From stock selection to multi-asset investment management: The evolution of a student-managed investment fund
Document Type
Article
Keywords
university; asset management; investment funds; ESG screening; student-managed funds
Identifier Data
https://doi.org/10.1108/MF-07-2018-0304
Publisher
Emerald Insight
Abstract
Purpose
The purpose of this paper is to trace the evolution of the Archway Investment Fund (AIF) at Bryant University from its founding in 2005 as a portfolio focused exclusively on US equities to a multi-asset program that incorporates US equities, non-US equities, equity ETFs, REITs, individual bonds, fixed income ETFs and options. It also describes the explicit introduction of environmental, social and governance (ESG) considerations into the investment process.
Design/methodology/approach
The paper follows a case study approach.
Findings
The paper describes the programmatic changes that accompanied this evolution in these areas: finance department curriculum innovations; the investment guidelines and constraints that govern the AIF; the investment process utilized; the oversight and governance process; and the reporting, presentation, and publicity initiatives that keep critical constituencies (university administration, faculty, alumni and students) informed and engaged in this program to sustain its success.
Originality/value
The vast majority of student-managed funds are equity funds focused on individual stock selection. The AIF is a multi-asset fund with separate equity and fixed income sub-portfolios that explicitly incorporates ESG factors into the security selection process.
