Marquette's AIM students manage three separate portfolios which are part of the University’s endowment. The three funds, which were each funded with $500,000, have been managed by the students since 2005. They are named:
• AIM Equity Fund (benchmark: Russell 2000 Index)
• AIM Fixed Income Fund (benchmark: Barclays Aggregate Bond Index)
• AIM International Equity Fund (benchmark: S&P ADR Index)
AIM International Equity Fund
The graphs shown below indicate that the AIM International Equity Fund is nearly sector neutral with a slight bias toward the manufacturing sector. The AIM International Equity Fund has a slightly lower market capitalization and has more of a core bias than the S&P ADR Index. The AIM Fund has a larger emerging market tilt than the benchmark and is under-represented with European holdings (especially United Kingdom stocks). The AIM International Equity Fund has an average P/E ratio of 15.0x versus 12.5x for the S&P ADR Index. Other valuation metrics indicate higher average relative values for the holdings in the AIM Fund versus the benchmark.
AIM Fixed Income Fund
The graphs shown below indicate that the AIM Fixed Income Fund is duration neutral (4.10 vs. 4.05 for the Barclays Aggregate Index). The Fund is over-weighted in credit and under-weighted in U.S. Treasuries.