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The student-managed investment fund (SMIF) program at California State University, Long Beach (CSULB), was launched in 1995 with one portfolio worth $50,000. In the two decades since then, the program has grown to include three portfolios with a combined value of more than $700,000, managed on behalf of three different clients. The purpose of this paper is to describe the creation, evolution and growth of the program including the development of the new quantitative approach and its subsequent implementation. The paper also discusses the ongoing organizational, educational and investment-management challenges associated with the program.

The paper includes a description of the development and evolution of the program along with a discussion of the investment results for one of its three portfolios.

The paper finds: the new quantitative approach implemented in the program is effective as insurance against “black swan” events; and SMIF-type programs can provide learning experiences both for students and faculty members.

The paper explains the practical application of the new quantitative approach as well as the educational benefits of a SMIF-type program.

The paper provides insight into the structure of CSULB’s SMIF program and discusses a unique quantitative approach to asset allocation and security selection.

The purpose of this study is to develop an investment strategy designed both to enable student‐managed investment fund (SMIF) students to more quickly build out their portfolio at the beginning of the academic year and to give them some exposure to quantitative approaches to investment management.

This study uses data and software that would be readily available to typical SMIF students to develop both an asset‐allocation model and a security‐selection model that can be described as a long‐flat (or synthetic protective put) equity strategy with a momentum‐based style‐rotation overlay.

Over the time period since the requisite style‐based ETFs began trading, the composite strategy would have outperformed the S&P 500 index during both market downturns and market upturns, providing better than market returns at lower than market levels of risk.

The key innovation of this paper is the development of a quantitative investment strategy tailored specifically to meet both the educational and the portfolio management needs of SMIF students; a secondary innovation is the demonstration of the efficacy of a style‐rotation strategy, in contrast to the more typical sector/industry‐rotation type of strategy.

The purpose of this paper is to critically examine whether the individual values and bias of police officers could be frustrating attempts to achieve black and ethnic minority (BME) representation within the police service, especially at senior levels. It focusses on the micro-individual level, examining perceptions, values and attitudes towards equality and diversity, unconscious bias and the impact of leadership in addressing these issues.

The paper reviews the literature on values, police culture and leadership. It draws upon data produced from a very small study undertaken within a local police service specialist unit where the author was employed, by means of semi-structured interviews with a selection of staff and senior officers, and values and attitudes surveys. Data were examined from a national survey of BME officers and Human Resources Leads, conducted by the College of Policing’s BME Progression 2018 Programme. Finally, unconscious bias test data of samples of police officers, including senior leaders and HR professionals were examined.

The interview data show that equality and diversity are perceived to be largely embedded by organisational members. This is contradicted by the data from the values and attitudes survey which show that equality is not fully embedded in the culture, and the data from BME officers survey supports this. Leader role models and behaviours were found to play a crucial role in embedding these values, along with training. The findings also demonstrated a higher level of unconscious bias among senior officers and HR professionals, responsible for recruitment and selection, than police employees in general.

This exploratory research is concerned with policing in England and Wales. The very small sample limits inferences possible in the findings but is highly relevant to current and future policing.

The paper highlights some potential barriers to achieving a representative police service at an individual rather than organisational level and makes a number of recommendations on the role of leaders now, and crucially in the future, to fully embed equality and diversity into police culture to address under-representation, a phenomenon which has plagued the police service throughout its entire history.

There appears to be a dearth of studies examining the issue of under-representation at the micro-individual level within British police organisations. The current, exploratory research study seeks to contribute to closing this gap.