Pima County Community College Finance and Audit Committee Presentation
|
|
- Kenneth Hoover
- 6 years ago
- Views:
Transcription
1 Pima County Community College Finance and Audit Committee Presentation January 20, 2017 John Utter Managing Director, Head of Institutional Client Service U.S. Scott Cabalka VP, Institutional Portfolio Manager RBC Global Asset Management (U.S.) Inc. Minneapolis Boston Chicago us.rbcgam.com
2 Table of Contents I. Market Update II. III. Portfolio Review Appendix I. Professionals & Bios II. Glossary of Investment Terms III. Investment Policy Statement 2
3 Market Review 3
4 Post-Election - Elevated Volatility & Uncertainty Issues impacting the bond market Lower taxes Lower regulations Infrastructure and defense spending Immigration reform Trade reform Fed Strong dollar Geo-political (European 2017 Elections) Updated as of January
5 Post-Election - Elevated Volatility & Uncertainty Timing and scale of these two outcomes drives the trajectory of the Fed and inflation: Fiscal stimulus positive for short-term growth Strong congressional support to reduce corporate and individual taxes Stimulates growth but negative for the deficit Implementing additional fiscal stimulus (infrastructure spending, defense, etc.) is more challenging Immigration and Trade negative for growth Reduced supply of labor creates wage pressure Removes labor growth as an input to organic growth Tariffs or other reductions in free trade are negative to growth Updated as of January
6 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Federal Reserve and Rate Expectations Fed 1300 Bloomberg Dollar Index More hawkish in tone - but it may take more time than they think 1200 Elevated uncertainty is a reason to be measured Factors keeping rates low Strong US Dollar functions as a monetary tightening Demographic headwinds Accommodative central banks in Europe and Asia 2.5% 2.0% 10-year Breakevens Factors pushing rates higher 1.5% Growth prospects improving Fiscal stimulus improves Fed Model 1.0% Inflation expectations rising 10-year Breakevens rising Slow Fed not off the table with strong USD and Rates headwinds coupled with high uncertainty around timing and impact of changes As of Source: RBC GAM, Bloomberg 6
7 Yield Change (bps) Yield U.S. Treasury Curve Over the Past Year 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 1m 6m 12m 2yr 3yr 5yr 7yr 10yr 30yr 12/31/16 09/30/16 12/31/ m 6m 12m 2yr 3yr 5yr 7yr 10yr 30yr 3 mo chg 1 yr chg As of Source: Bloomberg 7
8 2-Year/5-Year/10-Year Treasury Yields 3.0% 3.0% 2.5% 2.5% 2.0% 2.0% 1.5% 1.5% 1.0% 1.0% 0.5% 0.5% 0.0% 0.0% Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 As of Source: Bloomberg 2-Yr Treasury 5-Yr Treasury 10-Yr Treasury 8
9 Expected Path of Fed Funds 3.5% 3.0% 2.5% 2.0% Fed expectations of rate hikes have dropped sharply over the last 2 years, but rebounded in December 2016 RBC GAM-US Expectations Fed Fund Futures 1.5% 1.0% 0.5% Fed Dots Dec 2015 Fed Dots Sep 2016 Fed Dots Dec % DEC 16 MAR 17 JUN 17 SEP 17 DEC 17 MAR 18 JUN 18 SEP 18 DEC 18 MAR 19 JUL 19 OCT 19 As of Source: Bloomberg, The Federal Reserve, RBC GAM-US. Past performance is not indicative of future results. Fed Dots: Each quarter, FOMC participants are asked to assess appropriate monetary policy. Each blue dot indicates the average value (rounded to the nearest 1/8 percentage point) for all FOMC participants judgment of the midpoint of the appropriate target range for the federal funds rate at the end of the specified calendar year or over the longer run. Weighted average of FOMC participant responses at the previous FOMC meeting ( RBC GAM-US Expectations / Model Rates are based on projected economic, geo-political and market conditions. Views of RBC Global Asset Management are as of the date of publication and are subject to change without notice. The information is not a guarantee of future rates and actual results may differ materially from those described as a result of various factors. 9
10 RBC GAM-US Fair Value Treasury & Fed Funds Rate Forecast Current Market Rate RBC GAM-US Modeled Fair Rate RBC GAM-US Forecast 1 Year Forward Fed Funds 0.625% 0.625% 1.211% 1 Yr 0.81% 0.72% 1.35% 2 Yr 1.19% 1.04% 1.62% 3 Yr 1.45% 1.33% 1.90% 5 Yr 1.93% 1.89% 2.35% 10 Yr 2.44% 2.46% 2.74% We believe market is fair valued to slow pace of rate hikes Timing is not as important as trajectory As of Source: RBC GAM-US. RBC GAM-US Model Rates are based on projected economic, geo-political and market conditions. Views of RBC Global Asset Management are as of the date of publication and are subject to change without notice. The information is not a guarantee of future rates and actual results may differ materially from those described as a result of various factors. 10
