Effective Investment Policy and Strategies
|
|
- Malcolm Taylor
- 6 years ago
- Views:
Transcription
1 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 Decisions Policy Legal Remember: Legal may not be suitable Reporting Internal Controls Safety Preservation of principal Monitor & Rebalance Objectives & Goals Cash Forecasting Liquidity What are your liquidity needs? Market Rate of Return Does the investment have a market yield? Implement Strategy Outlook Horizon 3 4 1
2 Policy Internal Controls & Due Diligence Scope Statement of Objectives Ethics Identify s Maximum Maturities Diversification Authorized Dealers Reporting The investment policy provides GUIDELINES for investing. And PROTECTION for you! Proper Administrative Systems» Identify potential weaknesses in investment functions Written Procedures to Select Financial Institutions Organizational Structures» Who performs specific investment functions? Training Programs» Does each employee receive annual training? Periodic Internal Audits» Check procedures of outside investment professionals 5 6 History of Ohio Laws Know the Risks of Investing ORC : Schools, Townships, Cities, etc. ORC : Mainly Counties or other agencies Charter City: May not follow state guidelines Market Risk Credit Risk Liquidity Risk Reinvestment Rate Risk Political Risk Decline in market value Securities, dealers, banks, CDs Ability to sell Reinvesting maturities in lower interest rates Headline Risk A well diversified portfolio will help reduce these risks
3 Price Yield Relationship Price Fixed Coupon Rate Yield Permissible s 9 10 Treasury Securities Government Securities Full faith and credit of the U.S. government Most liquid type of security Purchase directly from U.S. Treasury or through a broker/dealer» Primary market» Secondary market Regular auction schedule Full faith and credit or implied backing by U.S. government Benchmarks, reference notes and global auctions Customized structures Various call types Bought through broker/dealers» New issue» Secondary market D D
4 Government Securities Certificates of Deposit Know how a Government Security Works» Interest payments» Safety» Price fluctuations» Liquidity Things to Consider in Today s Markets» Be careful of structures with multiple coupon rates» Be cognizant of call options on securities» Compare bond price with other dealers» Know the difference between the yield and coupon rate! Credit Risk» Although the deposit is guaranteed, there is no guarantee that the institution will not fail.» Potential administration or headline risk Liquidity Risk» CDs are not liquid investments and may have early withdrawal penalties if not held to maturity. Other factors that should be considered with FDIC insured CDs:» Financial strength of the institution» CDARs Program» Change in FDIC insurance Commercial Paper Corporate Securities Need additional training approved by AOS Less than 25% portfolio allocation Maturity restriction of 180 or 270 days Highest rating category from two of the three rating agencies (Moody s, S&P, Fitch) Company assets in excess of $500 million Holding must be less than 10% of issuer s outstanding commercial paper program ORC permits up to 15% of interim funds in corporate securities. Must be rated AA or better and have a two year maturity. Know what you are buying and the risk associated.» Credit risk» Liquidity risk
5 Municipal Securities Mutual Funds ORC permits entities to purchase obligations of the State. ORC permits entities to purchase obligations of political subdivisions of the State. Charter Cities could have specific language for purchasing municipals. Know what you are buying and the risks associated. No-load money market funds invested in:» Government securities» Repurchase agreements collateralized by government securities Registered Company Sponsored by mutual fund company and regulated by SEC Repurchase Agreements Bankers Acceptances Term loan with collateral in the form of securities Master Repurchase Agreement outlines procedures Reverse repo enables investment officer to leverage the portfolio PROHIBITED Need additional training approved by AOS Less than 25% portfolio allocation Maturity restriction of 180 days
6 STAR Ohio STAR Plus Pool of assets Similar Policy to money market fund Daily interest income Daily liquidity (within guidelines) State administered Purchase directly from Treasurer of State Convenience of one account and one statement All deposits are demand deposits and are 100% FDIC-insured Up to $15 million in deposits per legal entity Weekly withdrawal and daily deposit capability Daily transparency with 24/7 online access to account information Cash Equivalent Options Fixed Income Securities PROS Safety usually very high Meet current cash flow needs Very easy to administer CONS Reinvestment Risk Can t lock in fixed rates Due diligence on underlying investments PROS Match investments to expected cash flow Diversify portfolio risks Locked in higher fixed rates CONS Safety considerations Market price/liquidity risk Can be difficult to administer
