HomeMy WebLinkAbout09 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCYAgenda Item 9
• Reviewed:
".. AGENDA REPORT City Manager
Finance Director
MEETING DATE: NOVEMBER 6, 2018
TO: JEFFREY C. PARKER, CITY MANAGER
FROM: JOHN A. BUCHANAN, FINANCE DIRECTOR
JENNY LEISZ, DEPUTY DIRECTOR - FINANCIAL SERVICES
SUBJECT: QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE
SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY
SUMMARY:
Government Code Section 53646 requires that the Treasurer submit an Investment Report to the
City Council at least quarterly showing balances by authorized investment and certifying its
compliance with the adopted Investment Policy.
RECOMMENDATION:
Receive and file.
FISCAL IMPACT:
None.
CORRELATION TO THE STRATEGIC PLAN:
Correlates with the City's Strategic Plan Goal C: Financial Strength, Item 3. This Investment Report
provides evidence of the City's commitment to ensuring that investments are in compliance with the
adopted Investment Policy.
DISCUSSION:
In compliance with Government Code Section 53646, the attached Investment Report reporting cash
and investments for the City of Tustin and the Successor Agency for the Tustin Community
Redevelopment Agency for the quarter ending September 30, 2018 is rendered.
The City's total cash and investments as of September 30, 2018 were $222.8 million, a decrease of
$14.2 million from June 30, 2018 total cash and investments of $237 million. The decrease in cash
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Page 2 of 3
and investments of $14.2 million is primarily due to the following significant outflows plus substantial
outflows for various budgeted construction projects:
• $3 million - prepayment to CalPERS for annual required employer contributions, reducing
the unfunded accrued liabilities for the Miscellaneous and Safety Plans
• $2.9 million - debt service payment for the Successor Agency Tax Allocation Refunding
Bonds, Series 2016
• $2 million - payment to Orange County Fire Authority for 1 st quarter fiscal year 2019 contract
fire services
$1.8 million - payment to Orange County Water District for water basin replenishment for
January - June 2018
The weighted average portfolio yield as of September 30, 2018 was 2.02%, 7 basis points higher
than the weighted average portfolio yield of 1.95% as of June 30, 2018. The primary reason for the
slight increase in the weighted average portfolio yield is due to the continuing rise in California Asset
Management Program (CAMP) rates from 2.05% in June 2018 to 2.14% in September 2018. Also
contributing to the increase in overall earnings, were $7.5 million in maturities of investments that
were earning less than 1.5%, which were reinvested in new higher earning investments in corporate
bonds, negotiable certificates of deposit, and municipal securities with yields from 2.4% to 3.4%.
The weighted average days to maturity were 602 days as of September 30, 2018, a minor decrease
from 603 days as of June 30, 2018. .
In June 2018, $6.6 million was contributed to the Public Agency Retirement Services (PARS) trust
to fund outstanding pension and other post -employment benefits (OPEB) liabilities. A new statement
and quarterly report are attached showing the balances as of September 30, 2018 and the
performance of the trust for the 2nd quarter of calendar year 2018. The trust increased from the initial
deposit of $6.6 million to $6.8 million at September 30, 2018, an increase of $0.2 million. Investment
return for the last quarter ending September 30, 2018, was 2.52%.
The investment portfolio is currently laddered to reflect the projected cash flow needs of the City for
the completion of various capital projects primarily within the Legacy and for funding of the new Tustin
Unified School District school building project. In addition, the portfolio is more liquid than would
normally be managed to allow for possible additional outflows within the next year related to
unfunded liabilities for pension and other post -employment benefits.
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Page 3 of 3
nny Leisz rohn . Buchanan
Deputy Director - Financial Services inance Director
Attachments: September 30, 2018 Quarterly Investment Report
PARS Trust Statement as of September 30, 2018
PARS Moderate Fact Sheet Q2 2018
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CITY OF TUSTIN G�� �.�A
Monthly Investment Report
September 30,2018 •
&sTs
Footnotes
(1) DESCRIPTION-LIMITS reflects the various authorized investments as documented in the most current adopted
investment policy and the allowable percentage of total portfolio per investment type.
(2) FACE AMOUNT/SHARES is the full value of the security before any discount or premium is paid at purchase.
(3) CREDIT RATING is the highest ratings from Standards&Poor's,Moody's or IDC Publishing Inc for bank ratings. IDC ratings are 1(lowest)to 300(highest).
