Graduate Student Managed Investment Fund Q&A with Emmanuel Hatzakis
What inspired the creation of the GSMIF, and how does it fit into the broader vision for Stevens' School of Business?
“We created the GSMIF to bridge the gap between classroom theory and real-world investing. We wanted our students to move beyond simulations and manage actual capital—making decisions with real money at stake. It’s key to our vision at Stevens: we aim to prepare leaders in finance who are confident, skilled, and experienced in navigating markets.”
How is the fund's performance evaluated, both from an educational and investment perspective?
“We evaluate the GSMIF’s performance in two ways. First, from an investment point of view, we look at risk-adjusted returns and how well students follow their investment strategy we have laid out and agreed upon. But equally important is how much students grow—how effectively they learn to analyze global markets, form sound strategies, and communicate their investment decisions and investment results clearly. And even more important is their ability to work well together in teams – the norm in investment management. Leadership and teamwork are must haves for them.”
How much autonomy do students have in making investment decisions, and what oversight mechanisms are in place?
“We give out students lots of autonomy. We encourage them to analyze markets independently, form investment views, and manage the GSMIF portfolio. However, this freedom comes with strong oversight. An Advisory Board and an Investment Committee reporting to the Stevens Board of Trustees, which consists of faculty, industry professionals, and administrators, reviews and guides their decisions, ensuring a balance of autonomy, responsibility and good judgment. Also, the Stevens Finance Office helps oversee the governance and compliance aspects of the fund, ensuring that decisions align with best practices and fiduciary standards. This structure not only protects the endowment but also enhances the learning experience by teaching students to operate within a professional investment framework.”
How do you balance the educational objectives with the responsibility of managing real endowment funds?
“We strike that balance very deliberately. Students are given the freedom to explore and develop their investment ideas, but always within a structured framework that emphasizes risk management, governance, and ethical decision-making. We follow professional standards aligned with the CFA Institute’s principles, ensuring that students learn to operate with integrity, accountability, and a deep sense of fiduciary duty. This focus on ethics and discipline helps students develop a strong foundation for their careers while protecting the integrity of the endowment. By managing actual capital under these high standards, students not only gain hands-on experience but also cultivate the professional mindset and values essential for success in the investment industry.”
What has surprised you most since launching the fund?
“The biggest surprise — and a pleasant one — is how quickly students grow in their decision-making skills and professional confidence. It’s amazing to watch them navigate complex global events, analyze risks, and develop investment strategies with genuine maturity. Their diverse perspectives, creativity, and teamwork have exceeded our expectations.”
Can you describe the application and selection process for students?
“Our selection process is rigorous and competitive. Students apply with a CV and cover letter that explain their investment interests and skills. Shortlisted candidates then are interviewed. We test their analytical thinking and how clearly they communicate investment ideas. Ultimately, we select students who demonstrate both strong financial acumen and the maturity to manage actual money.”
How do you leverage industry partnerships to enhance the GSMIF experience?
“Our industry partnerships are critical—they provide mentorship, guest speakers, and cutting-edge resources for our students. Professionals from leading asset managers and hedge funds regularly interact with the students, offering real-world insights, data access, and career guidance. This industry connection significantly enriches the learning experience.”
What makes this program unique? How does the GSMIF compare to similar programs at other institutions?
“What truly sets GSMIF apart is its global macro focus and the use of endowment capital—few programs offer both. Our students make strategic, macro-level investment decisions across multiple asset classes through ETFs, just as institutional investors do. We combine rigorous oversight, diverse student backgrounds, and strong industry ties. It’s an exceptional program designed to produce leaders ready to thrive in global finance.”