Institute of Advanced Investment Management
Institute of Advanced Investment Management
Undergraduate Student Investment Fund
SYSTEMATIC STRATEGY PRESENTATIONS
Presented by: Alpha Bet
James VanDam, Jake Bauman, Zack Lombardi, Kyle Klinger
Date Presented: 11/24/2025
Investment decision: Invest — Allocate $48K; Sell Strategy NVDA
Summary: Alpha Bet’s strategy targets tech companies with high R&D intensity (top 25%) and low dividend payouts (bottom 10%) to capture firms reinvesting aggressively for long-term growth. Backtests showed broad, consistent outperformance, including a 26.3% 10-year annualized return, strong alpha (7.55), and a Sharpe of 0.98, with robustness confirmed across mega-cap exclusions and weighting schemes. To control concentration risk and dampen volatility, the group recommended selling a portion of NVDA. Given strong historical performance and factor persistence, they concluded the fund should invest.
Presented by: Cash Me if You Can
Dublin Engebos, Dimpal Chaudhari, Hannah Johnson
Date Presented: 11/17/2025
Investment decision: Do Not Invest
Summary: Cash Me if You Can proposed a Profitable Value Strategy screening for high-profitability firms (GP/A ≥ 0.35) and low valuation (bottom 10% EV/EBITDA), following evidence from Novy-Marx and Blackburn & Çakici that combining quality and value can enhance expected returns. Despite strong long-horizon absolute performance, the strategy underperformed the S&P in the 3- and 5-year windows, while exhibiting high beta, elevated volatility, and deep drawdowns, signaling weak robustness across regimes. Given the inconsistent performance and risk profile, the team recommended not investing.
Presented by: Cash Flow Cowboys
Kelson Flynn, Chris Folau, Brady Pace
Date Presented: 11/10/2025
Investment decision: Do Not Invest
Summary: The team analyzed a Dividend Momentum Rotation strategy focused on XLF constituents, combining rising dividend signals (via Dividend Growth Rate and Dividend Yield) with price momentum. Inspired by Keim (1985), Korganbekova (2018), Fasano (2018), and Wang (2021), the strategy seeks to exploit dividend policy signals and momentum persistence. However, Bloomberg-style backtests show inconsistent performance: only the 5-year and 10-year windows were meaningfully positive, while 1-year, 3-year, and 20-year periods underperformed SPX. Risk-adjusted metrics (Sharpe, drawdowns) also lagged. The team recommends no investment due to lack of robustness across time horizons and uncompensated risk exposure.
Presented by: Guardians of the Balance Sheet
Emily Biagi, Kushal Golechha, Austin Arnold
Date Presented: 11/10/2025
Investment decision: Invest — Allocate $48,000 to the Low Asset Growth + Momentum Strategy
Summary: The team proposed a dual-factor strategy combining low asset growth and strong 12-month momentum, grounded in Cooper (2008) and Jegadeesh & Titman (1993). The model identifies firms demonstrating disciplined long-term capital allocation and sustained market strength, providing diversification beyond sector-specific exposure. Backtests show substantial 10-year outperformance—965% cumulative return versus 291% for SPY—with a higher Sharpe ratio and positive alpha despite elevated beta. The data supports investing $48,000 to enhance long-term, risk-adjusted performance.
Presented by: The Big Shorties
Briana Bradley, Maddy Hadwick, Kenny Mark, Vivek Anandh
Date Presented: 11/03/2025
Investment decision: Invest — Reallocate $50,000 from ESGV to High Cash Flow ESG Strategy
Summary: The team proposed a High Cash Flow and Cost-Efficient ESG strategy focusing on U.S. large-cap firms with top-tier cash flow growth and declining COGS. Based on Li (2010) and Ball (2016), the model targets operational efficiency and earnings quality for sustainable returns. Bloomberg backtests showed a 14.19% 5-year CAGR, outperforming ESGV with lower volatility. Sell $50,000 of ESGV; buy $50,000 of the High Cash Flow ESG Strategy to enhance diversification and long-term performance.
Presented by: The Profit Prophets
Judy Ojewia, Ved Munot, Michael Molenaar, Madeline Stover
Date Presented: 11/03/2025
Investment decision: Invest — Reallocate $50,000 from ESGV to ESG-TAVM
Summary: The team proposed a Trend-Adjusted Value Momentum (ESG-TAVM) strategy combining value and momentum within ESG equities to enhance returns and diversification. Based on Pani & Fabozzi (2022) and Kaiser (2021), it targets firms with improving fundamentals and strong price trends. Bloomberg backtests showed 679% 10-year and 47% 1-year returns, outperforming ESGV with higher Sharpe and expected return. Despite higher volatility, ESG-TAVM strengthens portfolio quality and growth exposure. Sell $50,000 of ESGV; buy $50,000 of ESG-TAVM for improved ESG-aligned performance.