(4) COST VALUE+ACCRUED INTEREST is the original amount paid,including premiums/discounts,and purchased accrued interest.
Amortization of discount/premium booked annually or when investment is sold/called/or matures.
(5) MARKET VALUE is the price at which similar securities are currently trading. Current market values are provided by
Bank of America and the State Treasurer's Office on all securities or deposits held in safekeeping for the City and the Successor Agency
for the Tustin Community Redevelopment Agency. Market value differences are only booked at year end.
(6)EARNINGS ALLOWANCE on compensating bank balances to offset bank activity charges. Allowance is included in the
Average Yield calculation.The cash balances include amounts"swept"from account for overnight investments.
(7)ORANGE COUNTY INVESTMENT POOL rating is AAAm.Orange County Treasury Extended Fund is not rated by sponsor's choice.
(8) Investments and earnings on monies held by fiscal agents generally are limited as to type and yield by the bond documents.
Certifications
We certify that this report reflects all City of Tustin and the Successor Agency for the Tustin Community Redevelopment Agency(SATCRA)pooled investments.
The investments represented in this report are in conformity with the current adopted investment policy of the City of Tustin. The market values represented in
this report are provided by the Custodian Bank and Trustees currently holding securities for the City of Tustin and SATCRA.
The investment program herein shown provides sufficient cash flow liquidity to meet the next twelve(12)months estimated expenditures.
This statement is prepared in conformance with Section 53646 of the Government Code.
Robert Ammann,Chair Jef'rey P. ker,City Manager/Treasurer
City of Tustin Audit Commission y. s.in
Page 7 of 17
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PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OF TUSTIN
PARS Post -Employment Benefits Trust
Jeffrey Parker
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Report for the Period
9/1/2018 to 9/30/2018
Investment Selection
Source
OPEB City of Tustin - OPEB
PENSION City of Tustin - Pension
Investment Objective
Source
Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected
OPEB that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally
important. The portfolio will be allocated between equity and fixed income investments.
Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected
PENSION that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally
important. The portfolio will be allocated between equity and fixed income investments.
Investment Return
Annualized Return
Source 1 -Month 3 -Months 1 -Year 3 -Years 5 -Years 10 -Years Plan's Inception Date
OPER -0.33% 2.52% 6/26/2018
PENSION -0.33% 2.52% 6/26/2018
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Account balances are inclusive of Tmst Administration, Trustee and Investment Management fees
Headquarters -4350 Von Korman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org
Account Sunrmalj,
Beginning Balance as
Ending
of
Balance as of
Source
9/1/2018
Contributions Earnings
Expenses
Distributions
Transfers
9/30/2018
OPEB
$1,031,296.33
$0.00 -$3,355.78
$464.78
$0.00
$0.00
$1,027,475.77
PENSION
$5,752,747.57
$0.00 -$18,709.47
$2,593.17
$0.00
$0.00
$5,731,444.93
Totals
$6,784,043.90
$0.00 422,065.25
$3,057.95
$0.00
$0.00
$6,758,920.70
Investment Selection
Source
OPEB City of Tustin - OPEB
PENSION City of Tustin - Pension
Investment Objective
Source
Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected
OPEB that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally
important. The portfolio will be allocated between equity and fixed income investments.
Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected
PENSION that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally
important. The portfolio will be allocated between equity and fixed income investments.
Investment Return
Annualized Return
Source 1 -Month 3 -Months 1 -Year 3 -Years 5 -Years 10 -Years Plan's Inception Date
OPER -0.33% 2.52% 6/26/2018
PENSION -0.33% 2.52% 6/26/2018
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Account balances are inclusive of Tmst Administration, Trustee and Investment Management fees
Headquarters -4350 Von Korman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org
AHIGHMARKOZ
CAPITAL MANAGEMENT
WHY THE PARS DIVERSIFIED
INVESTMENT OBJECTIVE
Efficient Frontier
MODERATE PORTFOLIO?
To provide growth of principal
Comprehensive Investment Solution
E
and income. It is expected that
Capital Appreciation
HighMark® Capital Management, Inc.'s (HighMark)
dividend and interest income will o
Balanced
diversified investment portfolios are designed to
comprise a significant portion of
Moderate
balance return expectations with risk tolerance.
total return, although growth
Moderately Conservative
Key features include: sophisticated asset allocation
through capital appreciation is
and optimization techniques, four layers of
equally important. W
Conservative
diversification (asset class, style, manager, and
Risk (Standard Deviation)
security), access to rigorously screened, top tier
ASSET ALLOCATION - MODERATE
PORTFOLIO
money managers, flexible investment options, and
Strategic Range
Policy Tactical
experienced investment management.
