HomeMy WebLinkAboutSS2 - Investment Advisors1 CHAND.
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Asset Management, Inc.
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INVESTMENT REPORT
CITY OF
NEWPORT BEACH
PERIOD ENDING
June 30, 2000
July 24, 2000
9255 Towne Centre Drive • Suite 350 • San Diego • CA 92121 - 3039.800.317.4747. 858.5463737 • FAX 858.546.3741
WHEREAS, the City Council is authorized and directed by statute to submit the proposed
charter amendment to the voters.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. That pursuant to Article XI of the Constitution and Title 4, Division 2,
Chapter 3 of the Government Code and Division 9, Chapter 3, Article 3 (commencing at §9255)
of the Election Code of the State of California, there is called and ordered to be held in the City
of Newport Beach, California, on Tuesday, November 7, 2000, a General Municipal Election for
the purpose of submitting the following proposed charter amendment:
CHAR
Shall the Charter be amended to add Section 423 to require voter I YES
approval of any amendment or repeal of certain provisions of the -------------------
Traffic Phasing Ordinance?
NO
SECTION 2. That the text of the charter amendment submitted to the voters is attached
as Exhibit A.
SECTION 3. That the ballots to be used at the election shall be in form and content as
required by law.
SECTION 4. That the City Clerk is authorized, instructed and directed to procure and
finish any and all official ballots, notices, printed matter and all supplies, equipment and
paraphernalia that may be necessary in order to properly and lawfidly conduct the election.
SECTION 5. That the polls shall be open at seven o'clock a.m. of the day of the election
and shall remain open continuously from that time until eight o'clock p.m. of the same day when
CHANDLER
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INVESTMENT OBJECTIVES
CHANDLER
City of Newport Beach
1 Investment Objectives
1 The investment objectives of the City of Newport Beach are first, to provide safety of
principal to ensure the preservation of capital in the overall portfolio; second, to provide
adequate liquidity to meet all requirements which might be reasonably anticipated, and
third, to earn a commensurate rate of return.
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Chandler Asset Management
Performance Objectives
1
The performance objective of Newport Beach is to earn a return that exceeds the
1 return on the 90-day Treasury Bill by 1.0% (100 basis points).
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Strategy
In order to achieve this objective, the fund invests in high quality money market
instruments, short term government notes, and high quality corporate medium notes.
City of Newport Beach
CHANDLER
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1 II.
1 MARKET REVIEW
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CHANDLER
580
480
380
280
180
8o
_20
MARKET REVIEW
Nonfarm Payroll (NFP)
(000'x)
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
8.0%
7.0%
6.0%
5.0 °,b
4.0%
3.0%
2.0%
1.0%
0.0%
Consumer Price Index (CPI)
(Year over Year)
Gross Domestic Product (GDP)
Employment growth has recently slowed, but
is expected to average near the 200K level,
which is consistent with GDP growth of 3 %.
The recent moderation in job creation,
coupled with weaker consumer puchases and
lower consumer confidence suggest that the
economy's growth may slow to a more
stable, non- inflationary pace.
The Federal Reserve, whose primary mandate
is to provide long -term price stability, has been
fighting a pre - emptive war against inflation by
raising the overnight lending rate by 1.75% to
6.50 %. Despite these actions, CPI continues its
march upwards hovering near 3% from
historically low levels. However, unless oil
prices were to remain high and extremely tight
labor markets were to prevail, CPI would not be
expected to reach or maintain a level as high
as 3.5%
Even though GDP growth has slowed from
Q4'99's blistering pace of 7.3 %, the most
recent observation of 5.5% (Q1 '00) is well
above the Federal Reserve's "central
tendency" range of 3 1/2 to 3 314 %. Given
the Fed's rate increases described above,
growth is expected to moderate toward that
"central tendency" range during the second
half of the year.
CHANDLER
7.00
6.50
6.00
5.50
5.00
4.50
4.00
3.50
3.00
7.00%
6.50%
6.00%
5.50%
5.00%
4.50%
YIELDS ON TWO YEAR TREASURY NOTE
June 1998 through June 2000
Since 6/99, 2 -year Treasury
Note yields have steadily risen
due to increases in the Fed
Funds rate, or overnight lending
rate, totalling 1.75% .
