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Treasurer and Chandler report stronger yields as portfolio tops $483 million
Summary
Treasurer and Chandler Asset Management told supervisors the county’s pooled portfolio stood at $483.1 million at quarter‑end with a program‑wide yield of about 4.19%, and that recent market moves mean new investments will capture higher yields; board accepted the March 31, 2026 reports.
The Lake County Board of Supervisors accepted the county treasurer’s March 31, 2026 quarterly investment report on May 19 after a presentation by Chandler Asset Management. Analyst Carlos Opus told the board the county’s investment program totaled about $483.1 million and that the program‑wide yield was roughly 4.19% as of March 31. Opus said higher market interest rates pose short‑term valuation pressure but produce higher yields for reinvestment going forward.
Opus explained that the portfolio’s strategy is to maintain average maturities roughly one to three years and to prioritize high credit quality and liquidity. He said Treasury securities represented a large portion of the holdings, with high‑quality corporates and federal agency securities also present. The report noted the county was in a period of property‑tax receipts (increasing cash to invest) and remains compliant with the county’s investment policy and California Government Code limits.
Treasurer/Tax Collector staff explained that the portfolio’s yield and structure enable the county to pursue grant and infrastructure opportunities, while emphasizing monitoring geopolitical and inflation-related risks that could affect bond yields. The board had no substantive objections and voted to accept both the March 31 and December 31 reports; the motion carried 5‑0.
The presentation highlighted the county’s ability to liquidate holdings quickly if needed and described the short‑term outlook as “watchful but constructive,” with higher reinvestment yields offsetting temporary paper‑value declines when interest rates move higher.
