Laserfiche WebLink
A U COLLECTOR <br />VENTURA COUNTY <br />TTC a <br />of <br />January 28, 2014 <br />Ventura County Board of Supervisors <br />County Government Center <br />800 South Victoria Avenue <br />Ventura, CA 93009 <br />STEVEN MINTZ <br />TREASURER <br />TAX COLLECTOR <br />Linda Catherine Le, mpm <br />Assistant Treasurer -Tax Collector <br />SUBJECT: Discuss and File Report of. Investments, Including Market Values for <br />Investments for the Month Ending November 30, 2013, <br />RECOMMENDATION: Discuss and File <br />FISCAL/MANDATES IMPACT: None <br />DISCUSSION: <br />The average daily portfolio balance for the month of November amounted to $1.6 billion. <br />The annualized yield for the month of November was .421%. The weighted average days <br />to maturity increased 4 days to 268 days. The total net monthly earnings were $572,000. <br />The portfolio has been structured to satisfy the anticipated cash flow needs of the <br />participants. The investment practices and portfolio holdings are in compliance with the <br />investment policy. <br />The portfolio has been managed with the stated objectives of safety, liquidity and earning <br />a competitive rate of return, outlined in the Statement of Investment Policy. In striving to <br />maintain the primary objective, safety of principal, the County portfolio has received a <br />rating of "AAAF by Standard & Poor's (S&P), the highest possible ranking given by the <br />agency. Regarding the secondary objective, maintaining sufficient liquidity to meet cash <br />flow needs, the portfolio is rated "S1+," also the highest ranking given by S&P. In light of <br />the first two objectives, the portfolio has on balance outperformed its benchmarks, <br />satisfying the final objective, that of earning a competitive rate of return. <br />The Ventura County investment fund is a fixed-income, interest -rate -sensitive portfolio <br />with no direct exposure to equities, commodities or global markets. Accordingly, this <br />report will more specifically focus on factors related to U.S. interest rates. <br />Examination of November's transactions, in Exhibit 2, shows that the Investment Work <br />Group re -invested just over $400 MM in November. We made several purchases of 270 - <br />day commercial paper at annualized yields of 31 to 35 basis points, for the purpose of <br />maintaining a continuous flow of maturities during the summer months of 2014. We <br />purchased several small lots of California-based municipal bonds on the secondary <br />800 South Victoria Avenue, Ventura, CA 93009-1290 <br />www,vet)turapropertytax.org <br />