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Type of Role: Investments

Experience Level: Analyst/Associate

Location: Austin, Texas

Salary: $193K - $217K

Teacher Retirement System of Texas (TRS) is a public pension plan of the State of Texas. Established in 1937, TRS provides retirement and related benefits for those employed by the public schools, colleges, and universities supported by the State of Texas and manages a $180 billion trust fund established to finance member benefits.

Location:

1900 Aldrich Street

Austin, Texas, 78723

United States

IFM Associate – Investment Manager -Equity Research

Requisition ID: req927 Employment Type: Unclassified Regular Full-Time (URF)

Division: Internal Public Markets Compensation: Depends on Qualifications

Location: IMD Job Closing: 11/30/2023

Who We Are

With the Investment Management Division (IMD) you will be joining a diverse group of achievers who celebrate the unique value individuals bring to support our shared cause: earning trust and contributing to the financial future of 1.9 million public education employees and retirees throughout Texas.

Navigating the current market environment takes innovation and we’re passionate about stewarding the right investments to make an impact both in the lives of our members and all Texans. We invite you to partner with the best financial minds in the business to manage a global portfolio of over $200 billion in public and private investments. Our success starts with you.

Position Summary

The Internal Fundamental Management (IFM) Investment Manager – Equity Research is responsible for researching advanced equity market investments. The incumbent will provide financial modeling, monitoring industry and stock dynamics, and assist with and/or provide recommendations on the position of securities to portfolio managers and senior staff. This position reports to the Director of IFM Research.

Key Accountabilities

Financial Modeling / Dynamics

  • Assists in evaluating investment strategy for assigned portfolio or sector in accordance with investment policy objectives and department guidelines.
  • Performs investment analysis of securities in assigned industries or sectors, including basic investment computations (those involved in valuation calculation), using contact with company management, industry sources, outside investment firms, printed or electronic media, and other relevant, reliable sources.
  • Assists with the performance of assigned individual equities, industries, or sectors in conjunction with senior staff.
  • Assists with analyzing and evaluating long and short term, national and international macro/micro economic and business trends that directly affect assigned equity security groupings and develops recommendations for adjustments to holdings.
  • Ensures that TRS Ethics Policy is adhered to in relationships with brokers, research suppliers, and other vendors.

Investment Recommendations

  • Assists with communicating analysis of investment opportunities, results, and recommendations with the relevant portfolio managers and/or other senior staff via verbal and written reports and communications.
  • Assists with and prepares qualitative and quantitative reports, memoranda, and spreadsheets.
  • Assists with providing equity security investment recommendations relative to specific industries or sectors to assist in equity portfolio construction.
  • Assists with weekly forecast updates on pitch recommendations.
  • Performs related work as assigned.

Key Accountabilities(Senior Associate)

Financial Modeling / Dynamics

  • Assists in evaluating and developing investment strategy for assigned portfolio or sector in accordance with investment policy objectives and department guidelines.
  • Performs investment analysis of securities in assigned industries or sectors, including basic investment computations (those involved in valuation calculation), using contact with company management, industry sources, outside investment firms, printed or electronic media, and other relevant, reliable sources.
  • Monitors and assists with performance of assigned individual equities, industries, or sectors in conjunction with senior staff.
  • Analyzes long and short term, national and international macro/micro economic and business trends that directly affect assigned equity security groupings and develops recommendations for adjustments to holdings.
  • Develops institutional knowledge by maintaining a bench of stock ideas for long term portfolio fit.
  • Ensures that TRS Ethics Policy is adhered to in relationships with brokers, research suppliers, and other vendors.

Investment Recommendations

  • Assists with and communicates analysis of investment opportunities, results, and recommendations with the relevant portfolio managers and/or other senior staff via verbal and written reports and communications.
  • Prepares qualitative and quantitative reports, memoranda, and spreadsheets.
  • Assists with and provides equity security investment recommendations relative to specific industries or sectors to assist in equity portfolio construction.
  • Assists with weekly forecast updates on pitch recommendations.
  • Performs related work as assigned.