7 Implementing Strategy Who will help you invest? STAR Ohio/Plus STAR Ohio Know the investments of STAR Ohio Look over the annual report Plus Understand how program works Monitor deposit Banks Banks Make sure they understand nuances of public entities Work with banks you know and trust Advisors Acts as a fiduciary in the client s best interest Who do they work with? What are their credentials? Check them out: Brokers Recommends suitable investments Who do they work with? What do they do and how much do they charge? Check them out: CASE STUDY: Construction Fund Perform the Due Diligence Before Investing Develop a Draw Schedule Typical Draw Schedule Monthly cash flows Make sure to include all costs» Architect fees, construction costs, etc. $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $
8 Construction Fund Strategy Largely dictated by draw schedule» How confident are you in the draw schedule? Match investment maturities to monthly cash needs Callable vs. Non-Callable securities Awareness of liquidity of securities if unexpected cash needs arise (i.e. U.S. Treasury vs. Bank CD) CASE STUDY: General Fund Cash Forecast & Horizon Cash vs. Core Part of your daily tasks Look at both current and historic cash flows Review Cash Flows Questions to Ask How much to keep liquid? How much to invest longer term? Better align investments for improved investment returns Keeping too much liquidity is an opportunity cost Establish Horizons for Funds Cash Management Cash Portfolio» Operating needs for current year» Funds with uncertain time horizon Management Core Portfolio» Cash balance with time horizon greater than once a year» Apply investment strategy to maximize earnings
9 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 6/5/2014 Typical Cash vs. Core Establish Outlook $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 General Fund Monthly Ending Balance CASH CORE Identify major forces and factors that influence the markets» What is the macroeconomic situation? Understand current economic status and trends» Economic indicators» Market commentaries Identify future scenarios and their investment implications» What are the economists saying? Identify factors that signal a change in the current economic environment» Become an economist $ Yield Curve Analysis Yield Curve Analysis Normal Yield Curve Steep Yield Curve Yield Slopes gently upward. Long-term rates are higher than short-term rates. Expectations are interest rates will increase in the future. Yield Steepens as the spread between short and long term securities widens. Typically signals an economic expansion is expected. Years to Maturity Years to Maturity
10 Yield Curve Analysis Yield Curve Analysis Inverted (Negative) Sloped Yield Curve Flat (Humped) Yield Curve Yield Years to Maturity Expectations are for lower rates. Short term rates higher than long term. Typically signals an economic slowdown, or recession. Yield Years to Maturity Long-term yields are the same as short term rates. Interest rates are highest in the intermediate maturity range. Typically, odds high for economic slowdown. Indicator that rates may be higher in the near term, then decline Disclosure Investing in securities involves inherent risks, including the risk that you can lose the value of your investment. There is no assurance that the investment process will consistently lead to successful results. Opinions and forecasts regarding financial markets, economic indicators, portfolio composition and holdings, are all subject to change at any time, based on market and other conditions and should not be construed as a recommendation of any specific security. The information presented is not intended as legal or tax advice. You should consult an appropriate professional to obtain legal and/or tax advice. Thank You, Inc Memorial Drive Dublin, OH Phone: Management 39 10
BASICS OF INVESTING. Ohio Township Association Annual Winter Conference AGENDA
BASICS OF INVESTING Ohio Township Association Annual Winter Conference February 2, 2018 Presented by Eileen Stanic, CTP Senior Public Funds Advisor Meeder Investment Management 1 AGENDA Ohio Investment
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 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 informationInvestment Tips & Techniques
Investment Tips & Techniques Ohio Association of Public Treasurers June 15, 2017 Presented by Jason Click President, Public Funds Meeder Investment Management Jason Headings Sr. Vice President, Director
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 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 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 informationSHORT-TERM INVESTMENT POOL (STIP) INVESTMENT POLICY. Approved February 14, 2017
SHORT-TERM INVESTMENT POOL (STIP) INVESTMENT POLICY Approved February 14, 2017 Table of Contents Page 1. Introduction... 3 2. Purpose... 3 3. Legal and Constitutional Authority... 3 4. Financial Reporting...
