Whilst most Trinity students balance lectures, assignments and the occasional night out, some decide to join the Trinity Student Managed Fund (SMF) where students make high-stakes investment decisions, analyse global markets, and manage a €700,000 portfolio – the largest student managed fund in Europe.
Founded in 2010 with €30,000, the fund has grown large enough that it’s now comparable to a professional investment firm. However, what exactly goes on behind the scenes? How do these students invest, and what’s next for the SMF as it expands its influence beyond Dublin?
How the Fund Operates: A Bottom-Up Approach
The SMF focuses on equities, investing in companies across European and U.S markets with a long-term view, typically holding stocks for one to two years. The fund currently invests in 28 different companies across thirteen sectors.
Through these investments, the fund aims to beat the market, comparing itself against the MSCI World Index which tracks the performance of the world’s largest companies. Anyone can join and students don’t invest their own money. Instead, corporate sponsors such as Arthur Cox and PwC, along with reinvested gains help grow the fund.
The Investment Committee, constituting sector managers, investment officers and the Chief Investment Officer (CIO), oversees the fund’s strategic direction. Decisions are started at the analyst level, where members present investment ideas. Sector managers then conduct in-depth research and pitch stocks to investment officers and the CIO, who ensure the portfolio remains diversified across sectors and geographies. “Your sector managers really own their sector” explains CIO Senan Delargy, noting his role is to allocate capital rather than to pick individual stocks.
While investment decisions come solely from the students, there is an advisory board of industry professionals who ensure that the fund is making informed investment decisions. Current members of the board include Alan Dargan, founder of Lonsdale Capital and Joseph McCarthy, founder and CIO of Islandbridge Capital. This structured approach has allowed the fund to grow: In the past year alone, the fund beat the MSCI World Index by 3% – growing assets under management by over €150,000.
Beyond Investing: What Students Gain from the Fund
Beyond returns, the SMF also serves as a training ground, equipping members with real-world investment experience, industry connections, and interpersonal skills.
As Delargy explains, “You learn technical skills – valuation, market analysis – but also soft skills like leadership and communication.” The fund encourages members to apply their knowledge through events like the Davy Pitching competition, which saw over 100 entrants test their skills in hopes of gaining an internship with Ireland’s largest stock broker. Chief Executive Officer (CEO) and fourth-year Global Business student Ashling Bourke explains how these opportunities can transform students’ confidence and capabilities.
“It’s been rewarding to watch students start their journey the same way I did—coming in with curiosity and leaving with confidence.” Bourke shares. “Beyond just growth in size, the fund has expanded its interests, building out divisions like Research, Quant, and Sales & Trading to ensure there’s something for everyone.”
Even for students with no prior business or investing experience, the SMF provides entry-level opportunities through junior analyst positions, in which members learn the basics of finance by working with a sector manager. My time in the fund has seen us not just growing in assets under management, but also in learning and opportunity.” Bourke explains: “This semester, we’re piloting a stakeholder activism team and alternatives division meetings, ensuring the fund keeps evolving and creating new pathways for students to engage.”
Both executives say that the SMF has been transformational for them. Delargy recalls his early days at Trinity when he first learned of the fund, he knew very little about investment. “I literally remember meeting the Head of Quant and being asked if I was interested in quantitative strategies […] I had no idea what that even meant,” he laughs.
Fast forward three years later, and he now leads the fund’s investment strategy while managing coursework as a third-year Global Business student.
A Stepping Stone to Global Finance Careers
SMF can help a member’s career, with alumni securing roles at Goldman Sachs, McKinsey, and Blackrock, but as Delargy puts it,“You get out what you put in […] Some students think they can just put it on their CV but the ones who actually engage – pitch stocks, write reports – are the ones who benefit the most.”
Members are encouraged to get involved in publishing reports and articles to apply what they learn and stay up to date with the investing world. Members of the investment committee are also expected to pitch at least once per year, giving them an opportunity to practice what they have learned and get their ideas into the portfolio.
Encouraging Female Involvement in Finance
Despite the business world’s male-dominated reputation, the SMF has also recently taken steps to increase female participation in investing. The Women in Business (WIB) division supports female leadership through commercial awareness seminars, the annual WIB conference and collaborations with female-focused groups across campus, providing an entry point for women in finance. “Our goal isn’t just to bring more women in—it’s to ensure they feel empowered to take on leadership roles, contribute meaningfully, and shape the direction of the fund,” Bourke explains. Having visible female leaders in the SMF is important to the society. “When I first joined, seeing senior women in the fund was incredibly empowering—it showed me that I had a place in this society,” Bourke recalls. “Now, as CEO, I hope to do the same for the next generation […] We’ve made great progress, but there’s always more to do.” Bourke emphasises.
Ethical Investment and the Future of the SMF
The SMF is shifting towards responsible ownership and shareholder activism through attending AGMs (Annual General Meetings) and questioning executives on corporate governance and sustainability. SMF’s goal is to expand this initiative, encouraging members to actively engage with every company in the fund’s portfolio. “I’d love to see us evolve from investors to owners – being super active in shareholder decisions.” Delargy says.
Beyond investment, the fund also donates a portion of its profits to the Trinity Access Programme (TAP) and the Trinity Centre for Persons with Intellectual Disabilities (TCPID).
“I also hope we continue to create impact beyond the society,” Bourke says. “Working with initiatives like TCPID and TAP to broaden access to finance.”
The SMF is also seeking to expand its influence globally. While already well-known in Ireland and Europe through pioneering SMFs on the continent, the next step is establishing an international reputation. “We’ve had recruiters in New York recognise the SMF – now we want to take it further” Delargy adds. “The London School of Economics, they hold their annual conference every single year. I’d love to see a flagship event being created here.”
What’s Next for the SMF?
As the Trinity Student Managed Fund continues to grow, it aims to expand opportunities, foster inclusivity and deepen its commitment to ethical investment. For students considering stepping into the world of investment, CEO Ashling Bourke offers some words of advice:
“Don’t be afraid! Join the SMF, investing is all about learning, not knowing. As long as you’re eager and willing to learn, you’re an investor.”
