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Tustin subcommittee hears November investment report from Chandler; minutes approved
Summary
At a Jan. 8 subcommittee meeting, members approved the Dec. 11, 2025 minutes and heard Chandler advisor Carl May present the City of Tustin’s November 30, 2025 investment report, which the subcommittee approved by roll call. May reviewed portfolio size, liquidity and recent performance.
Adrian Henson, chair of the subcommittee, opened the Jan. 8 meeting and led approval of the Dec. 11, 2025 minutes before turning the floor to Carl May of Chandler, who presented the City of Tustin’s November 30, 2025 month‑end investment report.
May reviewed national economic indicators and how they affected the city’s portfolio. He noted recent nonfarm payroll releases that showed a large negative print for October followed by a positive November print, said unemployment was reported at 4.6% for November, and cited November inflation readings at about 2.7% (CPI) and 2.8% (core PCE). May also summarized recent Federal Reserve action and said the effective federal funds range was about 3.5%–3.75%.
On city holdings, May said the consolidated reportable market value for the City of Tustin was reported in the presentation as "192,000,000, dollars 653,000"; the transcript phrasing is unclear on punctuation and formatting, but the presenter communicated consolidated holdings with a modified duration of about 1.4, a purchase yield of 4.01% and an average final maturity near 1.56 years. He added that about 49.7% of consolidated holdings were maturing within six months, a liquidity position the presentation described as sufficient to cover at least six months of expected distributions.
May then reviewed Chandler’s 1–5 year strategy portfolio that the firm manages for the city. He reported a Chandler‑managed market value of $108,328,000, a modified duration near 2.5, a purchase yield of 3.94% and a market yield of 3.74%. He highlighted performance metrics for the period ending Nov. 30: a one‑year annualized return of 5.73% and a three‑month rolling return of 1.21%.
After the presentation, May offered to take questions; none were recorded. The subcommittee moved to approve the investment report by motion and roll call; the meeting record shows two 'aye' votes and the motion passed. Earlier in the meeting the panel also approved the Dec. 11 minutes by roll call.
The subcommittee recorded no public comments, had no additional staff or committee remarks, and adjourned at about 5:12 p.m. The next meeting was set for February, date to be determined.
