Garnet Fund
Garnet Fund is a student-run investment fund at the University of South Carolina. We manage real money, build real skills, and take investing seriously.
The Garnet Fund
Garnet Fund is a student-managed investment fund at the Darla Moore School of Business. Founded in 2024, over 35 undergraduate students manage a real equity and alternatives portfolio each fall. This year we are starting with $110,000 under management, with a five-year goal of reaching $1 million in AUM. Our purpose is simple: give USC students hands-on experience with the skills that matter in finance.
Members go through a structured curriculum covering financial modeling, stock valuation, and portfolio management, and compete in investment competitions throughout the year. As the fund grows, we plan to put a portion of returns back into the school through scholarships and educational resources, subject to approval from our advisory board and faculty advisors.
How We Invest
Garnet Fund manages risk by diversifying across a long/short equity portfolio, taking long positions in companies we believe are undervalued and short positions in those we consider overvalued.
Long / Short, Bottom-Up
We follow a long/short, bottom-up investment strategy where students research individual companies and pitch them based on fundamental analysis and valuation.
Capital Allocation
Of our total allocated capital, ~75% is managed by the long/short equity team and the remaining ~25% is allocated to the alternatives team.
Investment Committee Review
All investment pitches are submitted to the Investment Committee for evaluation. A majority vote from the committee is required before any position is entered.
Position Sizing & Monitoring
Portfolio managers work closely with sector teams to determine position sizing. Positions are continuously monitored to assess whether the original thesis remains valid.
Six-Week Training Program
Every new analyst goes through a six-week training program before touching the live portfolio.
Introduction to the Fund & Value Investing
Overview of the fund, meet your onboarding class, and an introduction to the principles of value investing.
Accounting, Ratios & Multiples
A deep dive into accounting fundamentals, key financial ratios, and valuation multiples.
Financial Modeling
Analysts build a full three-statement model from scratch, then work through DCF, comps, precedent transactions, and a reverse DCF.
Initial Research & Idea Generation
Learn how to source investment ideas, develop an initial thesis, and structure early-stage research on a company.
Buyside Modeling: Levers & Drivers
Go beyond accounting models to understand implied levers, value drivers, and how buyside investors frame an investment.
Buyside Modeling: Data & Forecasting
Learn how to use data to forecast business performance and pressure-test your model assumptions.
What You'll Gain
Live Portfolio Management
Members contribute directly to a live long/short equity portfolio. Your research drives actual investment decisions.
Continuous Learning
The learning does not stop after the training program. Senior analysts work closely with newer members.
Career Placement
Garnet Fund alumni have landed roles at Morgan Stanley, Bank of America, Evercore, Point72, and others.