Key Accountabilities(Investment Manager )

Financial Modeling / Dynamics

  • Develops investment strategy for assigned portfolio or sector in accordance with investment policy objectives and department guidelines.
  • Performs investment analysis of securities in assigned industries or sectors, including basic investment computations (those involved in valuation calculation), using contact with company management, industry sources, outside investment firms, printed or electronic media, and other relevant, reliable sources.
  • Monitors performance of assigned individual equities, industries, or sectors in conjunction with senior staff.
  • Analyzes and evaluates long and short term, national and international macro/micro economic and business trends that directly affect assigned equity security groupings and develops recommendations for adjustments to holdings.
  • Develops institutional knowledge by maintaining a bench of stock ideas for long term portfolio fit.
  • Ensures that TRS Ethics Policy is adhered to in relationships with brokers, research suppliers, and other vendors.

Investment Recommendations

  • Communicates analysis of investment opportunities, results, and recommendations with the relevant portfolio managers and/or other senior staff via verbal and written reports and communications.
  • Prepares qualitative and quantitative reports, memoranda, and spreadsheets.
  • Provides equity security investment recommendations relative to specific industries or sectors to assist in equity portfolio construction.
  • Performs weekly forecast updates on pitch recommendations.
  • Performs related work as assigned.

Minimum Required Qualifications

Required Education

  • Bachelor’s degree from an accredited four-year college or university with major coursework in business administration, finance, accounting, operations research, math, information technology, liberal arts, or a related area.
  • A Master’s degree in a related area may substitute for one (1) year of the required experience.

Required Experience (Associate)

  • Three (3) years of full-time professional investment management experience.

Required Experience (Senior Associate)

  • Five (5) years of full-time professional investment management experience.
  • Previous coverage of global equities including, but not limited to, the developed markets (US, Canada, Europe, Australia, and Japan).

Required Experience (Investment Manager)

  • Seven (7) years of full-time professional investment management experience.
  • Previous coverage of global equities including, but not limited to, the developed markets (US, Canada, Europe, Australia, and Japan).
  • Experience working on a portfolio with 60-80 holdings or less.
  • Experience may be concurrent.

Required Registration, Certification, Or Licensure

  • None.

Preferred Qualifications(Associate)

  • Master of Business Administration (MBA) or Master’s degree related to finance.
  • Previous coverage of global equities including, but not limited to, the developed markets (US, Canada, Europe, Australia, and Japan).
  • Experience working on a portfolio with 60-80 holdings or less.
  • Skill in using a wide variety of mainstream portfolio analytic software products, such as Bloomberg and FactSet.
  • Certification as a Chartered Financial Analyst (CFA) or working towards CFA.

Preferred Qualifications(Sr Associate And Investment Manager)

  • Master of Business Administration (MBA) or Master’s degree related to finance.
  • Prior experience as a generalist analyst covering multiple unrelated sectors and/or industries.
  • Experience working on a portfolio with 60-80 holdings or less.
  • Experience conducting primary research activities including industry/user conferences and interviews with appropriate company stakeholders.
  • Skill in using a wide variety of mainstream portfolio analytic software products, such as Bloomberg and FactSet.
  • Certification as a Chartered Financial Analyst (CFA) or working towards CFA.

Knowledge Of

Knowledge, Skills, and Abilities

  • Investment concepts, terminology, styles, models, strategies, and fundamental investment factors.
  • Statistical concepts, methods, and models and their application to investments.

Skills In

  • Strong written and verbal communication skills with the ability to convey complex ideas in a simple, clear manner.
  • Using a computer in a Windows environment with word processing, spreadsheet, presentation, database, and other business software to prepare correspondence, spreadsheets, charts, and reports.
  • Conducting data searches and evaluations of large amounts of information, performing complex statistical analysis of the data, and preparing concise and accurate reports and written/oral recommendations.
  • Planning, organizing, and prioritizing work assignments to manage a high-volume workload in a fast- paced and changing environment.
  • Completing detailed work with a high degree of accuracy.
  • Verbal and/or written communication of complex information that is accurate, timely, and based on sound judgment.
  • Making presentations to groups with varied levels of investment knowledge.

Ability To

  • Establish and maintain harmonious working relationships with co-workers, agency staff, and external contacts.
  • Work effectively in a professional team environment.

Military Occupational Specialty (MOS) Codes

Veterans, Reservists or Guardsmen with experience in the Military Occupational Specialty ( http://www.hr.sao.texas.gov/Compensation/MilitaryCrosswalk/MOSC_AdministrativeSupport.pdf ) along with the minimum qualifications listed above may meet the minimum requirements and are highly encouraged to apply. Please contact Talent Acquisition at careers@trs.texas.gov with questions or for additional information.

To view all job vacancies, visit www.trs.texas.gov/careers or www.trs.csod.com/careersite .