Each of our investment teams features discussions about financial strategies, learning technical skills, and presenting ideas to other team members and portfolio managers. We open applications for new members each semester. Although financial knowledge/background is helpful in interviews for membership, our respective development teams can help teach the fundamentals necessary to join.
The Consumer Retail team looks at a variety of consumer-facing businesses, ranging from traditional consumer packaged goods companies and apparel retailers to consumer internet companies. Everyone has a basic understanding of what consumer retail products are and how they are sold, making the sector accessible to those who are new to investing. At the same time, the constantly-changing nature of the sector provides a challenging backdrop for seasoned investors looking to develop a differentiated viewpoint. It’s no surprise that many revered value investors, most famously Warren Buffett, favor the consumer retail sector over many others.
On the Consumer Retail team, members are expected to complete one stock pitch each semester, working in smaller groups of 3-4. Our weekly meetings will have an educational component, and we will also discuss any pertinent news from the consumer retail space. Throughout the semester, we will also be looking at examples of consumer retail pitches from various successful investors.
The Energy team provides members with a strong foundation in energy and finance. Our goal is to empower members to become competent investors, with a focus on oil and gas, as well as other energy assets. We study energy technology, politics, geography, transactions and markets overall in order to deliver a broad educational background in investing. All members have the opportunity to pitch an energy investment and will receive mentoring.
The Financials team analyzes a broad range of companies including traditional companies banks and insurance companies, as well as more non-traditional companies such as mortgage servicers, alternative asset managers, and FinTech. Within these we hope to find investment opportunities arising from a market mispricing and misunderstanding either of part of the company's balance sheet, or of the company's business. In doing so the group seeks to apply the principles of traditional value investing to institutions that can be large, complex, and opaque.
The global macro team is devoted to studying, analyzing, and dissecting global geopolitical events from an investor’s point of view. The purpose of this team is to generate top-down investment theses, and create trading strategies around those concepts. While no prior experience is necessary, we look for students who have a genuine interest in investing strategies and geopolitical events.
The Healthcare team looks at a wide range of businesses involved in the provision of healthcare, ranging from biopharma companies to medical device companies and medical service providers. With new scientific discoveries constantly being made and regulations evolving, the healthcare industry is one where investors who understand the industry have the potential to make outsized returns. The Healthcare team holds weekly meetings, where we will analyze recent trends in the healthcare space and look at past healthcare pitches from successful investors. Members will also work on a stock pitch each semester to hone their investing skills.
The Industrials team looks at a variety of companies in industries as broad-ranging as Power Equipment, Construction & Engineering, Shipping, and Aerospace, among many others. This broad mandate means that, in reality, we simply work on the most interesting ideas available, even if they don’t fit perfectly into our box. In addition to this flexibility, we think Industrials companies provide a great basis for an investment education given that they are generally more mature and there is a high degree of diversity in their functional complexity, benefitting investors of various levels of experience. Another one of the great benefits of the team is learning about the “un-sexy” industries of the economy, which play such an important function role. How is it that harbors continue to remain deep enough to be accessed by ships? The answer: dredging!
On the Industrials team, members are expected to complete one stock pitch in each semester, working in a group of 2-3 individuals. Weekly meetings feature an education component and market discussion, as well as feedback on members’ progress in building a pitch. As a highly competitive team, members will unfortunately move on from the team if they are unable to meet these expected levels of participation. We know, however, that engagement with our program yields results; many of our members over the past 3 years have gone on to intern and work full-time at many top buy-side firms, such as Silver Point Capital, Silver Lake Partners, Samlyn Capital, PJT Restructuring (formerly Blackstone restructuring), AQR, KKR and Apollo.
The Quantitative Investment Strategies team aims to develop quantitatively- and/or systematically-driven trading strategies with a focus on education. Our members include experienced investors, many with experience in quantitative roles at hedge funds and market makers. On a day-to-day basis, we develop projects and discuss academic literature and industry white papers on finance and statistics / machine learning. Our projects place emphasis on signal research and portfolio optimization, while staying weary of practical issues in trading execution.
Quantitative Investment Strategies (QIS)
The real estate group focuses on education and investment pitches, giving members the opportunity to both learn about the industry and practice applying investment principles. Members can expect to spend time learning about the basics of real estate valuation, industry trends, macroeconomic considerations, and analysis ranging from property-level to large-cap REITs. Responsibilities will include participation and presenting pitches, as well as contributing to group discussions in meetings.
The Special Situations Group (SSG) within WITG seeks to explore investment cases that arise from nuanced financial concepts often misunderstood by the markets, and thus involve large disconnects between market and intrinsic values of securities. Examples of SSG themes include corporate spinoffs, mergers and acquisitions, and bankruptcies.
Many well-known hedge funds globally operate some type of "special situation" strategy, and throughout the semester we will explore this style of investing. During weekly discussions we will cover tenets of value investing, the fundamentals of corporate credit versus equity securities, derivative instruments and how they are most often used, and case studies of past and current special situations.
Special Situations Group
The WITG Tactical Opportunities investment team was inspired by Blackstone’s Tactical Opportunities Group. We seek to explore global investments across various sectors in alternative and underlooked segments of the capital structure. Our mandate focuses on, but is not limited to, common stock, preferred equity, and distressed credit investments across public and private markets.
Members can expect to work on investment ideas during the semester and receive formal training on advanced modeling techniques, capital structure analysis, and investing fundamentals — with members ultimately competing in annual investment competitions. Our mission is to create a lasting and passionate community of the best-in-class investors at Wharton prepared for careers at the top buy side and advisory firms.
The Technology, Media, Telecom (TMT) team looks at a variety of companies in TMT verticals ranging from FinTech to eCommerce to cybersecurity to network infrastructure. Our broad coverage offers exciting opportunities to look at emerging technologies that will change the course of business in almost every traditional industry. This includes buzzword-type companies pioneering P2P lending as well as under-the-radar companies that build and maintain the data storage and networking capabilities enabling every tech interaction.
On the TMT team, members are expected to complete one stock pitch each semester, working individually and in small groups. In our weekly meetings we will deep dive into different TMT verticals, discuss relevant market developments, and give feedback on pitch progress. Senior members of the team have diverse academic and internship backgrounds across various tech and finance industries, and are excited to work with others in a collaborative environment.
Technology, Media, Telecom
We take applications for new investment team members every semester. Our application, when active, can be found to the link below. Reach out to our current members, or get to know us at the club fairs, to hear more about WITG!
If you don't feel like you know enough yet, or are not comfortable yet with joining an investment team, we have development team opportunities specifically to help teach you more about the various finance fundamentals and strategies. See below!