William Marsh Rice University

Key Holdings

The portfolio is dominated by two distinct positions that serve very different functions:

1. VOO (Vanguard S&P 500 ETF): This is the largest holding, comprising 63.01% of the total portfolio value ($128.19 million). This position represents a massive new acquisition of 204,000 shares. As a passive index fund tracking the S&P 500, this holding provides broad, low-cost exposure to the largest U.S. equities. It acts as the portfolio's core "beta" engine, offering stability and correlation with the overall U.S. market.
2. BSM (Black Stone Minerals L.P.): This energy sector position accounts for the remaining 36.99% ($75.27 million). The position consists of 5.66 million shares and remained unchanged during the quarter. Black Stone Minerals is a mineral and royalty owner, meaning it does not bear the operational costs of drilling but receives royalties from production. This provides the portfolio with direct exposure to oil and gas commodity prices and potential income through distributions, characteristic of a high-yield, cyclical asset.