By Lacie Blankenship
The Max Adler Student Investment Fund (MASIF) at Vanderbilt Business is about much more than financial returns; it’s a high-impact learning experience where students manage real capital in live markets, all in the name of honor and legacy.
“MASIF is more than a classroom case study; it was created to provide students with practical investment management experience, all while working closely with peers and industry experts,” says Peter Haslag, Assistant Professor of Finance and MASIF advisor.
What is a student investment fund?
A student investment fund program is a pool of capital that students manage for experiential learning. Participants prepare for careers in investment management, equity research, and financial analysis by gaining exposure to live market conditions and volatility, conducting sector-specific research, developing and presenting investment strategies, managing portfolios, and building collaboration and leadership skills.
At Vanderbilt Business, MASIF offers students the opportunity to work with capital across different sectors, including technology, industries, communications, utilities, and energy. Members of the Owen Finance Club, regardless of prior finance knowledge or experience, can engage with the fund, with opportunities to act as analysts or take on leadership roles as fund managers.
Max Adler: A legacy of learning & leadership
MASIF was founded in 1982 to honor Max Adler, a prominent New York businessman with an unconventional connection to Vanderbilt. Adler, a Broadway connoisseur and investor, was led to Vanderbilt Business after listening to Charles Doraine (MMgt’72) pitch a potential Broadway script. The script didn’t win over Adler, but Doraine’s entrepreneurial mindset and personal testimony to Vanderbilt did.
Following Adler’s unexpected death in 1979, his wife, Mimi, continued his legacy with a gift to Vanderbilt Business, founding MASIF. Mimi’s goals were twofold: to give students the chance to manage investments and eventually fund scholarships from the returns. The first Max Adler Scholarship was awarded to Bill Lambert (BE’03, MBA’08).
Today, MASIF exists as Mimi intended, honoring Max Adler’s legacy as a champion for experiential learning and preparing future leaders to make thoughtful, informed decisions in complex financial environments.
What is it like to manage a student investment fund like MASIF?
Serving as a MASIF fund manager challenges students to balance technical skills, financial market awareness, teamwork, and leadership. Alan Orlov (MSF’25) and Andrew Buller (MSF’25), the most recent co-fund managers, led during a volatile market cycle, making strategic investment decisions and coordinating learning opportunities for their peers.
Student POV: What did you gain from MASIF?
Alan Orlov (MSF’25)
Alan Orlov
“MASIF gave me incredibly valuable leadership skills. I was tasked with fostering regular discussions about the overall market, aiming to focus each meeting on a specific sector, though I quickly realized that my lack of in-depth knowledge about a number of sectors really limited me.”
“This realization led me to encourage discussions where I could learn from others with experiences synced with specific sectors. The open discussions also allowed debate on the merits of specific investments, giving crucial insights into open criticism (how to give and handle it), how to help influence decisions, and key presentation skills.”
Andrew Buller
“As a fund manager, MASIF gave me leadership experience, being not only responsible for the day-to-day operations of the club, but also looking ahead for the future. Since both my co-fund manager and I were graduating, we needed to make sure we had a transition plan. We also worked with Professor Haslag to market the club, especially talking to incoming students.”
“The student investment fund taught me about being a generalist to keep up with the equity markets and news developments. These past few months have kinda been a microcosm for how important it is to read The Wall Street Journal, Financial Times, or other sources and understand what’s going on. It’s also a great way to learn how to invest, realizing that a good company doesn’t necessarily make a good stock price.”
Student POV: Sharing a win or standout move from your time with MASIF
Alan Orlov
Andrew Buller (MSF’25)
“We invested in Celsius Holdings at a time when the stock was beaten down and excessively low. The stock has returned substantial gains since our investment, remaining consistent with our thesis.”
Andrew Buller
“There was a company (Synopsys) tied to the semiconductor industry that I was really bullish on, even though the market was panicking after the DeepSeek AI release. I saw it as an overreaction and a potential opportunity. We bought the stock, and for a while, it wasn’t doing great, it even dipped, but we held on. Eventually, things settled, and it climbed back over. It wasn’t a huge gain, but it taught me to be patient, stick to my guns, and to be a little bit of a contrarian.”
Investment Management & Learning Beyond the Classroom
Besides investing, fund managers also coordinate programming. Orlov and Buller hosted guest speakers from various industries to connect students with practitioners, answer key questions, and create meaningful networking opportunities.
For example, Kavya Sharman (BA’16, PhD’23), founder and managing partner at Phase Capital, shared her finance philosophies and investment methodology, drawing from her background in biology to inform her approach in bio and tech.
Max Adler Student Investment Fund: Quick FAQ
Is MASIF at Vanderbilt Business a real fund?
Yes, MASIF is a real fund at Vanderbilt Owen Graduate School of Management. A student investment team makes the decisions that impact the fund’s performance and help fund scholarships.
“A lot of the platforms you can learn investing from are with fake money, and that’s great to get some exposure, but that is very different from dealing with real money,” says Harris Parvaze (MBA’22), former co-fund manager. “With MASIF, you are dealing with a significant sum of money, and with that money, you’re investing to make an impact.”
How does MASIF help students prepare for careers?
MASIF offers practical experience in equity research, market analysis, risk management, and investment portfolio management. Students also develop leadership, communication, and presentation skills. This kind of hands-on experience can be a key differentiator during job recruiting and beyond.
“There are real-world payoffs for participating–for yourself intellectually, connections with the alumni network, a strong experience on your resume, and helping MASIF,” says Rudy Pedraza (MBA’22), a former student manager. “I even landed an offer from a firm that I connected with my interviewer on common grounds that they were a Vandy alum and former MASIF fund manager.”
Who can participate in MASIF?
MASIF is open to Vanderbilt Business students who are members of the Owen Finance Club. Participants are primarily from the MBA and MS Finance programs, but all Vanderbilt Business students are welcome.
“Working alongside MS Finance and MBA students alike gives the opportunity to hear various perspectives and expectations for the market during a time of excessive volatility,” says Orlov.
Do I need prior finance experience to participate?
No, while having industry experience is helpful, the Owen Finance Club wants to correct the misconception that prior knowledge is a requirement for students to engage with MASIF.
“Everyone is welcome; I learned a lot from different perspectives, and since it is a student-run fund, the focus is learning–we’re all here to help each other,” says Buller. “It doesn’t matter if you’re coming from a crazy, in-depth finance background, or something completely different before you got to Vanderbilt, it really is open for everybody.”
How can I join the MASIF investment team at Vanderbilt Business?
Connect with Professor Haslag, the faculty advisor for the Max Adler Student Investment Fund, to learn how to get involved. Those interested in MASIF are encouraged to get involved early and take advantage of the fund’s opportunities.
