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Investment Disclosure


The following investment information for Texas State University is presented for the purpose of compliance with the State Auditor's Office reporting requirements (required in Rider 5, page III-243 of the General Appropriations Act – 79th Legislature) and the investment requirements outlined in the Public Funds Investment Act presented in Chapter 2256 of the Texas Government Code. The information presented here is informational only and should not be relied upon to provide direction for individuals' or other institution's investment needs.

For inquiries regarding the institution’s investments, contact:

Mr. Eric Algoe
Vice President, Finance and Support Services
601 University Drive
San Marcos, Texas 78666
ealgoe@txstate.edu
Phone: (512) 245-2244
Fax: (512) 245-2033

Investment Policies

TSUS Investment Policies for Operating Funds and Endowment Funds are approved by the Board of Regents of the Texas State University System and published at http://www.tsus.edu/about/policies.html.

Quarterly Investment Reports

FY2017
      
1st Quarter: September 1, 2016 - November 30, 2016
             Quarterly Investment Report.pdf

       2nd Quarter: December 1, 2016 - February 28, 2017
             Quarterly Investment Report.pdf

       3rd Quarter: March 1, 2017 - May 31, 2017
             Quarterly Investment Report.pdf

FY2016
      
1st Quarter: September 1, 2015 - November 30, 2015
             Quarterly Investment Report.pdf

       2nd Quarter: December 1, 2015 - February 29, 2016
             Quarterly Investment Report.pdf

       3rd Quarter: March 1, 2016 - May 31, 2016
             Quarterly Investment Report.pdf

       4th Quarter: June 1, 2016 - August 31, 2016
             Quarterly Investment Report.pdf

FY2015
      
1st Quarter: September 1, 2014 - November 30, 2014
             Quarterly Investment Report.pdf

       2nd Quarter: December 1, 2014 - February 28, 2015
             Quarterly Investment Report.pdf

       3rd Quarter: March 1, 2015 - May 31, 2015
             Quarterly Investment Report.pdf

       4th Quarter: June 1, 2015 - August 31, 2015
             Quarterly Investment Report.pdf

FY2014
      
1st Quarter: September 1, 2013 - November 30, 2013
             Quarterly Investment Report.pdf

       2nd Quarter: December 1, 2013 - February 28, 2014
             Quarterly Investment Report.pdf

       3rd Quarter: March 1, 2014 - May 31, 2014
             Quarterly Investment Report.pdf

       4th Quarter: June 1, 2014 - August 31, 2014
             Quarterly Investment Report.pdf

FY2013
       1st Quarter: September 1, 2012 - November 30, 2012
             Quarterly Investment Report.pdf

       2nd Quarter: December 1, 2012 - February 28, 2013
             Quarterly Investment Report.pdf

       3rd Quarter: March 1, 2013 - May 31, 2013
             Quarterly Investment Report.pdf

       4th Quarter: June 1, 2013 - August 31, 2013
             Quarterly Investment Report.pdf           

FY2012
       1st Quarter: September 1, 2011 - November 30, 2011
             Quarterly Investment Report.pdf
             SAO Standardized Format.pdf

       2nd Quarter: December 1, 2011 - February 29, 2012
             Quarterly Investment Report.pdf
             SAO Standardized Format.pdf

       3rd Quarter: March 1, 2012 - May 31, 2012
             Quarterly Investment Report.pdf

       4th Quarter: June 1, 2012 - August 31, 2012
             Quarterly Investment Report.pdf

Annual Investment Reports

FY 2016

FY 2015

FY 2014

FY 2013                            

FY 2012                           

Investment Disclosure Requirements

Investment Advisors

1.  Does the institution employ outside investment advisors or managers and, if so, who are they?

Yes, Texas State University employs an outside investment advisor and outside investment managers for the University endowment, and a fixed income investment manager for the non-operating assets.  The advisor has no investment authority.  Names of the advisor and manager firms are as follows:
 

Investment Consultant:
Shepherd Kaplan, LLC
Fran Coopersmith
400 South Australian Avenue, Ste. 750
West Palm Beach, FL 33401
(561) 253-7500


Investment Managers:

   Fiera Capital                                                                 Balanced Growth Advisors, LLC
    10050 Innovation Dr.                                                            39 Salisbury St.
    Suite 120                                                                             Worcester, MA 01609

    Dayton, OH 45342                                                               

    Silvant Capital Management                          Seizert Capital Partners, LLC
    P.O. Box 116472                                                                    185 Oakland Ave., Suite 100
    Atlanta, GA 30368                                                                 Birmingham, MI 48009

   
Systematic Financial Management, L.P.       Tortoise Capital Advisors
    300 Frank W. Burr Blvd. 7th Floor                                         11550 Ash St., Ste. 300
    Teaneck, NJ 07666                                                                Leawood KS 66211

 
Fixed Income Manager:

    Sage Advisory Services  Ltd., Co.
    5900 Southwest Parkway
    Building 1, Suite 100
    Austin, TX  78735

2.  Do the outside investment advisors or managers have the authority to make investment decisions without obtaining prior approval?

The managers have the authority to make investment decisions within their asset class, and according to TSUS investment policy guidelines, without obtaining prior approval. 

3.  Does the institution use soft dollar, directed brokerage or directed commission, commission recapture, or similar arrangements (these arrangements typically involve using brokerage commissions as a means of paying for other related investment services through credits of a portion of brokerage commissions paid rather than through direct payments, or using selected brokers who will rebate a portion of commissions they receive on trades for the investor)? If the answer to this question is yes, the institution must summarize briefly the guidelines that govern the use of such arrangements.

Systematic Financial Management, L.P. is the only manager to use soft dollar arrangements.  All trades are subject to best execution.  As part of the quarterly reporting package to Texas State University, Systematic is to provide a quarterly trade report that details the brokerage firms and commission rates used for soft dollar trades for that quarter.

 4.  Is the institution associated with an independent endowment or foundation? (If the answer to this question is yes, the institution must provide contact information [name and address] for the individual[s] who manage the independent endowment or foundation.  The institution must also provide, if available, the market value of the endowment's or foundation's investments.)

Texas State is associated with the Development Foundation and the McCoy Foundation.  Estimated market values for the foundations investment assets at 8/31/2016 were $69.1 Million and $34.6 Million respectively. For additional information regarding these foundations, please contact the listed representative.

Development Foundation
Dr. Barbara Breier, VP for University Advancement
Texas State University JCK 960
San Marcos, Texas 78666
Phone: 512-245-2396


McCoy Foundation
W. Kent Hamilton, MS
Executive Director, McCoy College of Business
Texas State University
MCCOY 322
San Marcos, Texas 78666
Phone:  512-245-3926

Disclosure last updated: October 25, 2016