Schedule
11:30 a.m. - 12:30 p.m. – Check in.
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
12:30 p.m. - 12:50 p.m. – Opening Remarks
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
Dr. Tarek Zaher, Professor of Finance/Co-Founder and Managing Director of SMIFC, Scott College of Business, Indiana State University
Dr. Terry Daugherty, Dean, Scott College of Business, Indiana State University
Session 1: 12:50 p.m. - 1:50 p.m. – Panel Discussion, CFA Chicago
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
Blake Shaffer, CFA, Director, Corporate Capital Markets
Fatimah Hijjawi, CFA, Financial Advisor and Partner at Morgan Stanley
Casey Ruys, CFA, Manager of Portfolio Construction for Constellation’s Investment Office
Session 2: 1:50 p.m. - 2:50 p.m. – The U.S. Economic Outlook
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
Daniel Sullivan, Executive Vice President and Executive Director of the Economic Mobility Project
2:50 p.m. – 3:00 p.m. – Break
Session 3: 3:00 p.m. – 4:00 p.m. – Panel Discussion, The Garret Companies
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
Rob Martinson, the President of The Garrett Companies
Chris Hentschel, Senior Director of Investments
Nathan Branaman, Capital Markets Analyst
AJ Poynter, Investment Analyst
Session 4: 4:00 p.m. - 6:00 p.m. – Corporate Connection & SMIFC Teams Poster Session Competition
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
4:00 p.m. – 4:30 p.m. – Poster Session Judges Evaluation Visit
4:30 p.m. - 6:00 p.m. – Poster Session Students Visit
4:30 p.m. - 5:00 p.m. – Poster Session Judges Meeting
5:00 p.m. – 6:00 p.m. – Faculty and Partner Appreciation Reception presented by The Garrett Companies
Hyatt Regency McCormick, Lake Shore Drive Boardroom 2nd Floor
6:00 p.m. - 7:30 p.m. – Dinner - Distinguished Speaker: Frederick J. Crawford - Insurance Company Investing: "A CFO's Perspective and Lessons Learned"
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
Frederick J. Crawford, President and Chief Operating Officer of Aflac Incorporated
Session 5: 9:00 a.m. – 10:00 a.m. – Rate Cuts? Consumer Spending? Inflation? What’s Ahead for The Economy?
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
Lauren Henderson, Senior Economist and Director at Stifel
Session 6: 10:00 a.m. - 10:50 a.m. - TBA
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
10:50 a.m. - 11:00 a.m. – Break
Session 7: 11:00 a.m. - 11:50 a.m. – CFA Program updates for 2026 and how to succeed in an AI world
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
Rob Langrick, CFA, CIPM, General Manager of the CFA program at CFAI.
Session 8: 11:50 a.m. - 1:00 p.m. – Lunch, and Announcement of Competition’s Awards
Hyatt Regency McCormick, Regency Ballroom Foyer 2nd Floor
Poster Session Competition Awards: Sponsored by The Garret Companies
Portfolio Management Competition Awards: Sponsored by The Garret Companies
The competition winners will be announced, and awards distributed. Following this, the winning teams will give brief presentations about their projects.
Session 9: 1:00 p.m. – 2:00 p.m. – Visit to FRB Chicago and CBOE Visit
Competition Projects
The poster session provides the SMIFC teams with a way to display information about their SMIF including performance during 2024. As an incentive to participate in the poster session competition, SMIFC – We will recognize and present awards for the top three teams that demonstrate excellence for outstanding performance and outstanding visual presentation. Presenters will participate in engaging their colleagues at other SMIFC schools. All presenters are responsible for bringing or delivering the posters to the conference and removing them after the conference. Posters presenters must arrive at least 15 minutes before the start of the poster session. To participate in the poster competition, please do the following.
- Send an email to tarek.zaher@indstate.edu by 5:00 p.m. September 10, 2025. Indicating your intention to participate in the competition.
