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What the Big Bond Market Rally Means for Public Funds Investors
By
Marty Margolis
on
August 5, 2024
Last week’s big decline in interest rates feels a lot more real than the similar move at the beginning of the year. If so, what does it mean for public funds investors? The rally in bond prices boosted the returns on our 1–3-year model portfolio ahead of cash returns for the first time in several […]
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Is Texas a Model of a Public Funds Investor-Friendly Market?
By
Marty Margolis
on
August 1, 2024
Texas could be the model for an investor-friendly public funds investment market, with a robust state-sponsored local government investment pool and a number of sizable alternatives that provide public funds investors competitive choices, low fees, risk guardrails and significant disclosure requirements. The details. Texas is the second most populous state, and with 5,500 local governments […]
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New Research Report Details the Role of State-Sponsored Local Government Investment Pools as the Foundation of a $900 Billion Industry
By
Marty Margolis
on
July 24, 2024
A new research report by the Public Funds Investment Institute details the role of state treasurer-sponsored local government investment pools as a foundation of the $900 billion industry that provides money market-like investments to state and local governments. State treasurers in 32 states offer these funds and their assets total nearly $700 billion. Local-sponsored LGIPs with an estimated $200 billion […]
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Cash and Short-Term Portfolios Had Strong Returns in the First Half of the Year
By
Marty Margolis
on
July 9, 2024
The PFII Investment Dashboard has been updated through quarter-end and reflects a couple of interesting market dynamics. The 1-3-year model portfolio yield to maturity of 4.95% at the end of the quarter reflects this. The model portfolio also benefitted from holding corporate obligations. Thirty percent of the portfolio is invested in investment grade credit which […]
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Uncertainty Ahead: Growth of Public Sector Investment Portfolios Slows, Liquidity Expands
By
Marty Margolis
on
July 2, 2024
• There are signs that the robust growth in state and local government investment portfolios in recent years is ending even as high interest rates generate strong internal portfolio growth. The recently-released Federal Reserve’s Financial Accounts report showed state and local government assets grew only 0.6% in the quarter ended March 31, 2024 and 4.3% […]
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When the Tail Wags the Dog: A Word of Caution Related to Investing in CP and CDs
By
Marty Margolis
on
June 18, 2024
Commercial paper and negotiable certificates of deposit make up a minor portion of the universe of short-term securities held by public agencies, money market funds and other institutional investors. But because the market for CP/CDs has suffered from disruption during periods of market stress, it has the continued focus of prudential regulators. This is highlighted […]
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