Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Investments topic
No spam. Unsubscribe anytime.
Sawgrass and SSI report recent gains; managers say cautious positioning amid rate and geopolitical risks
Summary
Sawgrass told trustees the plan’s portfolio earned about $1.5 million since last presentation and had a 1-year net return near 5.17%; SSI reported a 3.42% net return through March 31 and a strong April-to-date gain, and both managers described cautious positioning given recent geopolitical and interest-rate volatility.
Fund managers from Sawgrass Asset Management and SSI Investment Management gave back-to-back 15-minute updates at the Sarasota Police Officers Pension Plan Board meeting on April 23.
David Siegel, portfolio manager at Sawgrass, said the plan earned “about a little over $1,500,000” since the last presentation and that the one-year net return was roughly 5.17%, outperforming the benchmark by about 80 basis points. He reported a five-year gain of a little over $2,000,000 — noting that the 2022 interest-rate shock produced a negative period that is included in the multi-year figure — and said the portfolio’s yield to maturity at the end of March was about 4.69%. Siegel told trustees the firm is taking a cautious, high-quality approach and opportunistically increasing corporate bond exposure where spreads offer value, while remaining mindful of elevated risk from recent geopolitical events.
Michael Opry, portfolio manager at SSI Investment Management, reviewed the convertibles portfolio and said the fund returned 3.42% net through March 31, slightly below its benchmark at 3.72%, but with a strong one-year net gain of about 28.8% versus 25% for the benchmark. Opry noted that April-to-date performance through the Monday of the presentation was particularly strong — he cited a roughly 10.4% gain for the month so far — and described sector positioning that includes overweights to technology and industrials and selective energy exposure as diversifiers during volatility.
Trustees did not request substantive changes or immediate action following the presentations; the reports were received for information. Board members thanked the presenters and moved on to other agenda items.
