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Treasurer's office reports $90 million in distributed interest for quarter ended Sept. 30, 2023
Summary
Deputy Treasurer of Investments Steven Hale reported $90 million in distributed interest for the quarter ending Sept. 30, 2023, discussed portfolio yields and asset-weighted maturity strategy, and noted a correction to Buckhead performance figures; the Board approved the quarterly investment report unanimously.
Deputy Treasurer of Investments Steven Hale presented the State Treasurer’s quarterly investment report for the quarter ended Sept. 30, 2023, telling the Board the office distributed about $90 million in interest during that quarter — roughly 41% of what the office distributed in the prior full year.
Hale reviewed portfolio yield metrics: the Local Government Investment Pool (LGIP) yielded 5.22% to maturity for the quarter compared with a benchmark of 5.57%, and the General Portfolio yield was 4.12%. He described how adjusting asset-weighted maturities allowed the office to capture attractive carry across the yield curve and credited managers Buckhead Capital and Western Asset Management for positive contributions; he also noted a prior reporting error in the Buckhead numbers and provided corrected figures. Controller Andy Matthews moved to approve the investment report and the Board voted unanimously to accept it.
