Fund Management Challenge

2012 Edition

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.


Placement University
1st Università degli Studi di Padova
2nd Università degli Studi di Pavia
3rd Università Commerciale L. Bocconi


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).

Participating Universities

Università Commerciale L. Bocconi
Università Ca’ Foscari di Venezia
Università Cattolica del Sacro Cuore di Milano
Università degli Studi di Firenze
Università degli Studi di Parma
Università degli Studi di Genova
Politecnico di Milano
Università di Napoli “Federico II”
Università degli Studi di Padova
Università degli Studi di Palermo
Università degli Studi di Pavia
Università degli Studi di Perugia
Università di Roma “Sapienza”

Press Coverage

Finanza in Aula. Vincono gli Studenti Padovani
Il Sole 24 Ore PLUS24 - 7 July 2012
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 Gestori in Provetta con l'Italian CFA Society
Il Sole 24 Ore PLUS24 - 4 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
Soldi - 15 February 2012
Studenti in gara a fare i gestori
IlSole24Ore.com - 6 April 2012
Universitari in Gara - In testa La Sapienza, seguono Bocconi e Pavia
Il Sole 24 Ore PLUS24 - 7 April 2012