11 Economic Outlook Previous outlook may be revised higher but is contingent upon stimulus initiatives preceding geo-political or trade war event Outlook Domestic Growth: 2.0% % Real U.S. GDP in 2017 Close to Full Employment: Jobs growth has been solid Inflation: Expectations on the rise is it from domestic growth or a result of trade reform? Monetary Policy: USD strength and global economic outlook is limiting the Fed s ability to raise rates Market Volatility: Very high for near future Risks to Outlook Deterioration of geo-political issues - Global populism rising Monetary policy error by the Fed (should they move too fast) Growth accelerates with Trump, Fed is behind and rates spike further Updated as of January
12 Portfolio Review 12
13 Investment Policy Compliance General Objectives Safety of Principal Liquidity Return Compliance with Investment Principles Suitable and Authorized Investments Diversification Maximum Maturity Credit Quality Quarterly Reporting 13
14 Integrated Risk Management Multi-Layer Controls to Manage Risk in Client Portfolios 14
15 Further Investment Policy Requirements Eligible Investments: US Treasury Securities (concentration max: 100%) Obligations of the US Government, its Agencies and Instrumentalities, including Agency mortgage backed securities (concentration max: 100%) Arizona municipal bonds (concentration max: 20%) Maximum maturity: 5 Years Please also refer to the Investment Guidelines and Arizona State Statutes, located in the Appendix of this presentation. 15
16 Portfolio Performance Pima County Community College 1-3 Year Portfolio YTD Q Q Q Q Year 3 Years Since Inception (7.1.12) Total Portfolio (Gross of Fees) Total Portfolio (Net of Fees) BofAML 1-3 Year Tsy & Agy Index As of Source: RBC GAM, BofAML All returns for periods greater than one year are shown on an annualized basis. Past performance is not indicative of future results. 16
17 Portfolio Performance Pima County Community College Cash Management Portfolio YTD Q Q Q Q Year 3 Years Since Inception (5.1.12) Total Portfolio (Gross of Fees) Total Portfolio (Net of Fees) BofAML 91 Day T-Bill Index As of Source: RBC GAM, BofAML All returns for periods greater than one year are shown on an annualized basis. Past performance is not indicative of future results. 17
18 Portfolio Characteristics Pima County Community College 1-3 Year Portfolio Sector Distribution Duration Distribution Gov't Related Years Securitized Years Treasury Less Than 1 Year % 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Pima County Community College Yr BofAML 1-3 Yr Tsy & Agy Pima County Community College Yr BofAML 1-3 Yr Tsy & Agy Characteristics Pima County Community College 1-3 Yr BofAML 1-3 Yr Tsy & Agy Effective Duration 1.87 years 1.82 years Market Yield 1.49% 1.17% Average Quality AAA AAA As of Source: RBC GAM, BofAML, Sector and Duration distribution charts is excluding cash & equivalents 18
19 Portfolio Characteristics Pima County Community College Cash Management Portfolio Sector Distribution Duration Distribution Gov't Related Less Than 1 Year Treasury % 20% 40% 60% 80% 100% Pima County Community College - Cash Management BofAML 91 Day T-Bill 0% 20% 40% 60% 80% 100% Pima County Community College - Cash Management BofAML 91 Day T-Bill Characteristics Pima County Community College Cash Management BofAML 1-3 Yr Tsy & Agy Effective Duration 0.41 years 0.14 years Market Yield 0.69% 0.45% Average Quality AAA AAA As of Source: RBC GAM, BofAML, Sector and Duration distribution charts is excluding cash & equivalents 19
20 Holdings as of December 31, 2016 Pima County Community College 20
21 Holdings as of December 31, 2016 Pima County Community College 21
22 Holdings as of December 31, 2016 Pima County Community College 22
23 Holdings as of December 31, 2016 Pima County Community College 23
24 Holdings as of December 31, 2016 Pima County Community College 24
25 Holdings as of December 31, 2016 Pima County Community College 25
26 Holdings as of December 31, 2016 Pima County Community College 26
27 Holdings as of December 31, 2016 Pima County Community College 27
28 Appendix 28
