Most people probably don't think of Minnesota as a breeding ground for investment managers 
. Believe it or not, though, while most of the North Star state endures the sting of single digit winters, students at the University of Minnesota's Carlson School of Management are learning how to heat things up on the investment front. Here's a look at how the school's Carlson Growth Fund managed to generate 17% returns.
Carlson Growth Fund Quick Facts
Established:1998
Membership: 15 (9 MBA students, 6 undergraduates)
Application process: Rigorous
Money under management: $10.5 million (approximate current value)
Benchmark: Russell 2000 Index
Number of Holdings: 20-25 (average)
Time-horizon/style: Long-term, growth , with a focus on small-cap stocks (program director Joe Barsky describes it as a "value approach to growth investing")
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
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