• Stock Write-ups – Applicants produce a two-page stock write-up for two assigned companies, providing an overview of the business, investment thesis, analysis of risks and stock recommendations.
• Personal Essay – The essay addresses how the candidate will contribute to the SIF, related personal experience and discussion of recent market events.
• Company Presentation – Applicants deliver an in-depth five-minute presentation on a company of their choice and its valuation/prospects, and engage in a Q&A session with a student-led panel.
• Final Interview – Professor Bill Cockrum, faculty advisor to the SIF, leads a panel interview, which is the final step of the selection process.

Portfolio guidelines mandate that no security be more than 7.5% of the portfolio at cost and no industry sector exceed more than 20% of the total fund value. The fixed-income asset class must maintain a minimum of 15% of the total value of the fund. The SIF’s bylaws include a 3% minimum allocation (for both educational and diversification purposes) of the following asset classes:

• Equities: Domestic
• Equities: Long-Term
• Fixed Income (with no less than 2% of the fund’s market value allocated to each of the following fixed-income categories: corporate bonds, government securities, high-yield bonds, municipal bonds and structured products)
• International
• Emerging Markets
• Alternatives
• MLPs
• REITs
• Cash

Restricted securities include fixed-income securities having lower than a BBB rating, securities with insufficient liquidity and unmarketable securities.

The SIF Fellows meet weekly with Professor Cockrum and four practicing investment management professionals — Dave Carpenter, Shelby Notkin, Shawn Patt and Keith Webster — to discuss current market events and trends, portfolio performance and prospective trades.

The group produces a year-end report and presents it to faculty, SIF alumni and members of the investment community at the annual meeting.