Q.'°' cP`�� �s° �.a'�.� � °'`t tf' p0 Q V 0 01
YIELD CURVES
June 30, 2000 and March 31, 2000
03/31/2000
06/30/200
.512 5
10
%
3/31/2000
6/30/2000
Change
1 Year
6.239
6.062
0.177
2 Year
6.483
6.358
0.125
5 Year
6.320
6.179
0.141
10 Year
6.015
6.023
(0.008)
30 Year
5.837
5.896
(0.059)
We
Althought the inverted yield
curve persists (securities with
shorter maturities provide
higher yields than longer
securities), yields on Treasury
securities with maturities of 5
years and less have fallen. This
decline has been driven by
investors who believe that
economic growth moderation
will lead to less Federal
Reserve intervention, and thus
lower market interest rates.
CHAND
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PORTFOLIO INSIGHT
CHANDLER
COMPLIANCE WITH INVESTMENT POLICY
City of Newport Beach
June 30, 2000
Assets managed by Chandler Asset Management are in full
compliance with State law and with the City's investment policy.
Category
Standard
Comment
Treasury/agency issues
No Limit
Complies
Banker's Acceptances
Al /P1; < =30 %;270 days
Complies
Commercial Paper
A1/P1; < =15 %; < =10% per issuer
Complies
Repurchase Agreements
< =30 days
Complies
Rev. Repo Agreements
< =30 days; < =10%
Complies
Negotiable CDs
30 %; All /P1; 1 year; < =10% per
issuer
Complies
Time CDs
Collateralized /insured
Complies
Medium Term Notes
30%
Complies
Mortgage Pass Thrus
20% combined with asset - backed
Complies
Asset - backed securities
AAA; < =5 years; 20% combined
with mort a ass- hrus
Complies
LAIF
Not used by outside adviser.
Complies
OCIP; LA County Pool
Not used by outside adviser.
Complies
Inverse floaters, range notes
Prohibited
Complies
Interest only strips
Prohibited
Complies
Zero interest accruals
Prohibited
Complies
Maximum maturity
5 years
lComplies
CHANDLER
PORTFOLIO CHARACTERISTICS
613012000 313112000
Average Maturity (yrs)
1.74
1.82
Modified Duration
1.55
1.62
Average Book Yield
6.27%
6.03%
Average Quality
AAA
AAA
Total Book Value
$16,213,902
$14,084,722
Total Market Value
$16,354,740
$14,084,651
PORTFOLIO ACTIVITY
I
We have allowed duration temporarily to drift lower than the benchmark
duration. Portfolio yield is rising gradually as maturing securities are
reinvested in a higher interest rate environment.
The City contributed a total of $2 million to the portfolio in mid -May.
II
' City of Newport Beach
' CHANDLER
SECTOR DISTRIBUTION
' June 30, 2000
1
' Agency
44 °h
Corporate
24%
' Treasury Cash Equiv
19% 13%
March 31, 2000
' Agency
43%
4 nG�i
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d
' y P
Cor orate
28%
1
' Treasury
19% Cash Equiv
10%
' City of Newport Beach
' CHANDLER
DURATION DISTRIBUTION
6/30/00 vs. 3/31/00
'
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30%
25%
b
' 20%
15%
5%--
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P
_ -
0%
0.0 -0.5
0.5 -1.0 1.0 -2.0 2.0 -3.0 3.0 -5.0
■ 6/30/2000 03/31/2000
1
0.0 -0.5 0.5 -1.0 1.0 -2.0 2.0 -3.0 3.0 -5.0
' 6/30/2000
22% 18% 19% 22% 19°x6
3/31/2000
19% 16% 29% 13% 23%
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' City of Newport Beach
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IV.
INVESTMENT PERFORMANCE
' CHANDLER
INVESTMENT PERFORMANCE
Periods Ending
June 30, 2000
Total Rate of Return
Annualized Since Inception
3/31/91
■ Portfolio 0 1 -3 yr Treasury 3 Month T -Bill
'
Latest
3 Months 12 Months
Annualized
Since Inception
'
Portfolio
1.79% 5.17%
6.19%
1 -3 yr Treasury
1.72% 4.91%
6.15%
1
3 Month T -Bill
1.52% 5.19%
4.93%
City of Newport Beach
1 CHAND
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