FUNDAMENTAL ANALYSIS PRESENTATIONS
Presented by: Cash Me if You Can
Dublin Engebos, Dimpal Chaudhari, Hannah Johnson
Date Presented: 10/27/2025
Investment decision: Invested $10,000 $FCX
Summary: The team chose to invest in Freeport-McMoRan (FCX) based on strong copper demand growth, favorable government support, and long-term exposure to the clean energy transition. With an implied target price of $50.58, reflecting an 18.2% upside, the team viewed FCX as undervalued given its operational scale, strategic assets, and role in global electrification. Although risks include commodity price volatility, geopolitical instability, and environmental scrutiny, Freeport’s diversified reserves, modernization initiatives, and experienced leadership supported a “Buy $10,000 of FCX” recommendation.
Presented by: Cash Flow Cowboys
Chris Folau, Kelson Flynn, Brady Pace
Date Presented: 10/20/2025
Investment decision: Invested $15,000 $PYPL
Summary: The Cash Flow Cowboys chose to invest in PayPal Holdings (PYPL) based on strong cash flow generation, profitable growth, and renewed leadership focus on efficiency and innovation. With an implied target price of $106.63, reflecting a 57.9% upside from current levels, the team viewed PayPal as undervalued relative to its earnings potential. Despite intense competition and execution risks, consistent margin expansion, AI-driven platform upgrades, and an expanding global user base supported a “Buy $15,000 PYPL” recommendation.
Presented by: Guardians of the Balance Sheet
Emily Biagi, Kushal Golechha, Austin Arnold
Date Presented: 10/20/2025
Investment decision: Invested $5,000 $KO
Summary: The team decided to invest in The Coca-Cola Company (KO) due to its stable cash flows, strong brand equity, and resilience through market cycles. With a target price of $72.32—a 5.7% upside from the current price—the team emphasized Coca-Cola’s high dividend yield, capital-light model, and industry-leading margins. Although consumer shifts toward healthier beverages and ongoing legal disputes pose risks, its scale, diversification, and management discipline justified a “Buy $5,000 of KO” recommendation.
Presented by: The Big Shorties
Maddy Hadwick, Vivek Anandh, Kenny Mark, Briana Bradley
Investment decision: Invested $15,000 $UNH
Date Presented: 10/13/2025
Summary: The Big Shorties chose to invest in UnitedHealth Group (UNH) based on its diversified business model, strong cash flows, and dominant market position in both insurance and health services. The firm’s integration of UnitedHealthcare and Optum creates operational efficiency and growth stability across sectors. With a target price of $478.94, reflecting a 35% upside from the current $354.50, and supported by steady earnings, disciplined management, and favorable industry trends, the team issued a “Buy $15,000 of UNH” recommendation.
Presented by: Profit Prophets
Ved Munot, Judy Ojewia, Michael Molenaar, Madeline Stover
Date Presented: 10/13/2025
Investment decision: Did Not Invest
Summary: The Profit Prophets chose not to invest in NextEra Energy (NEE) despite its strong renewable portfolio and stable regulated cash flows from Florida Power & Light. While the company benefits from clean-energy tailwinds and long-term growth potential, the high capital intensity and sensitivity to rising interest rates present meaningful risks. With a target price of $102.08 versus a current price of $83.71, the implied upside was outweighed by valuation concerns and leverage exposure, leading to a “Don’t Buy” recommendation
Presented by: Alpha Bet
James VanDam, Jake Bauman, Zack Lombardi, Kyle Klinger
Date Presented: 09/22/2025
Investment decision: Did Not Invest
Summary: Alpha Bet chose not to invest in Abbott Laboratories (ABT) due to limited upside and elevated legal risk. Although ABT maintains strong financials, a diversified portfolio, and credible leadership, its valuation—target price of $136.17 versus a current price of $133.73—implies only a modest 1.8% potential gain. With flattening margins, post-pandemic revenue normalization, and multiple ongoing lawsuits, the stock appears fairly valued within a capital-intensive, highly competitive industry. As a result, the team maintained a “Don’t Buy” recommendation.