29 The Fixed Income Team Focus and Integration Investment team empowered to excel through researchfocused, sector-team structure Institutional Portfolio Managers provide continuous review and client communication Lead Portfolio Managers and Sector Teams average 20 years of experience Brian Svendahl, CFA Co-Head, U.S. Fixed Income Municipal Research Raye Kanzenbach, CFA Senior Portfolio Manager Laurie Mount Analyst John Utter Head of Institutional Client Service U.S. Bridget Tompkins Client Service Manager Mike Lee, CFA Chief Executive Officer, President & Chief Investment Officer Lead Portfolio Managers Sector Teams Government & Mortgage Research Scott Kirby Senior Portfolio Manager Eric Hathaway, CFA Portfolio Manager Valinie Dayaljee Junior Analyst Whitney Rueckl Junior Analyst Brandon Swensen, CFA Co-Head, U.S. Fixed Income Credit Research Jake Rath, CFA Portfolio Manager James Weinand, CFA Portfolio Manager Alexey Baskakov, CFA Senior Analyst John Northup, CFA Analyst Matt Mueller, CFA Analyst Institutional Portfolio Managers / Client Service Ronald Homer Managing Director President Access Capital Catherine Banat Institutional Portfolio Manager Scott Cabalka Institutional Portfolio Manager Randy Harrison, CFA Institutional Portfolio Manager Stacy Johnson, CFA Institutional Portfolio Manager Risk Management Joshua Howard, CFA Director of Investment Risk Edith Lotterman, CFA Senior Performance Analyst Tiffany Knutson Senior Performance Analyst Michael Scheel Performance Analyst Steven Azar Senior Investment Risk Analyst Patrick Sonmene Investment Risk Analyst Sydney Seydel Investment Risk Analyst Joe Taffe Operational Risk Analyst Amy Carlson Associate Portfolio Manager Chris Boppre Associate Portfolio Manager As of
30 Professionals John A. Utter Managing Director, Head of Institutional Client Service U.S. John Utter is responsible for developing and implementing industry leading client service practices and leads the firm's client service efforts, including the development of asset allocation solutions for ultra high net worth and off-shore clients. He joined RBC GAM-US in 2010 from RiverSource Investments, where he was a divisional sales director leading a sales team that helped clients with investment solutions ranging from traditional equities and fixed income to portable alpha and absolute return strategies. Before that, John spent 15 years in institutional sales assisting banks, insurance companies and hedge funds in the U.S. and Europe with their fixed income investments. He began his career in the investment industry in John earned a BA from St. Lawrence University, holds FINRA Series 7, 24 and 63 licenses and is registered as an Associated Person with the National Futures Association. Scott Cabalka Vice President, Institutional Portfolio Manager Scott Cabalka is responsible for client service coverage of the RBC Money Market Funds, local government investment pools, and other short fixed income solutions. Scott provides guidance on investment policy and implementation for all of our short mandates. In addition, he leads our communication with clients invested in our short fixed income strategies and ensures that they receive the most appropriate solutions and service. Before joining RBC GAM-US in 1993, Scott was an account executive at Merrill Lynch, where he focused on short strategies for institutional investors. He has specialized in short fixed income since he began working in the investment industry in Scott earned a BS and an MBA in Finance from the University of Minnesota Carlson School of Management and holds a FINRA Series 7 license. 30
31 Glossary of Investment Terms Total Return The sum of all investment income plus the changes in the capital valuation in the portfolio. Market Value The current face amount of the security multiplied by the market price. Market Yield The portfolio's overall yield, as measured by the market valuations of the portfolio holdings. Book Yield The yield to maturity of a security, as calculated at the time of purchase. Duration The measure of interest rate sensitivity which estimates the price change of a security (or a portfolio of securities) resulting from a change in interest rates. Duration may also be considered to be a measure of the "average maturity" of a stream of payments associated with a bond. It reflects a weighted average of the lengths of time until the remaining payments are made from a bond (or portfolio). Convexity A measure of interest rate sensitivity, used along with duration, which estimates the incremental price change resulting from the change in interest rates. OAS Option-Adjusted Spread (OAS) is a measure of a security's extra return over the return of a comparable risk-free security. Spread Duration The measure of the sensitivity of a security's price to changes in spreads, relative to U.S. Treasuries (a risk-free security). Wider (or more narrow) spreads will cause the price of the securities to fall (rise). Amortized Cost Unrealized Gain, Unrealized Loss The price paid for the security, plus or minus adjustments for any purchase discounts of premiums associated with the purchase. The gain/loss that would be recognized from selling an asset, as compared to the reported amortized cost. 31
