marie lalas jeff davis - sdhcthe overall investment portfolio yield was 1.percent, compared to 1.64...
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![Page 1: Marie Lalas Jeff Davis - SDHCThe overall investment portfolio yield was 1.percent, compared to 1.64 48perce nt in the prior quarter. The increase was the result of reinvesting principal](https://reader033.vdocument.in/reader033/viewer/2022041917/5e6a0ae6f55bf84307565f9f/html5/thumbnails/1.jpg)
INFORMATIONAL REPORT DATE ISSUED: January 3, 2019 REPORT NO: HCR19-009 ATTENTION: Chair and Members of the San Diego Housing Commission For the Agenda of January 11, 2019 SUBJECT: Investment Report – First Quarter Fiscal Year 2019 COUNCIL DISTRICT: Citywide
NO ACTION IS REQUIRED ON THE PART OF THE HOUSING COMMISSION
SUMMARY The attached Quarterly Investment Report details the San Diego Housing Commission’s (Housing Commission) investment portfolio as of September 30, 2018. The report includes both summary and detailed information on all liquid cash and cash equivalents, and core investments owned by the Housing Commission. These funds, however, are not indicative of funds available for discretionary use as they have been earmarked for 1) loans and grants that the Housing Commission has committed to fund through Board of Commissioners’ approval; 2) restricted to federal/state/local programmatic requirements; 3) designated for property maintenance; and 4) required contingency reserves of 5 percent of budgeted new revenue. The market value of the portfolio at September 30, 2018, was $158.13 million, compared to $146.34 million in the previous quarter, resulting in an overall investment portfolio increase of $11.79 million. At September 30, 2018, the overall investment portfolio had a yield to maturity of 1.64 percent, average days to maturity of 411, and an effective duration of 1.08 years, compared to the overall investment portfolio at June 30, 2018, which had a yield to maturity of 1.48 percent, average days to maturity of 367, and an effective duration of 0.98 years. Cash and cash equivalents (liquid)
1. $38.63 million is held in various accounts, including the Housing Commission’s bank, US Bank ($27.22 million) and other various authorized accounts required by lending agreements and program obligations ($11.41 million).
2. $32.31 million is held in pooled investment funds. Pooled funds include California’s Local Agency
Investment Fund (LAIF), The San Diego Foundation (TSDF) and the San Diego County Investment Pool (SDCIP).
The blended yield on these liquid accounts was 1.15 percent for the quarter, which is an increase of 0.05 percent from the previous quarter, primarily due to an increase in yield received from both LAIF and SDCIP. Core investments
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January 3, 2019 First Quarter FY2019 Investment Report Page 2
3. $83.51 million is held in Agency Debentures and/or Agency Mortgage-Backed Securities (MBS).
4. $3.67 million is held in various FDIC insured Certificates of Deposit (CD). The blended yield on core investments for the quarter was 2.05 percent, which is an increase of 0.24 percent from the previous quarter. The reinvestment of interest payments along with maturing bond proceeds into higher yielding Agency bonds were the primary reasons for the increase in yield. DISCUSSION The overall market value of the investment portfolio was higher at $158.13 million compared to the prior quarter value of $146.34 million. The $11.79 million increase was primarily a result of the receipt of City of San Diego Affordable Housing Fund in-lieu fees of $3.2 million during the fourth quarter of Fiscal Year 2018 and receipt of additional Federal funding (Moving to Work, Veterans Affairs Supportive Housing and HOME Investment Partnerships Program) of $7.1 million. The overall investment portfolio yield was 1.64 percent, compared to 1.48 percent in the prior quarter. The increase was the result of reinvesting principal and interest payments into higher yielding Agency bonds, coupled with the maturity of lower yielding bonds. The effective duration had a modest increase (0.98 to 1.08), as the Housing Commission continues to keep the overall portfolio duration short in this rising rate environment. CONCLUSION The Federal Reserve raised the Fed Funds rate by a quarter point to its new target rate to 2.00 percent-2.25 percent on September 26, 2018, after holding steady at the August 1, 2018, meeting. There is also less doubt that the Federal Reserve is willing to raise rates as the general economic picture and outlook remains strong. Rising short-term interest rates continue to favorably impact new purchases for the Housing Commission’s investment portfolio, as reflected in last quarter’s increase in portfolio yield. Conversely, with rising interest rates, selling a bond prior to maturity would likely result in a discounted price; however, the Housing Commission’s investment portfolio continues to have sufficient liquidity to meet the agency’s operational requirements. Thus, it remains very unlikely that there would be a need to sell any of the Housing Commission’s bonds during this current rising rate environment. The Housing Commission’s investment strategy continues to focus on ensuring the safety of the principal, maintaining sufficient liquidity to meet operational requirements, generating investment yield and where possible, investing locally. The Housing Commission will continue to build its investment portfolio with these underlying objectives in mind and durations continue to remain conservative (approximately two years) in the Housing Commission’s core holdings. Respectfully submitted, Approved by,
Marie Lalas Jeff Davis
Marie Lalas Jeff Davis Controller Executive Vice President & Chief Of Staff Financial Services Department San Diego Housing Commission
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January 3, 2019 First Quarter FY2019 Investment Report Page 3
Attachments: 1) SDHC Quarterly Financial Investment Report Ending September 30, 2018 Hard copies are available for review during business hours at the security information desk in the main lobby and the fifth floor reception desk of the San Diego Housing Commission offices at 1122 Broadway, San Diego, CA 92101 and at the Office of the San Diego City Clerk, 202 C Street, San Diego, CA 92101. You may also review complete docket materials in the “Governance & Legislative Affairs” section of the San Diego Housing Commission website at www.sdhc.org.
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