The University of Texas Investment Management Company
Fall 2012 Site Review
Position: Real Estate Intern
Student: Economics Senior
The University of Texas Investment Management Company (UTIMCO), the first external investment corporation formed by a public university system, manages and invests endowment and operating funds in excess of $27 billion. UTIMCO offers unique exposure to a variety of asset classes and unpatrolled interaction with many of the world’s best money managers. The firm maintains diversified portfolios of U.S. and global equities, U.S. and global fixed income instruments, commodities, REITs, private equity, venture capital, and alternative investment strategies. The Real Estate portfolio has a target exposure of about 5% of the endowments total assets. The asset class covers investments in U.S. and global (European and Japanese) REITs markets and global private investment markets. The Real Estate team invests primarily with external managers through long-only strategies focused on public equities, long-short alternative investment vehicles, and private investments.
As an intern, I work directly with the Managing Director and the Real Estate team to research, analyze, monitor, and invest within these asset categories. I also receive broad exposure to the entire investment process and participate in broader UTIMCO investment allocation decisions. I have three main responsibilities. First, I analyze investment performance by constructing a macro-enabled Excel model to automate the analysis process. Second, I monitor all phases of the investment process by developing an asset management tool for commercial properties. Third, I assist investment staff with portfolio positioning data and the development of investment themes. In short, I work directly with investment professionals to provide support for investment decisions and participate in all phases of the investment process, where I learn how to evaluate potential investment opportunities and financial returns.
Although every day is different at UTIMCO, I come to the office around 8 a.m. and check my mailbox/calendar to get a good idea of what I will be doing for the day. Then, I will get a cup of coffee or tea and read articles on Wall Street Journal for no more than 15 minutes. Around noon, I will have a 30-60 minutes lunch break, and I try to explore new restaurants in the downtown area with other interns or my co-workers. After coming back from the lunch break, I will try to talk to different people at the firm to get their perspectives in the markets. I usually leave the office around 6 p.m.