TRS

News

Texas Teachers’ CIO questions TPA, DAA value-add

Chief investment officer of the $225 billion Teacher Retirement System of Texas Jase Auby has voiced reservations about the total portfolio approach, particularly regarding the robustness of its central feature, the top-down decision-making process. He also outlined why the fund doesn’t consider dynamic asset allocation a durable source of alpha.

Darcy SongFebruary 19, 2026

Asset Allocation

TRS strikes gold: Tiny allocation crushes its benchmark

This year, TRS doubled its tiny allocation to gold via a special fund that buys gold ETFs and mining companies. The strategy returned nearly 60 per cent, thanks to market conditions including inflation, geopolitics, government debt levels and de-dollarisation pushing gold higher.

Sarah RundellDecember 11, 2025

News

Texas politicians reinstate BlackRock as manager’s ties to the state grow

Public funds in Texas can work with BlackRock once again after legislators removed it from a blacklist of companies accused of "boycotting" the oil and gas industry. The decision comes as Texas's administration found alignment with the asset manager which backed key economic initiatives including the Texas Stock Exchange.

Sarah Rundell and Darcy SongJune 6, 2025

Featured Story

Stable value at TRS proves ballast in extraordinary times

Texas Teacher Retirement System, the $211.6 billion Austin-based pension fund, has an asset allocation that is built to withstand the “extraordinary times” and adverse climate investors face today. The fund's 21 per cent allocation to stable value to stand the test of recession has proven most robust.

Sarah RundellApril 15, 2025

Featured Story

Texas Teachers embraces AI and talks applications and risks

The Teacher Retirement System of Texas is already using AI in its giant equity portfolio and in real estate and venture. In a recent board meeting, CIO Jase Auby and MD Mohan Balachandran explain how the technology will shape returns, investment opportunities and differentiate the fund.

Sarah RundellOctober 12, 2023

Equities

As inflation batters, TRS eyes natural gas

Inflation woes dominated at a recent TRS board meeting. However the Texas-based fund, one of the few remaining investors in fossil fuels, has benefited from its allocation to energy and is currently eyeing opportunities in natural gas infrastructure as US producers gear up to supply global demand in Russia's absence.

Sarah RundellAugust 18, 2022

News

Texas Teachers’ CIO questions TPA, DAA value-add

Asset Allocation

TRS strikes gold: Tiny allocation crushes its benchmark

News

Texas politicians reinstate BlackRock as manager’s ties to the state grow

Featured Story

Stable value at TRS proves ballast in extraordinary times

Featured Story

Texas Teachers embraces AI and talks applications and risks

Equities

As inflation batters, TRS eyes natural gas

California State Teachers Retirement System (CalSTRS)

Canada Pension Plan Investment Board (CPP Investments)

Norges Bank Investment Management

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