Club Constitution

NDIC: Club Constitution (2022-23)


  1. Name of the Club

Section 1: The name of this club shall be ‘Notre Dame Investment Club’ or ‘NDIC.’


  1. Purpose of the Club

The purpose of this club is twofold: (1) to generate superior risk-adjusted returns and grow the ~$1MM Portfolio through long-term investment ideas and (2) to teach and help members develop fundamental investing principles, with emphasis on what makes a business a good investment


  1. Officers of the Club

Section 1: Officers of the club shall be: President, Vice President(s), Executive Board Members

Section 2: The President and Vice President(s) are dually tasked with managing the Executive Board to ensure all meetings and pitches are executed smoothly and efficiently. The President and Vice President are responsible for making final buy/sell decisions in the Portfolio, while maintaining sufficient records of performance and investment positions. The Executive Board, including the President and Vice President(s) are responsible for attending all weekly meetings in order to vote on investment pitches. Each Executive Board member is entitled to (1) vote, with the ability to abstain from voting if necessary. Executive Board members may also have other responsibilities, including managing the website, newsletter, pitch coordination, competition coordination, diligence, etc.; these roles may be assigned throughout the year by the President or Vice President(s).

Section 3: Executive Board members will serve in their position for (1) academic year or (2) semesters, contingent on weekly attendance and positive contributions to the Club.

Section 4: Officers for the next academic year will be elected in May of 2023 by current Officers including the President and Vice President(s), as well as the Club’s Faculty Advisor. Officer positions will be selected based on involvement, longevity in the Club, contributions to the Club, and general investing acumen. Executive Board members will also be interviewed and selected in May of 2023. There shall be no age requirement to receive an invitation to join the Executive Board; occasionally, Officers may invite a sophomore(s) to join the Board in the spring. 

Section 5: Executive Board members must miss no more than 3 meetings per semester. 


  1. Qualifications for Membership

Section 1: Eligibility for general membership is a function of attendance at weekly meetings. NDIC welcomes students from all academic backgrounds and colleges within Notre Dame to participate in Club meetings, activities, and pitches. Students need no prior investing experience to be a general member or attend meetings. 


  1. Meetings

Section 1: NDIC meetings will be held weekly on Tuesday at 8:00PM ET in the Jordan Auditorium within the Mendoza College of Business, unless noted otherwise. All meetings will be conducted in-person, and no virtual option will be available at this time. Meetings should typically last ~45 minutes, depending on the number of pitches and length of presentation. 

Section 2: The format of the meeting will be as follows: The Board may begin each meeting with various relevant Portfolio updates. The Pitch Team will then continue with a 10-15 minute synthesis of their investment idea, followed by a 10-15 minute question-and-answer period in which Executive Board members and general members may ask questions to the Pitch Team with the goal of evaluating the investment thesis. The Board may choose to enforce the time limit as needed. Following Q&A, general members will be dismissed. The Board will then continue to discuss the merits of the investment idea for 10-15 minutes. The Pitch Team may be present for this period to answer further diligence questions. Finally, the Board will conduct an official vote resulting in a BUY or NO-BUY decision (or a SELL or HOLD decision). Should a position be entered, the Board will also discuss allocation, such as which current position(s) will be downsized or exited. The results of this vote will be executed by the Officers shortly after the meeting. Officers of the Club maintain the ability to make final buy/sell decisions at any time should this be necessary. 

Section 3: A majority (or 51%) of the Executive Board must be present at a given pitch to make a binding decision for the Portfolio.


  1. Portfolio Management

Section 1: The goal of NDIC Portfolio Management is to produce superior risk-adjusted returns through a long-only public stock portfolio. The Club maintains a concentrated portfolio of 8-15 stocks with a target of 10, and the highest conviction ideas making up the largest positions. While the Club seeks to hold stocks for the long-term (3-5 years), Positions may be reevaluated at any time. 

Section 2: To balance the Portfolio’s concentration, NDIC seeks to hold diversified positions in stocks from different industries, risk levels, and growth prospects. The Portfolio may consist of both traditional “value” plays, as well as “growth” stocks.

Section 3: Position sizing is a function of (1) conviction in the idea and (2) size of the positions exited (if applicable). NDIC Officers, along with the Executive Board, will work to consistently reevaluate the size of Portfolio positions and make necessary changes throughout the year. 

Section 4: Portfolio performance will be benchmarked against market indices including the S&P 500 and Russell 2000. While the goal of the NDIC Portfolio is not necessarily to outperform raw market returns (given different risk profiles), it may be helpful to provide macroeconomic context to the Portfolio’s performance. 


  1. Pitches

Section 1: Investment Pitches may be conducted by any general member of the Club, with special priority given to Executive Board members or Sophomore Analysts. Pitch teams are limited to three students. Prospective Pitch Teams should contact the designated Pitch Coordinator to secure a spot on the waiting list and receive approval for their investment opportunity. Should a prospective Pitch Team want help picking a stock to pitch, Officers may offer some stock names to consider pitching to the Club upon request. 