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 informationAnnual Investment Report
Annual Investment Report Snyder Independent School District As of August 31, 2013 Snyder Independent School District Annual Investment Report As of August 31, 2013 In addition to monthly investment reports
More informationAllen Independent School District Annual Investment Report
Allen Independent School District Annual Investment Report For Year Ending June 30, 2008 Prepared By: Lynn Lyon and Sarah Bitting Table of Contents Introduction... 3 Allen ISD Investment Policy... 5 Portfolio
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 informationPage 1 of 1 INVESTMENT POLICY CLEVELAND MUNICIPAL SCHOOL DISTRICT. The investment objectives of the District, in priority order, include:
Page 1 of 1 INVESTMENT POLICY CLEVELAND MUNICIPAL SCHOOL DISTRICT I. Introduction The purpose of this investment policy is to establish priorities and guidelines regarding the investment management of
More informationContra Costa County Schools Insurance Group Investment Policy As of June 14, 2018
Contra Costa County Schools Insurance Group Investment Policy As of June 14, 2018 I. Introduction The purpose of this document is to identify various policies and procedures that enhance opportunities
More informationCITY OF CHINO STATEMENT OF INVESTMENT POLICY ADOPTED APRIL 2, 2019
CITY OF CHINO STATEMENT OF INVESTMENT POLICY ADOPTED APRIL 2, 2019 1.0 POLICY: This statement is intended to provide guidelines for the prudent investment of the temporarily idle cash of the City of Chino
More informationInvestment Policies and Strategies
Investment Policies and Strategies Tuesday, October 16 1:50-3:05 p.m. Scott McIntyre, Senior Portfolio Manager, Managing Director, First Southwest Asset Management 73rd Annual Texas Association of County
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 informationFoothill/Eastern Transportation Corridor Agency Statement of Investment Policy February 8, 2018
I. Purpose The purpose of this document is to set guidelines for the investment of the Agency s cash. This policy is intended to cover all funds held and invested by the Agency (with the exception of funds
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 informationDENVER URBAN RENEWAL AUTHORITY INVESTMENT POLICY
DENVER URBAN RENEWAL AUTHORITY INVESTMENT POLICY Effective Date: March 20, 2014 Table of Contents Section Page 1. Purpose... 1 2. Scope... 1 3. Objectives... 1 4. Standards of Care... 2 5. Eligible Investments...
More informationWHEREAS, the City desires to modify the current policy to incorporate changes suggested by GFOA and to make minor wording changes to clarify meaning.
RESOLUTION NO. 6053 A RESOLUTION ADOPTING AN UPDATED INVESTMENT POLICY AND REPEALING RESOLUTION NO. 5947 WHEREAS, ORS Section 294.135 requires cities to periodically review their written investment policies;
More informationNORTHEAST OHIO REGIONAL SEWER DISTRICT INVESTMENT POLICY. December (Revision of September 2000 Investment Policy)
NORTHEAST OHIO REGIONAL SEWER DISTRICT INVESTMENT POLICY December 2009 (Revision of September 2000 Investment Policy) TABLE OF CONTENTS PREFACE... i I. INVESTMENT RESPONSIBILITIES A. Legal and District
More informationUniversity of Wisconsin - Madison Retirement Association Fundamental Concepts of Investing. September 15, Jim Hamre Steve Hawk
University of Wisconsin - Madison Retirement Association Fundamental Concepts of Investing September 15, 2009 Jim Hamre Steve Hawk 1 Investment Environment Large Federal Budget Deficits Potential for Higher
More informationDelivering Excellence Every Day. February 5, 2013 SARPY COUNTY TREASURER S INVESTMENT POLICY
Delivering Excellence Every Day February 5, 2013 SARPY COUNTY TREASURER S INVESTMENT POLICY TABLE OF CONTENTS SCOPE... 2 INVESTMENT OBJECTIVES... 2 INVESTMENT STRATEGIES... 3 PERFORMANCE MEASUREMENT...
