We’re thrilled to announce that the GW Investment Institute has received a grant from the Charles Schwab Foundation for the academic year 2024, furthering our mission of experiential investment education. With their generous support, we’ve awarded financial prizes for the first time ever to the top three pitches, recognizing Serena Colyer with $600, Yaseen Shah with $400, and Richelle Charisse with $250, based on the outstanding quality of their research and presentation delivery. Congratulations to our deserving recipients!These top three pitches were selected from among 39 presentations during our Fall 2023 Stock Pitch Days, showcasing the impressive talent and dedication of our students. We eagerly anticipate awarding three more accolades in the Spring semester of 2024.
Last week, students pitched investment recommendations for the GW Phillips Student Investment Fund (GW PSIF) and the GW Real Estate Student Investment Fund (GW RESIF).
The GW PSIF was launched in 2008 and currently has over $2.7 million in assets under management (as of 12/12/2023). The GW RESIF fund was launched in 2017 and currently has over $145,000 in assets under management (as of 12/12/2023). Check out the most recent GWII Quarterly Report for performance details for both funds.
During the Stock Pitch Days, each student used the collective knowledge they gained throughout the semester to develop an investment pitch while utilizing the GW Investment Institute Framework of BMPB: Business, Management, Price/Valuation, and Balance Sheet. After each student gave their pitch, the investment committee, i.e., the other students in the class, voted on their recommendation. Students must convince at least 80% of the investment committee members to accept the recommendation for the portfolio.
Here is a summary of December 2023 Stock Pitch Days:
39 student pitches
24 student pitches accepted for investment, or 62%
11 existing positions were increased
11 new positions have been added to the fund
Number of trades by sector:
7 in Consumer Discretionary and Staples
5 in Tech & Telecom
2 in Healthcare
3 in Financial Services
5 in Industrials & Infrastructure
2 in Data Centers & Self-Storage
Thank you to all of the students for their hard work and dedication.
A special thank you to our teaching assistants, Will Ahrens and Leon Kamenev, the 15 guest speakers, and Cushman & Wakefield for hosting an industry visit.
Stay tuned for the spring 2024 update from Prof. Lake!
The GW Investment Institute (GWII) teaches students at the George Washington University how to invest and how to think about investing. Our students serve as analysts and portfolio managers, managing over $7.7 million (as of 12/13/2023) in university endowment funds across four student investment funds covering: equities, real estate, and quantitative investing. The institute also offers a class on venture capital. In the GW School of Business finance classes taught by the GWII, students:
• Perform equity research, develop an investment thesis, pitch stocks,
• Gain exposure to tools and techniques for building quantitative models,
• Learn how to utilize research tools such as: FactSet, Bloomberg,
• Connect with alumni and industry professionals, and
• Qualify to receive a financial award for stellar performance in class.
The GWII has over 1,400 alumni worldwide. Our alumni make contributions by providing guest lectures, mentoring, advising, connections, and donations.
Your financial support for the GW Investment Institute enables real-world learning and networking opportunities for our students. It improves a student’s experience at GW and contributes to better industry placement.
Support Student Experience
$2,500 – Part-time Student Intern for one semester.
$5,000 – One GW team at the Cornell’s Women in Investing Conference.
$10,000 – One GW team at the McGill’s buy side competition in Canada.
$10,000 – Alumni reception in New York City or Washington, D.C.
$20,000 – Finance Career Trek NYC for 10 students from our classes.
$30,000 – Student Teaching Assistants helping with our classes.
Dear Friends and Supporters of the GW Investment Institute,
I am delighted to present the GW Investment Institute’s fiscal year 2023 annual report, celebrating a remarkable academic year. Along with esteemed Professors Matt Miller, Christine Song, and Bill Collier, we taught nine finance classes as part of the GW Investment Institute (GWII). We hosted 57 industry professionals, both in-person and virtually.
I am proud to share that we awarded $50,000 in financial accolades to our top 10 performing students, acknowledging their exceptional dedication in our classes. Furthermore, we coordinated the allocation of the first endowed scholarship to support women in finance.
Additionally, we expanded access to new tools for financial research. Namely, we integrated FactSet into our class curriculum and worked closely with BlackRock to introduce our students to their Aladdin technology.
