Real Money. Real Decisions. Real-World Experience.

The UAH Capital Management Group (CMG) gives undergraduate students the opportunity to gain hands-on investment experience by managing more than $1.2 million in real assets.

Working as a team in the College of Business Finance Lab, students research investment opportunities, analyze companies, evaluate portfolio performance and make investment decisions using many of the same processes faced by professional portfolio managers. Under the guidance of an experienced instructor, students gain practical experience that goes beyond the classroom and prepares them for careers in finance, banking, investment management and related fields.

About the Capital Management Group

The Capital Management Group is the UAH College of Business student investment team. Established in 1998 when UAH joined the Tennessee Valley Authority Investment Challenge Program, CMG provides students with a real-world laboratory for portfolio management.

Students have fiduciary responsibility for the active management of two investment portfolios: the TVA Portfolio and the UAH Durkee Fund. Through this experience, students put investment concepts into practice while developing skills in investment research, portfolio strategy, asset allocation, performance evaluation and investment decision-making.

The experience extends well beyond the Finance Lab. Each year, CMG students travel to Nashville, Tennessee, to participate in the TVA Investment Challenge Conference, where they meet and present alongside students from universities throughout the Southeast and interact with industry professionals actively involved in the public and private markets.

Interested in learning more about the Capital Management Group? For more information, contact the UAH College of Business at business@uah.edu. 

Managing More Than $1.2 Million in Real Assets

TVA Portfolio

The TVA Portfolio is managed as part of the Tennessee Valley Authority Investment Challenge Program, an educational initiative that provides student investment teams at universities throughout TVA's service region with real-world portfolio management experience.

UAH students manage a large-cap equity portfolio valued at more than $540,000. The portfolio is benchmarked against the S&P 500 and managed according to established investment policy guidelines.

The Durkee Fund

The Durkee Fund was established through a generous gift from Larry and Mary Lou Durkee to provide UAH finance students with additional hands-on investment experience.

Originally established with $300,000, the fund has grown to more than $725,000. Students manage the fund as a mid-cap equity portfolio benchmarked against the S&P MidCap 400.

Together, the TVA Portfolio and Durkee Fund allow students to research and evaluate companies of different sizes while gaining experience managing investments within defined portfolio guidelines.

The CMG Experience

Capital Management Group students don't simply study investing — they put it into practice.

Students work together to:

• Research companies and investment opportunities
• Analyze economic and market conditions
• Develop and present investment recommendations
• Make buy and sell decisions
• Monitor portfolio holdings and performance
• Evaluate risk and portfolio allocation
• Work within established investment policy guidelines
• Analyze performance against market benchmarks
• Defend investment decisions and respond to competing perspectives
• Collaborate with students, universities and industry professionals

The experience challenges students to defend their ideas, evaluate competing perspectives and make informed decisions while managing real assets.

From the Finance Lab to the Workplace

The skills developed through CMG translate directly to career preparation. Students gain experience in financial analysis, investment research, teamwork, communication and decision-making while working in an environment modeled after professional portfolio management.

Recent CMG students and alumni have earned internships and full-time opportunities with organizations including JPMorgan Chase, Bank Independent, Hexagon, Intuitive, Merit Bank and the U.S. Army Corps of Engineers.

Industry and Community Support

The Capital Management Group is made possible through partnerships and philanthropic support that create meaningful experiential learning opportunities for UAH students.

UAH is grateful to the Tennessee Valley Authority for its longstanding partnership through the TVA Investment Challenge Program and to the Durkee family, whose generosity established the Durkee Fund.

The College of Business also recognizes Twickenham Advisors for its ongoing support of CMG since 2022 and Smith Thornton Advisors for its sponsorship of the annual CMG Report.

CMG Annual Report

Explore past Capital Management Group Annual Reports to learn more about the student investment team, portfolio performance, market research and analysis, and the students behind CMG.

2022 CMG Annual Report
2023 CMG Annual Report
2024 CMG Annual Report
2025 CMG Annual Report
2026 CMG Annual Report

Meet the Instructor

Will Smith brings real-world investment management experience to the Capital Management Group. A CFA charterholder, Managing Principal and Chief Investment Officer of Smith Thornton Advisors, Smith manages investment portfolios for clients and brings firsthand industry experience into the classroom.