- Report your fund(s) time-weighed rate of return (TWRR) on the attached template and send it to us along with the twelve-monthly statements from the brokerage house that host your SMIF for the period: January 1, 2024, to December 31, 2024. If your school hosts more than one fund, two different teams from your school can participate in the competition.
Evaluation Rubric
- SMIF performance measured by Sharpe ratio (30%)
- Visual presentation (35%)
- Presentation to judges (35%)
Poster Session Cash Prize Pool
Courtesy of Scott College of Business at Indiana State University
- First Place — $1000
- Second Place — $800
- Third Place — $700
This project is an exercise in creating a long-term investment strategy and building an investment portfolio using fundamental analysis. The Investment horizon is five years. Teams of 1 to 3 students will create a paper trading portfolio of $100,000 that can be invested in stocks. Each team is also required to write a 6–10-page (including exhibits) paper describing their investment plan and demonstrating their knowledge of analysis of economic, industrial, political, global and financial conditions, and their understanding and application of fundamental analysis concepts and the criteria they used in stock selection, allocation, and risk management of their portfolio. Up to two teams from each school can participate in the competition.
Evaluation Rubric
- Analysis of economic, industrial, political, global, and financial conditions (25%)
- Asset allocation and diversification (25%)
- Financial Analysis and selection of stocks (25%)
- Write up of the paper and exhibits (25%)
Portfolio Building Cash Prize Pool
Courtesy of Scott College of Business at Indiana State University
- First Place — $1000
- Second Place — $800
- Third Place — $700
Timeline
September 19, 2025 - Deadline for Paper submissions
October 10, 2025 - Conference prizes awarded to Portfolio Building Competition
Submissions and Representation
Please submit two copies of the portfolio building paper to tarek.zaher@indstate.edu . no later than 5:00 p.m. Eastern time, on September 19, 2025. One copy of the paper would have school affiliation and team member’s names. A second copy of the paper will be evaluated by the judges and therefore should not contain any identifying information. We encourage all SMIFC Schools to participate in the competition. Schools that will participate in Project 2 competition should have at least one member of their team(s) present at the conference. The winning teams will make a 5-10 minutes’ presentation of their paper at the conference.
Speakers
Frederick J. Crawford
President and Chief Operating Officer of Aflac Incorporated
Fred Crawford is a global financial executive and operating leader with over 30 years of experience in the life and health insurance industry. Most recently, Fred served as President and Chief Operating Officer of Aflac Incorporated, where he played a pivotal role in the company’s expansion, innovation, and financial success.
During his executive tenure, Aflac’s market capitalization more than doubled—from $27 billion to over $60 billion—while maintaining the industry’s highest financial strength ratings. Known for his high integrity, industry expertise, technical, and communication skills, Fred is respected by regulators, rating agencies, investors, and fellow industry C-suite leaders. Before joining Aflac, he served as executive vice president and chief financial officer of CNO Financial Group. Prior to that, Fred worked for more than a decade at the Lincoln Financial Group in roles of progressive responsibility, including executive vice president and chief financial officer, in addition to leading Corporate Development and Investments. He also held leadership positions at Bank One Corporation for many years. Fred earned a Bachelor of Science in Business from Indiana State University and an MBA from the University of Iowa.
Daniel G. Sullivan
Executive Vice President and Executive Director of the Economic Mobility Project
Daniel G. Sullivan is an executive vice president and executive director of the Chicago Fed’s Economic Mobility Project. His research has been primarily in labor economics, especially issues related to displaced workers and alternative work arrangements.
Sullivan joined the Chicago Fed as a senior economist in 1992, after serving as an assistant professor of economics at Northwestern University. He also taught at Princeton University and is currently a lecturer at the University of Chicago's Harris School of Public Policy. From 1994 to 2007 Sullivan led the Bank’s applied microeconomics group, from 2007 to 2019 was director of research and from 2019 to 2021 was director of economic outreach.
He has published articles in leading academic journals including the American Economic Review, Econometrica, the Journal of Political Economy and the Quarterly Journal of Economics. He received a B.A. in mathematics from the University of Chicago and a Ph.D. in economics from Princeton University.