Last fall, we hosted an alumni reception in New York City and enjoyed connecting with former students. Further, our Annual Conference on Quant Investing brought together more than 60 students, faculty, and alumni, fostering insightful discussions on the latest advancements in quantitative investing.
Regarding student competitions, for the fifth year, our students showcased their exceptional talent at the McGill International Portfolio Challenge, reaching the semifinals. Further, we sent one of our students to Cornell’s Women in Investing Conference for the first time.
Even though our primary goal is to teach students how to invest and preserve endowment capital, our Student Investment Funds continued outperforming the S&P 500 Index.
I extend my heartfelt gratitude to our dedicated students, professors, staff, teaching assistants, advisory and governing board members, portfolio advisors, and guest speakers who consistently go above and beyond to advance our mission of excellence in experiential investment education. It is through your collective efforts that we have achieved such remarkable success.
Our accomplishments and the exceptional performance of GWII’s Student Investment Funds reflect the hard work and dedication of 1,400+ alumni, faculty, and staff. On behalf of the GWII, thank you for your continuous support and unwavering engagement. With great enthusiasm, I eagerly anticipate the future of GWII and our continued growth, further shaping the landscape of investment education.
During the quarter that ended on September 30, 2023, the GW Investment Institute (GWII) began the 2023 fall semester, sent a student team to compete in Cornell’s Women in Investing Conference in Boston, and held the inaugural Ramsey Scholars Investment Summit. The following commentary was written by William Ahrens, a GWSB undergraduate student graduating in 2025 with a double major in Accountancy and Finance.
Market Commentary
Prepared by Will Ahrens, GW ’24
During the quarter, markets remained dynamic in response to the Federal Reserve’s evolving macroeconomic policy and heightened geopolitical tensions. On the domestic front, a high inflationary environment compounded with a strong labor market has influenced investor expectations of the Federal Reserve’s potential interest rate increases, with Federal Reserve officials signaling a single hike remains. While the outlook for future rate changes remains uncertain, the federal funds rate remains steady within a target range of 5.25% – 5.50%.
Notable performances were observed in the Energy (11.33%) and Communication Services (2.84%) sectors. Upstream and supermajor companies played a central role in the standout performance of the Energy sector throughout the period. However, other
sector equity returns remain depressed, facing a continued inflationary and uncertain environment returning: Utilities (-10.10%), Real Estate (-9.65%), Information Technology (-5.84%), Materials (-5.25%), Healthcare (-3.06%), and Financial Services (-1.60%). The Consumer Staples (-6.61%) and Consumer Discretionary (-5.00%) sectors remained negative throughout the quarter as companies and investors evaluated the impact of glucagon-like peptide 1 (GLP-1) drugs on consumer habits, spending, and consumption.
Overall for the quarter, the GWII’s Student Investment Funds, in the aggregate, underperformed the benchmark with a return of -4.6% vs. -3.3% for the S&P 500 while outperforming the benchmark year over year at 24.5% vs. 21.6% for the S&P 500.
The GW Investment Institute (GWII) recently hosted an Alumni Reception in New York City. Held at the elegant venue, The Skylark, located on the 30th floor at 200 W 39th Street, the event was marked by reconnection and insightful discussions.
One of the key elements that contributed to the success of the event was the enthusiastic participation of our alumni community, with over 25 GWII alumni in attendance.
The GWII team extends its gratitude to all the attendees for making this gathering so memorable. Your presence and active participation made the event a resounding success. We are appreciative of your continued support of GWII.
The event also marked a celebration of our alumni’s success. We are incredibly proud of our alumni and their accomplishments in finance. The event was a testament to the strength of our network and the impact our alumni are making in their respective workplaces.
We look forward to the next opportunity to bring together our alumni for another evening of connection. Stay tuned for future events and updates as we continue to foster connections and knowledge-sharing within our community.
Thank you also to GWSB Development and Alumni Relations who supported this event.
Nicolle Ugarte, a senior at the GW School of Business (GWSB) and the Columbian College of Arts & Sciences (CCAS), double majoring in Finance and Political Science, writes this guest blog post. Thank you to the Strategic Investment Group for sponsoring our WIN Conference participation again this year.
