Town hears investment update; Dana Advisors reports portfolio gain and 4.76% yield

Dana Investment Advisors presented the town's annual investment update at the Town of Orange Park council meeting Tuesday night, reporting that the town's portfolio recovered unrealized losses from prior years and ended 2024 with a gain.

Greg Peters of Dana Investment Advisors opened the presentation with firm-level context, saying, "Assets under management at the end of last year were 8,800,000,000.0," and describing recent hires and growth at the firm. Dave Mazza, Dana's portfolio presenter, told the council the town's investment income for 2024 was "about $145,000," and that unrealized losses had turned into unrealized gains of about $91,000. He said the portfolio rose from about $4,900,000 at the start of the period to roughly $5,200,000 at year end, a one-year total return of just over 5 percent.

Mazza said the portfolio's current yield is about 4.76 percent and emphasized the value of broad diversification across maturities and bond types to withstand continued rate uncertainty. He pointed the council to U.S. Treasury yield-curve charts showing a return toward a more normal curve and cautioned the market and the Federal Reserve differed on the likely path of rates.

The presentation highlighted that the town's bonds are being held to maturity and that price volatility experienced when rates rose should abate as the yield curve normalizes. The consultants said they would continue day-to-day management and credited the council's decision to retain an active manager.

Council members did not raise substantive follow-up questions during the presentation. John Villanueva, who was referenced by the consultants as a town contact, was noted as absent from the meeting.