Palm Beach County’s investment portfolio
$2.3 billion at end of 2006
By Felicia Landerman
As of December 31, 2006, Palm Beach County’s consolidated investment portfolio, managed by the Clerk & Comptroller, was $2.3 billion and the overall book yield was 5 percent. This exceeded the Investment Policy Committee’s benchmark, which is the 48 month moving average of the two-year Constant Maturity Treasury Index yield of 3.18 percent.
During the first quarter, the portfolio grew by $472 million, mainly due to an inflow of $712 million in property tax receipts. The portfolio yield rose to 5 percent, and investment income earned totaled $23.3 million. During the period, the Clerk & Comptroller continued to pursue strategies to further spread out investment risk and prepared for a potential peak in interest rates.
As in the past, the goal is to position the portfolio well so that risks are minimized regardless of where interest rates ultimately move during the fiscal year.
Felicia Landerman, who holds a Master’s Degree in Business Administration and a Series 7 Securities License, is a Certified Treasury Professional and the Investment Manager for the Clerk & Comptroller.
Allocation as of December 31, 2006
 |
State Pool |
393,880,654 |
Corporates |
70,398,000 |
Govt ARM |
153,325,686 |
Treasuries |
30,000,000 |
GSE MBS |
276,033,432 |
SBA |
21,331,397 |
GSE Debt |
76,035,000 |
GSE ARM |
379,544,591 |
Govt CMO |
116,203,933 |
GSE Call |
370,000,000 |
GSE CMO |
222,871,677 |
GSE PLN |
203,493,764 |
Govt MBS |
1,822,757 |
Total Portfolio $2,314,940,891