Equity 40-60%
50% 51%
Fixed Income 40-60%
45% 46%-
Rigorous Manager Due Diligence
Our manager review committee utilizes a rigorous
Cash 0-20%
5% 3%
screening process that searches for investment
ANNUALIZED TOTAL RETURNS
(Gross of Investment Management Fees, but
managers and styles that have not only produced
Net of Embedded Fund Fees)
above-average returns within acceptable risk
HighMark Plus (Active)
Index Plus (Passive)
parameters, but have the resources and commitment
Current Quarter" 1.01%
Current Quarter'
1.13%
to continue to deliver these results. We have set high
Blended Benchmark- 1.45%
Blended Benchmark-
1.45%
standards for our investment managers and funds.
Year To Date 0.27%
Year To Date
0.09%
This is a highly specialized, time consuming
Blended Benchmark 0.60%
Blended Benchmark
0.60°o
approach dedicated to one goal: competitive and
consistent performance.
1 Year 6.42°i°
1 Year
5.77%
Blended Benchmark 6.40%
Blended Benchmark
6.40%
Flexible Investment Options
3 Year 5.82%
3 Year
5.56%
In order to meet the unique needs of our clients,
Blended Benchmark 5.96%
Blended Benchmark
5.96%
we offer access to flexible implementation strategies:
5 Year 6.59%
5 Year
6.36%
HighMark Plus utilizes actively managed mutual
Blended Benchmark 6.84%
Blended Benchmark
6.84%
funds while Index Plus utilizes index -based
10 Year 6.02%
10 Year
5.98%
securities, including exchange -traded funds. Both
11
Blended Benchmark 6.18%
Blended Benchmark
6.18%
investment options leverage HighMark's active asset
Returns less than 1-yearare notannualized.-Breakdown for Blended Benchmark: 26.5%S&P500,5% Russell Mid Cap, 7.5%
allocation approach,
PP
Russell 2000,3.25% MSCI EM FREE, 6% MSCI EAFE, 33.50%BC
US Agg, 10% ML 1-3 Yr US Corp/Gov't, 1.50%US High Yield
Master II, 1.75% Wilshire REIT, and 5% Citi 1 Mth T -Bill. Prior to October 2012, the blended benchmarks were 43% S&P 500; 2%
Russell 2000, 5 % MSCI EAFE, 15% ML 1-3 Year Corp./Govt, 30% BC Agg, 5% Citill Mth T -Bill. Prior to April 2007, the blended
benchmarks were 50% S&P 500,15% ML 1-3Yr Carp/Gov,
30% BC Agg, and 5% Citi 1 Mth T -Bill.
Risk Management
The portfolio is constructed to control risk through
ANNUAL RETURNS
four layers of diversification - asset classes (cash,
HighMark Plus (Active)
Index Plus (Passive)
fixed income, equity), investment styles (large cap,
2008 -22.88%
2008
-18.14%
small cap, international, value, growth), managers
2009 21.47%
2009
16.05%
and securities. Disciplined mutual fund selection and
2010 12.42%
2010
11.77%
monitoring process helps to drive return potential
2011 0.55%
2011
2.29%
while reducing portfolio risk.
2012 12.25%
2012
10.91%'
2013 13.06%
2013
12.79%
2014 4.84%
2014
5.72%'
2015 0.14%
2015
-0.52%
2016 6.44%
2016
7.23%
2017 13.19%
2017
11.59%
PORTFOLIO FACTS
HighMark Plus (Active)
Index Plus (Passive)
Inception Data 10/2004
Inception Data
05/2006
No of Funds in Portfolio 18
No of Funds in Portfolio
12
HOLDINGS
HighMark Plus (Active)
Columbia Contrarian Core Z
Vanguard Growth & Income Adm
Dodge & Cox Stock Fund
Harbor Capital Appreciation
T. Rowe Price Growth Stock
iShares Russell Mid -Cap ETF
Vanguard REIT ETF
Undiscovered Managers Behavioral Value
T. Rowe Price New Horizons
Nationwide Bailard International Equities
Dodge & Cox International Stock
MFS International Growth I
Hartford Schroders Emerging Markets Eq
Vanguard Short -Term Invest -Grade Adm
PIMCO Total Return
Prudential Total Return
Doublel-ine Core Fixed Income
First American Government Obligations Z
STYLE
Intl Stock:
12.1
Mid Cal
3.6
Large Cap Growth
4.7
Large Cap
14.2
Index Plus (Passive)
iShares Core S&P 500 ETF
iShares S&P 500/Value
iShares S&P 500/Growth
iShares Russell Mid -Cap ETF
Vanguard REIT ETF
iShares Russell 2000 Value
iShares Russell 2000 Growth
iShares MSCI EAFE
Vanguard FTSE Emerging Markets ETF
Vanguard Short -Term Invest -Grade Adm
iShares Core U.S. Aggregate
First American Government Obligations Z
Holdings are subject to change at the
discretion of the investment manager.
