WAYS TO SAVE MONEY THROUGH REFINANCING & INVESTMENTS
|
|
- Lauren Marshall
- 5 years ago
- Views:
Transcription
1 WAYS TO SAVE MONEY THROUGH REFINANCING & INVESTMENTS BILL KRUCK & JAMIE DOYLE PASBO 62 ND ANNUAL CONFERENCE AND EXHIBITS, PITTSBURGH March TOPICS OF DISCUSSION Investments What We Are Seeing Building Upon a Prudent Cash & Investment Management Program Considerations for Determining Investment Options Act 10 of 2016 Roadmap for Investing Debt Bond Background High to Low Refunding Debt Restructuring Act 1 Strategies Further Questions/Discussion 2 1
2 WHAT WE ARE SEEING 3 MARKET CONSIDERATIONS Interest Rates Treasury yields remain stabilized at higher levels Longer maturities are rising in response to higher inflation expectations The shorter end of the curve has also moved higher following the December rate hike Fed officials forecast three rate hikes in 2017 Economic Conditions The U.S. experienced moderate GDP growth in 2016 Labor market continues to strengthen Retail sales increases demonstrate Americans optimism about the economy Inflation picking up slowly Uncertainty prevails as a result of President Trump s policies, as well as upcoming elections in Europe 4 2
3 Jan-80 Jan-81 Jan-82 Jan-83 Jan-84 Jan-85 Jan-86 Jan-87 Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 THIRTY YEARS OF DECLINING RATES Treasury Yields are gradually increasing, but still near all-time lows following 30 years of decline 2- & 10-Year U.S. Treasury Notes Yields 2-Year U.S. Treasury Note 10-Year U.S. Treasury Note 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Source: Bloomberg Financial Systems, data as of February 28, AN END TO HISTORICALLY LOW YIELDS? Since the Fed has enacted it s Zero Interest Rate Policy in 2008, yields have remained at historic lows Anticipation of the first hike since 2008 pushed yields higher in 2015 and again late in 2016 Yields remain within the elevated trading range year to date Year U.S. Treasury Note & Fed Funds Target Rate 6.0% 5.0% Fed Funds Target Rate 2-Year U.S. Treasury Note 4.0% 3.0% 2.0% Anticipation of, and the subsequent Fed rate hikes have pushed yields higher 1.0% 0.0% Source: Bloomberg Financial Systems, data as of February 28,
4 OUTLOOK FOR THE FED FUNDS TARGET RATE 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Probability of Future Rate Hikes March 2017 May 2017 Fed Meeting Probability of Hike March 15, % May 3, % June 14, % July 26, % September 20, % November 1, % December 13, % January 31, % Source: Bloomberg Financial Systems, data as of March 6, BUILDING UPON A PRUDENT CASH & INVESTMENT MANAGEMENT PROGRAM 8 4
5 DIFFERENT HORIZONS FOR DIFFERENT SCHOOL FUNDS Understanding the use and overall objective of a fund/asset type is essential in determining a prudent and efficient investment strategy School Investment Time Horizons 1 5 Year 1 10 Year Endowments & Pensions Intermediate 1 3 Year Enhanced Cash Cash Daily Liquidity 1 Yr 3 Yr 5 Yr 10 Yr Duration Bond Proceeds 15 Yr+ 9 FINDING A BALANCE BETWEEN LIQUIDITY AND DURATION Cost of Insufficient Liquidity Delayed payments Additional costs/penalties Bad press Cost of Excess Liquidity Forgone investment income Failure to keep pace with rising costs Bad press Benefits of Cash Flow Analysis Ensures adequate liquidity Potential to increase investment income Amounts available for investment Period of time to hold the investment 10 5
6 Millions, $ IMPORTANCE OF FORECASTING Forecasting is a process of predicting cash flows for the purposes of liquidity management and financial control Better manage changes in fund balances and to meet strategic objectives Helps determine appropriate allocations between liquid and fixed-rate investments Use cash flow forecasting as a basis for determining reasonably expected future cash flow needs and investable balance targets Ability to target a base liquidity or minimum balance cushion Projection examples in practice Interest earnings as part of the annual budget Bi-weekly salary distributions Bond proceeds construction draw schedule 11 CASH FLOW ANALYSIS INFORMS STRATEGY Initial gathering of data: the raw clay Map out month-end, low, or average daily balances Preferably at least 2+ years of most recent balances and cash flow history Cash: overnight investments Historical Month-End Balances Target liquidity cushion based on estimated maximum outflows Liquidity Surplus: 0-1 year investments Total Return Funds: 1-5+ year investments Cash Liquidity Surplus Designated Reserve 0 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb
7 TOO MUCH LIQUIDITY = LOST EARNINGS POTENTIAL Historic Returns (January 31, 2007 through January 31, 2017) Index Total Return Total Return Portfolio (Merrill Lynch 1-5 Year U.S. Treasury Index) 2.77% Cash (Merrill Lynch 3 Month Treasury Bill Index) 0.79% Difference % Source: Bloomberg Financial Systems, data as of February 28, CONSIDERATIONS FOR DETERMINING INVESTMENT OPTIONS 14 7
8 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 RATES ON THE RISE The market currently expects interest rates to rise over the next two years 2.00% 1.75% 1.50% 1.25% 1.00% 0.75% 0.50% Fed Funds Target Rate 0.25% 0.00% Fed Funds Target Rate Source: Bloomberg Financial Systems, data as of February 28, BREAKEVEN ANALYSIS A breakeven analysis allows an investor to evaluate and compare two different maturity options 1.20%?? 6 months 1 year 1.32% What rate would you have to earn in the next 6 months to generate the same income as a 1 year investment today? 16 8
9 BREAKEVEN ANALYSIS (CONT D) 1.20% 1.34% 6 months 1 year 1.32% Using breakeven analysis, you would have to reinvest at a rate of 1.34% for the second half of the year to breakeven and generate the same income as a one-year investment today Math: [1+(1.20 % * 6 months)] X [1+(1.34% * 6 months)] months = 1.32% 17 ACT 10 OF
