{"id":11118,"date":"2026-07-06T20:37:18","date_gmt":"2026-07-06T20:37:18","guid":{"rendered":"https:\/\/business.cornell.edu\/centers\/?p=11118"},"modified":"2026-07-17T14:54:15","modified_gmt":"2026-07-17T14:54:15","slug":"how-the-cayuga-fund-helped-me-develop-an-investors-mindset","status":"publish","type":"post","link":"https:\/\/business.cornell.edu\/centers\/2026\/07\/06\/how-the-cayuga-fund-helped-me-develop-an-investors-mindset\/","title":{"rendered":"How the Cayuga Fund helped me develop an investor\u2019s mindset"},"content":{"rendered":"<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><head>\n<\/head><body><p><em>By Phalguni Miraj &rsquo;26<\/em><\/p>\n\n\n\n<p>The <a href=\"https:\/\/business.cornell.edu\/centers\/parker\/the-cayuga-fund\/\">Cayuga Fund<\/a> was one of the most rewarding experiences of my time at Cornell. It is a rare opportunity in college to move beyond theoretical finance and step into the role of an investor, managing a portion of Cornell&rsquo;s endowment. Through lectures from <a href=\"https:\/\/business.cornell.edu\/faculty-research\/faculty\/sds58\/\">Scott Stewart<\/a>, clinical professor and academic co-director of the <a href=\"https:\/\/business.cornell.edu\/centers\/parker\/about\/\">Parker Center for Investment Research<\/a>; visiting lecturer <a href=\"https:\/\/business.cornell.edu\/faculty-research\/faculty\/aje45\/\">A.J. Edwards;<\/a> and visiting senior lecturer <a href=\"https:\/\/business.cornell.edu\/faculty-research\/faculty\/cim23\/\">Christopher Meredith<\/a>, as well as insights from guest speakers and alumni, I gained a deeper understanding of how investors think about risk, portfolio construction and decision-making in practice.<\/p>\n\n\n\n<p>I joined the Cayuga Fund seeking a way to bridge the gap between classroom learning and real investment responsibility. While I developed a strong interest in asset management and private equity through coursework and internships, I wanted to experience applying those concepts in a live portfolio setting. The Cayuga Fund felt like a blend of a classroom and a real investing role because we applied concepts while managing capital.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-applying-investment-theories-in-practice\">Applying investment theories in practice<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"400\" src=\"https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/cayuga-fund-2-10-400x400-1.jpg\" alt=\"Group of 19 Cornell students dressed in business attire standing in front of Sage Hall on campus.\" class=\"wp-image-11240\" srcset=\"https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/cayuga-fund-2-10-400x400-1.jpg 400w, https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/cayuga-fund-2-10-400x400-1-300x300.jpg 300w, https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/cayuga-fund-2-10-400x400-1-150x150.jpg 150w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\"><figcaption class=\"wp-element-caption\">The Cayuga Fund Class of 2026 in front of Sage Hall in April 2026. Image credit: Chris Kitchen.<\/figcaption><\/figure>\n\n\n\n<p>As an energy, materials, utilities and telecom sector lead, I was responsible for covering a diverse set of industries, many of which I had not previously studied. Our sector faced the challenge of balancing the fund&rsquo;s fossil fuel-free mandate with its benchmark against the Russell 2000, which includes significant exposure to traditional energy companies. I worked through this challenge by identifying companies adjacent to fossil fuel exposure and adjusting subsector weights to better align the portfolio with benchmark characteristics.<\/p>\n\n\n\n<p>I also was a member of the performance team, where I contributed to analyzing returns using attribution models such as Brinson and MSCI Barra factor analysis. Through this work, I became familiar with how allocation decisions, stock selection and factor exposures affected performance versus the benchmark.<\/p>\n\n\n\n<p>The Cayuga Fund strengthened my ability to think independently and take accountability for investment decisions. As a sector lead, I was responsible for leading due diligence on top-ranked stocks, identifying data- or news-driven adjustments and contributing recommendations during the rebalancing process. Because our recommendations affected a live portfolio, I became comfortable defending my views and communicating clearly with teammates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-lessons-beyond-the-classroom\">Lessons beyond the classroom<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"400\" src=\"https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/cayuga-fund-2-59-400x400-3.jpg\" alt=\"Four students in business attire make a presentation in front of a projection screen in a lecture hall.\" class=\"wp-image-11228\" srcset=\"https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/cayuga-fund-2-59-400x400-3.jpg 400w, https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/cayuga-fund-2-59-400x400-3-300x300.jpg 300w, https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/cayuga-fund-2-59-400x400-3-150x150.jpg 150w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\"><figcaption class=\"wp-element-caption\">Phalguni Miraj (right) presents with team members Tom Zhang (second from right), Nicholas Egyir and Henry Beyrich (left). Image credit: Chris Kitchen.<\/figcaption><\/figure>\n\n\n\n<p>Working on the Cayuga Fund, I valued the combination of fundamental and quantitative investing approaches. Combining these approaches helped me think about investing broadly instead of relying only on traditional valuation frameworks. Equally valuable was the opportunity to work alongside highly motivated peers, where constant idea-sharing and open discussion elevated the quality of our investment thinking.<\/p>\n\n\n\n<p>The experience strengthened my interest in pursuing a career in investment management and private equity. The skills I developed, ranging from financial analysis and portfolio construction to teamwork and investment communication, apply to both public and private market investing. More than anything, the Fund changed the way I think about investing by pushing me to be more curious, disciplined and oriented to the long term, all of which I will carry with me into my career and my personal investing journey.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-about-the-author\">About the author<\/h3>\n\n\n\n<figure class=\"wp-block-image alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/miraj-phalguni-300x300-1.jpg\" alt=\"Phalguni Miraj &rsquo;26.\" class=\"wp-image-11265\" srcset=\"https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/miraj-phalguni-300x300-1.jpg 200w, https:\/\/business.cornell.edu\/wp-content\/uploads\/sites\/6\/2026\/06\/miraj-phalguni-300x300-1-150x150.jpg 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\"><\/figure>\n\n\n\n<p>Phalguni Miraj &rsquo;26 is a graduate of the <a href=\"https:\/\/business.cornell.edu\/dyson\/\">Charles H. Dyson School of Applied Economics and Management<\/a> in the Cornell SC Johnson College of Business. As a member of the Cayuga Fund in the Parker Center for Investment Research, she was the head of the energy, materials, utilities and telecom sector and a member of the performance team. In the summer of 2025, she interned in the private equity group at Goldman Sachs, where she returned full time after graduation. She previously completed private equity internships at Arsenal Capital Partners (health care team) and North Haven Capital. On campus, she was a teaching assistant for the course Entrepreneurial Finance and Private Equity. She also was a mentor for the Society for Women in Business and was the president of Asha at Cornell, a nonprofit supporting education for underprivileged children in India.<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"<p>Phalguni Miraj \u201926 shares her experience as an undergraduate student participating in the Cayuga Fund during the 2025-26 academic year.<\/p>\n","protected":false},"author":31,"featured_media":12006,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[161],"tags":[],"ppma_author":[204],"class_list":["post-11118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-posts","organizational_unit-centers-institutes","organizational_unit-parker-center-for-investment-research","author-das18"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How the Cayuga Fund helped me develop an investor\u2019s mindset - Cornell Business Centers &amp; 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