Real Estate
enc Can \/aluc 1 Ao%
` Short -Term Bond
7.8
Interm-Term Bond
38.3
The performance records shown represent size -weighted composites of tax exempt accounts that meet the following criteria:
Composites are managed by HighMark's HighMark Capital Advisors (HCA) with full investment authority according to the
PARS Moderate active and passive objectives and do not have equity concentration of 25% or more in one common stock
security.
The adviser to the PARS portfolios is US Bank, and HighMark serves as sub -adviser to US Bank to manage these portfolios.
US Bank may charge clients as much as 0.60% annual management fee based on a sliding scale. As of June 30, 2018, the
blended rate is 0.58%. US Bank pays HighMark 60% of the annual management fee for assets sub -advised by HighMark
under its sub -advisory agreement with US Bank. The 36 basis points paid to HighMark, as well as other expenses that may
be incurred in the management of the portfolio, will reduce the portfolio returns. Assuming an investment for five years, a 5
annual total return, and an annual sub -advisory fee rate of 0.36% deducted from the assets at market at the end of each year,
a 10 million initial value would grow to $12.54 million after fees (Net -of -Fees) and $12.76 million before fees (Gross -of -Fees).
Gross returns are presented before management and custodial fees but after all trading expenses and reflect the
reinvestment of dividends and other income. Client's return will be reduced by the advisory fees and other expenses it may
incur as a client. Additional information regarding the firm's policies and procedures for calculating and revortinq performance
sisZ
Its are c
or taxes
m was changed from $750,000 minimum to no
and do not reflect the deduction of investment
expenses. Returns are calculated based on trade -
Blended benchmarks represent HighMark's strategic allocations between equity, fixed income, and cash and are rebalanced
monthly. Benchmark returns do not reflect the deduction of advisory fees or other expenses of investing but assumes the
reinvestment of dividends and other earnings. An investor cannot invest directly in an index. The unmanaged S&P 500 Index
is representative of the performance of large companies in the U.S. stock market. The MSCI EAFE Index is a free float -
adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and
Canada. The MSCI Emerging Markets Free Index is a free float -adjusted market capitalization index that is designed to
measure equity market performance in the global emerging markets. The Russell Midcap Index measures the performance of
the mid -cap segment of the U.S. equity universe. The Russell 2000 Index measures the performance of the small -cap
segment of the U.S. equity universe. The US High Yield Master II Index tracks the performance of below investment grade
U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Wilshire REIT index measures U.S.
publicly traded Real Estate Investment Trusts. The unmanaged Bloomberg Barclays Capital (BC) U.S. Aggregate Bond Index
is generally representative of the U.S. taxable bond market as a whole. The Merrill Lynch (ML) 1-3 Year U.S. Corporate &
Government Index tracks the bond performance of The ML U.S. Corporate & Government Index, with a remaining term to
final maturity less than 3 years. The unmanaged Citigroup 1 -Month Treasury Bill Index tracks the yield of the 1 -month U.S.
Treasury Bill.
HighMark Capital Management, Inc. (HighMark), an SEC -registered investment adviser, is a wholly owned subsidiary of
MUFG Union Bank, N.A. (MUB). HighMark manages institutional separate account portfolios for a wide variety of for-profit
and nonprofit organizations, public agencies, and public and private retirement plans. MUB, a subsidiary of MUFG Americas
Holdings Corporation, provides certain services to HighMark and is compensated for these services. Past performance does
not guarantee future results. Individual account management and construction will vary depending on each client's
investment needs and objectives. Investments employing HighMark strategies are NOT Insured by the FDIC or by any
other Federal Government Agency, are NOT Bank deposits, are NOT guaranteed by the Bank or any Bank affiliate,
and MAY lose value, including possible loss of principal.