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Treasurer Milligan reports steady operations, holiday-year yields mixed amid pandemic
Summary
Treasurer Milligan told the State Board of Finance that short-term holdings earned about $808,000 and longer-term holdings earned $8.2 million for the quarter, described portfolio diversification steps and said the office is pursuing a hiring of a senior investment manager and further policy reviews.
Treasurer Milligan delivered the Treasury—s investment report, summarizing how the office navigated market volatility during the COVID-19 pandemic and describing operational steps to diversify investments and adopt consultant recommendations.
Milligan described the Treasury—s short-term portfolio as producing roughly $808,000 in earnings for the quarter and the long-term portfolio earning approximately $8,200,000. He acknowledged that interest-rate changes have depressed yields at the short end and said some funds were moved further out on the curve to pick up small yield improvements where possible.
The Treasurer told the board the office is close to selecting a new senior investment manager to work alongside the current team and that staff are collaborating with consultants and the board to develop a total-return and benchmark model for consideration in August. He praised investment team members by name and credited their work for maintaining operations through the pandemic.
Following the report, the Board moved to accept the Treasurer—s report as presented; the motion carried with the board expressing approval.
