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Investment manager: portfolio up about 12% year-to-date; $1M SpaceX bond added to fixed income sleeve
Summary
The county’s investment manager reported strong performance through June (about a 12% total return as of the most recent valuation), described asset allocation tilts toward equities and technology/AI themes, and noted a $1,000,000 purchase of SpaceX corporate bonds yielding roughly 5.8% over 10 years.
David, the investment presenter, told the committee the plan’s total return through the most recent Tuesday valuation was about 12% and that assets had appreciated in dollar terms by roughly $17 million year‑to‑date. He described a portfolio tilt toward equities (technology/AI themes) with an eye to keeping the fund’s long‑term return near the 7% policy target.
On the fixed‑income side David said the manager purchased a $1,000,000 SpaceX bond and noted it pays about 5.8% over a 10‑year term; he emphasized this was a bond purchase, not an equity investment. David flagged macro risks—including recent increases in energy prices and Fed policy uncertainty—that could affect results between now and year‑end.
