|
TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Bill Greene, Chief Financial Officer |
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PRESENTER(S): |
Troy Bingham, Comptroller |
TITLE:
title
Investment Report - Third Quarter 2022
end
AGENDA ITEM TYPE:
Report
RECOMMENDATION:
Informational report for discussion
BACKGROUND:
The Board of Trustees Policy No. 2.1, Financial Management, authorizes the Treasurer to manage the investment of all non-retirement Authority funds in compliance with applicable laws and requires the Chief Financial Officer to prepare and present to the Board a summary of investments, investment activity, and investment performance compared to benchmarks as soon as practical after the end of each calendar quarter. The investment report has been prepared in accordance with the Financial Management Policy and is being presented to the Board.
DISCUSSION:
As of September 30, 2022, the benchmark return (3 Month T-Bill) was 2.88%. Investment returns at the State of Utah’s Public Treasurer’s Investment Fund (PTIF) (2.12%), Zions Corporate Trust (2.12%), and Chandler Asset Management (1.468%) did not exceed the benchmark return. Investment returns in the overnight account at Zions Bank (2.317%) were also below the benchmark return, but the overnight sweeps account is still outperforming all other investments at UTA.
The blended portfolio return rate of 1.967% did not exceeded the benchmark rate due to the rapidly increasing interest rate environment we are currently experiencing.
All investments are in accordance with the State Money Management Act.
ALTERNATIVES:
N/A
FISCAL IMPACT:
N/A
ATTACHMENTS:
Third Quarter 2022 Investment Report