Celebrating 25 years of the Batten Fund: A legacy of learning and leadership in investment education

The Raymond A. Mason School of Business is celebrating a remarkable milestone—25 years of The Batten Fund, a student-managed investment fund that has transformed the educational experience of MBA students and helped launch countless careers in finance.

On Saturday, March 29, 2025, the Mason School hosted a special classroom session to commemorate the Fund’s 25th anniversary. Around 35 attendees—alumni, faculty, students, and Executive Partners—gathered to reflect on the Fund’s origins and its continued relevance today. Second-year MBA student Jimmy Taylor presented a recent stock pitch, providing a real-time look at how current students are continuing the tradition of rigorous research and investment analysis. The session included open discussion, questions, and networking—highlighting the community and mentorship that surrounds The Batten Fund.

A bold idea takes root

Launched in 1999 through a visionary gift from the late Frank Batten, Sr. and his wife Jane Batten, The Batten Fund was designed to give MBA students the opportunity to apply classroom learning in real-time by managing a portion of the school’s endowment. Since then, more than 400 students have participated in this high-impact experiential learning program, which now manages over $2 million in assets.

“My goals for the Fund were twofold. First, to provide the student with an opportunity to perform ‘fundamental equity investment research’ and gain experience in managing a real equity portfolio. Second, to provide opportunities for students to further develop their communication and persuasion skills in the context of articulating a complex situation—a stock purchase,” said Professor Emeritus Jim Haltiner, the Fund’s founding faculty advisor.

“From an investment perspective, the goal was to have the portfolio perform as well or better than our benchmark. From a student learning point of view, the goals were much broader, not only to enhance their abilities to research a company and do financial and valuation analysis but also to tell a story effectively and persuade a somewhat skeptical audience—skeptical by design—to accept their recommendation,” he said.

Frank Batten, Sr., best known as the co-founder of The Weather Channel and former chairman of Landmark Communications, believed in the value of bold innovation and hands-on learning. His gift, and the Batten family’s ongoing support, made possible a fund where students would not only analyze stocks, but defend their recommendations before peers, faculty, and industry professionals.

“The Batten Fund embodies what we strive to achieve at the Mason School,” said Dean Todd Mooradian. “It’s experiential learning at the highest level. Because of Jane and Frank Batten’s generosity and foresight, we’ve been able to offer a program that develops students’ technical capabilities and decision-making skills while also building their confidence and professionalism.”

An empowering opportunity

Throughout its evolution, the Fund has remained grounded in its original mission while adapting to industry changes. Students conduct fundamental equity research, focusing primarily on small- to mid-cap stocks with limited analyst coverage and pitch their selections to the class for a vote. The process simulates professional investment management, with student analysts organized into sector teams and supported by faculty and Executive Partners.

Professor Hugh Marble, who succeeded Haltiner in leading the program, emphasized how the Fund’s structure fosters critical thinking. “The discussions led students to think carefully about how they were applying theory from other classes to the more real-world decision-making that happens within the Fund,” Marble said. “The students are influencing the investment of real money and see the results of their decisions in real time.”

The student experience is rigorous, with participants balancing portfolio responsibilities alongside a full academic schedule. Yet the rewards are tangible. Alumni often cite their Batten Fund experience as a key differentiator in interviews and a springboard into careers in asset management, investment banking, consulting, and corporate finance.

The impact of the program is perhaps best measured by its longevity and the sustained enthusiasm of students and alumni alike. “They take it very seriously,” said Haltiner. “They have much pride in their work product. They are competitive in wanting to make good and profitable ‘buys’ for the fund. And in general, they take criticism well in feedback to their initial reports and in handling tough questions from their colleagues, and later from the Executive Partners. The totality of the students’ dedication to the Fund is the biggest milestone in its evolution.”

Future-proofing The Fund

While market conditions have shifted dramatically over the last two and a half decades—from the dot-com crash to the global financial crisis to the rise of AI in finance—The Batten Fund has remained a constant, providing continuity, discipline, and opportunity to each new cohort.

For Jane Batten, this anniversary is more than just a reflection of the past—it’s a celebration of potential. “Frank and I believed in investing in people,” she said. “It’s deeply gratifying to know that The Batten Fund has helped so many students build skills, confidence, and careers. I’m proud of what it represents and excited for its future.”

Looking ahead, the Mason School plans to continue building on the Fund’s strong foundation from leveraging richer databases for research to incorporating artificial intelligence. “From the beginning, The Batten Fund experience had to have gravitas—real money at risk,” said Haltiner. But it will always be about the students’ growth in their ability to do the research and valuation modeling. Their written reports and presentation skills improve as does their confidence.”

As the school marks this 25-year milestone, The Batten Fund remains a strong example of how education, generosity, and vision can come together to create lasting opportunities for students at the Mason School.