10 ACT 10 PROVIDES ADDITIONAL OPPORTUNITIES Seeking higher yields is not the only issue: Dwindling supply of permitted investments Banking regulation changes Inconsistency in PA investment codes Lagging best practices of Government Finance Officers Association* ( GFOA ) and most other states Act 10 of 2016 ( Act 10 ) enables, but does not require: Additional investment types for operating funds Unification of the different investment codes Aligns PA local government investment opportunities with most other states Act 10 requires important safeguards: Credit quality and maturity criteria, which we believe are valuable risk management tools High credit quality standards *Source: Relatively short maturity standards 19 ACT 10 PERMITTED INVESTMENTS & RISK LIMITING PROVISIONS Additional investment options will allow school s to more fully diversify their investments. Limiting maturity and requiring high credit ratings helps limit risk. Federal Agency Security Type Prudent Risk Limiting/Management Provisions Risk Limiting Factors Some agencies are fully backed by U.S. Government Other agencies are strongly supported by the Federal Government Rated at least A by at least two NRSROs* Repurchase Agreements Must be collateralized by U.S. Treasury or Federal Agency securities Commercial Paper Bankers Acceptances Negotiable CD s Rated in top short-term category by at least two NRSROs* Maximum maturity of 270 days Rated in top short-term category by at least two NRSROs* Maximum maturity of 180 days Insured Bank Deposit Reciprocal All deposits are 100% FDIC-insured. *NRSROs Nationally Recognized Statistical Ratings Organizations (for example, S&P, Moody s, Fitch) For CD s with maturities less than one year, must be rated in top short-term category by at least two NRSROs* For CD s with maturities greater than a year, must be rated at least A by at least two NRSROs* Maximum maturity of three years or less 20 10
11 Yield UTILIZE PRIME FUNDS FOR OVERNIGHT INVESTMENTS A comparison between historic gross yields on imoneynet s 50th Percentile Government Institutional and Prime Institutional funds is depicted in the graph below. The average difference between the imoneynet 50th Percentile Government and Prime funds over the prior 3 year period ending December 31, 2016 is 16 basis points (0.16%). 1.00% Difference in Gross Yields - Government vs. Prime Funds 0.80% 0.60% 0.40% 0.20% 0.00% imoneynet 50th Percentile - Government imoneynet 50th Percentile - Prime Source: As measured by the average of the gross rate advantage of the 50 th percentile of the imoneynet Fund Rankings for Prime Funds over the 50 th percentile of the imoneynet Fund Rankings for Government Funds for the five years ended December 31, The imoneynet Prime Institutional Average includes 109 highly rated Prime funds, and the imoneynet Government Institutional Average includes 322 highly rated Government funds. 21 PRIME SECURITIES OFFER SIGNIFICANT VALUE Yields on Commercial Paper and Negotiable CD s remain attractive alternatives to Treasury Bills and short-term Agencies where yields are constrained by Fed policy. CP/CD rates vary significantly by issuer. 1.60% 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% Current Money Market Yield Curve Maturity in Months Source: Bloomberg, as of February 28, 2017, PFMAM. Information on CD/CP ranges are estimates based on independently compiled data, are for general information purposes only, and are not intended to provide specific advice or specific recommendations
12 SAMPLE INVESTMENT PORTFOLIO COMPARISON Non Act 10 Act 10 Investment Option Overnight (S&P AAA Government Fund) Millions Invested Sample Gross Yield* Annualized Gross Projected Earnings $ % $49, day FDIC CD $ % $7, day FDIC CD $ % $22, day FDIC CD $ % $20, day FDIC CD $ % $24,800 TOTAL $ % $124,450 Sector Allocation Investment Option Overnight (S&P AAA Prime) Millions Invested Sample Gross Yield* Annualized Gross Projected Earnings $ % $62, day CP $ % $9, day CP $ % $30, day CP $ % $26, day Negotiable CD $ % $28,400 TOTAL $ % $157,327 Sector Allocation FDIC CD 50% Government Fund 50% CP 37% Prime Fund 50% Negotiable CD 13% 23 Source: Bloomberg, as of March 3, 2017, PFMAM. Information on CD/CP ranges are estimates based on independently compiled data, are for general information purposes only, and are not intended to provide specific advice or specific recommendations. ACCESSING PRIME SECURITIES While adding commercial paper and negotiable CD allocations to your School's portfolio could add value, properly diversifying may be a challenge These prime securities are typically sold in large dollar lots, which could limit the accessibility for smaller portfolios PFMAM recommends an allocation limit per issuer of no more than 5% and a 30% max sector allocation for all direct investments in these securities Investing in an investment pool, liquid or fixed-rate, fixed-term, that invests in these securities could be a more efficient and cost effective way to add these security types to your School s investments A pool of prime securities would: Be large enough to fully diversify investments among different issuers in the market, in turn limiting the exposure to any one issuer Invest the majority of assets in these security types, therefore having the greater earnings potential Negotiable CD s are not bank deposits, rather they are negotiable instruments (in other words, securities), and therefore do not require collateralization 24 12
13 ROADMAP FOR INVESTING 25 IS IT TOO GOOD TO BE TRUE? Guaranteed returns Reluctance to provide documentation Teaser rates Rates well above comparables Limited or no access to funds Unfamiliar product name or company name 26 13
