Presentation on the Absolute Return Portfolios Managed for the Permanent School Fund
July 14, 2009
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: DISCUSSION
STATE BOARD OF EDUCATION: NO ACTION
SUMMARY: This item provides an opportunity for the committee to hear a presentation by Goldman Sachs on investment management services provided to the Permanent School Fund and to review the absolute return strategy.
BOARD RESPONSE: Based on the information presented, the committee may direct staff as appropriate.
PREVIOUS BOARD ACTION: None.
FUTURE ACTION EXPECTED: None.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: Goldman Sachs was selected in January 2008 to provide investment management services for the absolute return fund of funds asset class for the Permanent School Fund. As of March 31, 2009, the value of the portfolio managed by Goldman Sachs is $328,458,966.
FISCAL IMPACT: The income of the Permanent School Fund is projected to be $1.4 billion during the 2008-2009 biennium.
PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.
PUBLIC COMMENTS: None.
OTHER COMMENTS AND RELATED ISSUES: None.
Commissioner of Education
Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund