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EMIF
 * About EMIF
 * Apply
 * For Institutions
 * Past Fellows

EMIF
 * About EMIF
   
 * Apply
   
 * For Institutions
   
 * Past Fellows
   
 * Mehr
   
    * About EMIF
    * Apply
    * For Institutions
    * Past Fellows






ENDOWMENT MANAGEMENT INVESTMENT FELLOWSHIP




Each summer, a group of prominent U.S. endowments and foundations collaborate to
offer a fellowship for undergraduate students interested in investing. 

To learn more, read about the program below. Application information for
prospective fellows can be found under Apply. Additional information for Host
Institutions can be found under For Institutions.



ABOUT THE ENDOWMENT MANAGEMENT INVESTMENT FELLOWSHIP ("EMIF")

Are you interested in investing? Have you always wanted to learn more about
investing in stocks, bonds, hedge funds, real estate, and venture capital? Did
you know you can invest while supporting great causes, like a foundation’s
philanthropic programs or a university operating budget? In 2018, several
prominent foundations and universities came together to create a prestigious
Endowment Management Investment Fellowship for a select group of bright students
entering their Junior and Senior years in college. Our goal was to teach these
undergraduates fundamental investment concepts, introduce them to careers in
endowment management, and potentially recruit them into careers or help place
them in other finance- and investment-related positions after they graduate. 


What is Endowment Management?

Nonprofit organizations, whether universities or foundations, usually support
their ongoing programs by spending the returns from a large investment pool
called an endowment. The goal of the endowment is to grow its principal value
with inflation, while contributing a certain amount of payout to the operating
expenses of the institution each year. The endowment is invested globally across
a broad variety of asset classes, including stocks, bonds, real estate, private
equity, venture capital, and hedge funds. These asset classes combine to create
investment portfolios with a return and risk profile that is tailored to fit the
needs of the institution. Most institutions spend only about 5% of assets a year
as payout, enabling them to have a strategic long-term investment horizon. As
such, these institutions are preferred partners to the best investment managers
in the world.


What is the Endowment Management Investment Fellowship (EMIF)?

Participating institutions of EMIF will select several students each year
entering their Junior and Senior years in college. These students will come
together at the beginning of the summer for a multi-day seminar to learn
investment concepts and gain exposure to senior investment professionals who
will talk about their experiences managing endowments. Students will read a
selection of books and case-studies on investing. Each student will be assigned
to an investment team at a major university or foundation for an eight-week
fellowship. Mentors will guide students through the program, helping them select
one major project for the summer (for example, a study on investment
opportunities in the timber industry, a white paper on investment opportunities
in Vietnam, or an analysis of the appropriate liquidity budget for a portfolio).
Mentors will work toward ensuring that students have a well-rounded experience,
have the opportunity to work across asset classes and with various team members,
and help students think about career goals. At the end of the summer, the
students will come together as a group to discuss their experiences and
learning.


What kinds of institutions will be participating?

Prominent university endowments and philanthropic foundations with successful
investment programs and assets of $500 million or more plan to participate.
Institutions participating in 2023 include:

 * Amherst CollegeAnnie E. Casey Foundation

 * Berkeley Endowment Management Company (University of California, Berkeley)

 * Brown University

 * Columbia Investment Management Company (Columbia University)

 * Conrad N. Hilton Foundation

 * David & Lucile Packard Foundation

 * James Irvine Foundation

 * KFF (Kaiser Family Foundation)

 * Mother Cabrini Health Foundation

 * Mount Holyoke College

 * Tufts University

 * UCSF Foundation Investment Company (UCSF Foundation)

 * Wesleyan University

 * Williams College


Will the participating institutions offer different experiences?

The participating institutions have plenty in common with respect to their
investment approach and the program is designed to create a common experience.
That said, each institution has a unique investment style, and as such,
experiences will vary by institution.  Requests for placement in particular
geographies or with particular institutions will be considered but are not
guaranteed. 


Are there additional participation requirements for fellows?

By accepting their summer offer, fellows agree they must:

 * Complete the assigned reading for the Seminar

 * Attend and participate in the entire 3-day Seminar

 * Attend all Manager Speaker Series and Thursday Forums hosted during the
   summer fellowship unless excused for vacation, illness, or another important
   conflict

 * Complete a project on a topic of interest to all institutions and make a
   final presentation

 * Attend the Final Presentation Day and make a final presentation


What are the 2024 program dates?

The dates for the 2024 seminar and fellowship are below:

 * 3-Day Introductory Seminar: June 5 - 7, 2024 (remote)

 * 8-Week Fellowship: June 10 - August 2, 2024 (in-person with host
   institutions)


What are the 2025 program dates?

The dates for the 2025 seminar and fellowship are not yet finalized but will be
similar to 2024.





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