University of Texas at Austin
Wall Street Bull

Texas McCombs Investment Advisers

McCombs School of Business McCombs School of Business

About Us

The Texas McCombs Investment Advisers is a groundbreaking program that allows a select group of McCombs MBA students to make real investments using real money and bring in real returns. Students who are selected as managers of the Fund get an intimate, firsthand lesson in how wealth is created through investing--all while under the guidance of McCombs faculty. The students manage around $15 million for the University of Texas/Texas A&M Investment Management Company (UTIMCO) and for the McCombs Business School Foundation.  They work closely with the leadership team at UTIMCO to review portfolios, discuss performance, and opine on market conditions.

The management of the Fund is divided into four groups:

  • Group 1 : Information Technology, and Telecommunications
  • Group 2 : Industrials, Energy, Materials, and Utilities
  • Group 3 : Consumer Discretionary, and Consumer Staples
  • Group 4 : Healthcare and Finance

The student portfolio managers are divided between these four groups. The managers in each group are responsible for researching and evaluating acquisition and sell decisions for the stocks within their assigned industry segments.

View the Investment Portfolio Managers

Student Benefits

Students accepted as managers of the Texas McCombs Investment Advisers will receive a number of unique benefits including:

  • Real world experience investing large sums of money
  • Networking opportunities with leaders in the business community
  • Developing highly-marketable skills recruiters look for

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For Recruiters

Recruiters looking to hire from a pool of students with the experience to hit the ground running on day one know that the Texas McCombs Investment Advisers is a good place to start.

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MBA Investment Fund Details

Investment Portfolios

Investment Portfolios

The business world is full of investment opportunities, but only the Texas McCombs Investment Advisers comes with the expertise of McCombs faculty and a chance to encourage current students while growing our school's legacy. The Texas McCombs Investment Advisers manages two portfolios.

Longhorn Portfolio
The Longhorn Portfolio invests in domestic equity securities and is separately managed for UTIMCO. Portfolio managers follow a top-down investment philosophy for selecting stocks. At the core of the top-down approach is an economic forecast that is generated by the fund manager in the role of the MBA Fund Economist. From this economic forecast, the internal economist and the five risk managers target each individual sector that is a part of the Stock Portfolio’s benchmark index (S&P 500) and form a recommendation, to be approved by all Portfolio Managers, on whether the specific sector is deserving of an overweight, underweight or market weight position within the Stock Portfolio. Portfolio Managers of all four sector groups are to make purchase and sale decisions with these target sector allocations in mind and with the goal of matching the target weights as determined by the MBA Fund Economist and the MBA Fund Risk Managers. 

Endowment Portfolio
The Endowment Portfolio manages endowments for the AIM Investment Center, the Business School Foundation (BSF), and various scholarships and donations for the McCombs School of Business.  It has the objective of long-term growth and preserving the long-term real purchasing power of assets while providing a relatively predictable and growing stream of annual distributions in support of the McCombs School of Business.  The Endowment Portfolio is a well-diversified asset allocation portfolio including domestic and international equities and domestic fixed-income securities.

Advisory Committee

Advisory Committee

The Advisory Committee advises the students and faculty on their investment policies. The Advisory Committee holds two formal meetings each year, one in the spring and one in the fall.

The Fund's Directors, Advisors, and Student Portfolio Managers assist the fund on an uncompensated basis. No management fee is assessed to the investors by the Fund. However, operating and administrative costs associated with the Fund are charged to the Fund's investors.

Advisory Board

Clemens Sialm (Chair)
Professor
The University of Texas at Austin

Gregory Alves
President and CIO
The University of Texas at Austin

Robert Parrino
Professor
The University of Texas at Austin

Officers and Staff

Clemens Sialm
CEO
The University of Texas at Austin

Gregory Alves
President and CIO
The University of Texas at Austin

Diane Roberts
Accountant
The University of Texas at Austin

Juana Hardwick
Secretary
The University of Texas at Austin

Investment Counselors

Chad Baumler, CFA
Portfolio Manager
Nuance Investments

Stephen P. Moore
Moore Capital
 

Beth Robison, CFA
Partner
Wallace Capital Management

Brad Warden
Portfolio Manager
Ivy Investments


 

