How have you been a change agent at
your organization? What have you done
that you’re particularly proud of?
During the last two years at the Employees’ Retirement Fund of the City of Dallas
(ERF), I have tried to constantly consider
new frameworks, methodologies, processes,
and points of view when evaluating both our
investment and business processes. My focus
on regularly re-evaluating assumptions has
allowed me to provide current, dynamic,
and responsive feedback on both business
projects and investments.
What is the asset class or investment
that keeps you up at night, and why?
MLPs. At the end of 2011, ERF began
investing in MLPs. We favored the them due
to their low correlation to other asset classes,
stable cash distributions, an attractive yield,
and compelling relative returns. The low
correlation benefit reversed in 2015 when oil
prices plummeted, and MLPs followed suit.
This required us to re-evaluate the asset class
and maintain the discipline to stay invested.
What methodologies have you adopted
within your institution?
I have assisted in implementing a better
compliance monitoring system and a private
equity pacing analysis process with the assistance of our managers.
Where do you fall in the passive vs.
I am predominantly in favor of active invest-
ing. We have managers that have consis-
tently outperformed their benchmarks over
a market cycle. In addition, active manage-
ment can help with risk mitigation by reduc-
ing shortfall risk.
What are the changes you’d like to see
the institutional investing community
make in 10 years?
I would like to see an increase in women
within the investment community. I was
recently made aware of an organization
called Girls Who Invest. They note that only
13% of portfolio managers in North America are women compared to 32% in Asia.
Who is a manager you don’t currently
work with whose brain you’d like to pick?
Warren Buffett. I met him during my 2007
MBA Investment Management Group trip
to Omaha. Unfortunately, there was not
enough time to speak with him at length.
Ideally, where would that meeting take
At his favorite steakhouse in Omaha again,
or have him visit us here in Dallas.
What is the software investment tool
that helps you most?
We are in the process of reviewing some software tools to evaluate both performance and
risk. I currently utilize our custodian’s system for most of my analysis.
What would improve the relationship
between you and managers?
Our managers are very good at keeping us
Senior Investment Officer, Employees’ Retirement
Fund of the City of Dallas (Dallas, TX)
Her strategic knowledge of all asset classes and her
attention to detail makes her a valuable member
of our team. With over 15 years in the financial
services industry, she is a future leader in this industry.
informed about anything that may affect
their firm, product, and/or asset class. They
are extremely bright and accomplished people, and it would certainly be great to have
more time to learn from each one.
Why did you choose your current path?
Since high school, I have been interested
in the financial markets. I decided to study
both Finance and Mathematics, and later
went on to Chicago Booth to get my MBA.
Post-MBA I worked as an Equity Research
Analyst and then approximately two years
ago started in my current role as a Senior
Investment Officer. This has been a great
opportunity for me to combine both my education and career background in evaluating
all asset classes. In addition, I have enjoyed
the added benefit of helping the civilian
retirees of the City of Dallas know they can
feel financially secure in retirement.