TEXAS PERMANENT SCHOOL FUND recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
The Texas Permanent School Fund is a sovereign wealth fund that functions to provide streams of revenue for funding public education within the state of Texas. The fund was established in 1854 by the Texas Legislature’s establishment of the Special School Fund, a predecessor to the Texas Permanent School Fund. The fund’s name would be changed in 1876 under the new constitution of Texas, after the civil war and reconstruction period. Under the new constitution, the fund would also acquire half of the public lands owned by the state as a new endowment. In 1953, the Texas Permanent School Fund would gain even more assets with the Submerged Lands Act, adding more to its territory holdings. The Texas Permanent School Fund is currently headed by commissioner Michael Williams and the Board of Education members are split by district with 15 in total. The Texas Permanent School Fund’s priority goal is to “ensure that all students in the public education system acquire the knowledge and skills to be responsible and independent Texans,” focusing on ensuring that high school graduates have the ability to pursue any higher level education options or secondary training, that various education skillsranging from math and science to English and social studies skills are adequate, and that students are able to demonstrate exemplary performance in foundational subjects. The fund currently has over $36 billion in total endowments made out of various publicly owned lands and other varied investments. The Texas Permanent School Fund’s investments are highly diversified with its highest holdings in the finance and information technology sectors, each making up approximately a fifth of its total asset allocations. The remaining assets are invested in the health care, consumer discretionary, industrials, energy, and utilities and telecommunications sectors, among others to a lesser degree, in order of decreasing allocation.
As of the latest 13F report, the guru’s equity portfolio contained 1513 stocks valued at a total of $6.60Bil. The top holdings were AAPL(4.18%), MSFT(3.85%), and AMZN(1.61%).
According to GuruFocus data, these were TEXAS PERMANENT SCHOOL FUND’s top five trades of the quarter.
iShares Core S&P 500 ETF
During the quarter, TEXAS PERMANENT SCHOOL FUND bought 61,352 shares of ARCA:IVV for a total holding of 95,225. The trade had a 0.35% impact on the equity portfolio. During the quarter, the stock traded for an average price of $384.6.
On 02/08/2023, iShares Core S&P 500 ETF traded for a price of $417.12 per share and a market cap of $313.89Bil. The stock has returned -5.67% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares Core S&P 500 ETF has a price-earnings ratio of 20.55 and a price-book ratio of 3.80.
Targa Resources Corp
TEXAS PERMANENT SCHOOL FUND reduced their investment in NYSE:TRGP by 130,756 shares. The trade had a 0.13% impact on the equity portfolio. During the quarter, the stock traded for an average price of $69.78.
On 02/08/2023, Targa Resources Corp traded for a price of $74.59999999999999 per share and a market cap of $17.03Bil. The stock has returned 23.78% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Targa Resources Corp has a price-earnings ratio of 71.73, a price-book ratio of 7.08, a EV-to-Ebitda ratio of 11.45 and a price-sales ratio of 0.79.
The price-to-GF Value ratio is 0.78, earning the stock a GF Value rank of 10.
Alleghany Corp
The guru sold out of their 9,678-share investment in NYSE:Y. Previously, the stock had a 0.13% weight in the equity portfolio. Shares traded for an average price of $843.86 during the quarter.
On 02/08/2023, Alleghany Corp traded for a price of $847.79 per share and a market cap of $11.41Bil. The stock has returned 27.62% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Alleghany Corp has a price-earnings ratio of 33.43, a price-book ratio of 1.44, a price-earnings-to-growth (PEG) ratio of 1.49, a EV-to-Ebitda ratio of 13.62 and a price-sales ratio of 0.99.
The price-to-GF Value ratio is 0.96, earning the stock a GF Value rank of 5.
First Solar Inc
TEXAS PERMANENT SCHOOL FUND reduced their investment in NAS:FSLR by 57,211 shares. The trade had a 0.12% impact on the equity portfolio. During the quarter, the stock traded for an average price of $148.17.
On 02/08/2023, First Solar Inc traded for a price of $165.89 per share and a market cap of $17.35Bil. The stock has returned 137.87% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, First Solar Inc has a price-earnings ratio of 188.51, a price-book ratio of 3.03, a EV-to-Ebitda ratio of 35.42 and a price-sales ratio of 6.88.
The price-to-GF Value ratio is 2.27, earning the stock a GF Value rank of 1.
iShares Core S&P Mid-Cap ETF
During the quarter, TEXAS PERMANENT SCHOOL FUND bought 33,044 shares of ARCA:IJH for a total holding of 51,543. The trade had a 0.12% impact on the equity portfolio. During the quarter, the stock traded for an average price of $240.73.
On 02/08/2023, iShares Core S&P Mid-Cap ETF traded for a price of $268.78 per share and a market cap of $70.98Bil. The stock has returned 4.47% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, iShares Core S&P Mid-Cap ETF has a price-earnings ratio of 13.99 and a price-book ratio of 2.38.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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