Real Money, Real Decisions: UNK finance students manage $400K investment portfolio
KEARNEY – At the University of Nebraska at Kearney, learning about the stock market goes far beyond textbooks and lectures.
Business students put their knowledge to work by managing an investment portfolio valued at approximately $400,000.
The William L. Bauhard Student Managed Investment Fund gives upper-level finance students hands-on experience researching, analyzing and trading equities using real money. Launched in 2014 with an initial gift of $100,000, the fund has grown significantly while serving as a cornerstone of experiential learning in UNK’s finance curriculum.
Students enrolled in the investments and portfolio management courses function as professional portfolio managers, working in teams to evaluate potential buys and sells. They prepare formal equity research reports and present stock pitches to classmates, with transactions requiring a two-thirds majority vote and faculty approval.
“Our primary goal is education – far and above everything else,” said Suzanne Hayes, a finance professor and faculty adviser for the fund. “The purpose of having the fund is for students to gain those critical-thinking, communication and decision-making skills that employers are looking for. The secondary objective is to match the return of our benchmark portfolio.”
That benchmark is the S&P 500 index, a standard the fund has met nearly every year since its inception, according to Hayes. The all-equity portfolio is diversified across roughly 60 holdings, largely blue-chip stocks such as Apple, Microsoft, Amazon, Nvidia, PepsiCo and Bank of America.
For students, the opportunity carries weight precisely because the stakes are real.
“The fact that it is real money really helps to make it a lot more serious for everyone,” said Nathan Grabenstein, a senior from Kearney studying business administration with a finance emphasis and an agribusiness minor. “If you’re just doing theoretical or fake transactions, you wouldn’t take it as seriously.”
Connor Reeson, a senior accounting and finance major from Gretna, said the collaborative nature of the classes mirrors professional environments students will encounter after graduation.
“We meet as a class and decide whether to hold, buy or sell stocks and how much to invest,” he explained. “That’s something that can take you a lot further than just learning it on your own, because you need to be able to work in a group setting and make decisions that are best for the company as a whole.”
Nolan Wetovick, a senior from Cozad studying finance and political science, compared the fund to an internship program.
“It’s really important, especially for finance students, because it can be harder to get an internship with a financial adviser,” he said. “This gives you that real-world experience – analyzing companies, presenting ideas and being accountable for the outcomes. It’s definitely a unique opportunity.”
Students typically remain in the course sequence for two semesters, beginning with foundational analysis before moving into multiple rounds of stock pitches. Weekly market updates and sector reports keep students engaged with current market conditions, while an emphasis on long-term investing and fundamental analysis helps guard against short-term speculation.
Beyond financial performance, Hayes said the program emphasizes ethics, accountability and professionalism. Students prepare an annual report for donors, write thank-you notes and reflect on their experience managing funds that were entrusted to them.
“They feel a responsibility to those donors,” Hayes said. “I run the class like a professional investment company. I treat these students as portfolio managers, and they take that responsibility seriously.”
That sense of responsibility extends to the fund’s long-term vision. As the portfolio continues to grow, Hayes hopes to use a portion of the earnings to establish scholarships for future finance students – a goal that reinforces the program’s educational mission.
“You kind of have an ethical requirement to do well. You don’t personally get the money, but you don’t want to give a bad stock pitch or make a careless decision,” said Reeson, who wants to work as a certified public accountant.
Wetovick plans to attend law school, and Grabenstein is considering a career in agricultural banking and financial advising. All three UNK students believe their involvement with the investment fund will benefit them after graduation.
“This experience helps us grow into professionals, and that means more than getting anything financially from the fund,” Grabenstein said. “What we’re doing now will directly translate into our post-grad work.”
For Hayes, the growth she sees in students from the beginning to the end of the academic year is one of the most rewarding aspects of overseeing the fund.
“It’s experiential learning at its finest,” she said. “It’s rare that students have the opportunity to make decisions that have a real-world, monetary impact. And they rise to that challenge.”
The William Bauhard Student Managed Investment Fund was established through the University of Nebraska Foundation with a leadership gift of $90,000 from the late Bill Bauhard, a UNK alumnus and former financial services and telecommunications executive. Additional funds were contributed through gifts from Jack Connealy of JFC Financial Services in Lincoln; Ron Eckloff, a certified financial planner in Kearney; Financial Leaders Student Association; Wells Fargo Foundation; and Securities America of Kearney.