THE UNIVERSITY OF TEXAS SYSTEM

THE PERMANENT UNIVERSITY FUND
ANALYSIS OF GROWTH IN THE VALUE OF THE PUF

FOR THE YEARS 1991-1995
(Dollars in Millions)

BOOK VALUE

Years Ending August 31
1991 1992 1993 1994 2 1995 2
Book Value $ 3,526 $ 3,658 $ 4,044 $ 4,213 $ 4,376
Change in Book from Previous Year $ 91 $ 132 $ 386 $ 169 $ 163
Components of Change in Book Value:1
Mineral, Royalties, and Rentals 95.08 % 47.68 % 17.30 % 32.38 % 32.34 %
Bonus on Mineral Leases 2.61 % 1.50 % 0.10 % 2.89 % 2.65 %
Miscellaneous Land Receipts 0.03 % 0.02 % 0.00 % 0.03 % 0.12 %
Realized Gains on Sales of Securities 2.28 % 50.80 % 82.10 % 64.70 % 64.89 %
University of Texas System
Constitutional Debt Limit
$ 705$ 731 $ 809 $ 842 $ 875
University of Texas System
Debt Outstanding
$ 551 $ 626 $ 603 $ 615 $ 586


MARKET VALUE

Years Ending August 31
1991 1992 1993 1994 2 1995 2
Market Value $ 3,922 $ 4,145 $ 4,469 $ 4,428 $ 4,958
Change in Market from Previous Year $ 380 $ 223 $ 324 ($ 41) $ 530
Components of Change in Market Value:1
Mineral, Royalties, and Rentals 22.85 % 28.02 % 20.40 % 134.13 % 9.91 %
Bonus on Mineral Leases 0.63 % 0.87 % 0.10 % 11.97 % 0.81 %
Miscellaneous Land Receipts 0.01 % 0.00 % 0.00 % 0.11 % 0.04 %
Realized Gains on Sales of Securities 0.55 % 29.82 % 97.30 % 268.05 % 19.89 %
Unrealized Gains on Securities Held 75.96 % 41.29 % (18.80 %) (514.26 %) 69.35 %



Source of information: The University of Texas System, Office of Asset Management
Notes:
1
The dollar amount of each component of change is shown as a percentage of the total change in the book or market value from the previous year.
2
Fiscal Years 1994 and 1995 are reported on a trade date basis. Fiscal Year 1994 has been restated from previously reported amounts to reflect trade date reporting. All prior periods are reported on a settlement date basis.



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Last updated 20 Feb 1996