Texas Retirement System (TRS) Essay Example for Free

Texas Retirement System (TRS) EssayYou have been recruited to consult for the Texas Retirement System (TRS). TRS is expression at alternative investment opportunities. They see John Bogles (founder of Vanguard) mantra of simply investing in index funds as particularly compelling. Yet, Millers historical record at shelter Trust has been outstanding, and several trustees are in favor of investing with him. Your task to provide a recommendation to the trustees as to whether or not they should invest with Miller and Value Trust.Again, the case questions are here to simply guide your analysis. You are preparing a professional report for the TRS trustees, and it should be structured accordingly. Also, dont spend a lot of time repeating the facts of the case itself, but certainly use the exhibits to support your assessments.1. How well has Value Trust performed in recent years? In making that assessment, what benchmark(s) are you using? How do you measure investment performance? What does good performance pie-eyed to you? 2. What might explain the funds performance? To what extent do you believe an investment strategy, such as Millers, explains performance? 3. How easy pull up stakes it be to sustain Millers historical performance record into the future? What factors support your conclusion?4. Consider the mutual fund industry. What roles do portfolio managers draw? What are the differences between fundamental and technical securities analysis? How well do mutual funds generally perform relative to the overall market? 5. What is capital-market ability? What are its implications for investment performance in general? What are the implications for fund managers, if the market exhibits characteristics of strong, semi-strong, or weak efficiency? 6. As of 2005, would you recommend investing in Millers Value Trust? What beliefs about the equity markets does your answer reflect?