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 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.
Today, SMIF stands as one of the most selective and respected student organizations on campus, with members placing at firms like Morgan Stanley, Barclays, BMO Capital Markets, Wells Fargo, and Big 4 accounting firms.
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.