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HomeMy WebLinkAboutInvestment Report - Feb 2014 & Mar 2014City of Palm Desert 77ea4ttreie J wedtment Abe ECONOMIC COMMENTARY On March 19, Federal Open Market Committee Chair Yellen stated that the Fed would probably raise short-term interest rates six months after its bond -buying program ends. Yellen's comments implied that a rate increase might come as early as April 2015 (investors were expecting late 2015). The result was a change in the yield curve, with yields on two- and three-year Treasuries rising, and yields on 30-year Treasuries falling. This reflected market perceptions of higher short-term interest rates, and lower inflation risks. Two weeks later, Yellen sought to reassure markets that the Fed would continue to keep short-term interest rates low in order to support a weak job market. The Fed is doing a delicate balancing act between supporting the economic recovery and triggering another financial bubble or inflation. According to Wells Fargo Securities, the Fed's quantitative easings have boosted asset prices (housing and stocks) more than they have the economy's underlying fundamentals. Asset price increases are intended to encourage consumer spending through a perceived "wealth effect." The U.S. economy does not receive the full benefit of such spending, however, since most of the goods being purchased are made in foreign countries (the U.S. is a net importer). Fed minutes show that the Fed remains concerned about persistently low levels of inflation. Tepid inflation is associated with low wage gains, excess business capacity, and weak global demand. This restrains investment and hiring. Yautes. man, ee.. .9. 44 City Treasurer Certified California Municipal Treasurer PORTFOLIO STATISTICS 2014 Ct.-4L)ed Capital Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.B.A. Investment Objectives The treasurer shall invest all public monies in a manner that ensures safety of principal; sufficient liquidity to finance the City's expenditures; and the highest yield possible after the previous two objectives have been met. STATISTICS MAR-14 FEB-14 JAN-14 DEC-13 NOV-13 OCT-13 Thousands of Dollars Month -End Book Value Month -End Market Value Paper Gain (Loss) Prior Year Book Variance Interest Earnings (W/O Cash Yield -To -Maturity Weighted Maturity (Days) Effective Duration $ 217,385 $ 220,165 $ 213,310 $ 208,660 $ 201,302 $ 202,645 $ 217,385 $ 220,165 $ 213,310 $ 208,660 $ 201,302 $ 202,645 $ $ - $ - $ - $ - $ $ 19,442 $ 18,825 $ 15,125 $ 16,574 $ 6,521 $ 7,589 $ 53 $ 46 $ 48 $ 47 $ 49 $ 53 0.31% 0.29% 0.29% 0.28% 0.30°A) 0.31% 1 1 1 1 1 1 0.00 0.00 0.00 0.00 0.00 0.00 All data as of March 31, 2014 PORTFOLIO CHARACTERISTICS March 2014 Dollars in Thousands Maturities Market Value < 1 M $ 186,856 < 2M < 3M < 6M <1Y < 2Y < 3Y < 4Y < 5Y Total: $ 186,856 Ratings Market Value AAA or Aaa $ 132,584 AA or Aa A Unrated 76,927 Total: $ 269,511 Assets Market Value County Pool 102,498 LAIF 49,643 WF/LAIF Bond Proceeds 25,020 City Loan to RDA 22,655 MTN CAMP 5,096 WF/Bond Proceeds 4,599 Agencies Total: $ 209,511 Month City Yield LAIF Yield Variance Apr13 0.33 0.26 0.06 May 0.32 0.25 0.08 Jun 0.32 0.24 0.08 Jul 0.32 0.27 0.05 Aug 0.31 0.27 0.04 Sep 0.30 0.26 0.04 Oct 0.31 0.27 0.04 Nov 0.30 0.26 0.04 Dec 0.28 0.26 0.02 Jan14 0.29 0.24 0.05 Feb 0.29 0.24 0.05 March 0.31 0.24 0.07 Maturities Distribution 1 0 0 0 a 100 80 60 40 20 0 100 0 0 0 0 0 0 0 0 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y Credit Quality AA orAa 0% Unrated AAA or Aaa 51% Iii:) A 37 % 0% Asset Allocation I County Pool 49% MTN 0% Agencies 0% LAIF 