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Tustin Investment Subcommittee unanimously approves January 2026 investment report after Chandler briefing
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Summary
The Tustin City Investment Subcommittee voted Feb. 19 to approve the Jan. 31, 2026 investment report after a presentation by Carl Bang of Chandler Asset Management outlining $250.9 million in consolidated assets, portfolio yields and recent performance.
The Tustin City Investment Subcommittee voted unanimously Feb. 19 to approve the Jan. 31, 2026 investment report following a presentation by Carl Bang of Chandler Asset Management.
Bang told the committee the city held $250,861,000 in consolidated financial assets as of Jan. 31, 2026, with an aggregate modified duration of 1.33, a purchase yield of 3.83% and an average final maturity of about 1.47 years. He said holdings maturing in less than six months had increased to 52.7% and that the city maintained sufficient liquidity to cover roughly six months of expected disbursements.
The presentation framed those local figures against national economic data. Bang cited January nonfarm payrolls rising by 130,000 jobs versus an expected roughly 65,000 and said the unemployment rate ticked down to 4.3% in January. He said inflation gauges remained relatively benign (with CPI and PCE below 3%) and noted the Federal Reserve left the funds rate at 3.50%–3.75% in January. "It's kind of a coin toss right now," Bang said when asked about the likely outcome of an imminent Supreme Court ruling on tariffs and its market implications.
Bang provided performance details for the Chandler-managed short-term 1–5 year bond strategy used in portions of the portfolio, reporting a market value of $133,818,000 as of Jan. 31, a three-month total return of 0.95% and a one-year annualized return of 5.7% that outperformed the benchmark.
The presentation included a compliance note: Chandler reported the portfolio was in full compliance with the California Government Code and the city's investment policy. Committee members asked about possible effects of a Supreme Court decision on tariffs; Bang said a court finding against tariffs would likely leave refunding and implementation questions to lower courts and could prompt additional executive or administrative responses, but he described the outcome as uncertain.
Earlier in the meeting the subcommittee approved the minutes from its Jan. 8 meeting by unanimous vote. After the Chandler presentation a member moved and a member seconded approval of the Jan. 2026 investment report; committee members recorded "aye" votes and the motion passed unanimously.
The chair solicited staff comments (none were offered), thanked the presenter and adjourned the meeting. The next Investment Subcommittee meeting is scheduled for March 26 at 5 p.m.