14 WRAP UP: INVESTMENT ADVICE Do s Stick to the basics Safety, Liquidity, then Yield Diversification Develop a long-term plan Devote the time to develop an investment strategy Follow your investment policy Make sure that your broker and/or investment advisor knows and understands your policies and objectives Review your policies and practices periodically Don t Invest beyond your cash flow requirements Expect higher returns without higher risks Invest in securities you can t explain 27 IMPORTANT DISCLOSURES This material is based on information obtained from sources generally believed to be reliable and available to the public, however PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as to what will or may happen under certain circumstances are based on assumptions, some but not all of which are noted in the presentation. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in this presentation is not an offer to purchase or sell any securities. The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon current opinion as of the date if issue, and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness. This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the investment objectives, risks, charges and expenses before investing in any of the Trust s portfolios. This and other information about the Trust s portfolios is available in the current Information Statement, which should be read carefully before investing. A copy of the Information Statement may be obtained by calling or is available on the Trust s website at While the PLGIT, PLGIT/ARM and PLGIT/PRIME portfolios seek to maintain a stable net asset value of $1.00 per share and the PLGIT/TERM portfolio seeks to achieve a net asset value of $1.00 per share at its stated maturity, it is possible to lose money investing in the Trust. An investment in the Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Trust s portfolios are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) ( and Securities Investor Protection Corporation (SIPC) ( PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC. A description of the PLGIT CD Purchase Program is contained in the PLGIT Information Statement. The Information Statement contains important information and should be read carefully before investing. Investors may purchase Certificates of Deposit through the PLGIT CD Purchase Program only by executing an investment advisory agreement with the Program s Investment Adviser, PFM Asset Management LLC. SM PLGIT, PLGIT-Class Shares, PLGIT/PLUS-Class Shares, PLGIT/I-Class Shares, PLGIT/TERM, PLGIT-CD, PLGIT/ARM, PLGIT/PRIME, PLGIT/SAM, and PLGIT-CAP are service marks of the Pennsylvania Local Government Investment Trust
15 BOND BACKGROUND 29 LONG TERM FIXED INTEREST RATE ENVIRONMENT 5.000% 4.500% 4.000% 3.500% 3.000% 2.500% 2.000% 1.500% 1.000% 1/31/2007 1/31/2008 1/31/2009 1/31/2010 1/31/2011 1/31/2012 1/31/2013 1/31/2014 1/31/2015 1/31/2016 1/31/
16 VARIABLE INTEREST RATE ENVIRONMENT Variable Rate Indices (SIFMA & 1-Month LIBOR) /31/07 01/31/08 01/31/09 01/31/10 01/31/11 01/31/12 01/31/13 01/31/14 01/31/15 01/31/16 01/31/17 1-Month LIBOR SIFMA 31 TYPICAL CHARACTERISTICS OF SCHOOL DISTRICT DEBT School districts and local governments typically issue debt in form of municipal bonds Typically issued for new money or refunding purposes Most frequently issued on a tax-exempt basis Can be fixed or variable rate Typically has final maturities up to 30 years Typically issued with a general obligation pledge (full faith, credit and taxing power) Issued by the School District itself, although sometimes can be issued through a conduit authority (State Public School Building Authority or other local authority) 32 16
17 HIGH TO LOW REFUNDING 33 REFUNDING EXISTING DEBT Replacing existing higher interest rates with new lower interest rates can potentially save thousands Issuers could move up payment dates within same fiscal year to achieve additional interest rate savings Existing High Interest Rate New Low Interest Rate $$$ SAVINGS!!! XYZ AUTHORITY EXISTING DEBT XYZ AUTHORITY NEW REFINANCING DEBT SERIES OF 2009 SERIES OF Annual Interest Fiscal Year Interest Fiscal Year Debt Service Date Principal Rate Interest Debt Service Date Principal Rate Interest Debt Service Savings 3/15/ , , ,811 3/15/ ,182 9/15/ ,761 9/15/ ,659 3/15/ , , ,523 3/15/ , , ,570 11,293 9/15/ ,443 9/15/ ,765 3/15/ , , ,885 3/15/ , , ,530 8,157 9/15/ ,910 9/15/ ,800 3/15/ , , ,820 3/15/ , , ,600 8,039 9/15/ ,510 9/15/ ,150 3/15/ , , ,020 3/15/ , , ,300 10,219 9/15/ ,630 9/15/ ,400 3/15/2019 1,035, ,630 1,072,260 3/15/2019 1,040, ,400 1,060,800 9,992 TOTALS 3,625, ,319 4,083,319 TOTALS 3,690, ,800 3,898, ,
18 REFUNDING EXISTING DEBT PROPORTIONAL SAVINGS LEVEL SAVINGS LEVEL SAVINGS UPFRONT SAVINGS Prior Debt Service Prior Debt Service Debt Service Savings Savings Debt Service Savings Debt Service Refunding Debt Service Refunding Debt Service Fiscal Year Ending May utilize savings to reduce millage or to make debt service on new money projects more affordable Fiscal Year Ending Need to manage millage in budget at a higher rate Can use refunding savings for one-time uses, i.e., capital projects. 35 CREDIT RATINGS Key metrics for school district credit include: Fund Balance Surplus/Deficit Cash on Hand Pension Liability Area Demographics and Tax Base The majority of bond issues in the capital markets have credit ratings from one or more of the three major credit rating agencies: Standard & Poor s, Moody s or Fitch. PASBO 62ND ANNUAL CONFERENCE AND EXHIBITS, PITTSBURGH Moody's Description of Ratings Aaa Strongest Investment Grade Aa1/Aa2/Aa3 Very Strong A1/A2/A3 Above-Average Baa1/Baa2/Baa3 Average Ba1/Ba2/Ba3 Below-Average B1/B2/B3 Weak Below Investment Caa1/Caa2/Caa3 Very Weak Grade Ca Extremely Weak C Weakest S&P Description of Ratings AAA Strongest Investment Grade AA+/AA/AA- Very Strong A+/A/A- Above-Average BBB+/BBB/BBB- Average BB+/BB/BB- Below-Average B+/B/B- Weak Below Investment CCC+/CCC/CCC-Very Weak Grade CC Extremely Weak C Weakest March