32 IPS 32
33 IPS 33
34 Arizona Statutes 34
35 Arizona Statutes 35
36 Disclosures This document (the Presentation ) is being provided by RBC Global Asset Management to institutional investors. This Presentation is subject to change without notice and is qualified by these disclosures and the disclosures and definitions contained, may not be reproduced in whole or part, and may not be delivered to any other person without the consent of RBC Global Asset Management. This Presentation is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any investment strategy and should not be construed as tax or legal advice. RBC Global Asset Management is the name used in the United States for certain investment advisory subsidiaries of the Royal Bank of Canada. RBC Global Asset Management (U.S.) Inc. ( RBC Global Asset Management US or RBC GAM-US ) is a federally registered investment adviser founded in Past performance is not indicative of future results. There can be no guarantee that any investment strategy discussed in this Presentation will achieve its investment objectives. As with all investment strategies, there is a risk of loss of all or a portion of the amount invested. With respect to goals, targets, objectives, expectations and processes discussed in the presentation, there is no guarantee that such goals, targets, objectives or expectations will be achieved or that the processes will succeed. Any risk management processes discussed refer to efforts to monitor and manage risk but should not be confused with and does not imply no or low risk. The use of diversification within an investment portfolio does not assure a profit or guarantee against loss in a declining market. No chart, graph, or formula can by itself determine which securities an investor should buy or sell or which strategies should be pursued. This Presentation contains the opinions of RBC Global Asset Management as of the date of publication and is not intended to be, and should not be interpreted as, a recommendation of any particular security, strategy or investment product. Not all products, services or investments described herein are available in all jurisdictions and some are available on a limited basis only, due to local regulatory and legal requirements. Unless otherwise indicated, all information and opinions herein are as of December 31, 2016 and are subject to change without notice. These materials may contain information collected from independent third party sources. For purposes of providing these materials to you, neither RBC nor any of its affiliates, subsidiaries, directors, officers, or employees, has independently verified the accuracy or completeness of the third-party information contained herein. Although RBC GAM-US is registered as an investment adviser with the SEC, such registration in no way implies that the SEC has reviewed or approved the investment portfolio and does not imply that RBC GAM-US has achieved a certain level of skill or training. RBC Global Asset Management ( RBC GAM ) is the asset management division of Royal Bank of Canada ( RBC ) which includes RBC GAM-US, RBC Global Asset Management Inc., RBC Global Asset Management (UK) Limited, BlueBay Asset Management LLP, BlueBay Asset Management USA LLC, and the asset management division of RBC Investment Management (Asia) Limited, which are separate, but affiliated corporate entities. / Trademark(s) of Royal Bank of Canada. Used under license RBC Global Asset Management (U.S.) Inc. 36
Moving 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 informationSecuritized Products An Overlooked Source of Income
Securitized Products An Overlooked Source of Income March 26, 2014 Michael S. Nguyen, Managing Director, Liquidity Management Scott Cabalka, Vice President, Institutional Portfolio Manager RBC Global Asset
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 informationInvestment Grade Corporates Positioned for the New Reality
Investment Grade Corporates Positioned for the New Reality The Case for Investment Grade Corporates 1 The global financial crisis altered the growth profile for the global economy, resulting in a new era
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 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 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 informationConvertibles. To convexity... and beyond! November Key investment themes in 2014 could prove beneficial for convertible bonds.