Presented by: Cole Wall, Austin Glenn, Andrew Rosen, Robert Nathanson
Date Presented: 3/31/2025
Investment decision: Did not Invest
Summary: Buying fixed-income ETFs for a short period can help hedge against a potential recession. This strategy involves adjusting the portfolio’s asset allocation, backed by backtested results from previous recessionary periods and rigorous ETF analysis. Historically, fixed-income ETFs have shown solid performance during economic downturns, making them a compelling choice. Therefore, we recommend investing $457,442.52 in fixed-income ETFs, which represents approximately 25.7% of the fund. To facilitate this purchase, we plan to use all available cash and sell all holdings of SPY. By implementing this approach, the portfolio’s beta is lowered and recession risks are mitigated, albeit at the expense of a reduced long-term expected return.
Presented by: Rachel Kloepfer, Alex Ramsay, Tristin Foster, and Hance Dorsch
Date Presented: 3/4/25
Investment decision: Invested $14,474
Summary: Our group chose to analyze Equinix (EQIX) due to its dominant role in the digital infrastructure sector, facilitating secure data ecosystems for enterprises worldwide. Equinix benefits from the increasing demand for AI, cloud computing, and digital transformation. With a high percentage of recurring revenue and strong market positioning, the company is well-positioned to capitalize on the growing need for data center infrastructure.
Presented by: Chloe Shewell, Jack Pollock, Jack McComick, Noelle Kieffer
Investment decision: Invested $100,000
Date Presented: 3/3/25
Summary: This strategy focuses on the Consumer Staples sector due to its historical resilience in periods of economic instability. Amid heightened concerns about inflation, rising interest rates, and geopolitical uncertainty (including tariffs and shifts in trade policy) we identified a strategic opportunity in companies providing essential goods. These companies tend to maintain consistent demand regardless of market cycles, offering potential for stable returns and downside protection. Additionally, the existing portfolio was underweight in this defensive sector, which created room for diversification.
Presented by: Isaac Lee, Aaron Delgrande, Maddie Osborn, Noah White
Date Presented: 2/24/25
Investment decision: Did Not Invest
Summary: This strategy focused on researching the Financial and Energy industries because of our interest in these growing industries and the growth associated with both. We found these industries compelling due to increasing energy demands driven by growth in AI and data centers, alongside expanding financial services. We also wanted to invest in Financials due to your limited position size in financial companies within Milner. Our goal was to target high-growth Financials and Energy companies with strong revenue and earnings expansion, efficient capital allocation, and disciplined reinvestment to drive sustained outperformance and shareholder value. The historical 10-year performance was 532.02% Return, 0.9 Sharpe, and 1.01 Beta. We pitched a $70K buy in the Milner Fund using cash left in the Milner Fund.
Presented by: Isaac Lee, Aaron Delgrande, Maddie Osborn, Noah White
Date Presented: 2/24/25
Investment decision:
Summary:
Presented by: Jack Perry, Elias Stewart, Tim Odjav, Kyler Zarate
Date Presented: 2/24/2025
Investment decision:
Summary:
Presented by: Cole Wall, Austin Glenn, Andrew Rosen, Andrew Rosen
Date Presented: 02/10/2025
Investment decision:
Summary: A systematic strategy based on Peter Lynch’s investment philosophy involves focusing on companies with favorable management buys, a low PEG ratio, and strong ROIC. Over the past decade, such an approach delivered a total return of 381.14%, with a Sharpe ratio of 0.88 and a beta of 0.83. We recommend allocating $80,000 from the Milner Fund’s existing $210,000 in cash to implement this strategy. This move is expected to raise the fund’s overall beta from 0.68 to 0.73, while marginally adjusting the Sharpe ratio from 1.41 to 1.40.
Presented by: Chkie Stwell, Jack McCirmick, Jack Pollock, Noelle Kieffer
Date Presented: 1/13/2025
Summary: A modified “Rule of 40” strategy focuses on established, profitable tech companies, targeting high margins and ongoing revenue growth. Over the last decade, such an approach delivered a cumulative return of 1,217.6%. We recommend investing $75,000 in the School Fund for this strategy, financed by selling SPY to balance the resulting increase in beta. This move boosts the portfolio’s beta, Sharpe ratio, alpha, and expected return, while also elevating its exposure to the tech sector.
Presented by: Rachel Kloepfer, Alex Ramsay, Tristin Foster, Hance Dorsch
Date Presented: 01/13/2025
Summary: Idea – Strength in Aerospace & Defense sector moving into the coming
administration and geopolitical climate + impact of revenue stability fueled by
government contracting
Strategy – Aerospace and defense sector with high revenue and EPS ≥ 10
Historical Performance – Cumulative return of 316% vs SPX 242%; beta of 0.77
Recommendation – Buy $48.4k in School Fund allocating approx. 8k/stock
What to Sell – Utilize cash
Re-evaluation – After the fiscal year 2026 budget is released
Effect on Portfolio – Increases beta from 0.75 to 0.78 and expected return from
8.50% to 8.65%
Presented by: Issac Lee, Maddie Osborn, Aaron DelGrande, Noah White
Date Presented: 12/02/2024
Investment decision:
Summary: The SIFWay Surfers team presented this strategy to target financially strong companies that have recently engaged in buybacks by investing $75,000 from the school fund into 7 companies on 3/4/2024. We are recommending to keep and rebalance this strategy for its strong backtest results. However, due to updated ESG requirements, we propose rebalancing through the school fund, selling off the previous stocks from the ESG fund but keeping the ESGV investment in place.