Rob Martinson
President of The Garret Companies
Rob Martinson serves as the President of The Garrett Companies, leading the organization’s strategic growth, investment vision, and operational excellence. With over 25 years of real estate and construction experience, Rob has held diverse roles in investment oversight, construction, financial analysis, and development. Under his leadership, The Garrett Companies continues to expand its national presence while maintaining a culture of innovation and excellence.
Lauren G. Henderson
Sr. Economist, Director • Stifel, Nicolaus & Company, Incorporated
Lauren Henderson is a Sr. Economist for Stifel Financial. She focuses on the research and analysis of
economic trends and activity, world economies, financial markets, and monetary and fiscal policies. She
has been with the Stifel Economics Department for nine years and provides commentary and interpretative
analysis on economic data, as well as supportive insights for economic forecasting. Her reports provide
support across all business lines at Stifel Financial. Additionally, she has also been quoted in the business
press.
Henderson is a member of the National Association for Business Economics (NABE). She holds two
degrees from Loyola University Chicago in marketing and economics, and earned her MBA with a focus
in economics from Loyola University Chicago. She is based in Stifel’s downtown Chicago office.
Buff Dormeier, CMT
Partner and Chief Technical Analyst, Kingsview Partners
Buff Dormeier, CMT®, serves clients as a financial advisor, consultant, analyst, and portfolio manager. Using proprietary indicators and strategies, he advises affluent and institutional investors in navigating complex markets. Recognized as a Forbes “Best in State Wealth Advisor,” Buff is also the only financial advisor to receive the Charles H. Dow Award for technical research.
An expert in volume analysis, he has presented at international conferences and authored Investing with Volume Analysis—winner of 2012’s Technical Analyst Book of the Year. His work has been featured in Barron’s, The Financial Times, CNBC, and other leading outlets.
A former marathon champion, Buff remains an avid runner. He is a member of the Chartered Market Technicians Association and Emmanuel Community Church, and enjoys life with his wife Kathy, their two children, and Rhodesian Ridgeback, Dutch.
Rob Langrick, CFA, CIPM
General Manager of the CFA Program
Rob Langrick, CFA, CIPM, is General Manager of the CFA Program based out of the New York office. He was previously Head of Practice Analysis, overseeing annual curriculum updates to the CFA Program. Before joining CFA Institute, he lead Bloomberg’s finance education division where he built and launched Bloomberg’s certification product. He began his career as a sell-side equity research analyst in London and after earning his MBA from Dartmouth worked in the private equity diligence unit of Bain & Company in New York.
Chris Hentschel
Senior Director of Investments, The Garret Companies
Chris Hentschel works with various departments within The Garrett Companies to identify investment opportunities, manage risk effectively, and develop financial strategies that maximize returns, are strategically aligned with the long-term financial health of the company, and enhance our investment portfolio. He plays a pivotal role in optimizing financial assets and is focused on financial strategies that align with the company’s financial objectives and growth targets.
Fatimah Hijjawi, CFA
Financial Advisor and Partner at Morgan Stanley
Journey began as the group's intern in 2018, and upon graduating summa cum laude from DePaul University with a Bachelor’s Degree in Business Administration and Management in 2019, she transitioned to a full-time Client Service Associate. Growing in her roles, Fatimah became a Consulting Group Analyst in 2021 and then assumed the position of Financial Advisor and partner on the team in 2023. Fatimah was awarded her CFA Charter in spring of 2024 and is an active CFA Charterholder. She passed Level 1 in spring of 2019 and Level 2 in fall of 2023.
Fatimah is Palestinian and was raised in Jordan, Egypt, Lebanon and Switzerland. She speaks French and Arabic and now lives in the South Loop with her two cats, ShibShib and MishMish. Fatimah enjoys running along the lakefront trail and participating in marathons to support various causes and charities. Fatimah is a guide for visually impaired athletes with Achilles International.
