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Applied Portfolio Management Program

The Applied Portfolio Management Program (APMP) is a student-run investment fund that manages $1.9 million in assets. The APMP is a 4th year for-credit course (COM 447). Unlike a traditional offering, this course follows a 12-month experiential structure. This part-time commitment delivers invaluable hands-on experience.

The students make all the decisions when it comes to the fund. They receive guidance from an Investment Advisory Committee (IAC) of professionals and faculty. Students interested in a career in financial services gain valuable, real-world experience in the investment industry.

Students at the Applied Portfolio Management Program

Portfolio managers

The portfolio managers are students responsible for managing the fund. They make all the investment decisions, with input from the IAC and the program director.

The portfolio managers follow the APMP's responsible investment philosophy. This integrates environmental, social and governance factors while focusing on a long‐term investment horizon. All portfolio managers communicate and collaborate with each other. It is important to do this on an ongoing basis and to come to a consensus on all major decisions.

Program prerequisites

Students must complete the Applied Investment Management Course (AIMC) through CFA Society Victoria. They offer this non-credit course from November to April each year. The course is available to 16 students and taught online with classes 1 week out of every month. AIMC culminates with students making a stock pitch on a TSX‐listed company to a panel of industry professionals. Send any questions that you have about AIMC to Professor Michael King.

How to apply

Following the completion of the AIMC course, successful students apply to become portfolio managers in June. During July and August, the outgoing portfolio managers train the incoming managers. Each September, they take over the fund and manage it for 12 months.

Analysts

The analysts support the portfolio managers throughout their term. They report to the portfolio managers, who integrate their analysis into their decisions. 

Program prerequisites

Students must achieve a minimum grade of 80% in the following courses:

Business path

  • COM 371 - Management Finance
  • COM 445 - Corporate Finance and Valuation (summer semester)

Economics path

  • ECON 305 - Money and Banking
  • ECON 435 - Financial Economics

Some students may not complete COM 445 or ECON 435 by September. This can happen due to internships or other commitments. If you enrol in one of these courses for the fall term (September to December), you may receive an invitation to apply in September. If selected, you must successfully complete the course during the fall term to remain in the APMP.

How to apply

Every September, the incoming portfolio managers hire 2 to 3 analysts to join the team. These roles are for a minimum 8‐month term. Please note that exceptional analysts may be able to advance to more senior roles based on performance. 

Asset allocation & benchmark

The Investment Policy Statement (IPS) outlines the APMP asset allocation. The fund’s 2 clients, UVic Treasury and BC Investment Management Corporation (BCI), agree upon this asset allocation. The benchmark asset allocation is: 

  • 30% Canadian equities (selected from the TSX Composite Index)
  • 30% US equities (selected from the S&P 500 Index)
  • 40% Canadian fixed income (investment grade only) 

The fund can operate outside these weights, by being overweight in some assets and underweight in others. It must never go over 70% equity or 50% fixed income. 

The fund's performance is benchmarked against 3 indices:

  • 30% S&P/TSX Composite Index
  • 30% S&P 500 Index
  • 40% against the FTSE TMX Canadian Universe Bond Index 

The portfolio managers track the fund’s total return against this benchmark. At year‐end 2023, the fund underperformed the benchmark with a return of 15.4% vs. 16.8% for the benchmark. 

At the 2025 year end, the fund had the following breakdown:

  • 30.1% Canadian equities
  • 32.7% US equities
  • 34.8% fixed income

Investable universe

The APMP’s investable universe is limited to Canadian and US equities exchanged on:

  • the S&P/TSX Composite Index
  • the S&P 500 Index 

In terms of fixed income securities, the fund is restricted to investment grade securities issued by Canadian listed companies, government, and government‐related institutions. The fund can also hold Exchange Traded Funds (ETFs) that hold securities in its investable universe. Furthermore, there is a regulation against the holding of derivative products as these are riskier assets. 

As of the year end of 2024, the fund held:

  • 11 Canadian equities
  • 11 US equities
  • a fixed income ETF
  • a small amount of cash
2025 annual report
5.66MB PDF file
Description of roles
121KB PDF file

Contact us

Students who want to receive more information about this program can contact Michael King.