Presented by: Jack Perry, Elias Stewart, Tim Odjav, Kyler Zarate
Date Presented: 12/02/2024
Investment decision:
Summary: At the beginning of 2024, Stratton Oakmont pitched a strategy focusing on growth companies following specific Top 20 Percentile criteria. Using Bloomberg’s Equity Screener, they filtered companies who were in the Top 20 Percentile in Quarterly Basic EPS over 5 Year Average, Quarterly Revenue Growth YoY, and Return on Common Equity. As the final filter they screened for companies with a PEG Ratio ≤ 2. This left them with 8 companies: ACLS, GSHD, HEES, HRI, IDCC, LW, NVDA, and VVV. ~$50,000 equally invested.
Presented by: Chole Shewell, Jack McCormick, Jack Pollock, Noelle Kieffer
Date Presented: 11/18/2024
Summary: This investment strategy leverages the semiconductor industry’s potential by capitalizing on technological advancements and governmental support while mitigating geopolitical risks. Companies were selected based on strong market capitalization and EBITDA, leading to a 10-year backtest return of 840.7%, which notably outperformed both the semiconductor index (737%) and the S&P 500 (263%). A total of $65,139.35 was allocated to these positions by divesting SPY holdings, though the execution was postponed due to delays in securing brokerage account access.
Presented by: Tristin Foster, Rachel Kloepfer, Alex Ramsay, Lars Thulin
Date Presented: 11/18/2024
Type: Portfolio Review
Investment decision:
Summary: In 2023, the fund adopted a business cycle strategy based on the correlation between the Leading Economic Indicator (LEI), sector performance, and economic phases. By analyzing historical sector behavior during six periods most similar to the past eight months, they identified sectors poised to outperform over the next six months and structured the portfolio accordingly.
Presented by: Aaron DelGrande, Maddie Osborn, Issac Lee, Noah White
Date Presented: 11/11/2024
Type: Fundamental
Investment decision:
Summary: GE Vernova is a diversified electric power company with strong exposure to renewable energy and electrification, supported by strategic partnerships and early revenue momentum. While the company is well-positioned for long-term growth, especially amid increasing energy demand and decarbonization efforts, the stock is currently overvalued relative to its peers and intrinsic valuation. As a result, the recommendation is to avoid purchasing the stock at this time and to continue monitoring it for a more attractive entry point
Presented by: Jack Perry, Elias Stewart, Tim Odjav, Kyler Zarate
Date Presented: 11/11/2024
Type: Fundamental Analysis
Investment decision:
Summary: Caterpillar Inc. is a global leader in construction and mining equipment, industrial engines, and heavy transportation machinery. The company has delivered strong long-term returns, outperforming the S&P 500 and Dow Jones over the past five years, and stands to benefit from favorable political shifts and ongoing infrastructure demand. Despite these strengths, the stock appears overvalued based on current fundamentals and recent insider selling. A purchase is recommended only if the stock experiences a meaningful price decline, with a buy trigger set at a 10% drop from current levels.
Presented by: Jacob Szczecia, Ethan Campbell, Lily McCellan, Bryan Muriel
Date Presented: 11/04/2024
Type: Fundamental
Investment decision:
Summary: Packaging Corporation of America specializes in producing customized packaging solutions for shipping and agriculture. Despite facing declining paper demand in North America, the company has delivered strong recent performance with a 50.82% return over the past year and maintains a low beta, suggesting stability. With a target price significantly above current levels and modest share buybacks, PKG is seen as a long-term growth opportunity within the materials sector, particularly if market demand stabilizes or rebounds.
Presented by: Andrew Rosen, Cole Wall, Robert Nathanson, Austin Glenn
Date Presented: 11/04/2024
Type: Fundamental
Investment decision:
Summary: The Progressive Corporation combines a low‑volatility profile (β = 0.35) with disciplined underwriting and a strong capital base, positioning it to navigate the current suboptimal macro environment. Trading at a 17.6× P/E, shares appear approximately 7.7% undervalued relative to intrinsic value, offering a near‑term upside to a $272.81 target price (12.4% gain). Accordingly, initiating a $20,000 position funded from available cash is recommended to capture this opportunity.