Insights Convertibles To convexity... and beyond! November 2013 Convertible bonds can provide investors with the upside potential of equities with added benefits of lower price volatility and protection
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 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 informationMarkets catch-up to the Fed. Market Insight
Markets catch-up to the Fed The shift higher and steepening in the US Treasury yield curve since the turn of the year primarily reflects the market catching up with the Federal Reserve s (Fed) guidance
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 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 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 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 informationReal Returns for Fixed Income Investors Investment Update Waiting for Fed Liftoff
Real Returns for Fixed Income Investors Investment Update Waiting for Fed Liftoff CAJPA Fall Conference September 17, 2015 Martin Cassell, CFA CEO, Chief Investment Officer 6225 Lusk Boulevard San Diego,
More informationNESGFOA Economic Assessment Impact on Rates
NESGFOA Economic Assessment Impact on Rates September 18, 2017 Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. For institutional
More informationof RBC Dominion Securities Your Money, Well Managed October, 2013 Professional Wealth Management Since 1901
of RBC Dominion Securities Your Money, Well Managed October, 2013 Global Economic Overview....Steady as we go. European Comeback US Federal Reserve Tapering Talk US Government Shutdown Market Recap..........The
More informationAnnual Report. For the year ended September 30, Access Capital Community Investment Fund
Annual Report For the year ended September 30, 2017 Access Capital Community Investment Fund RBC Funds About Your Annual Report Table of Contents This annual report includes detailed information about
More informationAngel Oak Capital Advisors, LLC
Angel Oak Capital Advisors, LLC Angel Oak Flexible Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations
More informationConvertible bonds gaining from growth as rates rise
Insight Convertible bonds gaining from growth as rates rise June 2015 In a rising rate environment, convertible bonds may offer investors a measure of duration protection and the potential for attractive
More informationAfter the Rate Increase, What Then?
After the Rate Increase, What Then? Robert Eisenbeis, Ph.D. Vice Chairman & Chief Monetary Economist Bob.Eisenbeis@Cumber.com What the FOMC Did At Dec Meeting The Fed made the first step towards normalization
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 informationU.S. Interest Rates Chartbook January 2018
U.S. Interest Rates Chartbook January 2018 Takeaways In line with expectations, the FOMC left Fed funds rate unchanged. The changes to the January statement highlighted stronger growth and confidence that
More informationIrvine Pooled Investment Portfolio Rolling 12-Month Quarterly Comparison
Page 2 of 10 at quarter end and fiscal year end to the Investment Advisory Committee, Finance Commission, and City Council. The report includes investment activity and performance for each of the City
More informationU.S. Interest Rates Chartbook September 2017
U.S. Interest Rates Chartbook September 2017 Takeaways The FOMC announced the start of the balance sheet normalization process to begin in October while maintained the Fed funds rate target range at 1%-1.25%
More informationDecember. US Interest Rates. Chartbook
December 2016 US Interest Rates Chartbook Takeaways The FOMC December statement has revealed a unanimous vote for a 2nd Fed funds rate increase, while economic projections reinforced the Fed s stance to
More informationRBC MANAGED PAYOUT SOLUTIONS. Generating sustainable cash flow
RBC MANAGED PAYOUT SOLUTIONS Generating sustainable cash flow RBC Managed Payout Solutions In an environment where the number of defined benefit employer pension plans is declining and the likelihood of
More informationShort exposure to US equities
Portfolio performance The All Asset Fund aims to serve as a differentiated asset allocation strategy. It focuses on third pillar assets in seeking three key outcomes: 1) long-term real return consistent
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 informationFor personal use only
AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:
More informationU.S. Natural Gas Storage Charts
U.S. Natural Gas Storage Charts BMO Capital Markets Commodity Products Group November 26, 214 Total U.S. Natural Gas in Storage 5, Total Stocks This Week 3432 4, 3, 2, 1, Reported On: November 26, 214
More informationMunicipal Market Update
Municipal Market Update November 30, 2015 Julie Santamaria Director St. Petersburg, Florida 727-895-8871 Julie.santamaria@rbccm.com Tax-Exempt Bonds and Federal Government Legislative proposals relating
More informationAngel Oak Capital Advisors, LLC
Angel Oak Capital Advisors, LLC Angel Oak Multi-Strategy Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations
More informationQ Supplemental Materials. July 27, 2018
8 Q2 2018 Supplemental Materials July 27, 2018 Disclaimers Forward-Looking Information This presentation contains forward-looking statements and information. Statements that are not historical facts, including
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 informationFINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016
FINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016 Manitoba Finance General Inquiries: Room 109, Legislative Building Winnipeg, Manitoba R3C 0V8 Phone: 204-945-5343 Fax:
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 informationBianco Research L.L.C.
