UNIVERSITY OF TEXAS/TEXAS AM INVESTMENT MANAGEMENT CO

The most striking feature of this portfolio is its extreme concentration. The top position, JPM BetaBuilders MSCI US REIT, constitutes a massive 53.20% of the total portfolio value. This level of concentration creates a risk profile heavily dependent on the performance of the US real estate market and interest rate sensitivity, diverging significantly from a typical diversified institutional endowment model. The turnover was exceptionally high this quarter, with 33 new positions initiated and 33 positions sold completely, indicating a major strategic pivot or rebalancing effort.

2. Key Holdings

The portfolio is dominated by a single large-cap ETF, followed by a tier of major technology and communication giants.