Advisors

Brent R. Adams Managing Principal Kyle Capital, LLC
Douglas K. Alder Vice President Fayez Sarofim & Co.
Matthew Altenau, CFA Principal Fayez Sarofim & Co.
James F. Arens, II, CFA Chief Investment Officer The Trust Company of Oklahoma
Brian T. Bares President Bares Capital Management, Inc.
Shannon Berry, CFA Investment Analyst American Century Investments
Tom Bastian Managing Director, Senior Portfolio Manager Invesco Investment Ltd.
Ashley Baum Senior Investment Manager Teacher Retirement System of Texas
Michael Brakebill, CFA Chief Investment Officer Tennessee Consolidated Retirement System
Kenneth M. Burke, Jr., CFA Chief Investment Officer Burke Wealth Management
Val Burlacu Investment Analyst Perot Investments
Prentiss Burt Managing Director J.P. Morgan
Richard Campbell Senior Investment Manager Teacher Retirement System of Texas
G. Staley Cates, CFA Vice-Chairman Southeastern Asset Management
William Charlton, PhD, CFA Global Head of Private Markets Data Analytics & Research Mercer
Susan A. Chen Managing Director UTIMCO
Mark Coffelt, CFA President and CIO Empiric Advisors, Inc.
Tim Collins Partner GoldenTree Asset Management, L.P.
David DeStefano Senior Director Teacher Retirement System of Texas
Pat Dorsey, CFA Vice Chairman and Director of Research & Strategy Dorsey Asset Management
Brad Eixmann, CFA Chief Investment Officer & Senior Portfolio Manager Chilton Capital Management LLC
Ben Fischer, CFA   NFJ Investment Group
J. Philip Ferguson, Esq.   Salient Partners, Ascendant Advisors, & Silver Ventures
C. T. Fitzpatrick, CFA CEO, CIO Vulcan Value Partners
Robert Gauntt Founding Partner Capital Creek Partners
Ben Giele, CFA Managing Partner Gearpower Capital
Stuart Gleichenhaus Senior Managing Director FTI Consulting
Brian Gourley Partner, Chief of Strategy Idealspot
Doug Grant, CFA Executive Director & Equity Analyst Sterling Capital Management LLC
Britt Harris CEO/CIO UTIMCO
Carolyn Hansard Energy and Natural Resources Teacher Retirement System of Texas
Craig Hester, CFA, CIC Principal Luther King Capital Management
James Hille, CFA, CAIA Chief Investment Officer Texas Christian University
Brandon Holcolmb Vice President Goldman, Sachs & Co. LLC
Robert Holt Managing Partner Holt Capital Partners, L.P.
Lauren Honza Portfolio Manager Employees Retirement System of Texas
J. Luther King, Jr. President Luther King Capital Management
Mason D. King Principal and Vice President - Public Equity Research Luther King Capital Management
Chris Krantz, CFA Portfolio Manager American Century Investments
Ed Levy Executive Vice President Churchill Management Group
William McAdams President WJM Capital Management, Inc.
Meredith McDaniel, CFA Analyst/Portfolio Manager Terry McDaniel & Co. Investment Counsel
Mark E. McMeans, CFA CEO Brasada Capital Management
John D. McStay Managing Partner John McStay and Associates
Anmol Mehra Equity Analyst/Portfolio Manager Fidelity Management and Research
Russell Mollen, CFA   Nine Ten Capital Management, LLC
Shea B. Morenz Chief Executive Officer Morenz Group
Robert C. Mueller, CFA    
Ray Nixon, Jr. Chairman Nixon Capital
Laura Rose Partner D W Partners
Ryan Ruebsahm Managing Director UTIMCO
Gil Scott, CFA Global Director of Research Waddell & Reed
Shashin Shah Founder and Portfolio Manager Think Investments LP
Tushar Shah, CFA Partner Brown Advisory
Michael Shearn President Time Value of Money, L.P.
Alex C. Smith, CFA Senior Advisor Brown Advisory
Ken Spruell   Sky Pond Capital
Alan Tarver SVP, Senior Portfolio Manager Argent Financial Group
David Telling, CFA, CPA Retired Frost Investment Advisors
John M. Thornton, CFA Senior Portfolio Manager Stephens Investment Management Group, LLC
Lucas Tomicki President LRT Capital Management LLC
Tom Tull, CFA CIO Employees Retirement System of Texas
Michael Turner President, Houston Market Mutual of Omaha Bank
Kellie Zesch Weir, CFA Portfolio Manager Brown Advisory


 

Faculty Advisors

Michael Clement Professor The University of Texas at Austin
Keith C. Brown, CFA Professor The University of Texas at Austin
Jonathan Cohn Assoc. Professor, Director - FAP The University of Texas at Austin
John Griffin Professor The University of Texas at Austin
Greg Hallman Sr. Lecturer The University of Texas at Austin
Jay Hartzell President The University of Texas at Austin
Travis Johnson Assoc. Professor The University of Texas at Austin
Kelly Kamm Senior Lecturer The University of Texas at Austin
Sanford J. Leeds, Esq. Distinguished Senior Lecturer The University of Texas at Austin
Robert Parrino Professor The University of Texas at Austin
Ehud I. Ronn Professor The University of Texas at Austin
Jan Schneider Clinical Asst. Professor The University of Texas at Austin
Laura T. Starks Professor The University of Texas at Austin
Xavier Sztejnberg Lecturer The University of Texas at Austin
Sheridan Titman Professor The University of Texas at Austin

History

History

The MBA Investment Fund LLC was founded in 1994 by Keith Brown and George Gau with the support of many leaders in the asset management industry. It was the first legally constituted, private investment company to be managed by students. It was created to enable MBA students in the McCombs School of Business at The University of Texas at Austin to obtain real-world experience managing investment portfolios and developing relationships with clients. 

At the time of the closing of the Fund's initial offering on December 8, 1994, 37 investors had committed $1.6 million to the Fund. The Growth Fund was founded in December 1994 and the Value Fund in December 1999. Additional offerings took place in the 1990s and early 2000s. The Endowment Fund was created in May 2001 to manage the assets of the AIM Investment Center and other funds donated to the McCombs School of Business. The assets under management of the MBA Investment Fund grew to $33.1 million at the end of November 2019.
 
In 2020, the Fund moved to an in-house model in which students no longer manage money from investors outside the University of Texas. At the same time, UTIMCO agreed to invest $7.5 million in the the Texas McCombs Longhorn Portfolio. In addition to its investment, UTIMCO will also strengthen its active involvement with our student managers. For example, Fund students will meet regularly with UTIMCO's leadership team to review portfolios, discuss performance, and opine on market conditions. UTIMCO will also facilitate meetings with the top external investment managers in the country. UTIMCO is providing similar support for Texas A&M, which will enable the two schools to participate in a friendly performance competition. To reflect the change in the investor structure, we had to create a new legal entity, which is now named “Texas McCombs Investment Advisers, LLC.” The company will initially manage $7.5 million in the Longhorn Portfolio and $7.0 million in the Endowment Portfolio.