Dr. Jerry Stevens
Professor of Finance
jstevens@richmond.edu
(804) 289-8597