19 DUAL TRACK APPROACH TO FINANCING Bond issue or bank loan Dual Track can be pursued to ensure greatest flexibility Issue RFP for a bank loan while developing and preparing for a bond issue Compare bank loan RFP results to current market bond rates and pool loan Little to no cost to issue bank loan RFP for comparison purposes Bond Issue Pros Fixed rates for the entire term Traditionally lower interest rates No future interest rate risk Cons Higher costs of issuance Higher administrative costs As short as a 5-year call feature Bank Loan Lower costs of issuance Less administrative requirements (credit ratings, legal docs, etc.) Often prepayable at anytime Future variable rate resets Depository relationship may be required May have restrictive covenants PASBO 62ND ANNUAL CONFERENCE AND EXHIBITS, PITTSBURGH 37 PARAMETERS RESOLUTIONS Parameters Resolutions provide the greatest amount of flexibility for the financing team to price bonds in volatile market conditions: Avoids coordination with scheduled board meetings The resolution establishes parameters, or not to exceed boundaries, under which the ultimate financing must fall: Maximum principal amount in aggregate Maximum final maturity Maximum principal amount per annual maturity Maximum interest rate Minimum net savings target (for refundings) Ultimate approval immediately after pricing will be required from Board President, Vice President, and/or Administration via an addendum There is no guarantee that the incurrence of debt under current state law will grandfather it from any future change in legislation
20 DEBT RESTRUCTURING 39 DEBT RESTRUCTURING Existing debt can also be moved and restructured in order to create savings for the Issuer. By restructuring existing debt, issuers can also create debt scenarios that better match their strategic plans. (ex. level or upfront) New Debt Structure XYZ Area School District Series 2015 Settle 1/10/2015 Series 2010 Dated 1/10/2015 Date Principal Coupon Yield Proposed Existing Local Effort Local Effort Savings Old Debt Structure 3/1/ , , , , /1/ , /1/ , , , /1/ , /1/ , , , /1/ , /1/ , , , /1/ , /1/ , , , /1/ , /1/ , , , /1/2020 3,195, /1/2021 2,462, , ,873, /1/2021 3/1/ , , Totals 4,950,000 4,256, ,316, ,
21 ACT 1 STRATEGIES 41 UNGRANDFATHERED MILLAGE STRATEGIES 1. Fit millage impact under Act 1 Allowable Index Increase (the Index ) Increase up to the Index every year starting in to phase in ungrandfathered millage gradually Seek exceptions and increase beyond the Index if possible 2. Use estimated interest earnings from construction fund toward project Increase up to the Index every year starting in to phase in ungrandfathered millage gradually 3. Contribute cash or refunding savings towards Project Either temporarily borrow or permanently contribute a portion of existing reserves to help phase in borrowing capacity and millage impact 42 21
22 UNGRANDFATHERED MILLAGE STRATEGIES 4. Break borrowing into smaller portions The District will have the ability to phase debt service into the budget more slowly $10,000,000 per calendar will allow for bank qualified borrowings (i.e. lower interest rates) and 5 year call features 5. Indirect Cost Savings Utilize potential operational or capital expenditure savings to reduce millage impact 6. Consider wrap around payment structure for borrowing(s) 7. Capitalize Interest The use of bond proceeds to phase the millage impact into the budget gradually Increases the size of the bond issue 43 UNGRANDFATHERED MILLAGE STRATEGIES 8. Debt Restructuring Restructure a portion of outstanding debt to create capacity for new ungrandfathered debt 9. Consider using Capital Appreciation Bonds to reduce millage impact Tends to increase interest expense 10. Debt Act Referendum (Electoral Debt) Voters vote on debt service millage for specific project 11. Act 1 Referendum Voters vote on property tax increase beyond the Index not specific project 44 22
4/22/2016. The Expansion of Permitted Investments In Pennsylvania: a Act 10 of Background of Act 10 of 2016
The Expansion of Permitted Investments In Pennsylvania: a Act 10 of 2016 April 2016 PLGIT The Pennsylvania Local Government Investment Trust P.O. Box 1027 Harrisburg, PA 17108-1027 1-800-572-1472 www.plgit.com
More informationAct 10 of 2016 Expansion of Permitted Investments for All Public Entities in Pennsylvania And How It Impacts PLGIT Investors
March 31, 2016 Act 10 of 2016 Expansion of Permitted Investments for All Public Entities in Pennsylvania And How It Impacts PLGIT Investors New Permitted Investments for All Local Governments, School Districts
More informationMoving On Up Investing in Today s Rate Environment
Moving On Up Investing in Today s Rate Environment Presented by PFM Asset Management LLC Steve Faber, Managing Director Gray Lepley, Senior Analyst, Portfolio Strategies September 18, 2018 PFM 1 Today
More informationPlease remember to sign the Visitor s Register Thank you.
Please remember to sign the Visitor s Register Thank you. Finance Committee Meeting Agenda Tuesday, February 14, 2017 7:00 P.M. TEAO Room 200 PAGE NUMBER 1. Approval of Minutes Meeting on January 17, 2017...2
More informationChallenges and Solutions for Today s Investment Markets
Challenges and Solutions for Today s Investment Markets Presented by: Nelson Bush Managing Director PFM Asset Management LLC 4350 North Fairfax Drive, Suite 580 Arlington, VA 22203 (703) 741-0175 bushn@pfm.com
More informationPENNSYLVANIA LOCAL GOVERNMENT INVESTMENT TRUST ( PLGIT OR THE TRUST )
PENNSYLVANIA LOCAL GOVERNMENT INVESTMENT TRUST ( PLGIT OR THE TRUST ) SUPPLEMENT DATED DECEMBER 27, 2017 TO THE INFORMATION STATEMENT DATED APRIL 25, 2016 The following information supplements and should
More informationEffective Investment Policy and Strategies
Agenda for Today Effective Policy and Strategies For Today s Economic Environment Objectives and Goals Decisions Policy Permissible s Strategy Implementation Case Studies 2 Objectives & Goals Making Informed
More informationCALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial
CALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE 2017 George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial GSE Callables Market Update Quick Refresh Why? and Why Not? Friend