Bianco Research L.L.C. An Arbor Research & Trading Affiliated Company Independent Objective Original Updating Leverage In The Bond Market Presentation Package November 18, 4 Long-Term Interest Rates -
More informationKey Issues for Short-Term Investors. May 21, 2018
Key Issues for Short-Term Investors May 21, 2018 FOR INSTITUTIONAL INVESTOR USE ONLY AND MAY NOT BE USED WITH THE GENERAL PUBLIC CRC 2116729 Exp. 05/09/2019 The Path Forward for Liquidity Investors Remains
More informationNational Economic Outlook
National Economic Outlook MSBO Financial Strategies Conference January 17, 2018 Presented by: Kyle Jones, Director of Portfolio Strategies PFM Asset Management LLC One Keystone Plaza, Suite 300 N. Front
More informationBOMA National Advisory Council Meeting Seaport Hotel, Boston MA
BOMA National Advisory Council Meeting Seaport Hotel, Boston MA May 5, 2017 Jeff Fuhrer, EVP and Senior Policy Advisor Federal Reserve Bank of Boston 1 Raising rates? Raising rates more this year? Next?
More informationMarkets at a Glance. India Q2 CY For Distributors use only
Markets at a Glance India Q CY 17 For Distributors use only India Macro Economy Trade Inflation Monetary Sector Valuations Liquidity Macro Economy GDP Emerging vs Developed (In % YoY) Credit Growth vs
More informationSBI DYNAMIC BOND FUND
SBI DYNAMIC BOND FUND This product is suitable for investors who are seeking: Investment in debt and money- market securities Regular income for medium term Moderate risk SBI Dynamic Bond Fund Disclaimer:
More informationA View. from the Desk. January In This Issue:
A View January 2018 from the Desk In This Issue: Trading Trends... 1 Looking Forward... 3 About Us: We offer financial institutions a comprehensive solution that includes balance sheet management, investment
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 informationREQUEST FOR CITY COUNCIL ACTION
REQUEST FOR CITY COUNCIL ACTION MEETING DATE: MARCH 28, 2017 TITLE: TREASURER'S REPORT FOR THE QUARTER ENDED DECEMBER 31, 2016 RECOMMENDED ACTION Receive and file the Treasurer's Report for the quarter
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 informationFixed Income Investing in a Low Yield World: High Yield Bonds Still Part of the Solution. Fall 2012
Fixed Income Investing in a Low Yield World: High Yield Bonds Still Part of the Solution Fall 2012 U.S. 10-Year Treasury Yields October 5, 2012 16 14 12 10 8 6 4 2 1.74% 0 Jan-82 Feb-86 Mar-90 May-94 Jun-98
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 informationRESPONSES TO SURVEY OF
RESPONSES TO SURVEY OF MARKET PARTICIPANTS Markets Group, Federal Reserve Bank of New York 0 RESPONSES TO SURVEY OF a v MARCH Distributed: 3/8/ Received by: 3/12/ The Survey of Market Participants is formulated
More informationFirst Quarter 2017 Investment Review. Prepared by: Meketa Investment Group CHICAGO, IL (312)
First Quarter 2017 Investment Review Prepared by: Meketa Investment Group CHICAGO, IL 60661 (312) 474-0900 MARKET SUMMARY - 1Q17 CAPITAL MARKETS Index MARKET SNAPSHOT MARCH 31, 2017 Qtr One Year Three
More informationEconomic Update: Fed Delay Bought Calm. But is it Calm Enough to Hike Rates? 2016 AAM Investment Conference Chris Low FTN Financial Chief Economist
Economic Update: Fed Delay Bought Calm. But is it Calm Enough to Hike Rates? May 2016 2016 AAM Investment Conference Chris Low FTN Financial Chief Economist Executive Summary 1 FOMC recognizes global inflation
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 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 informationShort exposure to US equities, used as a risk hedge. Exposure to commodities
Portfolio performance The Fund is designed to serve as a Third Pillar strategy, aiming to provide a diversified return stream versus traditional stock/bond-centric approaches. In seeking a long-term real
More informationFY2017 Issuance Summary
FY2017 Issuance Summary SBA 504 Loan Program For the first quarter in this fiscal year, we did not have an interest rate hike and the average 20- year debenture rate declined as the market retraced more
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 information2018 Asset Class Outlooks
218 Asset Class Outlooks JANUARY 218 We consider 217 to have been a strong year for risk assets, driven by buoyed market optimism following the presidential election, with promises of tax reform and a
More informationMarch 6, Why Is The Fed Tapering? Michael Purves Chief Global Strategist Head of Equity Derivatives Research (203)
