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Quarterly Investment Update Publication
Volume VI Issue VI, April 2002Publisher:
Dorothy H. Wilken, Clerk to the Board of County Commissioners
Editor:
Felicia Landerman, Investment Manager.........................................355-4412
Contributors:
Arnfield Cudal, Investment Analyst................................................355-3458
Candace Mansfield, Cash Management Clerk...................................355-3643
Gail Whited, Investment Clerk......................................................355-4049
Published at:
301 North Olive Avenue
West Palm Beach, FL 33401
INVESTMENT STRATEGY
Long, short-term funds outperforming
Investment Policy Committee benchmarksAs of March 31, 2002 the consolidated portfolio managed by the Clerk’s Finance Department was $1.387 billion with an overall book yield of approximately 4.75 percent. The long-term fund balance was $985 million with a market yield of 5.33 percent as compared to the Investment Policy Committee benchmark, the Merrill Lynch 1-3 year Government Index yield of 3.56 percent. The short-term fund totaled $403 million and yielded 2.3 percent as compared to its benchmark, the State Board of Administration’s Florida Local Government Surplus Funds’ yield of 1.91 percent.
Adapting to change, looking for opportunities
Currently the balance invested in the State pool is approximately equal to what is projected to be spent during the remainder of 2002. Additional Ad Valorem tax receipts and other incoming cash flows during the year will be invested with the intent of keeping our cash flows high while maintaining, and to some degree, extending our duration when and if rates begin to climb. We will focus on (cushion) callable bonds with higher coupons and cash flows, shorter final maturities, and those with one-time call features. In the mortgage sector we will continue to add higher coupon (cash flow) bonds with slower prepayments. As rates reach higher levels we will also look to add corporate bonds, as we have done in the past.
DOROTHY H. WILKEN
Clerk to the Board of County Commissioners
1st
Quarter Investment Update
- Consolidated Portfolio Distribution
- Historical Yield Comparison
- Treasury Yield Curve
- Key Interest Rates
- Investment Strategy Update
- Economic Update
- Read the Report in its Entirety
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