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Investment manager reports strong returns, committee weighs rule on selling securities at a loss
Summary
PMA presented a market and portfolio update showing elevated yields and positive returns for Dodge County; committee members debated whether the county policy should allow selling securities at a realized loss if trades are offset by gains.
PMA portfolio manager Brian provided a market and portfolio update and told the Dodge County Finance Committee the county’s main operating portfolio is “in very good shape and returns have continued to be strong for the county.” He said the portfolio’s yield was 4.29% against a benchmark of 3.94% and that the operating account is a laddered, high‑quality 1‑to‑5 year portfolio with an average duration of about 2½ years.
The report said the county’s ARPA portfolio is being held short for spending needs (roughly 70% cash) and that adding corporates and agency mortgage‑backed securities had produced a modest pickup in yield (the presentation cited about a 35 basis‑point…
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