More informationMaking the Most of Your Financial Assets: Portfolio Management Strategies & Reporting
Making the Most of Your Financial Assets: Portfolio Management Strategies & Reporting Presented By: Sarah Meacham, Managing Director Lesley Murphy, Senior Managing Consultant September 14, 2017 PFM Asset
More informationMonthly Market Update August 2016
Monthly Market Update August 2016 Steven Alexander, CTP, CGFO, CPPT, Managing Director D. Scott Stitcher, CFA, Director Richard Pengelly, CFA, CTP, Director Khalid Yasin, CHP, Senior Managing Consultant
More informationJanuary 25, 2017 Financial Markets & Debt Portfolio Update Contra Costa Transportation Authority Introduction Public Financial Management Inc. (PFM),
January 25, 2017 Introduction Public Financial Management Inc. (PFM), financial advisor to the (CCTA) has prepared the following report as an update of market conditions through December 30, 2016. The
More informationPalm Beach County School District
Palm Beach County School District Investment Performance Review Quarter Ended March 31, 2009 Investment Advisors Steven Alexander, CTP, CGFO, Managing Director Mel Hamilton, Senior Managing Consultant
More informationVirginia GFOA. May 4, Reid Andrews Government Treasury Management. Vanessa Hubbard Fixed Income Market & Portfolio Strategy
Virginia GFOA May 4, 2016 Reid Andrews Government Treasury Management Vanessa Hubbard Fixed Income Market & Portfolio Strategy WFS and its investment representatives do not act as Municipal Advisors and
More informationPalm Beach County School District
Palm Beach County School District Investment Performance Review Quarter Ended March 31, 2008 Investment Advisors Steven Alexander, CTP, CGFO, Managing Director 300 S. Orange Avenue, Suite 1170 Orlando,
More informationAsset Liability Management Report 4 Q 2018
Asset Liability Management Report 4 Q 2018 Performance Indicators and Key Measures Cash, Investment and Debt Balances Book Value ($M) Restricted Cash and Investments 529.8 Unrestricted Cash and Investments
More informationFixed Income Portfolio Management
Fixed Income Portfolio Management Presented By: Marty Hammond, Managing Director Samantha Myers, Senior Analyst February 2019 PFM Asset Management LLC 821 Alexander Road Suite 110 Princeton, NJ 08540 609.452.0263
More informationManaging Public Funds Safely
Managing Public Funds Safely Scott Stitcher, CFA & Richard Pengelly, CFA, CTP November 9, 2016 2016 PFM Asset Management LLC The Mission Local Government Officials Have a Significant Fiduciary Responsibility
More informationPortfolio Management Strategies for Insurance Pools
Portfolio Management Strategies for Insurance Pools NLC RISC Trustees Conference Presented By: Kenneth Schiebel, CFA, Managing Director Mark Yasenchak, CFA, Director May 11, 2018 PFM Asset Management LLC
More information2018 Investment and Economic Outlook
2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%
More informationAttachment A Financial Markets & Debt Portfolio Update October 21, 2016 Introduction Public Financial Management Inc. (PFM), financial advisor to the
Attachment A Financial Markets & Debt Portfolio Update October 21, 2016 Introduction Public Financial Management Inc. (PFM), financial advisor to the Contra Costa Transportation Authority (CCTA) has prepared
More informationInvesting for Small Governments
Tuesday MAY, 23 2017 10:20AM 12PM Investing for Small Governments MODERATOR SPEAKERS Al Rolek Finance Director, River Falls, WI John Grady Managing Director, Public Trust Advisors Darrel Thomas Assistant
More informationMoving On Up Today s Economic Environment
Moving On Up Today s Economic Environment Presented by PFM Asset Management LLC Gray Lepley, Senior Analyst, Portfolio Strategies November 8, 2018 PFM 1 U.S. ECONOMY Today s Agenda MONETARY POLICY GEOPOLITICAL
More informationFixed Income Update: June 2017
Fixed Income Update: June 2017 James Kochan Chief Fixed-Income Strategist Overview Political turmoil may obscure but does not usually overwhelm the economic fundamentals that drive the bond markets.. Those
More informationHold on to Your Seat
Hold on to Your Seat Portfolio Considerations in Changing Markets August 25, 2017 Steven Alexander, 300 S. Orange Ave. (407) 648-2208 CTP, CGFO, CPPT Suite 1170 pfm.com PFM Asset Orlando, FL 32801 Management
More informationINVESTMENT TIPS AND TECHNIQUES
INVESTMENT TIPS AND TECHNIQUES Ohio Township Association Annual Winter Conference February 2, 2018 Presented by Eileen Stanic, CTP Senior Public Funds Advisor Meeder Investment Management 1 AGENDA Cash
More informationA Compelling Case for Leveraged Loans
A Compelling Case for Leveraged Loans EXECUTIVE SUMMARY In the current market environment, there are a number of compelling reasons to invest in leveraged loans. In a situation where most assets are trading
More informationOctober 16, Managing Your Investments in a Rising Rate Environment. Danny Nelson Sr. Managing Consultant. Kathleen Edwards Senior Analyst
October 16, 2013 Danny Nelson Sr. Managing Consultant Kathleen Edwards Senior Analyst Managing Your Investments in a Rising Rate Environment 222 North LaSalle Suite 910 Chicago, IL 60601 www.pfm.com Running
More informationPENNSYLVANIA LOCAL GOVERNMENT INVESTMENT TRUST ( PLGIT OR THE TRUST )
PENNSYLVANIA LOCAL GOVERNMENT INVESTMENT TRUST ( OR THE TRUST ) SUPPLEMENT DATED SEPTEMBER 16, 2016 TO THE INFORMATION STATEMENT DATED APRIL 25, 2016 This Supplement supplies additional information with
More informationAdvanced Asset/Liability Management
Advanced Asset/Liability Management WBA BOLT Summer Leadership Summit June 14, 2018 Presented by: Marc Gall, Vice President mgall@bokf.com 1 Agenda Asset/Liability Management Summary Developing Assumptions
More informationLiquidity is Relevant Again
Liquidity is Relevant Again April 2019 Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. For institutional use only. l 2019 FMR LLC.
