Applied Portfolio Management Program

Applied Portfolio Management Program

UVic’s Applied Portfolio Management Program (APMP) is a student-run investment program, centered on education and responsible investing. The program provides students with hands-on experience managing a $1.2 million portfolio of stocks and bonds, in close coordination with industry and academic experts. APMP is the premiere experiential learning experience at UVic for students interested in careers in financial services.

The Applied Portfolio Management Program is a collaboration between:

Student participation

Each academic year, APMP recruits two cohorts of UVic students. These students come from either our 4th year undergraduate (Bachelors) or Master’s programs: 

We recruit portfolio managers in May after students complete the Applied Investment Management Course (BMPD 320). UVic Continuing Studies offers this course from November to April. The AIMC course is open to 3rd year undergraduates. We interview candidates in October each year. 

Portfolio managers run the portfolio. They make all investment decisions on behalf of the fund in compliance with the Investment Policy Statement (the “IPS”). The portfolio managers do a few things such as:

  • manage the asset allocation
  • evaluate the risks
  • calculate the performance attribution
  • report to an oversight committee of industry experts called the Investment Advisory Committee (“IAC”)
  • make quarterly presentations to the IAC including investment “pitches” 

The portfolio managers report to a program director who manages them. Mr. Jordie Hutchinson CFA takes on this role.  He is a financial advisor with Edward Jones and a former portfolio manager at BCI. 

The Applied Investment Management Course is restricted to 16 students and taught online with classes one week out of every month. AIMC culminates with students making a stock pitch on a TSX-listed company to a panel of industry professionals. After completing the AIMC, the top graduates receive an invitation to apply to become a portfolio manager for a minimum 12-month term starting in the summer semester. Mr. Saurabh Suryavanshi teaches the AIMC. He is a portfolio manager at Dixon Mitchell Investment Counsel in Vancouver, BC. 

We recruit analysts in September after students finish two prerequisite courses in either Business (COM 371, COM 445) or Economics (ECON 305, ECON 435). Exceptional candidates who have not completed COM445 or ECON 435 but are enrolled for the fall semester may be allowed to apply. In order to receive an invitation to apply, students must achieve a grade of 80% or higher in these prerequisite courses. 

In September of their 4th year, we invite students to apply to become:

  • ESG analysts
  • equity analysts
  • fixed income analysts
  • economists
  • risk managers 

Analysts support and report to the portfolio managers, who have ultimate decision-making authority on the fund. These roles are for a minimum 8-month term. Please note that exceptional analysts may be able to advance to more senior roles based on performance. 

Upon completion of their prerequisite coursework, students apply to APMP. Once accepted, students enter into a directed studies course. Their activities as a portfolio manager or analyst are overseen by industry professionals and UVic faculty members. Students can contact an academic advisor to confirm how they can use the APMP directed studies course toward their degree requirements. The intensive program provides students with applied investment management education, skills and experience. This helps the recruitment efforts for local firms, such as BCI, and identifies potential future candidates for future CFA Charterholders.

Students enrolled in the Applied Portfolio Management Program learn:

  • Investment management policy
  • Fiduciary duty
  • Investment management ethics
  • Asset allocation
  • Performance measurement
  • Client reporting
  • Trading, compliance and cash flow management
  • Risk-management
  • Modelling and forecasting
  • Equity and fixed income valuation
  • Security analysis skills including: credit risk, legal, tax and regulatory risks, ESG practices and capital structure

General information
Students who want to receive more information about this program can contact Dr. Michael King.

How to support the program
For more information about how to make a gift, or become involved with the Applied Portfolio Management Program in other ways, please contact bizdev@uvic.ca

With your support, we can continue to provide University of Victoria students with experiences that enrich and enhance their education.

