D.A. Davidson & Co. today announced that a student team from Gonzaga University (GU) has been named the winner of the annual Fred Dickson Memorial Award, the top award in the firm’s Student Investment Program (SIP).
Michael Jackson, Senior Vice President, Branch Manager and Financial Advisor, serves as the D.A. Davidson advisor to the GU team along with GU Professor Clarence H. “Bud” Barnes, Ph.D.
“Over these past years, my students have poured their intellect, energy and commitment into the D.A. Davidson Student Investment Program,” said Barnes. “Building quality portfolios similar to the one that excelled this past year is in step with what is expected from D.A. Davidson and Gonzaga.”
“I am constantly reminded of how thoughtful Professor Barnes is when it comes to our Student Investment Program,” added Jackson. “His approach, combined with the diligence of his students, is evidence alone as to why they have been chosen again for the Fred Dickson Memorial Award. Congratulations to these students, and a massive thank you to Professor Barnes. Go Zags!”
The Fred Dickson Memorial Award honors one team annually that is considered the most outstanding participant in D.A. Davidson’s Student Investment Program. In selecting the winning program, roughly three-quarters of the award criteria is investment performance based on 1-year total returns and 3-year and 5-year risk-adjusted returns, while one-quarter of the criteria is based on qualitative factors including how well programs stick to their stated investment processes and the overall level of student engagement.
For the 1-year period ending August 31, 2025, GU’s student-managed portfolio generated a 21.5 percent total return (including dividends). For the same 1-year period, two key U.S. indices that serve as standard stock market benchmarks, the S&P 500 and the Dow Jones Industrial Average, had total returns of 15.9 percent and 11.5 percent, respectively. In all, 11 of the 21 SIP schools outperformed the S&P 500 for the program year.
As winners of the 11th annual award, GU will receive a $2,000 check and an invitation to an upcoming D.A. Davidson event. This year marks the fourth time GU has been named the Fred Dickson Memorial Award winner.
Southern Utah University was the top-performing school for the program year, generating a 47.9 percent total return.
As part of the SIP, D.A. Davidson provides student teams from senior-level investment courses at 21 Western and Midwestern colleges and universities with $50,000 to invest in the stock market, for a total commitment of $1.05 million annually. Each team makes investment decisions with the guidance of a local D.A. Davidson financial advisor and manages the portfolio for one year, starting September 1. The program is designed to provide hands-on experience in finance, stock research, portfolio management, and investment topics.
Top-performing teams can earn a check for their college, earning half of any portfolio gains above 5 percent. D.A. Davidson absorbs any losses. For the just completed program year, 19 schools earned profit share checks totaling a combined $63,636.
In the 31 years since D.A. Davidson began sharing program profits, the company has donated $1,068,513 to participating institutions. The SIP launched in 1985 at Montana State University in Bozeman and has gradually expanded to colleges throughout the West and the Midwest since that time. James Ragan, Co-Chief Investment Officer and Director of Investment Management & Research, and Eli Sanders, Senior Research Analyst, serve as co-directors of the program.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions, and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Greater Los Angeles, New York, Omaha and Seattle, the company has approximately 1,600 employees and offices in 30 states.
Subsidiaries include D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; and D.A. Davidson Trust Company, a trust and wealth management company.