Michael Purves Chief Global Strategist Head of Equity Derivatives Research (203) 861-7725 mpurves@weedenco.com March 6, 2014 Why Is The Fed Tapering? As Yellen has taken the helm of the Federal Reserve,
More informationCity of San Juan Capistrano
City of San Juan Capistrano Fourth Quarter 2013 Portfolio and Market Review Sarah Meacham, Director PFM Asset Management LLC Federal Reserve Taper Talk Drives Interest Rates The Federal Open Market Committee
More informationEconomic and Market Outlook November Jim Allworth RBC Ds Investment Strategist
Economic and Market Outlook November 2018 Jim Allworth RBC Ds Investment Strategist October 2018 Our Long-Term Operating Framework Credit conditions remain extremely accommodative Every U.S. recession
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 informationUS Economics. State of the Union Growth, rates, and equities NORTH AMERICA. In a nutshell. Our key views on growth, policy, and rates
NORTH AMERICA In a nutshell The US expansion is poised to continue Near-term data may surprise on the upside and show an economy expanding at an underlying 2.5% pace Longer-term growth should decelerate
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 informationSBI Magnum Income Fund
SBI Magnum Income Fund This product is suitable for investors who are seeking: Investment in debt and money- market securities Regular income for medium term Moderate risk SBI Magnum Income Fund Disclaimer:
More information2010 Annual Report of the Investment Committee
2010 Annual Report of the Investment Committee This has been the second consecutive year of gains for stocks after the sharp decline in the financial markets in 2008. Purdue s fiscal year return of 14.4
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 informationAmerican Association of Port Authorities
Pacific Investment Management Company LLC, 84 Newport Center Drive, Newport Beach, CA 9266, 949-72-6 This material is to be used for one-on-one separate account presentations to institutional investors
More informationCash Management Portfolios
September 30, 2018 Portfolio Manager Commentary Cash Management Portfolios Chief Investment Officer Jim Palmer What market conditions had a direct impact on the bond market this quarter? Positive economic
More informationTrends & Long-Term Outlook for Fixed and Stable Value Funds
Trends & Long-Term Outlook for Fixed and Stable Value Funds CPPC Conference August 2013 Cathe Tocher CFA, Senior Vice President AGENDA Introduction: Short-term noise pay attention Preparing for the future:
More informationThoughts on US Monetary Policy Prepared for Hutchins Center Conference, March 21, 2016
Thoughts on US Monetary Policy Prepared for Hutchins Center Conference, March 21, 2016 Richard H. Clarida Professor of Economics and International Affairs Columbia University Global Strategic Advisor PIMCO
More informationNavigating the potholes while making America great again
Asset Management Municipal Insights Navigating the potholes while making America great again Municipal investors remain cautious as President Trump s agenda comes to life through legislation and his proposed
More informationInvesting in Municipal Bonds in a Rising Rate Environment
Investing in Municipal Bonds in a Rising Rate Environment February, 2015 The value of patience and active management to bond fund investors After 32 years of generally downward trending interest rates,
More informationBond insurers and then there were two
Asset Management Municipal Insights Bond insurers and then there were two In late June, Standard & Poor s completed its review of the bond insurance industry, affirming the financial strength ratings for
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
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 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 informationPIMCO: The New Neutral
PIMCO: The New Neutral Philanthropy Summit 2015 Investing in the New Neutral world April 2015 PIMCO Australia Pty Ltd ABN 54 084 280 508 AFS Licence 246862 Level 19, 363 George St. Sydney, NSW 2000 telephone:
More informationA Note on the Steepening Curve and Mortgage Durations
Robert Young (212) 816-8332 robert.a.young@ssmb.com The current-coupon effective duration has reached a multi-year high of 4.6. A Note on the Steepening Curve and Mortgage Durations While effective durations
More informationTaking Liquidity Management to the Next Level
