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County investment managers report hospital fund yields and cautious corporate exposure
Summary
Investment advisers reported Natrona County’s hospital fund totals and portfolio strategy: hospital funds at about $55.8 million, Wyoming Class liquidity accounts paying roughly 3.7%, and a longer‑term PFM portfolio managing duration and moving modestly into corporate credit within a 20% policy cap.
Investment advisers for Natrona County presented a quarter‑end market and portfolio update at the March 4 commission meeting.
Troy, representing Peaks Investment Management and the Wyoming Class pool, said the county’s hospital investment balance is about $55.8 million and that income from that allocation is approximately $2.1 million annually at current yields. Troy said Wyoming Class liquidity accounts the county uses for cash‑flow needs are paying about 3.7% year‑to‑date and longer‑term bond/CD holdings are providing varied returns by term.
Joan Evans of PFM Asset Management reviewed the fixed‑income portfolio that PFM manages for a portion of the hospital funds. Evans said the portfolio is being managed with duration close to the 0–5 year U.S. Treasury benchmark to limit interest‑rate risk, with modest moves into corporate sectors when spreads provide value; the portfolio remains within the county’s policy limit (20% corporate cap). PFM reported modest outperformance versus the benchmark since inception and emphasized liquidity management and credit diversification.
Both advisers said their strategies reflect current market expectations for two potential Fed rate cuts later in the year and emphasized that portfolios are positioned to preserve capital while capturing selective spread opportunities.
Commissioners asked about tariffs, AI‑sector risk and how corporate allocations would be used; advisers said county pools are in relatively conservative positions and the two advisers’ portfolios were designed to complement each other—one focusing on corporates for return and the other on treasuries/agencies for core liquidity.
No action was taken; advisers said they will report back at future quarterly reviews.
