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County of Ventura <br />Board of Supervisors <br />June 18, 2019 <br />Page 2 of 2 <br />The three largest sectors, by percentage, were: Commercial Paper (30.86%), Yankee <br />Certificates of Deposit (27.23%), and Government Agencies (13.39%.) The three largest <br />individual issuers, by percentage, were: Toyota Motor Credit Corporation (7.50%); Korea <br />Development Bank (7.15%); and Federal Home Loan Bank (6.99%). <br />The portfolio has been managed with the stated objectives of safety, liquidity, and earning a <br />competitive return, as outlined in the Statement of Investment Policy. In striving to maintain the <br />primary objective, safety of principal, the County portfolio has for several years received a rating <br />of AAAf/S1+ by Standard & Poor's, the highest rating given by that agency, re -affirmed on January <br />16, 2019. The rating reflects S&P's opinion that the portfolio is well-managed, credit -worthy, well - <br />diversified, and has a low sensitivity to interest rate variations. Regarding the secondary <br />objective of maintaining sufficient liquidity to meet cash flow needs, the portfolio maintains <br />significant cash reserves in the County's bank, as well as significant holdings in LAIF and CalTrust. <br />The portfolio has the ability to meet its participants' expenditure requirements for the next six <br />months, pursuant to a daily study of projected cash flows. All of the portfolio's assets have a well- <br />developed resale market, although of course it is our policy not to sell. Earning a competitive <br />rate of return is reflected by our performance against our benchmarks, even though they each <br />have less restrictive investment policies than ours. <br />The portfolio has been managed on the assumption that interest rates within our investment policy <br />horizon will not change significantly over the next few months. The portfolio is well-positioned to <br />respond, whether rates rise, drop, or hold steady. We will continue to focus new investments on <br />issues with maturity dates of 12 –18 months, for at least the next three months. <br />This letter has been reviewed and approved as to form by the County Executive Office, the Auditor - <br />Controller's Office, and County Counsel. <br />Please contact me at 805.654-3726 if you have any questions or require further information <br />regarding this item. <br />Sincerely, <br />r <br />h—d <br />STEVEN HINTZ <br />Treasurer -Tax Collector <br />Exhibit 1 -Wells Fargo Market/Cost Value Comparison Report - Month End 04/30/2019 <br />Exhibit 2 - Monthly Transactions Report - April 2019 <br />Exhibit 3 - Portfolio Average Monthly Balance Graph - April 2017-2019 <br />Exhibit 4 - Average Maturity Graph - April 2017-2019 <br />Exhibit 5 -- Yield Comparison Graph -April 2018-2019 <br />Exhibit 6 - Rolling 2 -Year % Yield Graph -April 2017-2019 (Ventura) <br />Exhibit 7 - Rolling 2 -Year $ Yield Graph - April 2017-2019 <br />Exhibit 8 - Portfolio Holdings by Class Graph -April 2019 <br />800 South Victoria Avenue, Ventura, California 93009-1290 <br />www.0rituraproperVW.w9 (WS) 654-3794 <br />