How My Undergraduate Experience in the Cayuga Fund Ignited My Passion for Investment Research
When I transferred to Cornell University as a sophomore, I was curious about learning more about finance. Growing up, I was always intrigued by the stock market. I tracked companies, compared their performance, and tried to understand what differentiates successful businesses from struggling ones. I knew that my study in Industrial and Labor Relations was not the typical path into finance, but I was determined to find ways to learn more about investing and develop the skills I would need to make informed decisions.
Exposure to investment research
In the spring 2024 semester, I enrolled in Professor Scott Stewart’s Equity Investment Research and Analysis course to better understand the fundamental research process behind equity investing. The class challenged me to analyze the performance of a micro-industry, evaluate companies’ strategies, and apply financial metrics to develop a research-backed investment recommendation. It required me to bridge financial analysis with real-world company performance and build a strong conviction around an investment decision for my industry review and stock report.
Dissecting a company’s fundamentals and uncovering investment insights was both engaging and rewarding. This foundation prepared me well for my summer internship, during which I did a rotation in investment research and evaluated a company in the collateralized loan obligation (CLO) fund. I was responsible for helping prepare an investment thesis on whether the position should continue being held or sold.
To further explore my investment research interest, I attended the Undergraduate Women in Investing (WIN) Conference, hosted by the Parker Center for Investment Research and founded by its executive director, Lakshmi Bhojraj ’95, MBA ’01. I connected with professionals, heard from a panel of investors, and observed student stock pitch competitions. Listening to the varying paths to entering the industry, learning how to present and defend investment ideas, and understanding what it takes to thrive as a woman in finance was incredibly motivating. The conference reinforced my interest in investment research and opened my eyes to ways that one could build a successful career in the field.
Experience with the Cayuga Fund
I joined the Cayuga Fund in the fall of 2024 to gain investing experience, collaborate with undergraduate and MBA students, and contribute to a live portfolio. I served on the industrials sector team and the environmental, social, and governance (ESG) functional team. The industrials team analyzed small-cap equities in the Russell 2000, rebalanced sector weights, and integrated macroeconomic and industry-specific trends into our investment decisions. The fund leverages a quantitative model rooted in factor-based analysis. I learned to balance data-driven insights with independent qualitative research. Since our initial stock selection in October, we tracked our holdings and benchmarked them against market performance. With the fund’s performance tied to our academic evaluation, I experienced the real pressure and excitement of participating in high-stakes investing.
This semester, I stepped into a leadership role for the fund’s energy and materials selections. The leadership experience was challenging and rewarding. I was pushed to deepen my sector’s expertise, lead investment discussions, and take full ownership of our theses. Throughout the process, I relied on thoughtful conversations with peers, faculty, and Cayuga Fund alumni to refine our ideas and hold myself accountable.
My involvement with the Cayuga Fund and the investment coursework through the Parker Center for Investment Research have provided real-world learning that mirrors the responsibilities of a buy-side analyst. Through rigorous analysis, close collaboration, and ongoing feedback, I developed the technical skills and strategic mindset needed to succeed in investing.
About the author
Courtney Huang is a junior in the School of Industrial and Labor Relations. She is a member of the industrials and ESG teams for the Cayuga Fund. On campus, she is involved with the Undergraduate International Law Review at Cornell and is a research fellow at ILR’s Worker Institute and a member of the Cornell Mergers and Acquisitions Club. Before joining the Cayuga Fund, she interned as a summer analyst at Canyon Partners. Huang plans to pursue a career in research or law.