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 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 informationWHEREAS, changes previously suggested by GFOA and OSTFB have been incorporated into the City' s Investment Policy; and
RESOLUTION NO. 6553 A RESOLUTION READOPTING AN INVESTMENT POLICY AND REPEALING RESOLUTION 6459 WHEREAS, ORS Section 294. 135 requires cities to periodically review their written investment policies; and
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 informationCITY OF ELK GROVE INVESTMENT POLICY Fiscal Year
CITY OF ELK GROVE INVESTMENT POLICY Fiscal Year 2017-2018 CITY OF ELK GROVE INVESTMENT POLICY I. PURPOSE This statement is intended to provide guidelines for the prudent investment of the City's surplus
More informationSTAR Update December 8, 2015
STAR Update December 8, 2015 James Pisula, Investment Officer, Office of Ohio Treasurer Josh Mandel Zach Amendolea, Investment Officer, Office of Ohio Treasurer Josh Mandel Jason Click, President, Public
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 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 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 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 informationINVESTMENT POLICY. I. Introduction
INVESTMENT POLICY I. Introduction The purpose of this document is to identify policies and procedures that enhance opportunities for a prudent and systematic investment program and to organize and formalize
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 informationOhio Township Association Winter Conference Borrowing and Investing for Small Governments
Ohio Township Association Winter Conference 2016 Borrowing and Investing for Small Governments Brian S. Cooper Mark Rochford Umbaugh Umbaugh 614-987-1681 248-515-3899 cooper@umbaugh.com rochford@umbaugh.com
More informationTREASURY AND INVESTMENT MANAGEMENT EXAMINATION
1. Duration: a) is a weighted average maturity of the present value of cash flows for a security. b) is influenced by the coupon rate and yield to maturity. c) provides an approximation of the percentage
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 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 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 informationBolivar Peninsula Special Utility District INVESTMENT POLICY
Bolivar Peninsula Special Utility District INVESTMENT POLICY Reviewed & Adopted: December 11, 2018 Hollis Gassen, President Attest: Maria Skewis, Secretary 1 TABLE OF CONTENTS Page I. PURPOSE 3 II. INVESTMENT
More informationCITY OF SOUTHFIELD, MICHIGAN
I N V E S T M E N T P O L I C Y CITY OF SOUTHFIELD, MICHIGAN TABLE OF CONTENTS I. Policy... 3 II. Scope... 3 III. Pooling of Cash and Investments... 3 IV. Investment Objectives... 3 Safety... 4 Liquidity...
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 informationCOUNTY OF MENDOCINO STATEMENT OF INVESTMENT POLICY
COUNTY OF MENDOCINO STATEMENT OF INVESTMENT POLICY OFFICE OF SHARI L. SCHAPMIRE MENDOCINO COUNTY TREASURER JANUARY 2018 I. INTRODUCTION As designated by the Board of Supervisors under the laws of the State
More informationThe Changed Landscape for Short-term Investing Post SEC Money Market Fund Reform
The Changed Landscape for Short-term Investing Post SEC Money Market Fund Reform April 4, 2017 1718920 CRC Exp. 02/23/2018 FOR INSTITUTIONAL USE ONLY AND MAY NOT BE USED WITH THE GENERAL PUBLIC. A Challenging
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 informationCANARA ROBECO DYNAMIC BOND FUND JULY 2018
CANARA ROBECO DYNAMIC BOND FUND JULY 2018 Canara Robeco Dynamic Bond Fund An open ended dynamic debt scheme investing across duration This product is suitable for investors who are seeking* Income/ Capital
More informationREVENUES FROM INVESTMENTS/USE OF SURPLUS FUNDS (District Utilizes a Third Party to Manage Some or All of Its Investments)
REVENUES FROM INVESTMENTS/USE OF SURPLUS FUNDS (District Utilizes a Third Party to Manage Some or All of Its Investments) The Board authorizes and appoints the superintendent or treasurer to serve as the
More informationInvestment Policy Fiscal Year
Investment Policy Fiscal Year 2016-17 I. Introduction The investment policies and practices of the Contra Costa Transportation Authority (the Authority) are based on the principles of prudent money management
