A legacy of
disciplined
investing.
Founded at the Daniels School of Business. Built on the conviction that the best way to learn investing is to actually invest.
Our History
Founded in 1995 at the Daniels School of Business, the Purdue Student Managed Investment Fund began as a small group of finance students with a single conviction: that the best way to learn investing is to invest. From an initial capital allocation, the fund has grown to manage real assets on behalf of the university.
The record is public. Continuous audited monthly statements begin in October 2013, when the fund moved to its current custodian — we publish that series rather than a reconstruction of the years before it — and every position the fund holds appears on this site alongside the returns it has produced. Few student organizations open their book that way; we do it because a portfolio that claims to be real should be inspectable.
Each cycle, the fund admits 15 to 25 analysts from a pool of more than 100 applicants. Members have placed at Morgan Stanley, Barclays, BMO Capital Markets, Wells Fargo, and Big 4 accounting firms. Analysts arrive from across the university — finance and accounting, but also engineering, computer science, agricultural economics, mathematics, and the liberal arts — because the work rewards curiosity and argument more than it rewards a particular major.
Where Our Members Go
An investment club that manages real money
Purdue has a number of student finance and investment organizations, and most students find several worth joining. What separates SMIF from the other finance clubs at Purdue is the capital: the portfolio holds real university money, not a simulated book. Every holding and every quarter of performance is published on this site.
That one difference shapes the rest. Analysts join a sector team rather than a general meeting. Positions are governed by a written investment policy statement. Nothing enters the portfolio without a researched thesis and a committee vote. The path runs analyst, senior analyst, portfolio manager, executive board — and the work at each step is the work an investment professional actually does.
SMIF is a registered student organization, listed in BoilerLink, Purdue's official student organization directory. If you're comparing investment clubs at Purdue, the recruiting calendar lists every callout, coffee chat, and interview date this cycle, and the live portfolio shows exactly what our analysts decided to own.
Philosophy
We are long-term, fundamentally-driven investors. Every position must be supported by a rigorous thesis: a differentiated view, a defensible valuation, and a clearly-articulated catalyst path.
We invest with patience, manage risk with discipline, and prize intellectual honesty above all else. When the facts change, we change our minds.
Our process
Idea Generation
Analysts screen their sectors for compelling setups: catalysts, mispricing, or structural change the market hasn't priced.
Deep Research
Financial modeling, channel checks, and management review. Every assumption documented, every risk stress-tested.
Pitch & Debate
Theses defended live before the full investment committee. Pushback is expected. Weak arguments don't survive.
Vote & Monitor
Members vote. Accepted positions enter the real portfolio. Every holding reviewed quarterly against its original thesis.
Investment Policy Statement
The governing document defining our objectives, eligible investments, risk parameters, and member responsibilities.
Objective
Long-term capital appreciation benchmarked against the S&P 500, while providing an authentic asset-management learning experience.
Eligible Universe
Primarily U.S.-listed equities and fixed income; ADRs permitted. No options, futures, leverage, or short positions.
Diversification
Position sizes capped per name and per sector. Maintain meaningful exposure across all covered sectors.
Risk Controls
Ongoing monitoring of factor exposures, drawdowns, and concentration. Quarterly reviews with the faculty advisor.
Decision Process
Every trade requires a written thesis, valuation, and a majority vote of the investment committee.
Reporting
Performance and attribution reported each semester to the Daniels School and university stakeholders.
The full IPS is reviewed annually and available on request from the executive board.
Governance & oversight
The fund manages university money, so the accountability is real and the structure is deliberate. Day-to-day decisions sit with the students: an executive board of seven, elected each spring, owns strategy, research, risk, recruiting, education, and operations. Every position still requires a written thesis, a valuation, and a majority vote of the investment committee before it enters the portfolio.
That student authority operates inside faculty oversight. Holdings, factor exposures, drawdowns, and concentration are reviewed with the faculty advisor each quarter, and performance and attribution are reported every semester to the Daniels School and to university stakeholders.
Faculty Advisors
- Lulu ZengDaniels School of Business
Teaches Fixed Income and Financial Modeling.
- Alexander BoquistDaniels School of Business
Teaches Honors Financial Management and Futures & Options.
Questions about the fund.
When was the Purdue Student Managed Investment Fund founded?
SMIF was founded in 1995 at Purdue University's Daniels School of Business. Continuous audited monthly records begin in October 2013, when the fund moved to its current custodian; that series is published in full on the performance page.
Does Purdue SMIF invest real money?
Yes. The fund manages real capital on behalf of the university rather than a simulated portfolio. Every position is researched, debated, and voted on before it is entered, and the complete holdings list — with cost basis, weights, and returns — is published on this site.
Who oversees the fund?
An executive board of seven students, elected each spring, runs strategy, research, risk, recruiting, education, and operations. That sits inside faculty oversight: holdings, factor exposures, drawdowns, and concentration are reviewed with the faculty advisor quarterly, and performance is reported each semester to the Daniels School and university stakeholders.
How does SMIF decide what to buy?
Four steps. Analysts screen their sector for mispricing or structural change, build the financial model and stress-test the assumptions, defend the thesis live before the full investment committee, and then the members vote. Nothing enters the portfolio without a written thesis, a valuation, and a majority vote, and every holding is reviewed quarterly against its original thesis.
How is performance measured and reported?
Returns are benchmarked against the S&P 500 Total Return Index and calculated using the Modified Dietz method, which adjusts for the timing of cash flows. Performance is reported quarterly, with annual and cumulative returns, volatility, Sharpe, alpha, beta, and drawdown published on the performance page.
What can the fund invest in?
Primarily U.S.-listed equities and fixed income, with ADRs permitted. The investment policy statement prohibits options, futures, leverage, and short positions, caps position sizes per name and per sector, and requires meaningful exposure across all covered sectors.
Ready to put our process to work?
Apply to be part of the research process — from pitch to portfolio decision.