The Funds
The original mandate for the Michael Price Student Investment Fund (MPSIF) called for a family of three equity investment funds (the "sub-funds"), each pursuing their own separate investment theme. A fixed income sub-fund was added soon afterwards. Currently, MPSIF is comprised of four sub-funds:
The Thematic Equity Fund
The Fixed Income Fund
The Growth Equity Fund
The Value Equity Fund
In conjunction with the Advisory Board, the inaugural student class selected the following three sub-funds:
Growth & Income Fund | Small-Cap Fund | Value Fund
Each sub-fund received an initial allocation of $600,000 from the donor's gift. The remaining $200,000 from the two million dollar gift is separately managed by Stern, from which funds may be used to pay for administrative expenses associated with the operation of MPSIF.
In May 2002, in order to improve its operating efficiency, MPSIF established a separate Fixed Income Advisory Group to manage a Fixed Income Fund. The Fixed Income Fund is staffed by students who are also members of an equity sub-fund.
Investment Guidelines
Fund Holdings
Executive Committee
The objective of MPSIF is to maximize total return consistent with the risk appropriate for an endowment fund. The goal is to maintain real capital preservation and have some real growth.
Each sub-fund operates under certain investment guidelines. For example, each fund may purchase U.S. securities including: stocks, bonds, money market instruments, mutual fund shares as well as foreign stocks and ADRs that do not incur special tax gains or losses. The funds may not acquire: commodities, derivative securities except under restricted circumstances, real estate, non-investment grade debt or penny stock securities, securities or other instruments that are not readily marketable (such as partnership interests). The funds may not borrow or lend funds or securities, or use any investments as collateral. Buying on margin is prohibited.
In December 2004, the MPSIF Executive Committee established operating guidelines for maintaining a balance among the various MPSIF funds. The guidelines are:
Rebalancing is triggered when any portfolio deviates by more than 10 percentage points from the initial policy portfolio allocation (i.e. <15% share or > 35% share).
The deviation must be sustained for at least 3 months as measured on June 30, July 31 and August 31 of any fiscal year.
The rebalancing date should be September 1 to minimize reporting problems in the Annual Report (FY ending August 31).
More than one sub-fund may own the same security, but no more than 3% of the total assets in MPSIF may be invested in any single company.
Fund Holdings
From time to time, we prepare a list of holdings for each equity fund.
For Spring 2025, the MPSIF Executive Committee includes:
President
Alfonso Miguel Sevi
Thematic Fund PMs
Bobby Kennedy
Paola Correa
Fixed Income Fund PMs
Won Choi
Satyam Chauhan
Growth Fund PMs
Hiroki Umemoto
Zoey Cai
Value Fund PMs
Nathaniel Taggart
John Alden
Faculty Advisor
Professor Anthony Marciano
Value Fund
Growth Fund
Thematic Fund
Fixed Income Fund
Spring 2025 - Value Fund
Won Choi
Alfonso Miguel Sevidal
John Alden
Fiona Gee
Nagako Suzuki (Ando)
Nathaniel Taggart
Sascha Oswald
Sai He
Mo Kim
Hanbin Lee
Joao Lima
Rosely Mateo
Leah Zhao
Spring 2025 - Growth Fund
Senkai Yang
Zoey Cai
Hiroki Umemoto
Yewon Cha
James Nielsen
Satyam Chauhan
Asher Yu
Taufik Hidayat
Sylvia Hou
Adil Khan
Risabh Kumar
Pob Tachachatwanich
Rhea Wang
Spring 2025 - Thematic Fund
Clare Pak
Alcor Zhang
Ignacio Porta Gimenez
Bobby Kennedy
Paola Correa
Casey Chen
Siddhesh Dalvi
McHenry Francois
Nishanth Shastry
Edward Siu Sing Tsang
Edward Wang
Kang Wang
Meghan Zhang
Lena Zhu
Spring 2025 - Fixed Income Fund
Won Choi
Nagako Suzuki (Ando)
Yewon Cha
Satyam Chauhan
Siddhesh Dalvi
Edward Siu Sing Tsang