Established in 2016, Cornell’s Undergraduate Women in Investing (WIN) Conference is designed to educate undergraduate students about the rewarding career opportunities available in investment management, where women are vastly underrepresented. Welcoming students from top universities and professionals from sponsoring firms, the WIN Conference provides a unique space for networking, gaining insights from industry experts, and refining stock-picking skills through pitches to investing firm judges.
GWII’s WIN Delegation at the Conference
Rhys Chambers, Elizabeth Ellis, Sandy Isabel Huang Yin, and I represented GW this year at the WIN Conference in Boston. Reflecting on this experience, it has been one of my best experiences at GW; not only did I learn more about the financial industry and the stock market, but I was also able to meet other outstanding women working in the financial sector.
On the first day of the conference, we started with a networking session, where we met the other participating teams. This was a great experience as we met women from other universities interested in pursuing a career in finance and business. We also discussed the different sectors and stocks we selected for our pitches. After the session, we headed to dinner, where we listened to two panelists who provided insightful views on the current role of Environmental, Social, and Governance (ESG) in the investment business. They also shared about the structure and design of the conference. After a great dinner, we went to our rooms and practiced our stock pitch.
On the second day, we woke up early, headed to the main room for breakfast, and rehearsed our stock pitch with our advisor. After going through our pitch multiple times, we were confident and ready to pitch our stock to the judges. We went to the pitch room and took notes from the other presentations. Soon, it was our turn to pitch. We pitched our stock buy recommendation to the judges, delivering our best pitch yet. We communicated our main arguments and confidently answered the judges’ questions.
After our presentation, we received the judges’ feedback. It was a great experience as we got hands-on experience pitching stocks and analyzing a new sector, which in our case was consumer discretionary, focusing on shoes and sportswear apparel. Although we didn’t win, we did a great job pitching Deckers Outdoor Corp (DECK) and learned quite a bit from the judge’s feedback.
After the stock pitch, we joined the networking session with investment funds and other financial institutions. This session was incredible as we were invited to network with representatives of more than twelve financial companies in the U.S., including Fidelity, T. Rowe Price, Dodge & Cox, and others. During this session, we also got to ask questions regarding job applications, the transition from college to corporate life, and tips for incoming interns. After the network event, we had dinner while listening to the final keynote speaker and the closing remarks of Lakshmi Bhojraj, the Cornell Parker Center Executive Director.
After the event, we checked out from our hotel and squeezed our exploration of Boston into 1.5 hours! Overall, Cornell’s WIN Conference was an outstanding experience as we learned more about the investment industry and networked with remarkable women working in finance. It was also an excellent opportunity for us to represent GW and the GW Investment Institute (GWII)!
Thank you to our mentor, Professor Song, our advisor Kathleen Hinman, and the whole GWII team, Professor Lake and Bojana Jankovic!
The inaugural GW Ramsey Scholars Investment Summit held on September 30, 2023 marked a significant milestone for the GW Investment Institute (GWII) and The George Washington University more broadly.
The summit brought together GW President Ellen M. Granberg; School of Business Dean Anuj Mehrotra; GWII Director and Vice Dean Rodney Lake; Keynote Speaker, President, and Director of Research at Sands Capital, Perry Williams; and the five cohorts of accomplished students who have steered the GW Ramsey Student Investment Fund to exceptional growth over the past five years.
Reflecting on the fund’s journey, Rodney Lake expressed satisfaction at the fund’s performance, stating, “None of us could have anticipated this level of success when the fund was initiated nearly two decades ago” (GW Today interview).
In her address, President Granberg commended the value proposition offered by initiatives like GWII, underscoring their role in enhancing the quality and relevance of higher education. “The question is how are we going to offer value that merits the cost,” she said. “I think [the GW Investment Institute] is one of the best examples of the value-creation proposition I have come across in my time” (GW Today interview).
A highlight of the summit was the gathering of five cohorts of Ramsey Scholars. These scholars, spanning diverse academic, professional, and personal backgrounds, shared their experiences with GWII courses highlighting the impact that GWII had on their career trajectories. The summit also served as an opportunity for networking and knowledge exchange among Ramsey Scholars and current students.
To conclude, the 2023 GW Ramsey Scholars Investment Summit was a celebration of the success of GWII and the transformative potential of experiential learning. Thank you to everyone who joined us. We look forward to the next GW Ramsey Scholars Investment Summit on October 19, 2024.
Note: The quotes presented in this blog post were derived from a published article by GW Today.
