Fund Management Challenge

The 2026 CFA Society Italy Fund Management Challenge officially concluded on 23 June with the awards ceremony, marking the end of another successful edition of the Society’s flagship educational initiative for university students. Over several months, participants worked in teams to manage equity portfolios in a realistic investment environment, combining financial analysis with disciplined decision-making and adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. 

This year’s competition reached a new milestone, involving 62 students, 13 Italian universities and 15 investment professionals serving as graders, mentors and volunteers. Their contribution helped recreate the standards and expectations of professional portfolio management while providing students with valuable feedback throughout the competition. 

CFA Society Italy congratulates the winning team from the University of Padua (“Patavinus Asset Management”), for an outstanding performance. The University of Bergamo (“BG Alpha”) finished in second place, followed by the University of Bologna (“Alma High Return”) in third. Congratulations also go to every team that embraced the challenge and demonstrated commitment, analytical ability and teamwork throughout the competition.

Reflecting on this year’s edition, Giuliano Palumbo, CFA, President of CFA Society Italy, highlighted the Challenge’s continued evolution:

“Nine editions represent a valuable legacy of trained students, participating universities, professionals and volunteers who have helped build a true community around the Fund Management Challenge. This year, with 13 participating universities, the FMC confirms its continued growth and its ability to offer young talents a practical, rigorous experience that closely reflects the realities of financial markets. This is the spirit with which CFA Society Italy continues to invest in the next generation of finance professionals, promoting competence, ethics and the highest professional standards.”

Sponsored by FactSet, the Fund Management Challenge is an equity portfolio management competition designed to bridge academic learning and professional practice. Working in teams, students construct portfolios comprising five long and five short positions, supporting each investment decision with a structured rationale that is evaluated by a committee of experienced portfolio managers and valuation professionals. Performance is assessed not only on portfolio returns but also on the quality, consistency and robustness of the investment process. 

Before the competition begins, participants receive educational materials and, throughout the Challenge, benefit from the guidance of the FMC Committee through mentoring and ongoing feedback. The three highest-ranked teams are invited to present their investment strategies during the final awards ceremony before an audience of finance professionals, further strengthening the connection between academic preparation and the investment industry. 

The 2026 edition brought together students from the following universities: