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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 Growth Fund and a Value Fund. The two funds are each comprised of approximately eight 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. 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

Ukrainskyj

Mickael Ukrainskyj, General Manager 
Michael is pursuing a degree in Business Administration with concentrations in Finance and Economics. This past summer, Michael interned at Raymond James as an investment banking summer analyst on the Technology & Services team. Additionally, he participated in the Harris Williams M&A bootcamp for two weeks and will be returning there following graduation. Michael previously worked at JMP Securities, LLC as an equity research summer associate on the Clean Energy and Industrial Technology team and at Blue Heron Capital as a private equity fall analyst. Outside of SMIF, Michael is deeply involved in several organizations and extracurricular activities on campus.

Reedy

Lizzie Reedy, Head Growth Fund Manager
Lizzie is pursuing a major in Business Administration with concentrations in Finance and Marketing. She is from Marietta, Ga. Most recently, Lizzie was an investment banking summer analyst at Perella Weinberg within their Financial Institutions and Restructuring groups. After graduation, she will be returning to Perella Weinberg as an investment banking analyst full-time in New York City. During her sophomore summer, Lizzie interned with Bank of America Merrill Lynch’s Debt Capital Markets group in New York City and covered both the Consumer sector and the Money Markets and Short-Term Notes Origination desk. She spent her freshman summer as an audit intern with Deloitte in Atlanta. In addition to SMIF, Lizzie competes on the Division-I women’s golf team. She holds the career-low scoring average for the school and has received numerous accolades including Scholastic All-American, First Team All-Conference, and Conference Rookie of the Year. She is the Vice President of Gateway Capital Management and an active member of the Student-Athlete Advisory Council. 

Nugent

John Nugent, Head Value Fund Manager
John is a senior currently pursuing a major in Business Administration with a concentration in Finance. Most recently, John interned as an Investment Banking Summer Analyst at UBS. While there, he worked within the Technology, Media and Telecom (TMT) group and will be returning as a full-time analyst after graduation. Prior to that, he interned as a summer analyst at Edgewood Management LLC in New York City, which is a large-cap growth equity focused firm. In addition to SMIF, John also serves as the Co-head of the Spider Real Estate Group on campus, while also participating as an active member of the University's club soccer team.

Procaccino

Michael Procaccino, Vice President of Recruitment, Value Fund
Michael, from Manhasset, NY, is majoring in Business Administration with concentrations in Finance and Accounting. This past summer, he interned with Piper Sandler’s investment banking financial services group on the insurance team. He has a strong interest in philanthropy and is specifically involved with Tuesday’s Children and the Special Olympics of Virginia. In addition to SMIF, Michael will be a Teacher’s Assistant in Managerial Accounting and a 300 level biology course, as well as serving as the Head of Marketing/Social Media for the Spider Real Estate Group.

Perry

Rachel Perry, ESG Manager
Rachel is a senior majoring in Business Administration with a concentration in Finance and Management and a minor in Anthropology. She is SMIF's inaugural ESG Manager and is passionate about the intersectionality between sustainability and finance. Through her role, she aims to provide students with exposure and insight into the growing ESG space and its ability to uncover long-term operational business risks by integrating financially material ESG factors into our investment process. This past summer, she worked in the Financial Reporting department at Maximus Inc and assisted in the filing of their 10-Q. Outside of SMIF, Rachel enjoys cooking, listening to music, and being outside in nature.

Baker

Michael Baker, Growth Fund
Michael is a student-athlete from Concord, N.C., pursuing a degree in Business Administration with a concentration in Finance. He previously held an internship at Boxwood Partners, a Richmond, Va. based boutique investment bank. Most recently, he interned at Lazard in their middle-market advisory group in Charlotte, Nc. working on both buy-side and sell-side M&A. Michael is also the captain of the Spider’s Division I Men’s Golf team and serves as a member of the Richmond College Honor Council.

Bonomo

Jack Bonomo, Growth Fund
Jack is a senior pursuing a Bachelor's Degree in Business Administration with concentrations in Accounting and Finance. Jack has spent his last two summers as an investment banking summer analyst at Matrix Capital Markets Group working for their Downstream Energy & Convenience Retail Team. Outside of SMIF, Jack is a co-founder and the current president of the Spider Real Estate Group (SREG).

Padia

Ayushman Padia, Growth Fund
Ayushman is an international student from India, majoring in Economics with a concentration in Finance. Last summer, he worked in a manufacturing firm in India as their finance and operations intern. On campus, Ayushman is a member of the AKPsi fraternity as well as a tutor for Economics and Accounting in the Academic skills center. In addition to SMIF, he is active in UR's ETF fund. Ayushman has received a full-time offer from the company he worked for but hopes to work for a consulting company. Outside of Finance, he enjoys traveling, soccer, and playing the guitar. 

Pelczar

Susan Pelczar, Growth Fund
Susan is pursuing a degree in Business Administration with a double concentration in Finance and Accounting. Most recently, Susan was a summer analyst at Barclays in the Sales and Trading division in New York City. The previous summer, Susan was a summer analyst at Morgan Stanley in the Wealth Management division, also located in New York City. In addition to SMIF, Susan is involved in a number of other extra-curricular activities and organizations on campus.

