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Student Investors (SMEF)

FINANCE 438 is a class with hands-on experience in fund management. Application is required.

See what College of Business students Michelle Murray and Mayur Ranpara have to say about the Student Managed Endowment Fund (SMEF) program and their experience managing over $600,000 in assets.

FINANCE 438 Application deadline October 13 for Spring semester and March 8 for Summer and Fall semesters (unless posted otherwise).

The SMEF Program, managed by students, contains one of the largest amount of assets among the comprehensive universities in Wisconsin!

Spring 2016 Semi-Annual Booklet

This report includes sector analyses, student biographies, target asset allocations, and portfolio values and returns as of February 29, 2016.

Fall 2015 Semi-Annual Booklet

This report includes sector analyses, student biographies, target asset allocations, and portfolio values and returns as of September 30, 2015.

SMEF LinkedIn (open to current & past participants only)

SMEF-Program.png  SMEF-Operations.png

Faculty AdvisorFounder

Stephen P. Huffman
Stephen P. Huffman, Ph.D.,CFA, FRM
Larry Lang
Larry Lang, Ph.D., Professor Emeritus
Major Contributors/Clients

Arnold Peterson Chalberg & Charlene Barr Chalberg
Anne Hillenbrand family
Barbara & Roderick Barr Fund of the
Greater Cincinnati Foundation
College of Business Alumni Association
Larry R. Lang, Professor Emeritus
MBA Advancement Fund
Robert Niendorf, Professor Emeritus
Thomas J. & Antoinette Candela Brinkman
Thrivent Financial
Wisconsin Family Business Forum
The Mersberger Financial Group


SMEF Program Description, Benefits, and Objectives

The SMEF Program currently has over $600,000 in asset under management, which is divided between seven portfolios. Students actively manage the portfolios by:(1) developing/revising each portfolio's investment policy statement (IPS), including each portfolio's target asset allocation, (2) evaluating numerous financial assets and investment strategies, (3) implementing appropriate investment strategies, (4) monitoring/rebalancing each portfolio relative its IPS and (5) evaluating the performance of each portfolio and individual holding. All decisions are made by student participants. The SMEF program was established by a generous $25,000 donation from Thomas J. and Antoinette Candela Brinkman and founded by Professor Larry Lang in the fall of 2000.


  • Funding for student scholarships and student development
  • Students gain hands-on experience in analyzing securities
  • Portfolio management experience for students in the program
  • A new source of funding for the UW Oshkosh Foundation
  • Positive community exposure

Program Objective

SMEF students in labThe primary objective of the Student-Managed Endowment Fund Program is to provide a learning environment where students have the opportunity to manage an institutional investment fund.

Investment Objective

Managers will follow a total return objective, seeking a return equal to the spending rate plus inflation, with a moderate amount of risk.

Trading Constraints

Initial investments are limited to 5% of the overall portfolio. The portfolio is rebalanced if any stock holding is greater than 10% of the overall portfolio.