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Talent, Strategy, Risk : How Investors and Boards Are Redefining TSR Vendor Code_OH018 This Level 3 Intermediate guideA big shift in public ownership has created a new set of challenges for boards. Index funds managed by firms like Vanguard, BlackRock, and State Street represent an emerging class of permanent institutional investors who are focused on creating and preserving long term corporate value. These investors are stating in no uncertain terms that simply managing for short term shareholder profit is not acceptable.