In an interview conducted by Rodney Lake, Director of the GW Investment Institute (GWII), Dr. Randy Graves, an esteemed alumnus of George Washington University (Class of 1978) and former Director of Aerodynamics at NASA, shared about his time at GW and his decision to leave a lasting legacy through a generous donation to GWII.
Reflecting on his time at GW, Dr. Graves spoke about the profound impact the university had on shaping his education, career trajectory, and personal growth. He reminisced about pivotal moments, influential mentors, and transformative experiences that led him to the forefront of NASA’s Aerodynamics division.
Central to the conversation was Dr. Graves’ belief in the importance of giving back to institutions that have enriched our lives. He emphasized the symbiotic relationship between education, innovation, and philanthropy, highlighting the crucial role universities play in shaping future leaders and fostering groundbreaking research and discovery.
Dr. Graves’ decision to support GWII demonstrates the ripple effect of investing in future generations. His legacy gift serves as a testament to the enduring impact of education and the profound influence of individuals who choose to pay it forward.
Dear Friends and Supporters of the GW Investment Institute,
As we embark on another exciting semester at the GW Investment Institute (GWII), I wanted to take a moment to update you on our latest endeavors, achievements, and upcoming events.
A Warm Welcome to Our New Students The fall semester of 2023 began with great enthusiasm as we welcomed a new cohort of students to GWII classes and the community. It has been a pleasure to meet these bright minds and learn more about their aspirations in the world of finance.
Our Educational Offerings This semester, GWII is proud to offer three classes, engaging 45+ undergraduate students and over $2.7 million in Assets Under Management (AUM). These classes provide students with the opportunity to gain practical experience in investment management and develop critical skills for their future careers.
Applied Financial Securities Analysis Undergraduate students in this class manage the GW Phillips Student Investment Fund, a diversified listed equity portfolio with over $2.6 million in AUM, as of 09/18/2023. We have two sections of this class — I teach one and another is taught by Professor Christine Song.
Investing in Real Estate Investment Trusts (REITs) Undergraduate students in this class manage the GW Real Estate Student Investment Fund, a diversified portfolio of publicly listed REITs with over $145,000 in AUM, as of 09/18/2023. In this class, our students hone their skills in security analysis specific to REITs and real estate. I also teach this class.
Quarterly Report Our students continue to outperform the benchmark (S&P 500 Index), please see the most recent quarterly report as of June 30, 2023 with market commentary by GW senior Leon Kamenev.
Cornell’s Women in Investing Conference We’re gearing up to send a team of four talented undergraduate women to Cornell’s Women in Investing Conference (WIN) in Boston on September 28th and 29th. Rhys Chambers, Elizabeth Ellis, Nicolle Ugarte, and Sandy Huang Yin are excited to represent GW among eleven other U.S. schools.
We are excited to host the Inaugural GW Ramsey Scholars Investment Summit on September 30th, 2023, during Alumni & Families Weekend. The Summit is an exclusive gathering of five cohorts of Ramsey Scholars and a selected group of current students. The event will feature GW’s President, Ellen Granberg, GWII Chairman, Russ Ramsey, Dean Anuj Mehotra, and Perry Williams, President of Sands Capital, as our keynote speaker.
Stock Pitch Day | Washington, D.C.
GW Stock Pitch Days will take place on December 8th, 9th, and 10th, 2023. During the Stock Pitch Days students will use the collective knowledge that they have gained throughout the semester to develop an investment pitch while utilizing the GW Investment Institute Framework of BMPB: Business, Management, Price/Valuation, and Balance Sheet. Stay tuned for further detail
GW Investment Institute Alumni Reception | New York City
Please join us for an exclusive GW Investment Institute alumni gathering where you can connect with fellow alumni and hear from Director and Vice Dean Rodney Lake. The reception will take place on October 19th from 6:00 pm – 8:00 pm ET at The Skylark in New York City. Tickets are limited. If you would like to join us, please click here to register.
Please accept my sincere gratitude for your unwavering support. Your commitment and contributions play an instrumental role in providing our students with invaluable experiential learning opportunities. As we navigate through this semester, I am confident that the GW Investment Institute will continue to thrive, thanks to the dedication of our students and the support of our esteemed community.
I look forward to the exciting developments and achievements that lie ahead.