24% WF/LAIF Bond Proceeds 12% WF/Bond CAMP City Loan to Proceeds 2% RDA 2% 11% Performance 0.40 0.30 - 0.20 - 0.10 - 0.00 A`16111 Apr13May Jun Jul Aug ,1 a Sep Oct Nov DecJan14 Feb March OLAIF Yield OCity Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE March 2014 The investment of the City of Palm Desert securities portfolio is governed by California Government Code Section 53601 and by the Palm Desert Statement of Investment Policy. The City investment policy is more conservative than State law. The Palm Desert Audit, Finance, and Investment Committee, and the Palm Desert City Council review the City investment policy annually. For the month ended March 31, 2014, the City investment portfolio was in compliance with all applicable state and local laws and regulations. The City Treasurer's Office continued to pursue conservative and prudent investment strategies, based upon the stated objectives of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the next six months. In addition, portions of the City investment portfolio could be liquidated in order to meet any significant, unexpected cash requirements. Interactive Data Services provided the market value prices for securities in the City investment portfolio. All balances are bank balances. Respectfully submitted, Yale/S. Wes, ee.. x..g. City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code City Investment Policy CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio 53601(a) Palm Desert Bonds 5 Years No Limit 53633 Demand Deposits No Limit No Limit 53601(b) U.S. Treasuries 5 Years No Limit No Limit 5 Years No Limit No Limit 53601(c) CA State Debt 5 Years No Limit Not Authorized 53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized 53601(e) Federal Agencies 5 Years No Limit 53601(f) Bankers's Acceptances 180 Days 40% 53601(g) Commercial Paper 270 Days 25% A-1/P-1 53601(h) Negotiable CDs 5 Years 30% 53601(i) Repos 1 Year No Limit 53601(I) Reverse Repos 5 Years No Limit 180 Days 40% A-1 or P-1 270 Days 25% A-1 or P-1 5 Years 30% AA- or Aa3 30 Days 20% 92 Days 20% Not Authorized 53601(j) Medium -Term Notes 5 Years 30% A 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 53601(I) 1 Trust Indenture Debt 53601(m) 1 Secured Bank Deposits 5 Years No Limit 5 Years 30% A 90 Days I 20% AAA & Aaa I 2.2% Not Authorized Not Authorized 53601(k) Local Government AAA & Aaa Investment Pools 90 Days No Limit or Advisor AAA & Aaa 90 Days I 50% (i) or Advisor 51.4% 53601(n) Mortgage -Backed Securities 16429.1(b) 1 L.A.I.F. 5 Years No Limit 20% A (Issuer) & AA (Security) $50MM/Acct No Limit Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds. (2) Total does not include the City Loan to RDA, and cash. Not Authorized I $50MM/Acct 1 35.6% (2) 89.2% CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIO CONCENTRATfON LIMITS March 2014 %of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,096,414.67 2.34% CITY LOAN TO RDA 22,654,999.95 1 Q.42% WF/L.A.I.F. BOND PROCEEDS 25,019,876.13 11.51% FEDERAL AGENCY-- COUPON - 0.00% LOCAL AGENCY INVESTMENT FUND 49,642,474.21 22.84% WELLS FARGO CORPORATE TRUST 4,598,983.98 2.12% CORPORATE MEDIUM-TERM NOTES - 0.00% RIVERSIDE COUNTY TREASURER 102,498,146.02 47.15% TOTAL BEFORE CASH $ 209,510,894.96 96.38% PLUS: CASH $ 7,874,574.03 3.62% GRAND TOTAL $ 217,385,468.99 (1) 100.00% FOOTNOTE: (1) In the Citv of Palm Desert Comqrehensive Annual Financial Report("CAFR"), both the City of Palm Desert ("City")and the City's external auditor define total investmenfs as demand deposits, investments in various instruments, and investments held in local government investment pools. 