Casey Ruys, CFA
Manager of Portfolio Construction for Constellation’s Investment Office
As the Manager of Portfolio Construction for Constellation’s Investment Office, Casey Ruys is responsible for the monitoring and analysis of portfolio positioning, liquidity management, trade proposals, and performance attribution across ~$27B in trust assets. Prior to Constellation, Casey managed ~$2.6B of Outsourced Chief Investment Officer (OCIO) portfolios for BMO Global Asset Management’s U.S. Multi-Asset Team as a Senior Associate Portfolio Manager. Before her role on the investment team, she worked for BMO GAM as a Product Strategy Analyst, supporting marketing and distribution of the firm’s retail and institutional products.
Blake Shaffer, CFA
Director, Corporate Capital Markets
Blake is a Director in JLL’s Corporate Capital Markets and Net Lease practice, advising clients—from Fortune 10 corporations to private equity portfolio companies—on capital strategies to optimize and monetize real estate portfolios. His expertise spans capital structuring, financial analysis, and transactions including sale-leasebacks, net lease sales, build-to-suits, and structured financings such as synthetic and credit tenant leases. He has extensive experience across industrial, office, retail, and data center assets nationwide.
Previously, Blake was a commercial credit analyst at MB Financial Bank (now Fifth Third), underwriting $100M+ in commercial real estate loans. He holds a B.B.A. in Finance and a Certificate in Leadership Studies from the University of Iowa, earned his CFA charter in 2019, and is a licensed Illinois real estate broker. Blake is an active member of the CFA Society Chicago and its Member Engagement Advisory Group.
Nathan Branaman
Capital Markets Analyst, the Garret Companies
Nathan Branaman supports the design, development, and implementation of financial strategies through effective capital management and asset optimization. He works closely with a variety of departments to identify investment opportunities, build scalable methods of financial analysis and initiatives to improve portfolio performance, risk management, and return on investment.
AJ Poynter
Investment Analyst, The Garret Companies
AJ Poynter supports the Investments team with the pursuit of potential assets through site identification, demographic and economic impact analysis, and interpreting data related to potential investment-risk trends that could impact the outcome of the project. This role is crucial in maintaining our competitive edge, ensuring our investments align with Garrett criteria, and providing expertise in markets we are both currently in and look to expand in.
Terry Daugherty
Dean, Scott College of Business, Indiana State University
Daugherty earned his B.A. at Western Kentucky University, his M.A. at the University of Alabama, and his Ph.D. at Michigan State University.
He was a postdoctoral fellow at Vanderbilt University’s Owen Graduate School of Management. After that, he went to the University of Texas at Austin as an assistant professor in the Department of Advertising. He started at the University of Akron in 2009 where he served on the faculty and in various administrative capacities, including department chair and assistant dean.
Daugherty’s scholarship is focused on examining consumer psychology and persuasion within digital marketing and advertising. He theorizes and empirically tests how individual characteristics and media properties influence cognitive processing and consumer behavior.
Tarek Zaher
SMIFC Managing Director & Co-founder, Professor of Finance, Scott College of Business, Indiana State University
Dr. Zaher is the Managing Director & Co-founder of SMIFC, and president of SMIFC South Corporation. Dr. Zaher has held a number of academic and professional positions with the industry. He is currently Professor of Finance at Scott College of Business, Indiana State University. He also provided consulting services to a number of international institutions including the World Bank, the William Davidson Institute at the University of Michigan, and the Academy for Educational Development in the United States and the Ministry of Work in Dubai. He has also offered a number of seminars in investment and international financial management at a number of institutions around the world.
Dr. Zaher is Advisor of the Investment Club at Indiana State University. He also manages and supervises other international portfolios for individuals and institutions. Dr. Zaher’s research has been published in numerous prestigious professional and scholarly journals, including the Journal of Financial Research and Journal of Banking and Finance. Dr. Zaher received three research awards from professional conferences and one research certificate of excellence. He was also recognized by the Scott College of Business as the winner of the faculty research award in 2002 and the winner of the exemplary service award in 2004, and received "Under the Buttonwood" award in 2018 for my role in growing the SMIF consortium.