Finance and Economics students in the Palumbo-Donahue School of Business have access
to one of the most powerful resources for conducting financial research: The Investment Strategy Institute (ISI). Beyond instructional support, the ISI is used to perform analysis for investment decision
making.
State-of-the-Art Resources
The ISI provides students with real-time global data on stocks, bonds, futures, options,
and currency markets and industry tools that support investment research, including:
24+ Bloomberg® Terminals
StockTrak
Wharton Research Data Services (WRDS), Compustat, and CRSP
MSCI and KLD
Access to Morningstar, Capital IQ, Mergent, First Research, and Value Line
The Institute is home to the following dedicated learning and research spaces:
David and Kimberly Warco Conference Room
Carl V. Lind Investment Strategy Manager’s Office
The Coury Firm Investment Strategy Research Room
Explore the links below to learn more about the Institute:
We manage an investment portfolio of $1.7mm. SMIF and DAMG is one of the most
influential parts of my college experience. The students and professionals I met challenged
my thinking, expanded my perspective, and shaped my college journey.”
Joseph Nichol, B'26Incoming Analyst, J.P. Morgan Private Bank
Student-Managed Investment Funds (SMIF)
A key feature of the ISI is the Student-Managed Investment Funds (SMIF) program in which students manage approximately $2.2 million in assets across three funds. Students learn about investments and financial markets
while utilizing Bloomberg® Terminals and other analytical tools to make investment
decisions for the Duquesne Values Fund (DVF), the Duquesne Microcap Fund (DMF), and
the Duquesne Balanced Fund (DBF). Through SMIF, students gain critical experience
in research, investment strategy, risk management, and decision-making.
To participate in the SMIF program, students must join the Asset Management Group @ Duquesne (DAMG). Students have the opportunity to deepen their learning by taking Managing Investments
I and II for course credit, although it's not required. In these classes, students
manage the investment funds under the guidance of faculty and an executive in residence.
At the end of these courses, students present management decisions and investment
results to the Investment Strategy Institute Advisory Council.
The Funds
Duquesne Values Fund (DVF)
DVF is a long-only fund that invests primarily in large-cap stocks selected on the
basis of fundamental analysis and ESG and Spiritan values. It's one of the largest
undergraduate funds of its type in the nation, and it pursues a stock selection strategy
employing fundamental equity analysis and valuation. Eligible investments are deemed
consistent with responsible investing criteria and Spiritan values.
The benchmark for the DVF is the iShares KLD 400 Social ETF (Symbol: DSI).
March 2026: Fund value is approximately $1.8 million.
Duquesne Balanced Fund (DBF)
DBF is an asset allocation fund that invests in ETFs for exposure across stocks, bonds
and cash. While managing a diversified, balanced portfolio of sector Exchange-Traded
Funds (ETFs), students learn the return and risk characteristics of a range of asset
classes.
The benchmark for DBF is a 70/30 allocation to stocks and bonds accomplished with
the SPDR S&P 500 ETF Trust (Symbol: SPY) and the iShares Core Aggregate Bond ETF (Symbol:
AGG).
March 2026: Fund value is approximately $215,000.
Duquesne Microcap Fund (DMF)
DMF is a long-only fund that invests primarily in micro-cap stocks using quantitative
models and traditional security analysis. In managing this common stock portfolio,
students learn about the major factors driving individual stock returns.
The benchmark for the DMF is the iShares Microcap ETF (Symbol: IWC).
March 2026: Fund value is approximately $158,000.
Financial Planning Major
The Financial Planning major is a CFP Board-Registered program preparing students
for careers in wealth management and to sit for the Certified Financial Planner™ exam.
The program utilizes ISI software and covers the CFP® certification Principal Knowledge
Topics. Students learn to guide clients in investments, retirement planning, tax strategy,
estate planning, and more. The Financial Planning major is supported by a generous
gift from Schwab Advisor Services in partnership with the Charles Schwab Foundation.
The Executive Certificate in Financial Planning is the only in-person post-graduate
program in the region that fulfills the education requirement and equips students
with the financial knowledge and skills needed to sit for the Certified Financial
Planner™ exam.
Asset Management Group @ Duquesne (DAMG) and Financial Management Association (FMA)
DAMG is a vibrant community of future finance leaders that connects students with
guest speakers, alumni, and recruiters—while helping you prep for internships, job
interviews, and life in the fast-paced finance world. Additional professional development
opportunities and case competitions are available to students who join FMA.
Finance & Economics Networking Event
Networking is key to student success. At an annual networking event, Finance, Financial
Planning, and Economics students meet professionals from our corporate partner companies
and other top firms. Students can explore career paths in financial services and wealth
management and learn about internship and job opportunities.
Programs
Students in these undergraduate and graduate programs benefit from the financial software,
databases, and experiential learning opportunities provided by the Investment Strategy
Institute.
Finance (STEM) Major
Students have the opportunity to analyze business opportunities to identify those
that create value and learn to structure portfolios of stocks, bonds, and other financial
assets.
Our curriculum is steeped in data analytics. Economics majors take a number of upper-level
courses in data analytics including two courses in Econometrics that require students
to complete several rigorous research projects.
In the M.S. in Finance (MSF) program, you will develop advanced financial analysis
and valuation skills for decision-making in all aspects of business investment, financing,
and operating activities.
The Executive Certificate in Financial Planning is a graduate-level program that fulfills
the education requirement for the CFP® Certification Examination.
