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County hears market update as advisers outline portfolio mix, past losses and liquidity
Summary
PFM Asset Management and Peaks Investment Management briefed the commissioners on the countyportfolio: roughly $51Mmanaged by PFM plus $6M liquid in Wyoming Government Investment Fund; portfolio returned 1.42% in Q2 versus a 1.28% benchmark and holds newly permitted corporate notes after a policy change.
PFM Asset Management and Peaks Investment Management presented the Natrona County Board of Commissioners with a second-quarter market and portfolio review, focusing on uncertainty in labor markets, tariff-driven price effects and the countyportfoliomix.
Joan Evans, director with PFM Asset Management in Cheyenne, told the board the market theme for the quarter was —uncertainty,— pointing to weaker hiring rates, tariff revenues that rose sharply year-over-year and recent Federal Reserve policy moves. Evans said the county packet covers results through June 30, 2025, and that the Fed remained —on hold— for most of 2024 before tightening and then cutting the overnight rate to a 4.0024.25 percent range in September, citing labor-market risk.
Evans described the countyportfoliopositioning:…
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