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The Tepper Opportunity Fund (TOF, or the "Fund") is a wholly student-managed investment fund, operating under the same rules as the broader Carnegie Mellon University endowment.
The Fund is managed by a Portfolio Manager (PM), typically a second-year MBA student. It is actively managed by a mix of MBA, MS in Business Analytics (MSBA), and MS in Computational Finance (MSCF) students.
There are two positions available for graduate students:
- Portfolio Manager
- Fund Analyst
The Portfolio Manager is selected by the previous year's Tepper Capital Management (TCM) Board of Directors in February of each year. When selecting the incoming Portfolio Manager, the TCM Board considers a wide array of tangible and intangible factors in their decision-making process, such as:
- Investment acumen
- Understanding of risk management
- Investment philosophy
- Knowledge of position sizing
- Ability to communicate effectively
- Emotional maturity
Acknowledging the annual turnover of PMs at the TOF, Tepper Capital Management has implemented several safeguards to ensure continuity of portfolio constituents, portfolio objectives, and the Fund's operations.
In summary, there is a two-month transition period between the prior PM and the incoming PM, allowing ample time to review holdings, underlying theses, fund operations, and other critical components.
Record Keeping & Trade Process
All proposed trades are reviewed by TOF’s faculty advisor before being submitted by the PM to CMU’s endowment manager for execution. All trades are recorded in a portfolio tracking software paid for by TCM. The software has reporting and auditing controls in place, developed with expertise from a financial and IT-systems controls specialist.
Analysts submit recommendations through a standardized and documented process, both during TOF meetings and while conducting their own research. TOF Operations maintains detailed records of all analyst data and recommendations, including, but not limited to:
- Net impact to the Fund
- Win/loss ratios
- Analyst allocation of the Fund
All analyst metrics are taken into consideration by the PM before executing trades.
How to Contact the Fund:
If you have further questions about current holdings, or operations of the Tepper Opportunity Fund, please email the current Portfolio Manager, seen in the "Officers" tab above, and cc teppercapitalmanagement@andrew.cmu.edu.
TCM and TOF would love to hear from you!
Thank you,
The TCM Board, and Tepper Opportunity Fund's Management