Any student in Valparaiso University’s College of Business has the opportunity to participate in a hands-on course that puts their knowledge to work: the Portfolio Practicum. In the course, students research and make trade recommendations for the Beacon Fund — a real investment fund owned by Valpo dealing and funded through the University’s endowment. An annual report on the 2025 performance compiled this summer by finance major Robert Spang ’26 shows that this fund grew 27%, from $804,247 to $1,022,269 in 2025, outpacing the S&P 500 by 9.2%.
The Beacon Fund began in 2019 as the Student Managed Investment Fund. Initially, Valpo’s Board of Directors allocated $100,000 from the University’s endowment for students to manage. In 2022, the Board allocated an additional $400,000 to further bolster the program and in recognition of the success of the student experiential learning experience.
During class, students work in groups focusing on different market sectors, including healthcare, consumer products, and technology. They perform in-depth analyses of various companies within those sectors, evaluating the industry, the business model, SWOT (strengths, weaknesses, opportunities and threats), outlook, and other factors related to pricing and growth potential. Students present arguments for their stock choices to their group, then determine the best suggestions to present to the class as a whole.
“It’s very much real-world work,” said John Steele, former professor and current executive-in-residence in the College of Business. “Too often an investment class is taught with PowerPoints and chapter quizzes, but in this case, it’s an actual fund and real dollars. The faculty advisor lays out a series of tasks that must be completed in a certain order, then it’s up to them to figure it out from there.”
Determining how to complete their tasks with minimal supervision from a professor gives students experience developing numerous skills beyond finance. To be successful, they must learn to be self-starters with excellent organizational and time-management skills. They must work effectively in groups, give detailed and effective presentations on complex topics and build real working relationships with College of Business professors and the University’s Board of Directors.
A Valparaiso University education in any field emphasizes responsibility and service as much as professional skill, and working with the Beacon Fund is no exception. The students added a new investment in 2023 in an ESG (environmental, social, governance) fund that avoids investments in industries such as alcohol, tobacco, gambling, weapons manufacturing, and other sectors that are inconsistent with Valpo’s institutional identity. As stated in a student-written recommendation document, “While it is true that these stocks are expected to increase in value over the next few years, we believe that it is important for us to gain value for the Valpo fund morally.”
That commitment to ethical practices is a pillar of Valparaiso University’s College of Business, which encourages students to grow into principled leaders who think strategically, act ethically and drive meaningful change. The College’s “triple bottom line” of “people, planet, profit” emphasizes values-based leadership and the importance of building sustainable communities.
“In the College of Business, we talk a lot about being servant leaders,” Spang said. “Within that, there’s a lot of focus on the people around you. The program looks beyond the transactional aspect of business and emphasizes the humanity of it.”
Spang will continue to monitor the Beacon Fund’s monthly performance and compile reports until the Portfolio Practicum class begins again in the spring semester. He is also one of a select few students who will participate in the national student-managed investment fund conference in Chicago, where he will represent Valpo.
All trade recommendations made by the Portfolio Practicum class must comply with the Valparaiso University Beacon Fund Charter and Investment Policy Statement, and student recommendations must be approved by the faculty advisor. Recommendations must also be approved by the dean of the College of Business and the University’s chief financial officer, who ultimately holds trading authority.
