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Albany committee hears quarterly investment report showing 4.65% annual return; no action taken
Summary
PFM Asset Management presented the city's quarterly investment review for the period ending Dec. 31, 2024, reporting a roughly $29.3 million portfolio, a 4.65% one-year return that outperformed the benchmark by 83 basis points, and recommended a bias toward Treasuries; the committee took no formal action.
Justin Nocello of PFM Asset Management presented Albany City's quarterly investment performance review for the period ending Dec. 31, 2024, reporting a managed portfolio balance of about $29.3 million and a one-year portfolio return of 4.65%, which Nocello said outperformed the benchmark by 83 basis points.
The presentation, delivered to the Audit and Fiscal Sustainability standing committee, summarized market themes, noted continuing inflation uncertainty and Fed policy considerations, and described portfolio composition and recent trades. Nocello said the city's strategy had favored shorter-duration, liquid instruments and that, "we have a strong preference for treasuries at this point." He also clarified a correction in…
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