Taking Liquidity Management to the Next Level John C. Donohue RBC Global Asset Management john.donohue@rbc.com 617.722.4728 Laura Glenn, CFA Georgia Office of the State Treasurer laura.glenn@treasury.ga.gov
More informationCavanal Hill Fixed Income Insights 4 th Quarter, 2017
Cavanal Hill Fixed Income Insights 4 th Quarter, 2017 Michael Maurer, CFA Senior Fixed Income Portfolio Manager Russell Knox, CFA Fixed Income Portfolio Manager Rich Williams Senior Tax Free Fixed Income
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 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 information2007 Outlook & Opportunities Terry Sandven & Christian Heitzman Portfolio Strategy Group January 2007
2007 Outlook & Opportunities Terry Sandven & Christian Heitzman Portfolio Strategy Group January 2007 Since 1895. Member SIPC and NYSE. 1 Overview Review of 2006 Outlook for 2007 Interest Rates (Fed decisions)
More informationFinancial Highlights
November 3, 21 Financial Highlights Federal Reserve Balance Sheet 1 European Debt Bond Spreads 2 CDS Spreads 2 Securitization Markets CMBS Yields and Issuance 3 ABX and CMBX 4 Mortgage Rates 5 Broad Financial
More informationThe Swan Defined Risk Strategy - A Full Market Solution
The Swan Defined Risk Strategy - A Full Market Solution Absolute, Relative, and Risk-Adjusted Performance Metrics for Swan DRS and the Index (Summary) June 30, 2018 Manager Performance July 1997 - June
More informationLeumi. Global Economics Monthly Review. Arie Tal, Research Economist. July 12, Capital Markets Division, Economics Department. leumiusa.
Global Economics Monthly Review July 12, 2018 Arie Tal, Research Economist Capital Markets Division, Economics Department Leumi leumiusa.com Please see important disclaimer on the last page of this report
More informationAnalytic Investors, LLC Mandate: Buy Write Strategy Hired: 2011
Analytic Investors, LLC Mandate: Buy Write Strategy Hired: 2011 Firm Information Investment Approach Total ARMB Mandate Wells Fargo Asset Management acquired Analytic Investors on October 1, 2016. As of
More informationFixed Income Investing in the Current Economic Environment. Agenda. About YieldQuest. FPA Retreat Jay K. Chitnis, CFA.
FPA Retreat 2006 Fixed Income Investing in the Current Economic Environment Jay K. Chitnis, CFA Portfolio Manager and Chief Investment Officer May, 6th 2006 Agenda I. A Quick Word on YieldQuest s Background
More informationBH-DG Systematic Trading LLP
Commodity Trading Advisors (CTAs) provide advice and services related to trading and investment strategies utilizing futures contracts and options on futures contracts on a wide variety of physical goods
More informationMonetary and Fiscal Policy: The Impact on Interest Rates
Guggenheim Securities, LLC Monetary and Fiscal Policy: The Impact on Interest Rates March 2017 Monetary Policy High level overview of the Federal Reserve Guggenheim Securities, LLC 2 Monetary Policy: Design
More informationPalm Beach County School District
Palm Beach County School District Investment Performance Review Quarter Ended March 31, 2006 300 S. Orange Avenue, Suite 1170 Orlando, FL 32801 (407) 648-2208 (407) 648-1323 fax PFM Asset Management LLC
More informationMarch 22, 2017 Boston, MA
March 22, 2017 Boston, MA Make or Break: Five Pivotal Drivers in 2017 Holly H. MacDonald Chief Investment Strategist Past performance is no guarantee of future results. This material is provided for your
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 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 informationOrange Unified School District
Orange Unified School District Financing Information Ron Lebs Assistant Superintendent, Facilities and Planning Orange Unified School District Tel: 714.628.4500 rlebs@orangeusd.org Adam Bauer Chief Executive
More informationEmil van Essen, LLC. Spread Trading program. Monthly performance. Performance statistics Dec 2006 to Mar 2015
Commodity Trading Advisors (CTAs) provide advice and services related to trading and investment strategies utilizing futures contracts and options on futures contracts on a wide variety of physical goods
More informationFixed income market update. April BMO Fixed Income Brickell Bay Dr. Suite 2100 Miami, Florida bmogam.
Fixed income market update April 218 BMO Fixed Income 11 Brickell Bay Dr. Suite 21 Miami, Florida 33131 bmogam.com/usfixedincome Fixed income market update For the quarter ended March 31, 218, the Bloomberg
More information