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DDA hears annual investment report from Bank of Ann Arbor
Summary
The Ann Arbor DDA heard an annual investment portfolio report from David Reaver of the Bank of Ann Arbor, who said the portfolio returned 3.42% for the year ended June 30 and holds about $6 million in cash as of the end of June. Reaver said the portfolio is governed by Public Act 20 and primarily holds Treasury securities.
The Ann Arbor Downtown Development Authority heard its annual investment portfolio report from David Reaver of the Bank of Ann Arbor, who presented the DDA’s short-term, buy‑and‑hold portfolio and market outlook. Reaver told the board the portfolio is governed by Public Act 20 and is “primarily a portfolio of treasury securities.”
Reaver said market conditions and Federal Reserve policy are the primary drivers affecting the portfolio. “For the year ended June 30, this portfolio returned just under 3.5 percent, 3.42% versus the benchmark of 2.94,” he said, and he reported a yield to maturity of 4.12% on the portfolio. Reaver also noted the portfolio had about 15% cash at the end of June and showed a cash balance of roughly $6,000,000; he recommended watching short‑term rate movements and said his firm expects interest rates to come down around 2027. The presentation included yield‑curve charts and a breakdown of holdings; Reaver emphasized the fund’s conservative posture under Public Act 20.
