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601 University Drive
J C Kellam Building, Suite 549
San Marcos, TX 78666
Ph: (512) 245-9711
Fax: (512) 245-8433

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Investment Disclosure

The following investment information for Texas State University - San Marcos 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. William A. Nance
Vice President, Finance and Support Services
601 University Drive
San Marcos, Texas 78666
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

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)


       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)
             SAO Standardized Format             


       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 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:
Asset Strategy Consultants
Fran Coopersmith
400 South Australian Avenue, Ste. 750
West Palm Beach, FL 33401
(561) 253-7500

Investment Managers:

    Apex Capital Management                               Cutler Capital Management
    8163 Old Yankee Rd.  Suite E                            306 Main Street
    Dayton, OH  45458                                             Worcester, MA 01608

    Rushmore Investment Advisors                    Seizert Capital Partners, LLC
    4965 Preston Park Blvd., Ste. 350E                  185 Oakland Ave., Suite 100
    Plano, TX  75093                                                Birmingham, MI 48009

Systematic Financial Management, L.P.        Tortoise Capital Advisors
    P.O. Box 2012                                                    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

      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. 


2. 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 and Asset Strategy Consultants, Systematic is to provide a quarterly trade report that details the brokerage firms and commission rates used for all trades for that quarter.


3.  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 indepedent 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, McCoy Foundation, and the Support Foundation.  Estimated market values for the foundations investment assets at 8/31/2013 were $61.5 Million, $29.7 Million and $335,000.00 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

Dr. Eugene Payne, Asst Dean, McCoy College of Business
Texas State University
MCOY 322
San Marcos, Texas  78666
Phone:  512-245-3926


Support Foundation

Valarie Van Vlack,Treasurer
Texas State University
JCK 823
San Marcos, Texas  78666
Phone:  512-245-2620


Disclosure last updated: March 29, 2014