More informationSUFFOLK COUNTY WATER AUTHORITY ANNUAL INVESTMENT REPORT FISCAL YEAR ENDED MAY 31, 2013
ANNUAL INVESTMENT REPORT FISCAL YEAR ENDED MAY 31, 2013 ANNUAL INVESTMENT REPORT OF THE SUFFOLK COUNTY WATER AUTHORITY FOR THE FISCAL YEAR ENDED MAY 31, 2013 AUTHORIZATION Title 7, Section 2925, Paragraph
More informationBONDS 101 AND MARKET UPDATE
BONDS 101 AND MARKET UPDATE October 19, 2018 Martin Ghafoori Director (314) 342-8467 ghafoorim@stifel.com Dan Smith Vice President (314) 609-4126 dan.smith@stifel.com Bonds 101 Bond Basics Bonds = loans
More informationEconomic and Market Outlook
Economic and Market Outlook Fourth Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
More information5-yr Investment Grade Corporate CDS Markit (bps) 500
Treasury Yield Curve (percent) 2-yr/1-yr Treasury Spread (bps) % 7. 35 6. 3 25 5. 2 4. 15 3. 2. 1. Treasury Curve 'A' Composite 1 5-5. 1-yr 5-yr 1-yr 3-yr The Treasury yield curve is derived from available
More informationNCLGIAWC Optimizing Investment Portfolios
NCLGIAWC Optimizing Investment Portfolios Wells Fargo Securities - Fixed Income Market & Portfolio Strategy February 2017 Garret Sloan, CFA Director WFS and its investment representatives do not act as
More informationCalifornia Government Code: An In-Depth Discussion
California Government Code: An In-Depth Discussion Presented by: Sarah Meacham Director PFM Asset Management LLC meachams@pfm.com 213-415-1631 Important Codes Related to Investments California Government
More informationCity of Winter Springs, Florida
City of Winter Springs, Florida Investment Performance Review Quarter Ended June 30, 2015 Investment Advisors Steven Alexander, CTP, CGFO, CPPT, Managing Director Robert Cheddar, CFA, Chief Credit Officer,
More informationRI GFOA. May 17, Michael Morin, CFA SVP, Head of Liquidity Management Solutions. Jim Scalisi Vice President Relationship Manager
RI GFOA May 17, 2018 Michael Morin, CFA SVP, Head of Liquidity Management Solutions Jim Scalisi Vice President Relationship Manager Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF
More informationU. S. Economic Projections. GDP Core PCE Price Index Unemployment Rate (YE)
The Federal Reserve will likely hold short-term interest rates steady until late 2015. U. S. Economic Projections 2014 2015 2014 2015 2014 2015 Stifel FI Strategy Group Forecast 2.5% 3.1% 1.4% 1.7% 6.4%
More informationEconomic Calendar. Time CST Release Period
Desk Commentary Fixed Income & Currencies Municipal Products Municipal Markets Weekly Update Market News Despite continuing geopolitical uncertainty, equity markets managed to post consistent gains throughout
More informationMunicipal market: How rates rise matters
March 2018 Municipal market: How rates rise matters Chris Barron Vice president, client portfolio manager Nuveen Asset Management Some investors are concerned about the impact a tighter monetary policy
More informationQ4 December 31, 2017 MFS GLOBAL HIGH YIELD FUND
Q4 December 31, 2017 MFS GLOBAL HIGH YIELD FUND Asset class Bond Objective Seeks total return with an emphasis on high current income, but also considering capital appreciation. Portfolio management David
More informationFEIT Fund. Portfolio SummaryReport October 31, 2018
FEIT Fund Portfolio SummaryReport October 31, 2018 Economic Highlights U.S. equities had a great quarter, registering the best returns in nearly five years, as the S&P 500 (S&P) rose more than 7% and hit
More informationBond Market Update. 112 th Annual Conference. John Hallacy. Michael Decker. Cindy Harris. Patrick Early. 10:30 12:10 May 7, 2018 Ferrara Theater
10:30 12:10 May 7, 2018 Ferrara Theater 112 th Annual Conference May 6-9, 2018 St. Louis, Missouri Moderator/Speakers: John Hallacy Program Manager & Contributing Editor, The Bond Buyer Michael Decker
More informationAn Introduction to Small Business Administration Floating Rate Securities
An Introduction to Small Business Administration Floating Rate Securities March 2018 Benjamin M. Clark Portfolio Strategies Group FTN Financial Outline 1. SBA securitization programs 2. Brief history of
More informationPolk County Public Schools, Florida
Polk County Public Schools, Florida Investment Performance Review As of December 31, 2011 Investment Advisors Steven Alexander, CTP, CGFO, Managing Director David Jang, CTP, Senior Managing Consultant
More informationInvestment Grade Fixed Income Review
Investment Grade Fixed Income Review February 15, 2018 North Carolina Short Term Portfolio (STIF) December 31, 2017 STIF Allocation 1.40% 1.20% Monthly STIF Rate History 1.30% Repurchase Agreements 7.5%
More informationLearn about bond investing. Investor education
Learn about bond investing Investor education The dual roles bonds can play in your portfolio Bonds can play an important role in a welldiversified investment portfolio, helping to offset the volatility
More informationFactors Impacting Investment Opportunities. Market Environment. Agenda. Economic Update and Investment Tips
Agenda Economic Update and Investment Tips Presented to: Ohio Association of Public Treasurers June 16, 2016 Current economic factors Portfolio right-sizing Municipal securities Brokered CDs Step-up agency
More informationCredit Sensitive Fixed Income Market Data
Credit Sensitive Fixed Income Market Data April 2013 NORTH AMERICA KEVIN FLANAGAN Morgan Stanley Wealth Management Chief Fixed Income Strategist Managing Director kevin.flanagan@morganstanley.com +1 914
More informationFinancial Markets & Debt Portfolio Update August 23, 2016 Introduction Public Financial Management Inc., (PFM), financial advisor to the Contra Costa
Administration and Projects Committee STAFF REPORT Meeting Date: September 1, 2016 Subject Summary of Issues Recommendations Financial Implications Options Attachments Accept Quarterly Financial Markets
More informationFirst Trust Intermediate Duration Preferred & Income Fund Update
1st Quarter 2015 Fund Performance Review & Current Positioning The First Trust Intermediate Duration Preferred & Income Fund (FPF) produced a total return for the first quarter of 2015 of 3.84% based on
More informationFinancing ESOP Transactions- Lenders Perspective
Financing ESOP Transactions- Lenders Perspective 2015 California/Western States Chapter Conference Denver, Colorado September 24, 2015 Kurt Mair SVP and Western Regional ESOP Director Wells Fargo & Co.
More informationTexas Local Government Investment Pool Prime. Basic Financial Report August 31, 2017 and 2016
Texas Local Government Investment Pool Prime Basic Financial Report August 31, 2017 and 2016 Contents Independent Auditor s Report 1-2 Management s Discussion and Analysis 3-8 Financial Statements Statements
More informationWho Says Financing Has To Be Conventional
Who Says Financing Has To Be Conventional Ohio Hospital Association Annual Conference - Session #2 June 9, 2014 Kass Matt Managing Director Lancaster Pollard & Co. kmatt@lancasterpollard.com Offering Financial
More informationDallas Independent School District
Dallas Independent School District Municipal Market Update, Outstanding Debt Profile and Preliminary Growth Rate/Tax Rate Sensitivity Analysis for November 2015 Bond Election October 6, 2015 Disclaimer
More informationICCCFO FALL CONFERENCE. Bond Basics TAMMIE BECKWITH SCHALLMO SENIOR VICE PRESIDENT PMA SECURITIES, INC.
