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Investment manager says Fairfield's portfolio is liquid and earning above state pool
Summary
Andy Robbins of METER presented April market context and a snapshot of Fairfield's $1.2M—1.3M portfolio, saying it is mostly in CDs, yielding roughly 4.5% and positioned to meet near-term cash needs; he recommended staff consider adding funds while rates are modestly higher.
Andy Robbins, the town's investment manager, told the Fairfield Town Council that recent inflation readings and a shift in the yield curve have pushed short-term rates higher, and that the town's portfolio is positioned to benefit.
Robbins said the firm currently manages about $1.2 million to $1.3 million for the town and that roughly 90% of the portfolio is held in certificates of deposit, with a small portion in high‑grade corporate bonds. "From a liquidity standpoint, you're in good shape," Robbins said, adding that the weighted average life of the municipal portfolio is about 1.5 years and the yield is "about a 4.5." He also noted the portfolio had an approximately $7,000 unrealized gain at the time of his presentation.
Why it matters: Robbins framed the update around how Fairfield's holdings compare with the state pool and with short-term market moves: he said the state pool yield is lower (reported at about 3.8%), and that in the current environment the town's allocation to CDs and short-duration assets should earn more than the state pool while remaining liquid. He recommended that council consider adding additional funds to the managed portfolio, saying the timing is "great" to add while yields have risen.
Council members asked technical questions about insurance and liquidity. Robbins confirmed that the chosen CDs are FDIC‑insured and said the firm could provide a snapshot of the slides he presented to staff. "I'll send you a snapshot of the portfolio here and then these other slides on the economy that I went over," he said.
Next steps: Robbins agreed to email the slides to staff for distribution to the council so members can review allocations and consider whether to move additional funds into the town's investment account.
