2019 PUF Detailed Schedule of Investments
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PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES AND INDEPENDENT AUDITORS’ REPORT August 31, 2019 Deloitte & Touche LLP 500 West 2nd Street Suite 1600 Austin, TX 78701 USA Tel: +1 512 691 2300 Fax: +1 512 708 1035 www.deloitte.com INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL SCHEDULES To the Board of Regents of The University of Texas System To the Board of Directors of The University of Texas/Texas A&M Investment Management Company We have audited the financial statements of the Permanent University Fund (the “PUF”) as of and for the years ended August 31, 2019 and 2018, and have issued our report thereon dated October 30, 2019, which contained an unmodified opinion on those financial statements. Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplemental schedules consisting of the PUF’s equity securities (Schedule A), preferred stocks and convertible securities (Schedule B), purchased options (Schedule C), debt securities (Schedule D), investment funds (Schedule E), physical commodities (Schedule F), cash and cash equivalents (Schedule G), hedge fund investment funds (Schedule H), and private investment funds (Schedule I) as of August 31, 2019 are prepared in accordance with Section 66.05 of the Texas Education Code, and are presented for the purposes of additional analysis and are not a required part of the financial statements. These schedules are the responsibility of The University of Texas/Texas A&M Investment Management Company and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. Such schedules have been subjected to the auditing procedures applied in our audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated in all material respects in relation to the financial statements as a whole. Our report on page 2 of the PUF financial statements includes emphasis-of-matter paragraphs which indicate in Note 1, the financial statements of the PUF includes only the investment related assets and liabilities and changes therein which are being managed by The University of Texas/Texas A&M Investment Management Company and does not include the PUF’s 2.1 million acres of land. October 30, 2019 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES August 31, 2019 SECURITY SHARES FAIR VALUE COST ($) ($) DOMESTIC COMMON STOCKS AGILENT TECHNOLOGIES INC................................................................. 125,864 8,950,163 7,294,072 ALPHABET INC........................................................................................... 26,745 31,801,240 23,037,132 AMAZON.COM INC..................................................................................... 5,363 9,526,597 9,209,219 AMERICAN EXPRESS CO.......................................................................... 57,458 6,916,198 7,076,240 AMERICAN TOWER CORP........................................................................ 63,504 14,617,947 8,326,450 ANALOG DEVICES INC.............................................................................. 151,433 16,631,927 10,032,049 ARMSTRONG WORLD INDUSTRIES INC................................................. 38,958 3,719,289 2,430,636 ASBURY AUTOMOTIVE GROUP INC........................................................ 84,924 8,008,405 5,854,581 ASHLAND GLOBAL HOLDINGS INC.......................................................... 282,564 20,694,976 21,571,911 AVON PRODUCTS INC............................................................................... 1,752,753 7,624,477 6,697,496 BECTON DICKINSON & CO....................................................................... 36,737 9,328,274 7,511,316 BERRY GLOBAL GROUP INC.................................................................... 678,573 26,559,364 33,935,891 BOSTON SCIENTIFIC CORP..................................................................... 175,476 7,498,075 6,734,968 BROADCOM INC......................................................................................... 35,541 10,045,335 8,960,521 BRUNSWICK CORP.................................................................................... 95,097 4,431,509 4,299,882 CBRL GROUP INC...................................................................................... 206,456 10,791,440 7,580,052 CBS CORP.................................................................................................. 258,015 10,852,114 13,901,099 CDK GLOBAL INC....................................................................................... 89,009 3,841,627 3,890,655 CENTENE CORP DEL................................................................................ 118,515 5,525,190 6,630,397 CF INDUSTRIES HOLDINGS INC.............................................................. 211,055 10,170,771 9,218,082 CIGNA CORP.............................................................................................. 45,171 6,954,992 7,863,827 CITIZENS FINANCIAL GROUP INC........................................................... 209,592 7,071,646 7,110,169 CME GROUP INC........................................................................................ 56,119 12,194,039 6,999,409 CORTEVA INC............................................................................................. 153,360 4,496,505 4,414,974 CREDIT ACCEPTANCE CORP................................................................... 8,911 4,033,490 2,059,396 D R HORTON INC....................................................................................... 89,475 4,426,304 3,679,482 DAYTON HUDSON CORP.......................................................................... 27,429 2,936,011 2,183,793 DOMINOS PIZZA INC.................................................................................. 31,333 7,107,633 7,334,191 ECOLAB INC............................................................................................... 67,506 13,927,069 7,887,912 EDGEWELL PERSONAL CARE CO........................................................... 53,120 1,478,848 1,662,177 ELECTRONIC ARTS INC............................................................................ 73,341 6,870,592 6,899,198 ENTEGRIS INC............................................................................................ 64,191 2,749,310 2,616,296 EQUIFAX INC.............................................................................................. 70,118 10,263,878 8,483,295 EQUINIX INC............................................................................................... 10,171 5,657,922 4,045,540 FACEBOOK INC.......................................................................................... 31,356 5,821,824 5,404,489 FASTENAL CO............................................................................................ 187,717 5,747,894 4,941,426 FIDELITY NATIONAL INFORMATION SERVICES..................................... 134,855 18,369,989 10,662,655 FIVE9 INC.................................................................................................... 64,692 4,089,180 2,624,817 GODADDY INC............................................................................................ 165,378 10,475,057 11,339,230 GRAFTECH INTERNATIONAL LTD............................................................ 173,601 2,116,196 2,817,420 GRAPHIC PACKAGING HOLDING CO...................................................... 355,481 4,909,191 4,865,325 GROUP 1 AUTOMOTIVE INC..................................................................... 76,834 5,741,000 4,814,180 GRUBHUB INC............................................................................................ 68,724 4,078,083 4,844,073 HAEMONETICS CORP............................................................................... 16,179 2,160,336 1,572,579 HILTON GRAND VACATIONS INC............................................................. 50,742 1,713,561 1,420,400 INTERACTIVE BROKERS GROUP INC..................................................... 76,296 3,601,193 3,532,013 INTERCONTINENTAL EXCHANGE INC.................................................... 270,732 25,308,043 17,127,760 IQVIA HOLDINGS INC................................................................................. 68,858 10,683,291 8,146,051 KINDER MORGAN INC............................................................................... 124,457 2,522,747 2,000,068 LENNAR CORP........................................................................................... 205,071 10,412,471 10,122,818 2 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES (CONTINUED) August 31, 2019 SECURITY SHARES FAIR VALUE COST ($) ($) LIBERTY MEDIA CORP.............................................................................. 479,971 20,034,006 16,624,450 LONGVIEW ENERGY CO........................................................................... 1,698 2,972 24,118 MARRIOTT VACATIONS WORLDWIDE CORP......................................... 20,162 1,987,751 1,618,611 MERCADOLIBRE INC................................................................................. 34,327 20,410,947 14,641,926 MICHAELS