Key contacts

Publications

Here are some annual reports from the Applied Portfolio Management Program:

2021 Annual Report

2020 Annual Report

2019 Annual Report

2018 Annual Report

Description of roles

Portfolio Manager

Portfolio Managers (PMs) are responsible for making investment decisions on behalf of the investment fund while reporting on performance and attribution to the Investment Advisory Committee (the “IAC”). PMs must ensure the fund’s investments are in compliance with the Investment Policy Statement (“IPS”). The Portfolio Managers report directly to both the IAC and the Program Director. 

PMs are responsible for the generation and vetting of investment ideas, research, presentations, and fund management. While individual PMs may take responsibility for a particular function (e.g. performance attribution), PMs must collaborate and reach consensus on investment decisions recommended for inclusion in the fund. PMs are also expected to complete ad hoc requests from the IAC, and the Program Director. PMs prepare external reports based on the UVic Student Investment Fund Guidelines on Reporting. They must also comply with the UVic Student Investment Fund Statement of Ethics and Conflict of Interest Policy and related UVic policies. 

Upon completion of their term, the PMs must prepare an Annual Report. PMs are ambassadors for the program, including attending information sessions, public functions, and industry events. All PMs are expected to attend all meetings and seminars, subject to any reasonable conflicts.

ESG Analyst

ESG Analysts are responsible for incorporating environmental, social and governance (ESG) factors into APMP’s investment decisions across asset classes. The ESG analyst is responsible for maintaining and enhancing APMP’s ESG investment framework, outlined in the APMP 2019 Annual Report (p.13-15). They must become familiar with the SASB Materiality map, the UN’s Principles of Responsible Investment (PRI), the UN’s Sustainable Development Goals (SDGs), and the University of Victoria’s Responsible Investment Policy. A key initiative will be evaluating the carbon footprint of the portfolio’s investments and bringing it in line with UVic’s decarbonisation objectives. ESG analysis is a part of screening for new investments and valuation. Reporting to the PMs, the ESG analyst will contribute to market updates, company reports, and investment pitches at IAC meetings.

Equity Analyst

Equity Analysts are responsible for monitoring and reporting on the existing Canadian and US equity holdings. They would also be involved in screening for new investments and building valuation models under the supervision of the PMs. These students are expected to excel in the analysis of financial statements, the calculation and interpretation of financial ratios, relative valuation based on the market multiples of comparable companies, and intrinsic valuation using discounted cash flow (DCF) models. The equity analysts will contribute to equity market updates, company reports, and new stock pitches for IAC meetings.

Fixed Income Analyst

Fixed Income Analyst are responsible for monitoring and reporting on the existing Canadian and US fixed income holdings. They would also be involved in the analysis of different bond ETFs, credit analysis for the individual company holdings in the equity portfolio, and research on fixed income markets in Canada and the USA. These students are expected to excel in bond valuation, credit analysis and credit ratings, and modeling the yield curve. The fixed analysts will contribute to bond market updates, and – working with any economists – the forecast and impact of monetary policy for presentation at IAC meetings. They would be assist with performance attribution for the fixed income portfolio.

Economist

The Economist is responsible for monitoring and reporting on the macroeconomic outlook for Canada and the United States. They would be responsible for collecting and summarizing public and private sector economic forecasts, reporting on monetary and fiscal policy, and interpreting the latest statistical releases. The focus would be on assisting both the equity and fixed income analysts in their roles, such as providing forecasts for GDP, inflation, interest rates, foreign exchange rates, oil and other key inputs to valuation models. They would be responsible for the economic forecast at IAC meetings. They would also assist with the macroeconomic input to asset allocation and decisions to over/under-weight different industries.

Risk Manager

Managing risk is integral to APMP’s fiduciary role in managing its clients’ funds. The risk manager will be responsible for evaluating, monitoring, and communicating the risks with APMP’s portfolio. This role has three main functions: (1) ensuring compliance with the Investment Policy Statement (IPS), (2) monitoring specified risk metrics for the portfolio, and (3) assisting the PMs with performance attribution. The PMs, Program Manager, and IAC members will define key risk metrics to manage concentration risk, credit risk, liquidity risk, and market risk. The risk managers would be responsible for the risk report at IAC meetings.