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Severe winter weather took a heavy toll on U.S. economic growth. Fourth Quarter 2013 U.S. Gross Domestic Product ("GDP") was revised downward from 3.2% to 2.4%. Some private economists believe that First Quarter 2014 GDP will be even weaker, coming in below 2%. In certain parts of the U.S., consumer spending, construction, home sales, and industrial operations were disrupted by the coldest weather since 1912. In the West, drought reduced agricultural production in many areas, and raised prices for some crops. The U.S. labor market remains sluggish. Although nonfarm payrolls rose from 129,000 (January revised) to 175,000 (February), the latter was below the prior 12-month average of 189,000 jobs. Edward Lazear, a Stanford University Business professor and a former Chairman of the President's Council of Economic Advisers (2006-2009), contends that the number of total hours worked is a better measure of labor market strength and economic activity than the number of people employed. Lazear believes that real labor usage has fallen by the equivalent of 100,000 jobs since September. While there has been an increase in jobs, there has also been a decrease in the number of total hours worked. Certified California Municipal Treasurer STATISTICS Thousands of Dollars Month -End Book Value Month -End Market Value Paper Gain (Loss) Prior Year Book Variance Interest Earnings Yield -To -Maturity Weighted Maturity (Days) Effective Duration FEB-14 City Treasurer PORTFOLIO STATISTICS JAN-14 DEC-13 NOV-13 2014 Capital Markets Team City Treasurer Paul S. Gibson, C.C.M.T. Deputy City Treasurer Thomas W. Jeffrey, J.D., M.B.A. Investment Objectives The treasurer shall invest all public monies in a manner that ensures safety of principal; sufficient liquidity to finance the City's expenditures; and the highest yield possible after the previous two objectives have been met. OCT-13 SEP-13 $ 220,165 $ 213,310 $ 208,660 $ 201,302 $ 202,645 $ 204,899 $ 220,165 $ 213,310 $ 208,660 $ 201,302 $ 202,645 $ 204,899 $ - $ - $ - $ - $ - $ $ 18,825 $ 15,125 $ 16,574 $ 6,521 $ 7,589 $ 5,909 $ 46 $ 48 $ 47 $ 49 $ 53 $ 51 0.29% 0.29% 0.28% 0.30% 0.31% 0.30% 1 1 1 1 1 1 0.00 0.00 0.00 0.00 0.00 0.00 All data as of February 28, 2014 Dollars in Thousands Maturities Market Value < 1 M $ 186,339 < 2M < 3M < 6M < 1Y < 2Y < 3Y < 4Y < 5Y Total: $ 186,339 Ratings Market Value AAA or Aaa $ 134,373 AA or Aa A Unrated 74,662 Total: $ 209,035 Assets Market Value County Pool 97,498 LAIF 49,643 WF/LAIF Bond Proceeds 25,020 City Loan to RDA 22,655 MTN - CAMP 5,096 WF/Bond Proceeds 9,123 Agencies Total: $ 209,035 Month Mar13 Apr May Jun Jul Aug Sep Oct Nov Dec Jan14 Feb PORTFOLIO CHARACTERISTICS February 2014 City Yield LAIF Yield Variance 0.34 0.29 0.06 0.33 0.26 0.06 0.32 0.25 0.08 0.32 0.24 0.08 0.32 0.27 0.05 0.31 0.27 0.04 0.30 0.26 0.04 0.31 0.27 0.04 0.30 0.26 0.04 0.28 0.26 0.02 0.29 0.24 0.05 0.29 0.24 0.05 Maturities Distribution I 0 Credit Quality N 100 100 80 - 60 40 - 20 - 0 0 0 0 0 0 0 0 0 <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y AA or Aa 0% Unrated 36% AAA or Aaa 51% A 0% Asset Allocation I County Pool 47% MTN 0% LAI F 24% WF/LAIF Bond Agencies Proceeds 0% 12% WF/Bond City Loan to Proceeds CAMP RDA 4% 2 /° 11% Performance M 0.40 - 0.20 0.10 - 0.00-r--. Mar13 Apr May Jun Jul Aug Sep Oct Nov DecJan14 Feb ■LAIF Yield OCity Yield CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 STATEMENT OF COMPLIANCE February 2014 The investment of the City of Palm Desert securities portfolio is governed by California Government Code Section 53601 and by the Palm Desert Statement