ICCCFO FALL CONFERENCE Bond Basics TAMMIE BECKWITH SCHALLMO SENIOR VICE PRESIDENT PMA SECURITIES, INC. OCTOBER 12, 2016 1 The Official Statement Rating Agency Preparation Refundings Method of Sale 2 The
More informationU.S. INTEREST RATES CHARTBOOK MARCH U.S. Interest Rates. Chartbook. March 2017
U.S. Interest Rates Chartbook March 2017 Takeaways The FOMC has raised the Fed funds rate for the third time since the start of the policy rate normalization cycle in 2015. The Committee has also reinforced
More informationSchool District of Lake County
School District of Lake County Investment Performance Review Quarter Ended September 30, 2016 Investment Advisors Steven Alexander, CTP, CGFO, CPPT, Managing Director James Sims, CFA, Senior Portfolio
More informationLooking at a Variety of Municipal Valuation Metrics
Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%
More informationFidelity Investments: Cash Segmentation & An Active Approach to Liquidity Management
Fidelity Investments: Cash Segmentation & An Active Approach to Liquidity Management December 2017 Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF insured. May lose value. No credit
More informationULTRA SHORT BOND FUND
ULTRA SHORT BOND FUND S E P T E M B E R 3 0, 2 0 1 7 Copyright 2017 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC. Lord,
More informationFEIT Fund. Portfolio SummaryReport September 30, 2018
FEIT Fund Portfolio SummaryReport September 30, 2018 Fixed Income Market Commentary Economic Highlights Strong labor market conditions support Fed tightening. The U.S. economy added 201,000 new jobs in
More informationThe Case for A Rated Issuers
The Case for A Rated Issuers August 31, 2012 PFM Asset Management LLC One Keystone Plaza, Suite 300 N. Front & Market Sts Harrisburg, PA 17101 (717) 232-2723 Contents Tab I Overview of the Corporate Market
More informationWESTERN ASSET CURRENT MARKET MUNI PORTFOLIOS
1Q 2018 Separately Managed Accounts Product Commentary WESTERN ASSET CURRENT MARKET MUNI PORTFOLIOS Executive summary The municipal ("muni") bond market posted a negative return but outperformed its taxable
More informationAn Introduction to the Yield Curve and What it Means. Yield vs Maturity An Inverted Curve: January Percent (%)
CIO Educational Series SEPTEMBER 2018 Learning the Curve An Introduction to the Yield Curve and What it Means Authored by: Matthew Diczok, Fixed Income Strategist The yield curve has been a major focus
More informationApril 2014 Investment Report
April 2014 Investment Report EXECUTIVE SUMMARY (April 30, 2014) 30, 2013) Citizens total portfolio market value for April 2014 was $14.62 billion with an average duration of 1.8 years and average credit
More information2013 Hot Topics in Higher Education Finance
2013 Hot Topics in Higher Education Finance March 27, 2013 Doug Brown Terri Wesolik Director Senior Vice President Wells Fargo Securities Wells Fargo Bank, N.A. 41-97-6643 213-614-3327 douglas.brown@wellsfargo.com
More informationImportant Information about Investing in
Robert W. Baird & Co. Incorporated Important Information about Investing in \ Bonds Baird has prepared this document to help you understand the characteristics and risks associated with bonds and other
More informationTHE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA. STATEMENT OF INVESTMENT POLICY June 10, 2014
6/10/2014 Board Meeting Page 1 of 11 THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA STATEMENT OF INVESTMENT POLICY June 10, 2014 I. INVESTMENT AUTHORITY In accordance with Section 53600 et seq.
More informationInvesting Liquidity in a Total Rate of Return World
Investing Liquidity in a Total Rate of Return World April 2016 Not FDIC insured. May lose value. No bank guarantee. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. Agenda 1. Regulatory
More informationEconomic and Market Outlook
Economic and Market Outlook Third Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
More informationFund (An open ended debt scheme predominantly investing in debt instruments of Banks, Public Sector Undertakings & Public Financial Institutions)
Axis Banking & PSU Debt Fund (An open ended debt scheme predominantly investing in debt instruments of Banks, Public Sector Undertakings & Public Financial Institutions) May 2018 Yield Stark shift in yield
More informationRocky Mountain Summit 2016 It s Time: Staking Out Your Ground in the New World of Cash
Rocky Mountain Summit 2016 It s Time: Staking Out Your Ground in the New World of Cash Cathy Fields, Assistant Treasurer, Hitachi Data Systems Will Goldthwait, Portfolio Strategist, State Street Global
More informationTHE ADVANTAGE OF STABLE VALUE IN A RISING RATE ENVIRONMENT
JAMES MCKAY, CFA, PORTFOLIO MANAGER, STABLE VALUE MANAGEMENT, AMERIPRISE TRUST COMPANY ALICE M. FLYNN, DIRECTOR, FIXED INCOME PRODUCT MANAGER, COLUMBIA THREADNEEDLE INVESTMENTS Highlights Stable value
More informationWhat to Consider for Reserve Governance IDENTIFY KEY QUESTIONS AND CONSTRAINTS BUILD INVESTMENT FRAMEWORK
Association Specialty Practice Managing Reserves When Cash Flows are Uneven EXECUTIVE SUMMARY Many associations struggle with issues surrounding asset allocation in light of their complex liquidity and
More informationA WELL-DIVERSIFIED CORE BOND PORTFOLIO
A WELL-DIVERSIFIED CORE BOND PORTFOLIO PRUDENTIAL TOTAL RETURN BOND FUND MORNINGSTAR OVERALL RATING Class A, Q, and Z Class C and R Broad mix of sectors, industries, credit qualities, and maturities Research
More informationCERTIFIED GOVERNMENT FINANCE OFFICER
CERTIFIED GOVERNMENT FINANCE OFFICER TREASURY MANAGEMENT EXAMINATION REVIEW COURSE Barry H. Skinner, CPA, CGMA, CGFO, CPFO Deputy Director of Finance & Accounting Orange County Comptroller 1 INTRODUCTION
More informationAlphaSolutions Sector Rotation Model
AlphaSolutions Sector Rotation Model An investment model based on trending and momentum strategies Portfolio Goals Primary: Seeks long term growth of capital by investing in highranked U.S. Equity Sectors
More informationThe Impact of Tax Reform on the Municipal Bond Market in 2018
The Impact of Tax Reform on the Municipal Bond Market in 2018 January 2018 By: The Standish Municipal Bond Team On December 20, President Trump signed legislation passed by both houses of Congress, enacting
More informationRESOLUTION NO
RESOLUTION NO. 28260 RESOLUTION OF THE COUNCIL OF THE CITY OF SANTA ROSA AMENDING NO 000-26 - STATEMENT OF INVESTMENT POLICY AND DELEGATING AUTHORITY WHEREAS, Section 53607 of the California Government
More informationREFUNDING OPPORTUNITIES IN A RISING RATE ENVIRONMENT
REFUNDING OPPORTUNITIES IN A RISING RATE ENVIRONMENT CALIFORNIA SOCIETY OF MUNICIPAL FINANCE OFFICERS 2016 Conference Anaheim, California Thursday, March 3, 2016 (4:00 5:30 p.m.) 2016 Panelists Nadia Sesay,
More informationUNIVERSITY OF CENTRAL FLORIDA INVESTMENT POLICY AND MANUAL
UNIVERSITY OF CENTRAL FLORIDA INVESTMENT POLICY AND MANUAL TABLE OF CONTENTS INVESTMENT POLICY... 1 INVESTMENT OBJECTIVES... 2 PERFORMANCE MEASUREMENT... 3 PRUDENCE AND ETHICAL STANDARDS... 3 BROKER DEALERS,
More informationCity of Yuba City. Investment Policy
City of Yuba City Investment Policy January 1, 2017 TABLE OF CONTENTS Page I. PURPOSE... 1 II. SCOPE 1 III. OBJECTIVES... 1 IV. STANDARD OF CARE.... 1 Prudence V. INVESTMENT AUTHORITY AND RESPONSIBILITIES..
