Carlsbad reports $14 million net portfolio gain, 3.03% yield in second‑quarter review

Carlsbad staff reported that the city’s investment portfolio posted a net increase of $14 million and ended the quarter with a weighted yield of 3.03% during the Investment Review Committee meeting on Jan. 15.

Staff presented a quarter‑by‑quarter summary showing $39,000,000 in maturities, roughly $9,630,000 in calls, a decrease of about $1,400,000 in overnight cash and about 108 investment transactions during the period. The presenter said the quarter included large buy activity; the transcript lists buys as “$64,000,000 60 5 million dollars in buys,” which staff used in its slide deck. The committee was shown par value, market value and book value breakdowns by asset class and a four‑quarter portfolio comparison as of Dec. 31, 2024.

“We ended the quarter with a yield of 3.03%,” staff said, noting a 54 basis‑point increase in yield year over year from December 2023 to December 2024 and that rising interest rates explained the upward movement in yield. The slides presented classifications by investment class (certificates of deposit, corporate notes, federal agency securities, Treasury coupons, supranationals, municipal passthroughs, and pooled cash) with beginning and ending balances at par value.

Committee members did not raise objections during the presentation. Staff identified the next scheduled review as the third‑quarter investment review on May 15, 2025.

The meeting opened with a brief introduction of newly elected City Treasurer Christian Peacocks in his role as Investment Review Committee chair; no committee action was taken on portfolio holdings during this meeting.