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The 91���� Student Portfolio Investment Fund (SPIFFY) has recently surpassed $6 million in assets under management — an achievement driven by years of disciplined investing, student leadership and hands-on learning in the Maine Business School.

“Over the past decade, the fund’s success has been built on three core investment principles: focusing on small-value stocks, using annual equal weighting to maintain a disciplined buy-and-sell process, and keeping the portfolio fully invested by strategically deploying cash — even during periods when the club is not actively meeting,” said SPIFFY advisor Sebastian Lobe, University Foundation Professor of Investment Education. “These principles contributed to a peak portfolio value exceeding $6.019 million in February.”

Humble beginnings, real responsibility 

The fund began in 1993 and has received $650,000 in capital investment from the 91���� Foundation. It has since grown into one of 91����’s most experiential learning opportunities.

SPIFFY was founded by Bob Strong, University Foundation Professor Emeritus of Investment Education and Professor Emeritus of Finance, through the 91���� Foundation. From the start, the fund was designed to give students responsibility over real capital.

“There are now approximately 1,500 SPIFFY alumni, and many say that their post-graduation job interview success was greatly helped by this experience,” Strong said.

How SPIFFY operates

While SPIFFY attracts many students studying finance, accounting, economics and financial economics, membership is open to all 91���� students, regardless of major. The fund is entirely student-run, giving participants firsthand experience in investment management, teamwork and decision-making.

The organization is led by five student directors who serve as officers, supported by 12 sector heads overseeing teams of student analysts. Each sector focuses on a specific industry — such as technology or health care — tracking market trends, analyzing company performance and evaluating broader economic conditions. Teams regularly present investment pitches to the fund, recommending stocks they believe will deliver long-term value.

“A huge part of SPIFFY’s mission is learning,” said Tyler Johnsen, SPIFFY’s director of investments. “We focus on helping people understand not just what decisions we’re making, but why we’re making them. SPIFFY has built such a strong reputation, and it’s really special to be part of a team that continues to grow. I’m grateful for the opportunity to be involved and to help contribute to something this meaningful.”

Student success on a national stage

That reputation extends far beyond campus. In 2024, SPIFFY was ranked 26 among the top student-managed investment funds in the nation by the Center for Investment Research and was the only institution in New England to rank that high.  The fund also earned first place in the Value Portfolio category at the Quinnipiac Global Asset Management Education (GAME) Forum in both 2018 and 2024.

This spring, SPIFFY students will return to New York City to compete again at Quinnipiac University’s Global Asset Management Education (GAME) Forum — continuing a tradition that blends classroom learning with real-world investment experience and national recognition.

Contact: Melanie Brooks, melanie.brooks@maine.edu