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CapTrust tells Sun City West board reserve portfolio is 90% fixed income; Q1 up after unrealized losses
Summary
CapTrust reviewed the association’s reserve portfolio, saying the fund is about 90% fixed income, produced a small net investment gain for the quarter and has a $2.3 million near-term cash reserve. CapTrust and the board discussed performance drivers, cash needs and how the portfolio is being managed under FI‑12.
Carol Romney, relationship manager for investment adviser CapTrust, told the Sun City West Governing Board on May 9 that the association’s reserve portfolio is invested about 90% in fixed income and about 10% in equities and that the portfolio produced a positive net investment return through the end of March.
Romney said the portfolio began the quarter at roughly $28.7 million and that net investment return for the quarter was about $647,000, putting the portfolio near $29.0 million. She described the portfolio as managed to the association’s FI‑12 policy and said “the bond aggregate…was up 2.8%,” which drove much of the quarter’s performance.
The CapTrust presentation emphasized drivers of fixed‑income performance: moves in interest rates and credit spreads. Romney told…
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