Summer 2012


Welcome Welcome to Carlson Funds Enterprise's first on-line communication of the CFE Newsletter!

The CFE Newsletter is a way for us to give you updates about the program, an overview of our outreach initiatives, and the development of our students, staff, faculty, alumni, and corporate and community partners around the country.

The Carlson Funds Enterprise gives MBA and undergraduate students an understanding of what it's like to work with investors, manage real money, and make pitch recommendations to investment committees. Celebrating over 14 years of educational initiatives in fund management, client relations, and outreach, the Carlson School is one of the first business schools in the United States to start a student-managed portfolio with external participants.

If you are not familiar with us, our mission is to leverage the Carlson School's faculty and financial community resources to create a real-time learning environment, immersing students in strategic and financial analyses of real companies. The CFE combines classroom concepts, hands-on experience, and industry mentoring to prepare students for real-world jobs. Much of this work takes place in Carlson's Financial Markets Lab which is equipped with the same on-line market data services used by investment professionals. For the financial industry, the program provides a pool of Carlson School graduates who can hit the ground running.

We want to thank our participants, advisory board members, and mentors for their support and look forward to your comments, suggestions, and participation.

Jerry Caruso
Jeannette Parr
Bonnie Till


Class Bio Book: Each student has provided the CFE with a brief biography of his or her past experience and career goals. We have compiled these bios, along with each student's photograph, to create the Class of 2013 Bio Book. This summer, the Bio Book was distributed to potential employers and Participants in an effort to increase awareness of the CFE and enable more job opportunities for the students. The Bio Book can be easily viewed online. If you would like a copy of our resume book, please send a request to


Comments from our students:

Carlson Growth Fund (CGF): During the academic year, the CGF underperformed our Russell 2000 benchmark by 3.8 percent. We were disappointed not to exceed our benchmark, but the mentors have helped us address ways we can improve upon our results in the future. During the first two months of the 2012-2013 academic year, the CGF outperformed the benchmark by nearly 2.0 percent. View CGF performance graph.


Carlson Fixed Income Fund (CFIF): During the academic year, the CFIF was able to virtually match our benchmark. Given the dislocation of several of the global credit markets and the downgrading of the U.S. debt last summer, this was no small feat! View CFIF performance graph.


The CFE is now on Facebook!

Our site will give CFE alumni, friends, and supporters a forum to discuss local events, related news topics, and opportunities to stay connected to one another in the future. "Like" us to hear about upcoming events, seminars, and program updates. Don't forget to join our LinkedIn group, too!

CFE Mixer

This fall, the Funds Enterprise, in conjunction with the Carlson School Finance Club, will be holding a networking event in an effort to promote more alumni engagement and interaction with our students. This will help our students become better portfolio managers and will allow students to network for jobs.

The CFE Mixer will be held on Wednesday, September 26, 2012 from 5:30 to 7:30 p.m. at Kieran's Irish Pub. Please visit our event site for more information.


Students from the Class of 2013 will be on the road again in November visiting our participants during our annual "Roadshow." The meetings will be designed to promote even more interaction and facilitate a knowledge exchange forum between our Participants and our students.

Program Updates

Partnership with the GBCC

This fall, CFIF Professional Advisor Jeannette Parr, will be spending one day a week in the Graduate Business Career Center. In this role, Jeannette will be working with recruiters to place CFE students in both internship and permanent career roles. We look forward to strengthening relationships with our financial institutions in the area and hope to inform them about our program and student activities.

CFA Program Partnership

Our CFIF Professional Advisor, Jeannette Parr travelled to Charlottesville, VA for the CFA Institute Program Partners Conference in July. This is an annual conference that brings together potentially 145 universities from 35 countries to facilitate collaboration between schools to develop a high level of excellence in the finance industry which is a key mission to the CFA program. Given the recent turmoil in the financial industry, advocacy has grown at the CFA Institute. Current objectives stated by the CFA Institute include restoring trust in the industry by:

  • Broadening the mission statement to include "for the ultimate benefit of society". "Mission Statement: To lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society."
  • Having a bolder voice by encouraging an integrity list in the finance industry as well as asking members to join a "name it and shame it" campaign.
  • Reaching out to a bigger community through an additional testing program named Claritas.

This new testing program, Claritas, is expected to be unveiled in May 2013, and can be described as a certificate program for non-professionals working with investment professionals. It will be a self-paced, online learning platform that is expected to involve approximately 100 hours of self study followed by an exam administered at local testing centers.

At the conference, the CFA Institute highlighted programs and benefits available to Program Partners, such as the University of Minnesota Carlson School, which includes scholarships for the CFA Level 1 exam. Conference sessions also included latest research by university faculty.

Jeannette Parr participated in a panel discussion regarding best practices in Student Managed Investment Funds along with Tom Arnold, CFA, Univ. of Richmond and Brian Hellmer, CFA, University of Wisconsin-Madison. Many, if not most schools have student run funds, but they are unique in structure and style. Thank you to our participants for supporting the Carlson Funds Enterprise to put us on the map with the best Student Managed Investment Funds in the country and around the world.

Closing remarks from Jeannette:
"I was impressed by the global participation with roughly half of the attendees representing Universities in South Africa, Russia, Mexico, and China. The ability to interact in person with peers across the globe is very effective. The collaborative culture was refreshing, and I believe the efforts to educate undergraduate and master's level students interested in finance in an ethical, academically challenging way will serve our society well for years to come."

Alumni Spotlight

Matt Dudley, '00 MBA

I cannot imagine going to Carlson without being a part of the Golden Gopher Growth Fund. Yes, I know it's the CFE now, but things were different then compared to now. The experiences I had with the Fund were memorable, the friendships I made were lasting, and I had more fun than I probably should have while doing it.

Without a doubt I would not be where I am today without the CFE. I got in the door with Lehman Brothers because of a fellow CFE alum, and I landed at my present firm thanks to my CFE mentor. Beyond that, my industry foundation comes from here. It's where I learned the basics of the business and how to apply them.

I've been a member of the board since 2006, and chair since 2010. It has been quite a ride - challenging at times but all in all quite rewarding. When I was a student, my classmates and I talked about how each year the fund should be better than it was the year before and more like the real world; it has been gratifying to see that happen after all these years.