An investment program for full-time MBA students

Live portfolio · Faculty oversight · Industry engagement

Students lead the research and recommendation process for a live investment portfolio, subject to the fund's investment policy and to TMIA's governance, oversight, and investment-decision authority.

The Program

Texas MBA Fund is an investment program for full-time Texas McCombs MBA students, in which selected members conduct research, develop investment theses, debate portfolio actions, and produce investment recommendations that inform decisions on a live investment portfolio.

Members receive substantial classroom and applied investment training, including a winter boot camp before the regular semester begins, and work with both a single-name equity portfolio and an asset-allocation portfolio.

Accelerated Selection Timeline

Texas MBA Fund follows an accelerated fall selection process. Because recruiting for many investment-management and markets roles begins early in the academic year, TMF selects its incoming cohort approximately two weeks ahead of the standard Fellows decision timeline. This allows students to begin targeted investment training, career preparation, and industry engagement while recruiting processes are still underway.

Applications Open

Sept 4

Applications Due

Sept 19

Interviews

Sept 21–29

TMF Decisions

Sept 30–Oct 2

Standard Fellows Decisions

~Oct 16–18

Learn more about McCombs Fellows Programs & Investment Funds →

Students may participate in both the Wall Street for McCombs program and the Texas MBA Fund.

Where TMF Comes From

The Texas MBA Fund traces back to 1994, when Dr. George Gau and Dr. Keith Brown founded the MBA Investment Fund. That program ran for 26 years before closing in 2020. Texas McCombs Investment Advisers was formed that same year to carry the underlying pedagogical model forward under a new structure.

That model has always rested on one idea: investment judgment is built through real institutional capital and real investment constraints, not a classroom simulation. Today's Texas MBA Fund carries that same premise forward for a new generation of full-time MBA students.

How TMF Fits Together

The Texas MBA Fund and Texas Undergraduate Fund are the two student investment programs operating under Texas McCombs Investment Advisers. TMF provides full-time MBA students substantial classroom and applied investment training, extensive guest-speaker and practitioner interaction, and direct engagement with the investment industry throughout the program.

Student Responsibility

Members of the Texas MBA Fund lead the investment research and recommendation process for a live investment portfolio. Investment decisions, including security selection, are made by TMIA acting through its faculty managers, based on member recommendations and subject to the mandate and risk constraints set by the fund's investment policy. Members present and defend their recommendations to faculty and peers in class. Investment counselors are volunteer industry professionals who provide educational feedback on process and analytical rigor; they do not participate in investment decisions.

Program Governance

The Texas MBA Fund is an educational investment program for full-time MBA students, supported by Texas McCombs Investment Advisers LLC. Students lead the investment research and recommendation process within established investment-policy guidelines. TMIA, acting through its faculty managers, holds investment-decision authority and remains responsible for compliance with the applicable client mandate and legal and regulatory requirements. TMIA provides investment advisory services only to its institutional clients; the program does not offer investment-advisory services or investment interests to the public, and this website is not a solicitation.

Program Structure

Winter Boot Camp

Before the regular semester begins, incoming members complete an intensive winter boot camp, additional training in modeling, valuation, and portfolio mechanics that prepares them to contribute from day one.

The Regular Semester

Members work with both a single-name equity portfolio and an asset-allocation portfolio, conducting research, developing investment theses, and presenting recommendations under faculty and peer scrutiny throughout the term.

What You'll Learn

Investment Research

Members conduct company and industry research, build financial models, and develop investment theses, defending that thinking under faculty and peer scrutiny before ever bringing an idea to the group.

Portfolio Management

Members gain direct experience with both a single-name equity portfolio and an asset-allocation portfolio, learning to evaluate ideas in the context of the fund's broader objectives and risk profile.

Industry Engagement

Members build investment judgment through direct, recurring contact with the industry, Semiannual Advisor Meetings, guest speakers and practitioner sessions, the Houston Trek, and Investment Counselors.