Addeo

Ben Addeo, Value Fund
Ben Addeo is majoring in Business Administration with a dual concentration in Finance and Economics. After his sophomore year, he worked as an intern at HPS Investment Partners, a private equity firm in Manhattan. This past summer, he worked as an intern at Gambarelli Wealth Management and The Murph’s Famous LLC., a startup beverage company based in New York. In addition to his role in SMIF, Ben holds a position in Kappa Alpha Order fraternity and is a member of the University of Richmond Men’s Rugby Football Club.

Limongelli

Michael Limongelli, Value Fund
Mike is a senior at the University of Richmond with a Business Administration, Finance concentration major and a minor in Philosophy. Most recently, Mike interned at Graham Partners, a Philadelphia-area private equity firm, where he will be returning full-time upon graduation. The summer before, Mike worked as an investment banking summer analyst at Matrix Capital Markets here in Richmond. On campus, Mike is a member of Greek Life, the Richmond College Honor Council, and the University’s Writing Center. He enjoys traveling, golfing, and playing guitar in his free time.

Loughran

Michael Loughran, Value Fund
Michael Loughran is a rising senior pursuing a major in Business Administration with concentrations in Finance and Accounting. Most recently, Michael gained investing exposure interning at Capstone Financial Partners, a wealth management firm located in Richmond, Va. He will continue to work with Capstone during the academic year, conducting investment research and analysis across various industries and asset classes. Aside from SMIF, Michael is a member of various organizations and extracurricular activities on campus. After graduation, Michael looks to pursue a career in investment or wealth management. 

Nonemaker

Isabel Nonemaker, Value Fund
Isabel is from Swarthmore, Pa., pursuing a major in Business Administration with concentrations in Finance, Economics, and Management. After sophomore year, Isabel interned at Market Street Wealth Management, a financial advisory firm outside of Philadelphia. This summer she interned at Vanguard with the Retail Investor Group’s Project Management Office doing finance and data analytics. After graduation, Isabel will be returning to Vanguard as part of their two year ELDP rotational program. Outside of SMIF, she has enjoyed taking on various leadership positions such as the VP Pledge Education of Delta Sigma Pi and head of philanthropy for her sorority.

Reynolds

Jason Reynolds, Value Fund
Jason is a student-athlete from Philadelphia, Pa., pursuing a degree in Business Administration with a concentration in Finance.  Last summer, Jason interned at Spider Management Company in Richmond, Virginia as an investments analyst.  The previous summer, he interned at Snowden Lane Partners, a New York City-based asset management firm.  In addition to SMIF, he is involved in various organizations and community service efforts on campus.  Jason is also an All-American member of the Division 1 Men's Lacrosse team.


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, Agecroft Partners, LLC
  • 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

Current Growth Portfolio Holdings 

Current Value Portfolio Holdings 

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 3.2 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
2018-19

General Manager
Jeremy Lacy

Growth Fund
Christian Berardo
Brad Gibson
Luke Knott
Bobby Piluso
Kate Schlinke
Keenan Shepard
Jack Tierney
Jess Wilson
Ying Wu

Value Fund
Pedro Balaban
Julian Baretta
Casey Begoon
Matt Freda
Chilton Gaines
Rishabh Jain
Ryan McCaffrey
Ryan Pasquali
Dennis Smith

Annual Report 

2017-18

General Manager
Joao Galbier

Growth Fund
Benjamin Barad
Haley Preschutti
Kieran O'Connor
Kylie Regan
Luke Perda
Oliver Merison
Raymond Kanyo
Anthony Faraino

Value Fund
Nelson Baetjer
Doug Butman
Ryan Byrnes
Alexander Cover
Connor Flanagan
Tyler Grosse
Elizabeth Sullivan
Cade von Gal

2016-17

General Manager

Megan Troy

Growth Fund
Christopher Hartman
Rob Ibarguen
Stathi Kyriakides
Matthew Leto
Rowland Mayor
Michael Walsh
Sean Walsh
Wanli Zhang

Value Fund
Matthew Celona
John Franceski
Han Kweon
Gregory Nodaros
Callie Reis
Dodo Stavrev
Ellie Sullivan
Natalie Swanson

Annual Report

2015-16

General Manager
Peter Donohue

Growth Fund
Matt Brookman
Connor Cole
Nate Cohen
Jack Clark
Divij Dugar
Tom Fickinger
Peter Ghiorse
Aaron Hamburger

Value Fund
Chris Ahn
Jill Cestaro
Mark Downey
Brian Gramolini
Brad Rigoli
Greg Stern
Kendall Stevenson
Bryce Yoo

Annual Report

2014-15

General Manager
Jake O'Donnell

Growth Fund
Kevin Alloway
George Appling
George Beck
Kelly Becker
Jared Bloom
Laura Levy
Saifali Shaikh
Michael Vivirito

Value Fund
Sean Baker
Marty Berkowitz
Abby Gilmartin
Connor Koorbusch
Camille Pittman
Skye Samse
Chris Silvey
Jack Stillwagon
Curtis Robbins