More informationInterest Sensitive Fixed Income Market Data
Interest 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
More informationUniversity of Maine System Operating Funds Statement of Investment Policy Approved by the Investment Committee on February 27, 2006
INTRODUCTION University of Maine System Operating Funds Statement of Investment Policy Approved by the Investment Committee on February 27, 2006 The purpose of this Investment Policy is to establish the
More informationPrince William County Investment Policy
Prince William County Investment Policy Adopted by the Board of County Supervisors December 6, 2011 Table of Contents Investments 60 9.0 1.0 Policy 2.0 Scope 3.0 Standards of Care 4.0 Objective 5.0 Delegation
More informationSAN FRANCISCO COUNTY TRANSPORTATION AUTHORITY INVESTMENT POLICY
I. INTRODUCTION II. III. IV. The purpose of this document is to set out policies and procedures that enhance opportunities for a prudent and systematic investment policy and to organize and formalize investment-related
More informationInvesting Public Funds Benefits of a Sound Policy
Investing Public Funds Benefits of a Sound Policy John Lefebvre M.P.A. Weld County Treasurer CGFOA Vail Conference November 19, 2014 Investment Policy Advantages Defines investment program Legal & permitted
More informationAdministration and Projects Committee STAFF REPORT June 4, 2015 Page 2 of 2 Upon review of permitted investments available to the Authority, State law
Administration and Projects Committee STAFF REPORT Meeting Date: June 4, 2015 Subject Approval of the Authority s Investment Policy for FY 2015-16 Summary of Issues Recommendations Financial Implications
More informationOhlone Community College District
Ohlone Community College District General Obligation Bond Refinancing Overview June 8, 2016 Outstanding General Obligation Bonds Issue Date Issue Amount Description Call Date Maturity Outstanding 6/19/2002
More informationCity of Medford Investment Policy
City of Medford Investment Policy Section 1. Purpose: The City of Medford, Oregon (the City) was incorporated in 1885 and operates under the council-manager form of government. Policy-making and legislative
More informationTERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
More informationUNIVERSITY OF HOUSTON SYSTEM INVESTMENT POLICY FOR NON-ENDOWED FUNDS Approved by the Board of Regents February 19, 1998
UNIVERSITY OF HOUSTON SYSTEM INVESTMENT POLICY FOR NON-ENDOWED FUNDS Approved by the Board of Regents February 19, 1998 I. INVESTMENT AUTHORITY AND SCOPE OF POLICY...1 General Statement System's Investment
More informationInterest Sensitive Fixed Income Market Data
Interest Sensitive Fixed Income Market Data NORTH AMERICA April 2014 KEVIN FLANAGAN Morgan Stanley Wealth Management Chief Fixed Income Strategist Managing Director kevin.flanagan@morganstanley.com +1
More informationB) Investment Objectives The primary objectives of this investment policy are legality, safety, liquidity and yield in that order.
POLICY NO. DATE OFFICE OF PRIMARY RESPONSIBILITY (OPR) FIN-23 03/18 Finance 1) POLICY INTRODUCTION AND SCOPE It is the policy of the Las Vegas Convention and Visitors Authority (LVCVA) to invest funds
More informationWAYS TO SAVE MONEY THROUGH REFINANCING & INVESTMENTS
WAYS TO SAVE MONEY THROUGH REFINANCING & INVESTMENTS BILL KRUCK & JAMIE DOYLE PASBO 62 ND ANNUAL CONFERENCE AND EXHIBITS, PITTSBURGH March 2017 1 TOPICS OF DISCUSSION Investments What We Are Seeing Building
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 informationFoundations of Investing
www.edwardjones.com Member SIPC Foundations of Investing 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 Develop
More informationBUSINESS POLICY AND PROCEDURE MANUAL
1 of 8 GENERAL STATEMENT OF This policy applies to the investment of all operating funds of Southeast Missouri State University as well as longer-term funds and proceeds from certain bond issues. Except
More informationSan Antonio Water System San Antonio, Texas. INVESTMENT POLICY December 2017
San Antonio Water System San Antonio, Texas INVESTMENT POLICY December 2017 1.0 INTRODUCTION Fiduciary responsibility for the management and safeguarding of the San Antonio Water System s (SAWS) monetary