of Investment Policy. The City investment policy is more conservative than State law. The Palm Desert Audit, Finance, and Investment Committee, and the Palm Desert City Council review the City investment policy annually. For the month ended February 28, 2014, the City investment portfolio was in compliance with all applicable state and local laws and regulations. The City Treasurer's Office continued to pursue conservative and prudent investment strategies, based upon the stated objectives of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the nexi six months. In addition, portions of the City investment portfolio could be liquidated in order to meet any significant, unexpected cash requirements. Interactive Data Services provided the market value prices for securities in the City investment portfolio. All balances are bank balances. Respectfully submitted, .rauts O-iatt, ee../1L City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code City Investment Policy CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio 53601(a) Palm Desert Bonds 5 Years No Limit 53633 Demand Deposits No Limit No Limit 53601(b) U.S. Treasuries 5 Years No Limit 53601(c) CA State Debt 5 Years No Limit Not Authorized 53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized 53601(e) Federal Agencies 5 Years No Limit 5 Years No Limit 53601(f) Bankers's Acceptances 180 Days 40% 180 Days 40% A 1 or P 1 53601(g) Commercial Paper 270 Days 25% A-1/P-1 270 Days 25% A-1 or P-1 53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3 53601(i) Repos 1 Year No Limit 30 Days 20% 53601(1) Reverse Repos 92 Days 20% Not Authorized 53601(j) Medium -Term Notes 5 Years 30% A 5 Years 30% - I A 53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% I AAA & Aaa 4.4% 53601(1) Trust Indenture Debt Not Authorized 53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized 53601(k) Local Government AAA & Aaa Investment Pools 90 Days No Limit or Advisor 53601(n) Mortgage -Backed 5 Years 20% A (Issuer) & Not Authorized Securities AA (Security) 16429.1(b) L.A.I.F. No Limit $50MM/Acct No Limit I $50MM/Acct I I 35.7% (2) 89.2% No Limit 5 Years No Limit No Limit 90 Days AAA & Aaa 50% (1) or Advisor 49.1% Footnotes: (1) Maximum concentration limit for local agency investment pools, excluding bond proceeds . (2) Total does not include the City Loan to RDA, and cash. CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3 CITY PORTFOLIC! CONCENTRATtON LIMITS February 2014 °/a of Investments Book Value Portfolio CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,096,151.05 2.31% GITY LOAN TQ RDA 22,654,999.95 10.29°In WF/L.A.I.F. BOND PROCEEDS 25,019,876.13 11.36% FEDERAL AGENCY--COUPON - 0.00% LOCAL AGENCY INVESTMENT FUND 49,642,474.21 22.55% WELLS FARGO CORPORATE TRUST 9,122,912.05 4.14% CORPORATE MEDIUM-TERM NOTES - 0.00% RIVERSIDE COUNTY TREASURER 97,498,146.02 44.28% TOTAL BEFORE CASH $ 209,034,559.41 94.94% PLUS: CASH $ 11,130,722.55 5.06% GRAND TOTAL $ 220,165,281.96 (1) 100.00% FOOTNOTE: (1) In the Citv of Palm Desert Comprehensive Annual Financial Reqort("CAFR"), both the City of Palm Desert ("City")and the City's external auditor define fota/investments as demand deposits, investments in various instruments, and investments held in local government investment pools. The concentration percentages shown above were calculated based on that definition. j- o a � F� Q � M U (> - r� N Y O E d � N - a > a o LLi r � m � � & O a � � �u a � V > � v�i r�i M o n � o � N yuf a �'j O N N N O M N O N C U �`C O O O O O O 0 O 0 � @ "' �a "�' o= ca � vi E .- .- � � r. 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