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Treasurer reports $465.5M pooled investments; county investment returns outperformed benchmark
Summary
County Treasurer Patrick Sullivan and Chandler Asset Management reported Sept. 30 pooled-investment performance: portfolio valued at about $465.5 million, yield‑to‑maturity ~4.31%, and 12‑month total return ~4.32%; the board accepted the reports.
County Treasurer-Tax Collector Patrick Sullivan and portfolio manager Carlos from Chandler Asset Management presented the county’s quarterly pooled‑investment reports for the periods ending June 30 and Sept. 30, 2025.
Sullivan told the board the consolidated program was valued at about $465.5 million as of Sept. 30, with a portfolio yield‑to‑maturity near 4.31% and a weighted average duration near 1.8 years. Chandler presented performance metrics showing a 12‑month total return of about 4.32% (beating the benchmark of 3.88%) and an average return since the adviser began in 2021 of about 2.7% annualized versus a benchmark of 2.09%.
Presenters explained the portfolio’s strategy: safety and liquidity first per California Government Code, with a longer-duration approach (around 1–3 years, averaging ~1.7 years) designed to protect current income as market yields fall. They noted that near‑term reinvestments will likely occur at lower yields should federal rates decline, and that income available to the county could ease downward over the next fiscal year.
Supervisor Pyska asked about budgeting impacts; presenters said next‑year impacts should be limited because of the portfolio’s longer duration, although some reduction in earned income is expected if market yields fall. The board voted to accept the June 30 and Sept. 30 reports by motion.
