Future Financial Leaders Shine, Beat S&P 500

TVA Investment Challenge Program Empowers Student Teams

More than 250 students from universities and colleges located throughout the Valley region joined TVA in Nashville last week for the Investment Challenge Conference, where education meets real-world investment strategy.

Created in 1998 with an initial $1.9 million allocation to 19 universities, TVA’s Investment Challenge Program (ICP) empowers student teams to actively manage TVA funds by designing long-term investment strategies, executing trades, maintaining compliance with investment guidelines and presenting performance results to TVA financial professionals. Thanks to the program’s sustained success, participation has grown to 27 universities, with student teams now managing nearly $16 million under faculty guidance and TVA oversight.

“The Investment Challenge Program is more than an investment initiative – it’s a launchpad for future finance leaders,” said Brian Child, TVA Treasurer and Chief Risk Officer. “By managing real portfolios and learning from industry professionals, students gain the confidence, skills and vision to thrive in today’s competitive financial world.

“Year after year, these teams prove that with dedication and teamwork, they can outperform the market and achieve extraordinary results. Their success is a testament to the power of education and opportunity.”

East Tennessee State University professor Bill Trainor, whose teams have been the top performing university in the program twice, echoed the value of experiential learning, noting that students gain an invaluable opportunity to step into the role of active investors.

“Giving students the opportunity to manage real money changes how they understand and experience the investment process,” Trainor said. “Because ETSU students have performed so well, two private donors have now entrusted them with additional portfolios – expanding our reach and strengthening our ties to the business community. Just as importantly, the experience helps students build essential soft skills, from crafting persuasive arguments to confidently presenting their ideas.”

Abigail Sutherland, a University of Kentucky senior finance major, said the Investment Challenge Program delivered real-world experience that can't always be gained from textbooks on stocks and the financial market. Her team placed third amongst all universities in 2025.

“It offers students a wonderful opportunity to develop real-world money-management skills,” she said. “Equally important, being part of a team and meeting other students who share an interest in wealth management has been a valuable experience.”

Students Continue to Deliver Strong Performance

In 2025, ICP teams once again demonstrated exceptional investment skill. Students collectively returned 18.9%, outperforming the S&P 500’s 17.88%. Fifteen of 27 participating universities beat the index, with top performing Belmont University exceeding it by more than 14%.

This performance builds on a long track record of student success. Since ICP’s inception, student managers have consistently outperformed the S&P 500 benchmark, beating its total return of 8.93% by 0.39%, generating an excess cumulative return of 103%.

Recognizing Excellence

Each year, any school that outperforms the S&P 500 during a given year earns a performance award for that year. Since 1998, TVA has awarded more than $1.5 million to schools that is reinvested back into students, such as paying for Bloomberg terminals or scholastic field trips to the New York Stock Exchange.

To honor the students’ achievements, TVA hosted the two-day conference in Nashville and recognized the schools that outperformed the S&P 500 in 2025, including: 

• Alabama A&M University
• Austin Peay State University
• Belmont University
• Christian Brothers University
• Covenant College
• East Tennessee State University
• Lipscomb University
• Tennessee State University
• Tennessee Tech University 
• Trevecca Nazarene University
• Union University
• University of Alabama in Huntsville
• University of Kentucky
• Vanderbilt University
• Western Carolina University

Other participating universities include: Carson Newman University, Middle Tennessee State University, Mississippi State University, Mississippi University for Women, Murray State University, University of Alabama at Birmingham, University of North Alabama, University of Memphis, University of Mississippi, University of Tennessee at Chattanooga, University of Tennessee at Martin, and Western Kentucky University.

“The Investment Challenge Program is one of the largest and most successful student investment programs in the country and has helped advance the careers of over 10,000 students by teaching quantitative, qualitative and teamwork skills that are highly valued by today’s employers,” Child said. “We’re proud to partner with these universities.” 

For more information about ICP, visit www.tvainvestmentchallenge.com. 

TVA hosted a two-day conference to recognize teams participating in the 2025 TVA Investment Challenge. Overall, the 27 schools outperformed the S&P 500. Belmont University exceeded the S&P 500 by more than 14%.