Presented by: Chloe Shewell, Jack McCormick, Jack Pollock, Noelle Kieffer
Date Presented: 10/28/2024
Type: Fundamental
Investment decision:
Delta Air Lines (DAL) currently trades at $54.12 (52‑week range $30.76–$56.48), yielding an EPS of $7.21 and a P/E of just 7.5x. We recommend purchasing $7,098 of DAL in the School Fund with a price target of $84.04 by October 28, 2027, reflecting over 55% upside. Delta’s consistent revenue growth and robust operating margins are underpinned by disciplined cost control and network optimization, while a 312‑aircraft renewal program through 2028 promises further efficiency gains. Key risks include crude oil price swings and higher interest rates as the airline finances its fleet expansion, but we believe Delta’s strong cash flow and strategic investments more than offset these headwinds.
Presented by: Tristin Foster, Rachel Kloepfer, Alex Ramsay, Lars Thulin
Type: Fundamental
Date Presented: 10/24/2024
Investment decision:
Summary: As of October 25, 2024, Spotify (SPOT) trades at $379.16 (52‑week range $155.00–$389.48) with a market cap of $75.7 billion, yet remains unprofitable (EPS –$2.73) and carries a stretched P/E of 140.9x. While Spotify commands a 36% share of the global music‑streaming market and has delivered five‑year average revenue growth of 18% alongside three‑year user growth of 18%, 20% and 23%, those strengths are outweighed by its negative earnings and lofty valuation. We recommend against buying SPOT and set a target price of $351.11 by October 25, 2029, reflecting limited upside given its elevated multiples and continued path to profitability.
Presented by: Cole Wall, Austin Glenn, Andrew Rosen, Robert Nathanson
Date Presented:
Investment decision:
Summary:
Presented by: Rachel Kloepfer, Alex Ramsay, Tristin Foster, and Hance Dorsch
Date Presented: 3/4/25
Investment decision: Invested $14,474
Summary: Our group chose to analyze Equinix (EQIX) due to its dominant role in the digital infrastructure sector,
facilitating secure data ecosystems for enterprises worldwide. Equinix benefits from the increasing
demand for AI, cloud computing, and digital transformation. With a high percentage of recurring revenue
and strong market positioning, the company is well-positioned to capitalize on the growing need for data
center infrastructure.
Presented by: Chloe Shewell, Jack Pollock, Jack McComick, Noelle Kieffer
Investment decision: Invested $100,000
Date Presented: 3/3/25
Summary: This strategy focuses on the Consumer Staples sector due to its historical resilience in periods of economic instability. Amid heightened concerns about inflation, rising interest rates, and geopolitical uncertainty (including tariffs and shifts in trade policy) we identified a strategic opportunity in companies providing essential goods. These companies tend to maintain consistent demand regardless of market cycles, offering potential for stable returns and downside protection. Additionally, the existing portfolio was underweight in this defensive sector, which created room for diversification.
Presented by: Isaac Lee, Aaron Delgrande, Maddie Osborn, Noah White
Date Presented: 2/24/25
Investment decision: Did Not Invest
Summary: We decided to research the Financial and Energy industries because of our interest in these growing industries and the growth associated with both. We found these industries compelling due to increasing energy demands driven by growth in AI and data centers, alongside expanding financial services. We also wanted to invest in Financials due to your limited position size in financial companies within Milner. Our goal was to target high-growth Financials and Energy companies with strong revenue and earnings expansion, efficient capital allocation, and disciplined reinvestment to drive sustained outperformance and shareholder value. The historical 10-year performance was 532.02% Return, 0.9 Sharpe, and 1.01 Beta. We pitched a $70K buy in the Milner Fund using cash left in the Milner Fund.
Presented by: Isaac Lee, Aaron Delgrande, Maddie Osborn, Noah White
Date Presented: 2/24/25
Investment decision: Did Not Invest
Summary: We decided to research the Financial and Energy industries because of our interest in these growing industries and the growth associated with both. We found these industries compelling due to increasing energy demands driven by growth in AI and data centers, alongside expanding financial services. We also wanted to invest in Financials due to your limited position size in financial companies within Milner. Our goal was to target high-growth Financials and Energy companies with strong revenue and earnings expansion, efficient capital allocation, and disciplined reinvestment to drive sustained outperformance and shareholder value. The historical 10-year performance was 532.02% Return, 0.9 Sharpe, and 1.01 Beta. We pitched a $70K buy in the Milner Fund using cash left in the Milner Fund.
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