University of South Carolina - Darla Moore School of Business
Garnet Fund
Garnet Fund is a student-run investment fund at the University of South Carolina.
Who we are
The Garnet Fund
Garnet Fund is a student-managed investment fund at the Darla Moore School of Business. Founded in 2026, over 35 undergraduate students manage a real equity and alternatives portfolio each fall. This year we are starting with $110,000 under management, with a five-year goal of reaching $1 million in AUM.
Members go through a structured curriculum covering financial modeling, stock valuation, and portfolio management, and compete in investment competitions throughout the year. As the fund grows, we plan to put a portion of returns back into the school through scholarships and educational resources, subject to approval from our advisory board and faculty advisors.
Investment Philosophy
How We Invest
Garnet Fund manages risk by diversifying across a long/short equity portfolio, taking long positions in companies we believe are undervalued and short positions in those we consider overvalued.
INVESTMENT STRATEGY
Long / Short, Bottom - Up
We follow a long/short, bottom-up investment strategy where students research individual companies and pitch them based on fundamental analysis and valuation.
DEFENSE
Investment Committee Review
All investment pitches are submitted to the Investment Committee for evaluation. A majority vote from the committee is required before any position is entered.
Six-Week Training Program
Week One
Overview of the fund, meet your onboarding class, and an introduction to the principles of value investing.
Introduction to the Fund & Value Investing
Week Four
Initial Research & Idea Generation
Learn how to source investment ideas, develop an initial thesis, and structure early-stage research on a company.
Week Five
Go beyond accounting models to understand implied levers, value drivers, and how buyside investors frame an investment.
Buyside Modeling: Levers and Drivers
Go beyond accounting models to understand implied levers, value drivers, and how buyside investors frame an investment.
Member Benefits
Go beyond accounting models to understand implied levers, value drivers, and how buyside investors frame an investment.
What You’ll Gain
01
Live Portfolio Management
Members contribute directly to a live long/short equity portfolio. Your research drives actual investment decisions.
Week Two
Accounting, Ratios & Multiples
A deep dive into accounting fundamentals, key financial ratios, and valuation multiples.
02
Continuous Learning
Alumni Placement
The learning does not stop after the training program. Senior analysts work closely with newer members.
Week Three
Financial Modeling
Analysts build a full three-statement model, then work through DCF, comps, precedent transactions, and a reverse DCF.
Week Six
Buyside Modeling: Levers and Drivers
Learn how to use data to forecast performance and pressure-test your model assumptions.
03
Career Placement
Garnet Fund alumni have landed roles at Morgan Stanley, Bank of America, Evercore, Point72, and others.
INVESTABLE CAPITAL
Capital Allocation
Of our total allocated capital, ~75% is managed by the long/short equity team and the remaining ~25% is allocated to the alternatives team.
DUE DILIGENCE
Portfolio managers work closely with sector teams to determine position sizing. Positions are continuously monitored to assess whether the original thesis remains valid.
Position Size & Monitoring
Analyst Training