TVA’s Investment Challenge Program is a partnership between TVA and the universities that provide a unique hands-on experience in financial asset management for the students and performance-based awards the universities can use to enhance their business school resources. Student teams actively manage real stock portfolios for TVA, designing long-term investment strategies and selecting investments under the guidance of faculty members and within investment guidelines established by TVA. As one of the largest student-managed investment programs in the nation, thousands of students have participated in the program since it began in 1998, and a number of them have been hired by TVA and other employers in the region after graduation. • Established in 1998 with $1.9 million and 19 universities • Expanded to $10 million and 25 universities in 2003 • Outperformed the S&P 500 by 1.8% since inception • Over $12 million in assets currently managed by students • Part of TVA’s Asset Retirement Trust, which was created to offset the future cost of decommissioning TVA’s non-nuclear assets