Section 2: To begin the Pitch Application process, the prospective Pitch Team should contact Stewart Buzdon ( and Finn Gannon ( once they have an investment idea they are ready to pursue. The Pitch Coordinator will provide the Pitch Team with the Pitch Application template, which must be completed and approved by the Pitch Coordinator, President, and Vice President(s) prior to the Pitch Team’s inclusion on the waiting list. The Pitch Application Template can also be found under "Templates" on the Additional Resources tab on the Investment Club website. The Investment Memo should include the most significant information about the investment opportunity including investment thesis and catalysts. Following the Investment Memo’s approval, the Pitch Team will be assigned a mentor from the Executive Board to assist them throughout the pitching process. If the Investment Memo is not approved, feedback will be provided to the Pitch Team and they may revise and resubmit.

Section 3: Investment pitches will require (1) a PowerPoint presentation and (2) an Excel Valuation model. The PowerPoint presentation may include a combination of the following: investment thesis; business overview; strategic positioning; competitive advantages; valuation; situation overview; projected returns; valuation analysis; portfolio fit. These requirements do not need to be explicitly accounted for, but must be integrated into the presentation. Output slides from the Excel model should be included in the presentation (or the appendix). The Excel model must include (at least) a revenue/cost driver build; cost of capital (WACC) calculation; discounted cash flow (DCF) analysis; comparable companies analysis; return sensitivities. The Pitch Coordinator or Officers will provide a PowerPoint and Excel template upon request.

Section 4: All investment pitches must also include Primary Research. This could include diligence with current company employees, former employees, customers, or any other applicable source. The Primary Research should be properly cited and integrated into both the PowerPoint presentation and Investment Write Up.

Section 5: Investment pitches must be completed and sent to the Pitch Coordinator at least 5 days prior to the Pitch Team’s assigned presentation date to allow for feedback and practice presentations. Once the Pitch Coordinator receives the completed Investment pitch, they will work with the Pitch Team’s assigned mentor to provide feedback and recommendations for any changes. Pitch Teams can expect to receive feedback within 2 days of the pitch submission. Following the submission of the investment pitch, the Pitch Coordinator will work directly with the Pitch Team and their mentor to schedule a practice presentation with the Pitch Team’s mentor and between  (2 to 4) other Executive Board members. The practice presentation must be completed prior to the Pitch Team’s scheduled presentation to the general club body. 

Section 6: Presentations to the general club body will occur inside a 25 minute time slot during the club’s weekly meeting. The time slot includes 10-15 minutes for the presentation and 10-15 minutes for questions from the Executive Board and general club body. The Pitch Team should spend most of the 10-15 minute presentation time discussing investment merits, rather than business description and overview. Ultimately, the Board will make a decision based on the thesis and valuation. The goal of each pitch should be to pitch an investment opportunity, not a business. The Pitch Team should spend time preparing to answer questions from the Executive Board and general body, as these questioning sessions are often influential in final votes. 

Section 7: Following the completion of the presentation and the question and answer session, the Executive Board will debate and ultimately conduct a vote to pursue or pass on the investment opportunity. The debate and vote will be closed to only the Executive Board members, club officers, and Faculty Advisor. The debate will occur over a 10-15 minute period, and will be moderated by one of the Executive Board members. In order to initiate a position in the proposed security, ⅔ of the Executive Board present must approve the opportunity. If an Executive Board member is absent from the presentation, their vote will not be counted. The Executive Board’s decision will be announced to the Pitch Team and general club body following the vote.

Section 8: All completed PowerPoint presentations, Excel Valuation models, and Investment Memos will be uploaded to the NDIC website following the conclusion of the presentation. The documents will also be distributed to the general club body via email on the day of the presentation.


  1. Guest Speakers

Section 1: Officers may occasionally arrange a guest speaker to come speak to Club members. Should this be the case, pitches may or may not be conducted during the meeting. 


  1. Sophomore Analyst Program (“SAP”)

Section 1: The Sophomore Analyst Program was started in 2022 in order to provide younger Club members with proper investing training and learning opportunities within the Club. The goal of the program is to provide a foundation and pathway for interested sophomores to gain a larger role in the Club, occasionally culminating in an invitation to join the Executive Board. Sophomore Analysts play an important role in evaluating current Portfolio positions, as well as sourcing new investment opportunities for the Club. 

Section 2: First-Years are interviewed and selected for the SAP in May of 2023 for the next academic year. All current First-Years are invited to apply. 

Section 3: Sophomore Analysts are expected to maintain consistent attendance at meetings to be in good standing with the Club and Program. This includes Q&A participation, pitching, and other responsibilities. While not formally required, Sophomore Analysts are strongly encouraged to conduct an investment pitch or participate in a pitch competition during their tenure in the Program.


  1. Competitions  

Section 1: Stock pitch competitions are a vital part of the Notre Dame Investment Club ecosystem. Competitions will often follow a similar format to that of traditional NDIC Pitches. 

Section 2: Competitions will be managed through the Competition Coordinator, a designated member of the Executive Board. If interested, members should contact the Competition Coordinator to learn more about opportunities to join a Pitch Team. 

Section 3: Pitch Teams will be selected by the Competition Coordinator. Pitches will often only allow one team per school, so candidates will be selected on merit and availability. 

Section 4: Should a competition require travel, the Club will cover travel and accommodation expenses for the Pitch Team. Any monetary awards will be split halfway with the Club and the Pitch Team, unless stipulated otherwise. 


  1. Resources


  1. Amendments

Section 1: Amendments to the NDIC Constitution must be first presented to the Officers. Officers will then evaluate the amendment and may choose to bring the amendment to the Executive Board for vote.