Investment Challenge
How It Works
Full rules, judging criteria, 2026 competition timeline, and answers to common questions.
Rules
Trading Rules
| Rule | Detail |
|---|---|
| Starting Capital | Each team receives a simulated £100,000 portfolio at competition start. No additional capital may be added. |
| Asset Classes | Teams may invest in equities (UK and international), ETFs, bonds, and cash. Derivatives and leveraged products are not permitted. |
| Position Limits | No single position may exceed 25% of portfolio value. Exactly 5 stocks must be selected at submission. |
| Submission | Teams submit their portfolio of exactly 5 stocks once. After submission, the portfolio is locked and tracks live prices for the duration of the competition. |
| Short Selling | Short selling is not permitted in the standard competition. Advanced teams may opt into the short-selling stream (separate judging criteria). |
| ESG Overlay | Teams may choose to apply an ESG screen to their portfolio. This is reflected in a separate ESG Score sub-category. |
Assessment
Judging Criteria
Risk-Adjusted Return
35%Absolute return relative to a standard benchmark (60/40 FTSE All-World / UK Gilts), adjusted for portfolio volatility (Sharpe Ratio).
Research Quality
25%Quality and rigour of the investment journal — clarity of thesis, use of data, acknowledgement of risks and counterarguments.
Portfolio Construction
20%Diversification, risk management, adherence to position limits, and consistency with stated investment mandate.
Presentation
20%Clarity, structure, and persuasiveness of the Finals Day presentation. Judges will probe the investment rationale and risk management process.
Schedule
2026 Timeline
1 May 2026
Registration opens
16 May 2026
Registration closes. Teams confirmed.
19 May 2026
Competition begins. Starting portfolios allocated.
Every Friday
Weekly portfolio update submissions due (17:00 GMT)
1 Jul 2026
Mid-competition review. Teams submit interim reflections.
22 Aug 2026
Competition trading period ends.
25 Aug 2026
Top 8 teams notified and invited to Finals.
1 Sep 2026
Finals & Awards Day — Central London (venue TBC).
Questions
Frequently Asked Questions
Ready to Register?
Registration for 2026 opens 1 May. Sign up now to secure your team's place.
Register Your Team