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Cochise County treasurer briefs supervisors on conservative $200M-plus investment portfolio, timing risks
Summary
County Treasurer Kathy Trey presented a Feb. 27 portfolio report showing roughly $211 million in current investments (with reporting references to a larger long-term figure), described a conservative, agency-only, buy-and-hold strategy and explained how maturities and call probabilities affect cash flow; supervisors asked questions and no formal votes were taken.
County Treasurer Kathy Trey on Monday presented an investment-portfolio report to the Cochise County Board of Supervisors, walking supervisors through holdings, yields, maturities and a probability model that flags securities likely to be called.
Trey said the county's approach is intentionally conservative: the report, dated Feb. 27, showed $211 million in current investments and an unrealized book-to-market variance of about $500,000. She told the board she prefers a buy-and-hold strategy and that the portfolio has grown since she took office, saying it was about $85 million in 2013 and is now roughly $248 million in long-term holdings over that period.
The presentation was led by an outside strategist, identified in the record as Michael Bell ("from Skiffo" in the transcript), who explained a suite of tabs in the report. He described a "shock analysis" that models extreme market…
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