TSU College of Business Students Outperform S&P 500 in TVA Investment Challenge

NASHVILLE, Tenn. (TSU News Service) – Tennessee State University College of Business students have demonstrated their exceptional financial skills by excelling in the TVA Investment Challenge for the third consecutive year. An opportunity for students to manage a real $500,000 stock portfolio. This year, TSU’s 2024 team not only outperformed the S&P 500, a key market benchmark, but also surpassed the performance of other participating universities by a significant margin.

College of Business students present their 2024 portfolio analysis during the 2025 TVA Investment Challenge Conference in Nashville.

The TVA Investment Challenge Conference, held in Nashville April 3–4, showcased these outstanding results. The portfolio was managed by teams of 13 TSU students across the Spring and Fall 2024 semesters. The Spring 2025 team, composed of six students, was tasked with analyzing and presenting the 2024 performance. With a rotating team structure each semester, TSU’s continued success is a testament to the strength of its academic preparation and the dedication of both current and former student analysts.

These efforts highlight the growing strength of TSU’s College of Business as the TSU team achieved a 29.29 percent return on their portfolio, surpassing the S&P 500 by 4.27 percent. They also outperformed the average return of the 27 participating universities by 6.56 percent, placing TSU among the top eight teams in the challenge. The students increased the TVA investment portfolio by more than $200,000, bringing its total value to over $700,000 by the end of December 2024.

Paige Chuma

Paige Chuma, a junior from Atlanta double majoring in economics and finance, as well as psychology, shared her experience. “I was able to network with students and business professionals and also see how far this can go,” Chuma said. “It was humbling and inspiring. This is why I’m here, and I’m proud that our HBCU has the chance to participate in this opportunity.”

She emphasized how important it is for HBCUs and their economics and finance students to be part of these initiatives.

The experience allowed students to network with industry professionals, learn from executives, and gain valuable insights into the world of finance and investment.

Austin Thomas

Austin Thomas, a senior from Nashville majoring in economics and finance highlighted how the experience helped him gain valuable skills for his future career. “We were able to invest real money, make buy and sell decisions in real time, and practice our strategies. This is a great opportunity for students to gain real-world experience,” Thomas said. “It’s important for us to not only represent our HBCU but also people of color.”

The TVA Investment Challenge allowed students from universities in the Tennessee Valley region to manage portfolios and make strategic investment decisions. The students actively manage TVA funds by designing long-term investment strategies, placing trades, maintaining compliance with investment guidelines, and presenting performance reports to TVA. Teams are responsible for conducting financial research, making investment choices, and managing risk.

Dr. Anis Mnif and Dr. Selma Izadi, center, guide TSU students through portfolio analysis at Avon Williams Off Campus Instructional Site.

Dr. Selma Izadi, an assistant finance professor and faculty advisor for TSU’s TVA challenge team played a pivotal role in guiding the students through the financial modeling, analysis, and portfolio construction.

“Managing a real-money portfolio provides an invaluable opportunity for our students, empowering them to become the next generation of financial leaders at TSU,” Dr. Izadi said. “It’s an excellent reflection of the high-level skills and knowledge our students are gaining, and it showcases the strength of our Economics and Finance Department. Congratulations to all students whose contributions made this success possible.”

Interim Chair and Assistant Professor of Finance Dr. Anis Mnif praised the team’s achievement, noting that it serves as a testament to the rigorous education and mentorship that TSU students receive.

Tennessee State University 2024 Investment Challenge Performance Award.

“Consistently outperforming market benchmarks is no small feat,” Mnif said. “Our students are not only competing—they are leading. This success underscores the excellence and leadership that TSU represents in the field of business and finance.”

The conference was also a chance for students to share their investment strategies and portfolio results with teams from other universities.

“It was so cool to see presenters and executives who had participated in the TVA Challenge years ago,” Chuma said as she reflected on the event. “It’s inspiring to be part of something so impactful, and I’m excited about the opportunities ahead.”

With this achievement, the College of Business continues to prepare its students for successful careers in finance, economics, and beyond. It further solidifies the college’s reputation as a leading institution for developing the next generation of finance professionals.

To learn more about the College of Business, visit www.tnstate.edu/business.