Wisconsin Value Fund
A disciplined, research-driven value strategy managed by a student investment team.
Why Invest Through a Student-Led Manager
Why Invest Through a Student-Led Manager?
You generate returns while helping students' education. Ten percent of revenue from client fees goes back to the UWM Foundation for IMCP student success. You are able to meet the managers who work on your individual stock investments (unlike many in mutual funds or separate accounts). You receive four layers professional oversight including from senior investment professionals. Plus, the structure reduces behavioral biases that negatively impact other funds as described below.
Supporting Student Success
Ten percent of revenue from client fees goes back to the UWM Foundation for IMCP student success.
This is not a footnote - it is how the structure aligns incentives and funds the next cohort. Every investor in the Fund is investing in the next generation of investment professionals.
Learning mindset may challenge consensus Students are still developing their frameworks and may be more willing to question prevailing market views.
Rapid feedback loop supports skill development High repetition and frequent peer review can help analysts develop pattern recognition and improve quickly.
Structure designed for intellectual honesty Fewer career incentives can encourage independent thinking and a willingness to admit mistakes early.
Process designed to force debate and avoid groupthink Committee structure and documentation standards surface conflicting views and encourage constructive challenge.
Fee structure designed to directly impact students Ten percent of revenue from client fees goes back to the UWM Foundation for IMCP student success.
Once a year turnover of students ensures fresh eyes on every holding Fewer biases against selling losers.
Great mix of wealth of sector knowledge while still being in tune to trends Mentors have over 100 years of industry experience and students closely following current trends.
Risk Disclosure: Investing involves risk, including possible loss of principal. There can be no assurance that the Fund will achieve its objectives.
Objective & Benchmark
Objective
Seek long-term capital appreciation through value-oriented equity selection.
Benchmark
Benchmark disclosed in Fund materials. Three products with Russell 3000 Value, Russell 1000 Value, and Russell 2000 Value benchmarks. Please refer to Disclosures for additional information.
Core Philosophy
Maximize return by buying improving companies at reasonable valuations.
Focus on fundamental improvement and valuation discipline.
Investing through company cycles.
Position sizing and risk limits embedded in the process.
Fundamental research with a capital allocation focus.
Prefer identifiable catalysts and conservative underwriting.
Investment Process
Screen
Quantitative and qualitative filters identify potential candidates. Initial screens focus on valuation metrics, business quality indicators, and structural characteristics aligned with our philosophy.
Systematic filtering - Quality focus - Valuation discipline
Research
Fundamental diligence includes financial modeling, competitive analysis, management assessment, and scenario planning. Analysts develop investment theses with clear catalysts and risk factors.
Deep dive analysis - Scenario modeling - Catalyst identification
Decision & Monitoring
Investment committee reviews research and makes allocation decisions. Ongoing monitoring includes thesis validation, position management, and disciplined sell criteria to maintain portfolio quality.
Committee review - Continuous monitoring - Sell discipline
Governance & Risk Discipline
Committee Decision-Making
Investment decisions are made by committee to encourage debate and reduce individual bias. Multiple perspectives are required before capital allocation.
Documentation Standards
All investment theses are documented with clear rationale, assumptions, catalysts, and risk factors to support accountability and learning.
Monitoring Cadence
Regular portfolio reviews assess thesis validation, position performance, and evolving risks. Updates trigger reassessment when key assumptions change.
Risk Constraints
Risk management includes diversification guidelines and position size limits to balance conviction with prudent portfolio construction.
Four Layers of Oversight
Mentors
- Dr. Kevin Spellman, CFA ("Coach"): 30+ years as analyst, portfolio manager, consultant, and director of research; 25 years teaching investments and 17 years leading UWM’s investment program.
- Kevin Silverman, CFA: Two decades as a Small-Cap Value Equity Manager; earned Manager of the Decade titles (PSN-Informa) for periods ending 2020-2022; Portfolio Manager at Carmel Capital Partners and Founder of Madison Partners (1998).
- Brian Pinsker: 30 years of investment experience; senior PM roles at Millennium (11:11 Capital), Viking Global, and Moore Capital; headed JP Morgan’s N.A. equities proprietary trading desk, becoming the firm’s most profitable trader worldwide.
Consistent, rigorously applied, and empirically tested philosophy and process
Investment Management Certificate Program (IMCP)
The Wisconsin Value Fund is modeled after a student fund in UWM's Investment Management Certificate Program (IMCP), where student-analysts gain hands-on experience managing real capital. Click here to learn more about the IMCP.
Important Information
This website is provided for informational purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security. Investing involves risk, including possible loss of principal. Please review our Disclosures for complete information about the Fund's investment objectives, risks, and other important details.