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 ESG 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 2024, the MPSIF Executive Committee includes:
President
Andrew Narang
ESG Fund PMs
Cole Dotson
Joshua Statland
Fixed Income Fund PMs
Tian Lan
Yongxian (Lucas) Li
Growth Fund PMs
Gregory Highley
Swathi Narahari
Value Fund PMs
Kishwar Ahmed
Jeremy Lee
Faculty Advisor
Professor Anthony Marciano
Value Fund
Growth Fund
ESG Fund
Fixed Income Fund
Spring 2024 - Value Fund
Kishwar Ahmed
Jeremy Lee
Bianca Isabel Dy
Jie (Vera) Tian
Kelsey Liu
Isabella Zhang
Tyler Nguyen
Naresh Garg
Peter Kim
Himanish Shah
Alfred Lin
Spring 2024 - Growth Fund
Andrew Narang
Gregory Highley
Swathi Narahari
Tian Lan
Yongxian (Lucas) Li
Sean Eddings
Alex Hayman
Harrison Pencer
William Chang
Robert Grey
Ryan Johnson
Biraj Rijal
Spring 2024 - ESG Fund
Cole Dotson
Joshua Statland
Pallavi Bhasker
Kevin Ling
Doris Lu
Rushang Gupta
Tao Song
Yi Liu
George Qiao
Yeji Kim
Rohit Roy
Spring 2024 - Fixed Income Fund
Tian Lan
Yongxian (Lucas) Li
Jeremy Lee
Doris Lu
Alex Haymen
Yi Liu
Naresh Garg
Jie (Vera) Tian