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T.>t TREASURER -TAX COLLECTOR <br />rn <br />VENTURA COUNTY STEVEN HINTZ <br />4� TREASURER <br />TAX COLLECTOR <br />Sue Horgan <br />Assistant Treasurer --Tax Collector <br />January 8, 2019 <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 November 30, 2018. <br />RECOMMENDATION: Receive and File <br />FISCAUMANDATES IMPACT: None <br />DISCUSSION: <br />This report covers the one-month period ending November 30, 2018. It reflects continuing positive <br />trends in the investment portfolio results. <br />The average daily portfolio balance for November was $2.297 Billion, the highest November <br />average balance ever, by $191 Million. It is an increase of $199 Million from the October balance. <br />The balanoe is rapidly rising as secured property tax payments arrive. <br />The annualized percentage yield for November was 2.433%, an increase of 0.14% over October. <br />I expect the annualized yield to increase at a faster rate for the next several months, based on <br />expected interest rate increases and enhanced cash flow. Exhibit 2 shows that recent purchases <br />have been at a higher yield. <br />Going forward, if the current pool investments were all held to their maturity, the pool's <br />approximate yield to maturity is 2.45%, an increase of 0.11 % over October. As I write this report <br />on December 14, that figure is rising. <br />The total net earnings were $4.593 Million, an increase of $507,000. 1 expect that December's <br />total net earnings will be significantly higher. <br />The weighted average days to maturity stayed at 144 days. The interest -rate sensitive measure <br />of effective duration ended at 0.382, reflecting the pool's very low sensitivity to interest -rate <br />changes. <br />800 South Victoria Avenue, Ventura, California 93009-1240 <br />—Yer*�� (eM) 654'37M <br />