Trading

Texas TRS trades more than $300 billion annually across multiple global asset classes. The Trading team’s mandate includes the following:

1. Implementation: effective and efficient implementation of investment ideas across asset classes. To accomplish this objective, Trading maintains relationships with the top global broker/dealers. We continuously monitor and update our technology and adapt as necessary, using best practices. We use Transaction Cost Analysis (TCA) to evaluate and constantly improve the quality of our execution. TRS Trading has placed in the first or second quartile versus a peer universe of institutional trading desks for 11 straight years.
2. Passive Portfolio Management: manage passive equity portfolios in U.S., EAFE+Canada, and Emerging Markets. This includes fully replicating the portfolios in real-time to achieve tight tracking error and in-line performance.
3. Implementation Advisory: collaborate with teams across the division to provide implementation solutions. This includes assessing the market impact of a trade, providing transition management services between external managers and generating short-term technical analysis to aid in the timing of investments.