More informationManaging market ups and downs. Three tips to help you invest with confidence RETIREMENT PLAN SERVICES
RETIREMENT PLAN SERVICES Managing market ups and downs Three tips to help you invest with confidence Insurance products issued by: The Lincoln National Life Insurance Company Lincoln Life & Annuity Company
More informationREVENUES FROM INVESTMENTS/USE OF SURPLUS FUNDS
REVENUES FROM INVESTMENTS/USE OF SURPLUS FUNDS The Board authorizes and appoints the superintendent [or business officer or treasurer] to serve as investment officer of the school district ("district")
More informationTHE SCHOOL BOARD OF SUMTER COUNTY, FLORIDA
GUIDELINES FOR INVESTMENT OF FUNDS 1.0 PURPOSE THE SCHOOL BOARD OF SUMTER COUNTY, FLORIDA Cash & Investment Management Policy 1.1 The purpose of this policy is to set forth the investment objectives and
More informationCERTIFIED GOVERNMENT FINANCE OFFICER INTRODUCTION
CERTIFIED GOVERNMENT FINANCE OFFICER TREASURY MANAGEMENT EXAMINATION REVIEW COURSE Barry H. Skinner, CPA, CGMA, CGFO, CPFO, AIF Deputy Director of Finance & Accounting Orange County Comptroller 1 INTRODUCTION
More informationBROAD COMMODITY INDEX
BROAD COMMODITY INDEX COMMENTARY + STRATEGY FACTS JANUARY 2018 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) -80.00% ABCERI S&P GSCI ER
More informationCommon stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
More informationCity of Pismo Beach Investment Policy FY
FY 2013-14 1.0 Policy The City of Pismo Beach ( City ) shall invest public funds in such a manner as to comply with state and local laws; ensure prudent money management; provide for daily cash flow requirements;
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 informationALAMEDA COUNTY Annual Investment Policy Calendar Year 2018
ALAMEDA COUNTY Annual Investment Policy Calendar Year 2018 Introduction The Alameda County Board of Supervisors, by Ordinance # O-2017-51 dated, October 24, 2017 has renewed the annual delegation of its
More informationDATE ISSUED: 5/28/ of 6 UPDATE 102 CDA(LOCAL)-X
PURPOSE SCOPE OFFICERS APPROVED INSTRUMENTS The policy of the District is to invest public funds in a manner that will provide the highest reasonable market return with the maximum security while meeting
More informationSUBJECT: Board Approval: 6/14/07
1255 Imperial Avenue, Suite 1000 San Diego, CA 92101-7490 619/231-1466 FAX 619/234-3407 Policies and Procedures No. 30 SUBJECT: Board Approval: 6/14/07 INVESTMENTS PURPOSE: To identify various policies
More informationMONTEREY COUNTY TREASURER S INVESTMENT POLICY FISCAL YEAR
MONTEREY COUNTY TREASURER S INVESTMENT POLICY FISCAL YEAR 2017-2018 APPROVED BY THE BOARD OF SUPERVISORS JULY 25, 2017 MONTEREY COUNTY INVESTMENT POLICY TABLE OF CONTENTS 2017-2018 1.0 Policy... 1 2.0
More informationMunicipal Bond ETF Applications. Solomon Stewart, CFA ishares Fixed Income Strategy
Municipal Bond ETF Applications Solomon Stewart, CFA ishares Fixed Income Strategy Municipal Bond Market Update FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. Jan-07 Jun-07 Nov-07 Apr-08
More informationINVESTMENT POLICY Revised: 2018
INVESTMENT POLICY Revised: 2018 Page 1 of 19 TABLE OF CONTENTS Page I. INTRODUCTION... 3 II. PURPOSE... 3 III. DEFINITIONS... 3 IV. INVESTMENT OBJECTIVES... 5 V. AUTHORIZED INVESTMENTS AND MAXIMUM TERM...
More informationBLOOM TOWNSHIP TRUSTEES OF SCHOOLS INVESTMENT POLICY
BLOOM TOWNSHIP TRUSTEES OF SCHOOLS INVESTMENT POLICY I. Purpose/Scope The purpose of this Investment Policy is to establish a clear understanding between the Bloom Township Trustees of Schools and financial
More informationRESOLUTION NO A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN BENITO COUNTY WATER DISTRICT RESTATING THE DISTRICT S INVESTMENT POLICY
RESOLUTION NO. 2016-11 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN BENITO COUNTY WATER DISTRICT RESTATING THE DISTRICT S INVESTMENT POLICY WHEREAS, Article 2 of Chapter 4 of the California Government
More informationREVENUES FROM INVESTMENTS/USE OF SURPLUS FUNDS (District Utilizes a Third Party to Manage Some or All of Its Investments) DRAFT
EXPLANATION: REVENUES FROM INVESTMENTS/USE OF SURPLUS FUNDS (District Utilizes a Third Party to Manage Some or All of Its Investments) NOTE: MSBA offers two versions of policy DFA, Revenues from Investments
More informationEndowment Investment Policy
