KINGSTON, R.I. – May 14, 2025 – A share in Alphabet Inc., the parent company of Google, had been trading at around $190. As of May 2, shares were down to about $165, according to Yahoo Finance.

Investing and buying stocks demands a high degree of expertise, typically cultivated over many years. Yet, even seasoned analysts cannot predict with certainty how a stock will perform. Some equities will appreciate, while others will depreciate.

This real world, hands-on experience in securities trading is precisely what’s offered through a competitive course in the College of Business at the University of Rhode Island.

Officially listed as BUS 422/423, the course is more widely known as the Ram Fund. For those lucky enough to be one of the 15 students chosen, the experience mirrors that of a professional investment analyst. The Ram Fund, started in 2001 with a $100,000 investment from the University of Rhode Island Foundation and Alumni Engagement, oversees a portfolio of more than $700,000. And it’s normal for students to put in 30 hours a week on the Ram Fund.

“They need to be competent because it’s a whole different ball game when you have a fiduciary responsibility and are dealing with someone else’s money,” said Michael Ice, an associate teaching professor who advises the class along with Deborah Imondi.

“There are really two purposes, experiential learning and then getting a return because it’s real money,” said Ice.

Both Ice and Imondi have the real-world experience needed to advise their students on the risks associated with capital loss in equity investments. 

“We’ve got 13 weeks and meet twice a week, so students have 26 classes to manage a portfolio of $700,000 or $800,000,” says Ice.

Imondi ’82, MBA ’86 spent years as an investment manager at Textron, and Ice spent more than 30 years on Wall Street, including a tenure as managing director at Merrill Lynch.

The class’s lab is the Sherman Trading Room in Ballentine Hall, which is outfitted with 15 workstations and nine Bloomberg terminals where students do deep analysis of prospective investment opportunities.

Unlike popular retail trading platforms, Ram Fund demands a far more rigorous approach. For students like Declan Botwinick, trading entails considerably more than simply clicking a “buy” or “sell” button. 

Students are divided into five groups. Each group is assigned a specific sector to research. Within each group, the three members collaborate to identify and evaluate a potential investment. Once a company is selected, the team must formally pitch it to the rest of the class. Shares aren’t purchased unless most of the class is on board.

In Botwinick’s case, the New Jersey native and his two teammates, last year, focused on the technology and telecommunications sector.

“You need to be able to present an extensive presentation,” says Botwinick. “Most of the presentations average about 20 minutes.”

The portfolio currently comprises about 30 distinct securities. This is in part to ensure the portfolio is diversified and to help mitigate risk. Having too much money in a single sector could have significant repercussions if that sector underperforms. 

This spring marks Botwinick’s second and final semester in the Ram Fund. He will graduate this month with a degree in finance. Throughout his time at Ram Fund, he’s been instrumental in building the portfolio and buying equity in companies including ACI Worldwide, a company the class ultimately chose to invest in.

ACI Worldwide is a prominent entity in the electronic payments industry. During his research, Botwinick discovered that the company’s infrastructure is integral to processing a vast number of card transactions. 

However, it is that investment’s performance that has left a lasting impression on the class.

“I believe it’s in line with about a 60% return since we bought it last year,” said Botwinick. “I think we bought it for around $32 and it’s trading at $52 right now.”

While the Ram Fund will inevitably experience fluctuations, real-world exposure is the most valuable takeaway that students gain. In addition to managing the fund, students also present the portfolio annually to professional fund managers at Fidelity.

“There are usually two emcees that present the portfolio and the returns,” explains Ice. “Then each group will have seven minutes to present a stock they bought.”

It’s the real-world experience that will serve as a foundation for Botwinick who has taken a job in wealth management at a company in western New Jersey.

“I am starting about a week and a half after graduation, so I’m excited,” said Botwinick. “I got pretty fortunate with this one, my entire family is located about five minutes away from the office.”