The Fund
A student-led fund, run with institutional discipline.
LIFA's fund gives students multi-semester, hands-on exposure to security selection, portfolio construction, and exit discipline, mirroring professional investment standards from as early as first year.
Universe
North American Equities
Benchmark
MSCI NA Small Cap
Sector Teams
6 Sectors
Live Launch
Fall 2027
Mandate & Strategy
The Fund invests in publicly listed North American equities with a disciplined, long-term, fundamentals-driven philosophy.
While generating alpha relative to the MSCI North America Small Cap Index is a goal, the Fund's primary purpose is educational , to equip students with the analytical, operational, and ethical experience required for professional investment roles. All decisions are made by students through the LIFA Investment Program, governed by a three-member Investment Committee.
Discount to Intrinsic Value
Securities are selected when fundamental and technical analysis indicates a discount to intrinsic value, providing a margin of safety relative to current market price.
Research-Driven Equity Thesis
Each recommendation must present a well-supported thesis explaining the factors behind the market mispricing and the catalysts expected to close the valuation gap over time.
Defined Realization Period
Investment theses must include identifiable catalysts and an expected realization horizon of one to five years, aligning with long-term, fundamentals-driven investing.
Portfolio Guidelines
The Fund operates within strict parameters to ensure diversification, risk control, and alignment with its small-cap benchmark. Short selling, leverage, derivatives, and private or illiquid securities are not permitted.
Exchanges
TSX, TSXV, NYSE, NASDAQ
Market Cap Range
$300M – $8B
Portfolio Size
20 – 25 positions
Max Position Size
10% of portfolio
Sector Band
±10% of benchmark weight
Min per Sector
3 holdings
Sector Coverage
Six sector teams cover the full breadth of the Fund's benchmark. Each team delivers two formal stock pitches per semester and a Sector Holdings Update at the start of each term. Members progress from Associate through to Portfolio Manager, ensuring continuity and mentorship across cohorts.
Governance
The Fund is governed by the LIFA Investment Committee (IC) , comprising the CEO, CIO, and COO , which holds sole decision authority over all purchases and sales. All trade decisions require a unanimous, recorded vote. Deliberations occur in closed session; outcomes are communicated by the CIO.
The LIFA Board of Advisors (nine LSBE alumni in competitive capital markets roles across North America) provides advisory oversight, monitoring mandate adherence and ethical standards. The Board does not vote on investment decisions, but may remove an IC member by two-thirds-plus-one majority for conduct inconsistent with the Fund's standards.
The Faculty Advisor executes approved trades and holds veto authority solely for mandate or ethics breaches. Transparency is maintained through semesterly Board Meetings and a public Annual Report published each Winter semester.
Performance
The Fund is currently in the Investment Program phase. Live capital deployment commences Fall 2027. Performance reporting will be published annually once live operations begin, benchmarked against the MSCI North America Small Cap Index (CAD Total Return, CAD-Hedged).
Live reporting begins Fall 2027.
Holdings
The portfolio will maintain 20–25 equity positions across six sectors, equally weighted with no single position exceeding 10% of total market value. Holdings are reviewed each semester through a formal Sector Holdings Update and published in the Annual Report.
Holdings published each term beginning Fall 2027.
Pitches
Each sector team presents a minimum of two formal stock pitches per semester to the Investment Committee. Each pitch proposes initiating a long position in a security within the team's coverage universe, consistent with the Fund's mandate.
The format is a 10-minute presentation followed by a 20-minute Q&A. A unanimous IC vote is required for approval. Pitches are open to the broader Lazaridis community , students, faculty, and alumni , creating a public educational forum for equity research and investment decision-making.
Selected pitches published each semester.