Endowment Investment Policy Endowment Investment Policy Approved by the Board of Trustees December 15, 2007 Page 2 Purdue University Endowment Investment Policy Introduction This Investment Policy governs
More informationDated: October 6, ATTENTION: CHEFA Construction Fund Clients. RE: Managed Client Reinvestments. Dear Client:
Dated: October 6, 2008 ATTENTION: CHEFA Construction Fund Clients RE: Managed Client Reinvestments Dear Client: This letter has been issued in response to inquiries from clients about the reinvestment
More informationSchool Board Policy 6Gx INVESTMENT POLICY. Table of Contents Page PURPOSE 3 SCOPE 3 INVESTMENT OBJECTIVES 3 DELEGATION OF AUTHORITY 4
School Board Policy 6Gx50-6.08 INVESTMENT POLICY Table of Contents Page PURPOSE 3 SCOPE 3 INVESTMENT OBJECTIVES 3 DELEGATION OF AUTHORITY 4 STANDARDS OF PRUDENCE 4 ETHICS AND CONFLICTS OF INTEREST 5 INTERNAL
More informationVicki Crow C.P.A. Treasurer. San Joaquin Valley Insurance Authority Treasury Investment Pool INVESTMENT POLICY
Vicki Crow C.P.A. Treasurer San Joaquin Valley Insurance Authority Treasury Investment Pool INVESTMENT POLICY Established: January 20, 2012 SAN JOAQUIN VALLEY INSURANCE AUTHORITY INVESTMENT POLICY TABLE
More informationCLICK TO EDIT MASTER TITLE STYLE Market Perspective
Market Perspective Global Earnings Remain Supportive November 8, 2017 Keith Lerner, CFA, CMT Managing Director, Chief Market Strategist 2017 SunTrust Banks, Inc. SunTrust is a federally registered service
More informationTerm Deposits. Figure 1. Term Deposit Spread over Relevant BBSW: November v October. 3 Month Spread. Background on Term Deposits
Deposit Review November 2016 Term Deposits Jack Pobjoy Credit Analyst (+61) 3 9670 8615 jack.pobjoy@bondadviser.com.au While global interest rate volatility continues, term deposit (TD s) rate spreads
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 informationIntroduction to VIX Futures. Russell Rhoads, CFA Instructor The Options Institute
Introduction to VIX Futures Russell Rhoads, CFA Instructor The Options Institute CBOE Disclaimer Options and futures involve risks and are not suitable for all investors. Prior to buying or selling options,
More informationOFFICE OF THE AUDITOR-CONTROLLER/TREASURER/TAX COLLECTOR COUNTY OF SAN BERNARDINO
OFFICE OF THE AUDITOR-CONTROLLER/TREASURER/TAX COLLECTOR COUNTY OF SAN BERNARDINO TREASURER S STATEMENT OF INVESTMENT POLICY As approved by the Board of Supervisors on May 20, 2014 SCOPE: The County of
More informationSchool Board Policy 6Gx INVESTMENT POLICY. Table of Contents Page PURPOSE 3 SCOPE 3 INVESTMENT OBJECTIVES 3 DELEGATION OF AUTHORITY 4
School Board Policy 6Gx50-6.08 INVESTMENT POLICY Table of Contents Page PURPOSE 3 SCOPE 3 INVESTMENT OBJECTIVES 3 DELEGATION OF AUTHORITY 4 STANDARDS OF PRUDENCE 4 ETHICS AND CONFLICTS OF INTEREST 5 INTERNAL
More informationDATE ISSUED: 2/2/ of 13 LDU CAK(LOCAL)-X
GENERAL STATEMENT FUNDS INCLUDED COLLEGE OFFICER This policy serves to satisfy the statutory requirements of Government Code Chapter 2256 Public Funds Investment Act (PFIA) to define and adopt a formal
More informationPolk County Wisconsin. Policy 913 Effective Date: Revision Date: , ,
Polk County Wisconsin INVESTMENT POLICY Policy 913 Effective Date: 06-19-2000 Revision Date: 5-20-2003, 7-18-2006, 01-16-07 POLK COUNTY INVESTMENT POLICY 1.0 Policy: The County Board Chairperson, Polk
More informationRUTGERS POLICY. Responsible Executive: Senior Vice President for Administration and Chief Financial Officer
RUTGERS POLICY Section: 40.2.14 Section Title: Fiscal Management Policy Name: Investment Objectives and Guidelines Formerly Book: n/a Approval Authority: Board of Governors and Board of Trustees Responsible
More informationDynamic Corporate Bond Strategies Fund
7JAN117353 Dynamic Corporate Bond Strategies Fund Interim Management Report of Fund Performance For the period ended December 31, 1 This interim management report of fund performance contains financial
More informationMICHIGAN GOVERNMENT FINANCE OFFICERS ASSOCIATION INVESTMENT POLICY
MICHIGAN GOVERNMENT FINANCE OFFICERS ASSOCIATION INVESTMENT POLICY Consistent with Public Act 20 of 1943 Investment of Surplus Public Funds for Political Subdivisions What is an Investment Policy? A written
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 information