Vanderbilt's

Max Adler Student Investment Fund

was formed in 1984 by a donation from Mimi Adler in memory of her husband, the founder of

Spencer's Gifts

, now part of

Seagram's

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division. The Nashville fund is run completely by students, who elect a student board of directors and a chairman each year. Student managers focus on specific industry segments like technology, health care and energy and pursue a small-cap growth objective.

"We find that many students in the MBA program have industry experience that enables them to offer valuable insight into our buy and sell decisions," says

Jason Beaird, the chairman of the fund. Beaird says average turnover in the fund is relatively low, but he does admit to short-term trading from time to time.