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Skin in the Game

SMIF advisor Nomalia Manna, PhD, confers with (center) the club’s Vice President Colby Zelano ’24, and (right) President Andrew Martin ’25.

Sep 1, 2024

On a Sunday morning in the haze and heat of July, a group of students in impeccably pressed suits gathered in the lobby of the Charles F. Dolan School of Business. Many had driven hours to campus to meet with Fairfield University Magazine. They were all ten minutes early. They had firm handshakes. They were prepared to field questions about macroeconomic outlooks, risk analytics, and long-term investment growth strategies.

Fairfield Dolan prides itself on the top-drawer preparedness of its students. But this group is a particular marker of the Dolan School’s quality of experience: they are members of the Student Managed Investment Fund (SMIF), a competitive extracurricular club open to any undergraduate or graduate student willing to brave the rigorous application process.

Headquartered in Fairfield Dolan, the SMIF club is advised by Nazli Sila Alan, PhD, associate professor of finance, Nomalia Manna, PhD, assistant professor of finance, and Noah Wollowick, visiting instructor of analytics. Members meet every Tuesday evening during the academic year to venture into actual securities analysis and portfolio management.

The SMIF currently manages about $400,000, a portion of the University’s endowment allocated by Fairfield’s Vice President for Finance and Chief Financial Officer Michael Trafecante MBA’01, P’26,’22,’21,’19. Trafecante acts as signatory on the brokerage account for the group and liaises to the University’s Board of Trustees, which ultimately approves all allotted funds.

Trafecante said that one of the many rewards of working with SMIF is “getting to know these truly impressive, high-quality students” who will one day, he suspects, become very successful.

The SMIF has grown remarkably since its inception in 2007, when a handful of students gathered to form an investment team. Today, there are 50 student members across class years and a core long term leadership group that consists of a president, co-vice presidents, seven portfolio managers, and a fleet of analysts. The SMIF also has students in the roles of chief economist, chief risk officer, and chief marketing officer. Grouped by industry segment, teams of members present ideas to the full club each week; these initiatives are then voted on by the officers.

Student-run investment funds and clubs exist at other universities, and they, too, often invest actual money, but one particular distinction makes Fairfield Dolan’s SMIF unique.

“A big difference at Fairfield is the autonomy we give to the students,” said Dr. Alan, who has advised the group since 2019. In talking with a number of faculty from other schools, she’s learned that when it comes to decision making, faculty members often have the biggest input. And even more often than that, student recommendations have to go “up the chain” in a weeklong or two-week approval process. “By then, the market has changed,” said Dr. Alan. “In our case, students have to show up every week; there is no ‘free riding.’ Sales and acquisitions are decided upon…and everything executes the next morning.”

(l-r) John Martin ’23, MBA’24; Gianluca Caravello ’25; Nomalia Manna, PhD; Jennifer Peña ’25; Gianna Greco ’26; grad student Colby Zelano ’24; and Andrew Martin ’25.

A large part of the students’ work in the SMIF centers around researching and pitching potential investment opportunities. Currently, the portfolio is made up of diverse equities — stocks, ETFs (Exchange Traded Funds), mutual funds, and bonds — from consumer staples, energy, healthcare technology, and industrials. Recently the club has made some global investments in India; some ETF options in China and Korea are currently being contemplated.

“The students do an amazing job,” said Dr. Manna, about the extensive research that goes into creating an informed pitch for a SMIF meeting. “They learn about the politics of the country, how the political scenario impacts the stock markets...it’s a very intentional process, with a focus on ethics.”

Current SMIF President Andrew Martin ’25 said that the investment club was one of the key reasons he chose to attend Fairfield. A New Jersey native, he originally learned about the SMIF from his older brother, John Martin ’23, MBA’24 who currently serves as the club’s alumni liaison.

“This organization is a group of driven, passionate, team-oriented students that share a fascination both in the markets and in a future career in finance,” Andrew Martin noted. “My current role casts a wide net to ensure that everyone is heard, creativity and curiosity is utilized, and that our place at Fairfield and in the community is maintained and augmented.”

Martin’s predecessor, outgoing SMIF President Dean Tobin ’24 attended the prestigious Alternative Investment Conference at the London School of Economics last February, making history as the first Fairfield University student to do so. He recently accepted a full-time position as a retirement plan associate at Franklin Templeton. In fact, most students who participate in the SMIF benefit from résumés with hands-on investment experience and alumni connections within the group, earning internships and jobs at top firms like Goldman Sachs, Bank of America, UBS, Deutsche Bank, TD Securities, Wells Fargo, and Morgan Stanley.

SMIF members are also focused on community outreach. They’ve organized clean-ups on Jennings Beach, introduced new Fairfield Bellarmine associate’s degree students to the club, and created a Women’s Insights Program to mentor women interested in finance careers.

“We feel that as ‘men and women for others,’ it’s our responsibility to give back to those around us,” Martin said, “and to leave a lasting impact greater than ourselves on the community we are grateful to be a part of.”

Oh, and, how’s the fund doing this year? Its 2024 year-to-date performance is currently up approximately 12.8 percent, significantly outperforming market benchmarks on a nominal and risk-adjusted basis.