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
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Jeremy Lacy, General Manager |
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Bobby Piluso, Growth Fund Manager |
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Matthew Freda, Value Fund Manager |
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Brad Gibson, Growth Fund |
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Christian Berardo, Growth Fund |
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Jack Tierney, Growth Fund |
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Jess Wilson, Growth Fund |
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Kate Schlinke, Growth Fund |
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Keenan Shepard, Growth Fund |
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Luke Knott, Growth Fund |
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Ying Wu, Growth Fund |
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Casey Begoon, Value Fund |
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Kellogg (Chilton) Gaines, Value Fund |
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Dennis Smith, Value Fund |
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Julian Baretta, Value Fund |
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Pedro Balaban, Value Fund |
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Rishabh Jain, Value Fund |
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Ryan McCaffrey, Value Fund |
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Ryan Pasquali, Value Fund |
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