# Investment Management Initiative | The Four MPSIF Sub-Funds

Every student belongs to one of four sub-funds and sits on its investment committee. The four committees invest independently, each against its own benchmark, within one shared set of investment guidelines. Together their benchmarks form a blended benchmark of 75% S&P 500 and 25% Bloomberg Aggregate Bond Index.

All four share the same objective: better than benchmark risk and return, by investing in securities that provide superior total return.

|  | MPT Thematic | MPSY Systematic | MPO Opportunistic | MPF Fixed Income |
|---|---|---|---|---|
| Benchmark | S&P 500 | S&P 500 | S&P 500 | Bloomberg Aggregate Bond Index |
| Approach | Macro and sectoral themes | Systematic equity factors | Catalyst-driven stock selection | Active fixed income management |
| Instruments | Baskets of equity investments | ETFs with dedicated factor exposures, individual securities, or both | Individual equities | ETFs, individual bonds, and equity securities with fixed income characteristics such as REITs and preferred shares |

- [###  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)