Hedge Fund Strategies Intern

State of Wisconsin Investment Board•Madison, WI

10d•Onsite

About The Position

The State of Wisconsin Investment Board (SWIB) is seeking a student intern to join its Funds Alpha Team. This internship offers an excellent opportunity to gain exposure to various investment styles across major liquid asset classes, learn about manager due diligence, and understand portfolio construction. The intern will be assigned to a lead analyst but will leverage the broader team's expertise. The program emphasizes involvement, including weekly manager meetings where the intern is encouraged to participate and contribute to the evaluation process. The internship requires the ability to work in-person in Madison, WI, for an approximate 10-week period beginning late May/early June 2027, with the possibility of working up to 40 hours per week during the summer.

Requirements

Ability to work in Madison, WI for an approximate 10-week period beginning late May/early June 2027.
Undergraduate or graduate student with a Finance, Economics, or similar business major.
Proficiency in Microsoft Office Suite, especially Excel.
Excellent written and verbal communication skills.

Nice To Haves

Proficiency or familiarity with FactSet or eVestment.
Previous experience conducting asset allocation analysis or manager due diligence.

Responsibilities

Assist analysts with the due diligence process on hedge fund and beta one managers through quantitative and qualitative methods, resulting in an investment recommendation.
Develop skills in performance evaluation, identifying historical investment skill through the team’s quantitative framework.
Evaluate the investment manager's ability to manage a balanced portfolio of securities through manager transparency and trading analysis.
Learn how to interview and meet with external managers to evaluate their firm, philosophy, process, portfolio construction, and risk management.
Design and communicate due diligence findings in team meetings with analysts and portfolio managers.
Gain exposure to legal, data, and operational negotiations to align managers with SWIB’s goals.
Become well-versed with Funds Alpha’s various investment systems to build out further the sophistication of the analytics and consistency of the overall process.
Complete ad hoc projects, including tailored manager, universe, and market-related analyses.
Support the head of strategy with portfolio and firm-level projects.
Complete a capstone project involving research, data collection, model creation, interpreting results, and communicating findings to SWIB’s senior management.