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Warren County adopts revised investment policy after advisor outlines $336 million portfolio and income outlook
Summary
The Warren County investment advisory committee approved a revised investment policy and received an update from METRE Public Funds showing about $336 million in securities with projected core-portfolio income of roughly $10–13 million over the coming year(s).
Warren County commissioners on Oct. unknown approved a revised county investment policy after a quarterly presentation by the county's external adviser, METRE Public Funds.
The policy vote came after METRE principal Jim McCourt reviewed the county’s core investment portfolio and cash-flow strategy. “We are a registered investment advisor, meaning that we are a fiduciary on behalf of the County,” McCourt told the commissioners, adding that the firm works with more than 260 public entities in Ohio.
The nut of the discussion was the county’s portfolio composition and income expectations. METRE reported about $336,000,000 in securities and roughly $22,000,000 held in STAR Ohio — the state’s local government investment pool — through Sept. 30. The weighted average maturity for the securities was reported at about 2.65 years and the weighted yield to maturity at about 3.6 percent.
McCourt outlined a reinvestment strategy tied to the Treasury/Federal Reserve interest-rate outlook: as…
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