# Investment Management Initiative | Michael Price Student Investment Fund ![NYU Stern building](/sites/default/files/styles/640w_x_535h/public/2024-01/UC-Image-Responsive%20-%202505x1326%20-%20KMC%20Kaufman%20Building.jpg.webp?h=75a1217b&itok=89XiWiP3) ## Michael Price Student Investment Fund Since 1999, Stern students have managed a portion of the NYU endowment. Four investment committees, real capital, and a full year of investment decisions made and defended by students. [ Explore the funds ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds) [ Read the annual report ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/mpsif-annual-report-and-performance) --- ### 1999 ### Founded ### $3.5m ### AUM ### 4 ### Sub-funds ## A real fund, run by students Managing Investment Funds is a course at NYU Stern in which students manage a portion of the NYU endowment within the Michael Price Student Investment Fund (MPSIF). It was founded in 1999 through a gift from the investor Michael Price. The fund's returns support scholarships for students from the Michael F. Price College of Business at the University of Oklahoma to study at Stern, and other educational activities at the School. This is not a simulation. Students research ideas, pitch them to their investment committee, vote on them, and execute the trades themselves. ## Return versus benchmark, fiscal year 2025 to 2026 Each sub-fund is measured against its own benchmark, and the fund as a whole against a blended benchmark of 75% S&P 500 and 25% Bloomberg Aggregate Bond Index. [Return versus benchmark, fiscal year 2025 to 2026](https://docs.google.com/spreadsheets/d/e/2PACX-1vTQykJEhQ6CY2q8fISxaFMJmhflR8bPjYvhnJfGpvMxfMazmwJ4z_Dk7drdouPSSviunekH3H5sI7Pd/pubchart?oid=917269579&format=interactive) [View chart](https://docs.google.com/spreadsheets/d/e/2PACX-1vTQykJEhQ6CY2q8fISxaFMJmhflR8bPjYvhnJfGpvMxfMazmwJ4z_Dk7drdouPSSviunekH3H5sI7Pd/pubchart?oid=917269579&format=interactive) Alternate Format Column chart comparing each fund's return with its benchmark's return for fiscal year 2025 to 2026. All benchmarks cover 1 September 2025 to 30 April 2026. MPSIF total: 7.8% against 9.3% for the blended benchmark, 1.5 percentage points behind. Thematic: 3.1% against 11.6% for the S&P 500, 8.5 points behind. Systematic: 19.41% against 11.6% for the S&P 500, 7.81 points ahead. Opportunistic: 8.0% against 11.6% for the S&P 500, 3.6 points behind. Fixed Income: minus 0.17% against 2.3% for the Bloomberg U.S. Aggregate, 2.47 points behind. ## The four funds The course is organised into four sub-funds, each with its own mandate, benchmark and investment committee. Every student belongs to one. - [### MPT ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-thematic-equity-fund) [### Thematic Equity ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-thematic-equity-fund)Identifies the macro and sectoral themes driving equity returns and invests in baskets of equities built to capture them. Benchmark: S&P 500 [ Thematic Equity Fund ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-thematic-equity-fund) - [### MPSY ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-systematic-equity-fund) [### Systematic Equity ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-systematic-equity-fund)Takes exposure to systematic equity factors such as value, momentum and quality, through dedicated ETFs, individual securities, or both. Benchmark: S&P 500 [ Systematic Equity Fund ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-systematic-equity-fund) - [### MPO ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-opportunistic-equity-fund) [### Opportunistic Equity ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-opportunistic-equity-fund)Invests in individual equities where an identifiable catalyst supports significant outperformance. Benchmark: S&P 500 [ Opportunistic Equity Fund ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-opportunistic-equity-fund) - [### MPF ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-fixed-income-fund) [### Fixed Income ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-fixed-income-fund)Actively managed fixed income, using ETFs and individual bonds. Benchmark: Bloomberg Aggregate Bond Index [ Fixed Income Fund ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/four-mpsif-sub-funds/mpsif-fixed-income-fund) ## How a position gets made - ### 1 ### Research and pitch A student develops an investment idea and pitches it to their investment committee with a written thesis, a target price and a stop-loss. - ### 2 ### Debate and vote The committee challenges the idea and votes on it. Nothing is bought or sold without a committee decision. - ### 3 ### Execute and monitor The committee's traders execute approved trades, and the committee tracks every position against its thesis, its target and its stop-loss until it is closed. [ How the course works ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/how-mpsif-course-works) ## Applying to the course MPSIF admits one class a year, for fall entry. [ How to apply ](/experience-stern/about/departments-centers-initiatives/investment-management-initiative/experiential-learning/michael-price-student-investment-fund/applying-michael-price-student-investment-fund)