I N V E ST M E N T M A N A G E M E N T A C A D E M Y
Fall Fund Performance Report (December 2025) Executive Summary The Investment Management Academy (IMA) is a student-led organization focused on managing a $1.6 million long-only, small-cap equity portfolio with the objective of outperforming the S&P 600. The portfolio typically holds 20 stocks, with minimal cash reserves and no use of margin. IMA’s investment process is built on rigorous fundamental research and collaborative decision-making. Analysts work in pairs within sector-specific groups to screen for potential investments, conduct comprehensive financial analysis, and build three-statement models to support their recommendations. Each group is overseen by a Portfolio Manager who provides mentorship throughout the selection process. Recommendations are vetted through a director’s review and class voting to ensure alignment with the fund’s goals.
Letter from the Presidents One of the defining strengths of the Investment Management Academy is that we never stop looking for ways to improve. Every year, with the support of our directors, the executive team, and the broader membership, we work to sharpen our processes, streamline our functions, and operate as a more disciplined organization. That mindset shaped the past year and explains the trajectory of the Academy today. Currently, IMA has the greatest number of members it has ever had, and in our view, we are operating at a higher level and across more dimensions than at any point in our history. Socially, the program has built a real community. The Market Information Lab has continued to be a home base for our members. It is rare to walk in and not see students collaborating, studying, or discussing markets. That culture matters because it reinforces the idea that investing is something that extends beyond meetings and becomes a daily habit. On the performance side, the Academy delivered some of the strongest results in recent years. The specifics are presented later in the report, but what stands out is the consistency of the work. Whether it involved equity selection, macro framing, or attribution analysis, the process was thoughtful and disciplined. Our analysts learned to build, refine, and defend their theses with a level of rigor that aligns with the expectations of a real investment team. Much of this progress reflects intentional changes to the structure of the program. The two areas made a meaningful difference. First, we refined the pitch process for both written reports and presentations. Equity reports are now more concise, more focused on what drives an investment case, and more aligned with professional standards. Presentations have become clearer, with stronger emphasis on the variant view and the catalysts that matter. Second, we rebuilt the organizational framework of IMA. Instead of a loose set of overlapping committees, the Academy is now structured around three verticals: Portfolio Management,