seal  Purdue News

April 6, 2004

Purdue team wins national student investment fund contest – again

WEST LAFAYETTE, Ind. – A team from Purdue University's Krannert School of Management took first place in the nation's largest student-managed investment fund competition with a fund that has beaten returns of the S&P 500 by more than 100 percent over the past three years.

Krannert MBA students Brian Randolph of Chelsea, Mich., and Justin Banner of Arvada, Colo., made the winning presentation at the 2004 Redefining Investment Strategy Education (RISE) Symposium, which took place April 1-3 at the University of Dayton. The Purdue team took first place in the competition's graduate division growth-style equity portfolio category. In the past two years, the Purdue team won the sole overall award, however, this year's competition was divided into eight categories – four undergraduate and four graduate.

"I am so proud of all the students involved in the student-managed investment fund," said Michael J. Cooper, a Krannert School associate professor of finance and faculty adviser for Krannert's Student-Managed Investment Fund.

"Brian and Justin are so smart it makes your head spin. A Krannert team winning the University of Dayton competition for one year, let alone three years running, is an amazing accomplishment."

During the symposium, Randolph and Banner presented the fund strategy before a group of professional investment managers from many of the leading banks on Wall Street.

The Krannert team's strategy focused on quantitative analyses that attempt to take advantage of market inefficiencies and identify trends and seasonal patterns in the markets by using a combination of historical data, academic research and statistical computing techniques.

The Krannert team demonstrated the complex statistical analysis used in their successful trading strategies by dissecting a hypothetical stock market into small cubes, illustrating the complex, multidimensional data sorts used in the team's portfolio formation techniques. Randolph and Banner said they attribute the success to steadfast dedication and rigorous statistical testing performed by a larger team of Krannert MBA students, all of whom have aspirations for careers in the investment field.

The RISE symposium also included presentations by some of the biggest names on Wall Street, including Michael Moskow, president and CEO of the Federal Reserve Bank of Chicago. RISE was sponsored this year by the New York Stock Exchange, "The Wall Street Journal," CNBC, and Deutsche Asset Management, along with the University of Dayton's School of Business Administration.

The 2004 competition included more than 100 schools from the United States and Canada and had more than 900 people in attendance.

Writer: Mike Lillich, (765) 494-2077,

Sources: Michael J. Cooper, (765) 494-4438,

Brian E. Randolph, (765) 543-9656,

Justin Banner, (765) 463-5268,

Purdue News Service: (765) 494-2096;

Related Web site:
University of Dayton news release on competition winners

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