More informationCavanal Hill Fixed Income Insights 1 st Quarter, 2018
Cavanal Hill Fixed Income Insights 1 st Quarter, 2018 Michael Maurer, CFA Senior Fixed Income Portfolio Manager Russell Knox, CFA Fixed Income Portfolio Manager Rich Williams Senior Tax Free Fixed Income
More informationLoan Pricing Structure and the Nature of Interest Rates
Loan Pricing Structure and the Nature of Interest Rates S. Blake Scharlach Senior Vice President / Director of Capital Markets Sales TIB- The Independent BankersBank, N.A. S. Blake Scharlach Blake joined
More informationAllowable Investments Under The Texas Public Funds Investment Act
Allowable Investments Under The Texas Public Funds Investment Act December 2017 Benjamin M. Clark SVP Portfolio Strategies Houston, TX Objectives of this Session Understand the General Requirements of
More informationPolk County Public Schools, Florida
Polk County Public Schools, Florida Investment Performance Review As of March 31, 2012 Investment Advisors Steven Alexander, CTP, CGFO, Managing Director David Jang, CTP, Senior Managing Consultant Gregg
More informationSunTrust Advisory Services, Inc. Market Perspective The Pain Trade. Keith Lerner, CFA, CMT Director, Chief Market Strategist March 6, 2017
SunTrust Advisory Services, Inc. Market Perspective The Pain Trade Keith Lerner, CFA, CMT Director, Chief Market Strategist March 6, 2017 The Pain Trade Far more money has been lost by investors preparing
More informationC.1.7 (Policy) Investments Responsible Department: Vice Chancellor for Finance and Administration Board Adoption: Last Board Action:
General The Board of Trustees ( Board ) as fiduciary of the funds of Alamo Community College District, may direct or delegate the purchase, sale, and investment of funds under its control in investments
More informationThe School District of Brevard County Market Update and Portfolio Review May 25, 2010
The School District of Brevard County Market Update and Portfolio Review May 25, 2010 Asset Management LLC Presented By: Steven Alexander, Managing Director 300 South Orange Avenue, Suite 1170 Orlando,
More informationSanta Margarita Water District
Santa Margarita Water District MEMORANDUM TO: Board of Directors DATE: April 19, 2013 FROM: SUBJECT: Kristin Griffith Revised PFM Transaction Report Santa Margarita Water District PFM statements for investments
More informationThe total return for ibonds ETFs that have matured was within 3 to 21 bps from the initial yield less fund expenses at inception.
December 2017 Update ibonds ETFs: Fund Maturities Case Study ibonds ETFs Bring Together Two Great Investment Ideas: Bond Ladders and Funds In January 2010, ishares launched a series of ibonds ETFs, the
More informationLiquidity Management: Beyond Quantitative Easing
Liquidity Management: Beyond Quantitative Easing June 2014 Agenda 1. Assessing Risk: Current Market Conditions a. Global Macroeconomics b. Monetary Policy c. Quantitative Easing (QE) d. Asset Bubbles e.
More informationFocus on. Fixed Income. Member SIPC 1 MKD-3360L-A-SL EXP 31 JUL EDWARD D. JONES & CO, L.P. ALL RIGHTS RESERVED.
Focus on Fixed Income www.edwardjones.com Member SIPC 1 5 HOW CAN I STAY ON TRACK? 4 HOW DO I GET THERE? 1 WHERE AM I TODAY? MY FINANCIAL NEEDS 3 CAN I GET THERE? 2 WHERE WOULD I LIKE TO BE? 2 Our Objectives
More informationFixed Income Investing
Fixed Income Investing Understanding how fixed income can fit into an investment portfolio. Contents 1 Understanding fixed income 2 Navigating the bond markets 3 How to evaluate bonds 4 Bonds in a rising
More informationEssential components of an IPS
WELLS FARGO MONEY MARKET FUNDS Primer series A primer on cash investment policy statements An investment policy statement (IPS) is a document that serves as a policy guide to meet the goals and objectives
More informationinvestments that are right for you
Investment Options Rensselaer Polytechnic Institute Plan choosing investments that are right for you Your Rensselaer Polytechnic Institute Plan offers a variety of investment options. The question is,
More informationPNC Investments Client Schedule of Commissions & Fees
PNC Investments Client Schedule of Commissions & Fees PNC Investments (PNCI) Financial Advisors 1 work closely with you, taking time to fully understand your current financial situation, establish and
More informationWhy fight the Fed and the market? The case for loans as rates rise.
EATON VANCE APRIL 2018 TIMELY THINKING Why fight the Fed and the market? The case for loans as rates rise. SUMMARY The recent federal tax cuts and budget agreement represent major stimulative fiscal measures,
More information