Timeline of Success, 2009-2025
From founding gift, new investment lab, and first students, to growth of assets, benchmark evolution, and partnerships to serve the community and industry while helping students.
Program Milestone
Gift / Funding
Benchmark Change
Partnership / Project
Approval & the David O. Nicholas Applied Finance Lab
Program Milestone
The Investment Certificate in Investment Management moves through university approval processes. A $2.5 million donation funds the David O. Nicholas Applied Finance Lab, equipped with FactSet and Bloomberg, a ticker tape, 12 dual-monitor computer workstations, a “boardroom,” and the latest video conferencing technology. Over time the lab adds UBS HOLT Lens, Steele Mutual Fund Expert, ISS EVA Investor Express, Axioma, and Northfield analytics, plus brokerage research from most of the top 7 providers and others.
First Students Recruited
Program Milestone
IMCP recruits its first cohort of students into the program.
IMCP Launches with Founding Gift
Gift / Funding
The Investment Management Certificate Program launches with $100,000 in assets — a gift from Paul Franke, retired Investment Officer of William Blair.
Fund Inception — Three Funds Launch
Program Milestone
The IMCP funds officially launch with three portfolios: US Growth stocks (Russell 3000 Growth benchmark), US Value stocks (Russell 3000 Value benchmark), and ALT, an alternative to US equities benchmarked to 66.7% US bonds (AGG) and 33.3% Emerging Markets (EEM).
ALT Benchmark Shifts to Global Bonds & Non-US Stocks
Benchmark Change
ALT becomes active versus passive/enhanced-indexed, with a new benchmark of 50% international stocks (Russell Global ex-US), 16.7% US bonds (AGG), 16.7% Europe bonds (IEAG), and 16.7% emerging markets bonds (EMB).
$200,000 in New Gifts
Gift / Funding
IMCP students gain $200,000 more to manage through two $100,000 gifts: one from Bill Nasgovitz, Chairman and Portfolio Manager of Heartland Advisors, and one from Dave Nicholas, Chief Executive Officer, President, Chief Investment Officer and Portfolio Manager of Nicholas Company.
Elmbrook Humane Society Partnership Begins
Partnership / Project
IMCP signs an agreement to do project work for Elmbrook Humane Society, involving portfolio analysis and presentations to EBHS’s Investment Committee for its multi-million-dollar portfolio.
Growth & Value Benchmarks Refined
Benchmark Change
Benchmarks for the US Growth and US Value funds change to Russell 1000 Growth and Russell 2000 Value — reflecting donors Dave Nicholas’s and Bill Nasgovitz’s investment strategies, and letting students dig into perhaps undiscovered and underfollowed small value stocks while still building a strong understanding of the large growth stocks dominating the markets.
$2 Million in New Assets
Gift / Funding
Students begin managing about $2 million more in assets, with $1 million from the new Baird Fund and $1 million from the UWM Foundation.
ALT Becomes Global Macro
Benchmark Change
ALT is renamed Global Macro, with its benchmark moved to 50% US bonds (AGG) and 50% Russell Global ex-US.
Global Macro Benchmark Updated
Benchmark Change
The Global Macro benchmark changes to 50% US bonds (AGG) and 50% MSCI All Country World Index ex-US (ACWIX), as Russell Global ex-US is no longer an index.
Dana Investment Advisors Partnership
Partnership / Project
In a new project, the Value fund becomes a model for client portfolios at Dana Investment Advisors — taking IMCP learning to the highest levels. Students take on research, portfolio analysis, marketing, and client relations roles, with those in client relations interning at Dana Investment Advisors.
Value Fund Benchmark Rebalanced
Benchmark Change
The Value fund’s benchmark changes to 50% Russell 2000 Value (keeping focus on underfollowed value stocks) and 50% Russell 1000 Value (adding large-stock analysis). With the proper mix, the two portfolios can be combined to create a Russell 3000 Value index equivalent — spanning large-, mid-, and small-cap stocks.