2012 Fund Management Challenge

On 29 June 2012, after five months of hard work, student teams from eight universities participating in the Italian CFA Society Fund Management Challenge (ICFAS FMC) crossed the finishing line.

Sponsored by FactSet, Morgan Stanley and CFA Institute, the ICFAS FMC offers students the opportunity to apply in theory and in practice the art of institutional equity portfolio management through a real-time simulation.

Student teams were each asked to build an investment portfolio selecting five long and five shorts from the EuroStoxx50 Index to be managed over a period of five months. The results they obtained were remarkable. Despite the EuroStoxx 50 losing some 10% since the start of the competition, the average absolute and relative performance of students’ portfolios were positive.

The winning teams received their awards at the annual ICFAS Summer Aperitif at the Sheraton Majestic on 4 July. The first place winners of the first edition of the ICFAS Fund Management Challenge were students from the University of Padua, who achieved a 20% annualized absolute performance followed at close distance by teams from the University of Pavia (second place), and Bocconi University (third place).

Many thanks go out to the ICFAS FMC Organizing Committee (Andrea Dal Santo, Massimiliano Fumagalli, Dennis Montagna, Giuseppe Quarto di Palo and Luca Rossi) for organizing and supervising the competition.

If you are interested to join the ICFAS FMC Organizing Committee, please writo to

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The Winners


1st Prize - Students from the University of Padua team with Prof. Massimiliano Caporin and Matteo Cassiani, CFA, Italian CFA Society President

University of Padova Stats & Luck team members are: Michele Gaiotto, Anna Manfredini, Davide Rebeschini, Marco Rinaldo, Alessia Zalunardo


2nd Prize - Students from the University of Pavia team with Prof. Carluccio Bianchi and Matteo Cassiani, CFA, Italian CFA Society President


3rd Prize - Students from the Bocconi University team with Prof. Ombretta Pettinato, Ph.D. and Matteo Cassiani, CFA, Italian CFA Society President

Press Release

Il Sole 24 Ore PLUS24 - 7 July 2012 - Finanza in Aula. Vincono gli Studenti Padovani

ICFAS Fund Management Challenge: the Stats & Luck Team of the University of Padua Wins the First Edition

Italian CFA Society Fund Management Challenge - Additional Note

Italian CFA Sociaty Launches Fund Management Challenge for University Students

Il Sole 24 Ore PLUS24 - 4 February 2012 - Gestori in Provetta con l'Italian CFA Society

Soldi - 15 February 2012 - ICFAS. Al via la prima edizione del fund management challenge. Si premia l'eccellenza dei giovani studenti in finanza

Soldi - 15 February 2012 - Un torneo a suon di gestione

IlSole24Ore.com - 6 April 2012 - Studenti in gara a fare i gestori

Il Sole 24 Ore PLUS24 - 7 April 2012 - Universitari in Gara - In testa La Sapienza, seguono Bocconi e Pavia

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