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TREASURER -TAX COLLECTOR <br />VENTURA COUNTY STEVEN HINTZ <br />TREASURER <br />TAX COLLECTOR <br />Sue Horgan <br />Assistant Treasurer -Tax Coliedor <br />September 11, 2018 <br />Ventura County Board of Supervisors <br />800 South Victoria Avenue <br />Ventura, CA 93009 <br />SUBJECT: Receive and File Report of Investments, Including Market Values for <br />Investments for the Month Ending July 31, 2018. <br />RECOMMENDATION: Receive and File <br />FISCAUMANDATES IMPACT: None <br />DISCUSSION: <br />This report covers the one-month period ending 31 July 2018. It reflects positive trends in the <br />investment portfolio results. <br />The average daily portfolio balance for the period was $2.320 billion, the highest July balance <br />ever. I expect the balance will continue to decline slowly through September, following the <br />traditional pattern illustrated in Exhibit 3. l attribute the overall growth of the portfolio balances to <br />increased earnings, enhanced financial condition of the state, and thoughtful financial management <br />by county agencies. <br />The annualized percentage yield for July was 2.072%, an increase of 0.109% over June. I expect <br />the yield to continue to rise at a rate of about 0.10% for the next several months, based on <br />expectations of interest rate increases by the Federal Open Market Committee. <br />Going forward, if the current pool investments were all held to their maturity, the pool's <br />approximate yield to maturity is 2.10%, an increase of 0.12% over June. As I write this report <br />on August 13th, that figure is holding steady. <br />The total net earnings were $4.083 million, a very slight increase, consistent with my prediction <br />last month that net earnings were likely to remain steady as the pool shrinks. <br />The weighted average days to maturity remained steady at 148 days. The interest -rate sensitive <br />measure of effective duration ended at 0.377, reflecting the pool's very low sensitivity to interest - <br />rate risk. I expect the average maturity to increase going forward, as the pool's investment in 1 year <br />instruments increases. It is unlikely that the average days to maturity will ever exceed 200 days. <br />800 South Victoria Avenue, Ventura, California 83009-1290 <br />www,venti�.aq (605)854-9ra4 <br />