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Prime Money Funds: How Changes Could Affect Public Funds Investors
By
Marty Margolis
on
February 13, 2024
Plans by a little-known money market fund to alter its investment strategy could be a harbinger of changes to the industry that have significant implications for public funds investors. The implications are three-fold: 1) state and local governments invest in money funds directly and some local government investment pools (LGIPs) invest in them as well, […]
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Beneath the Surface: Market Volatility Remains
By
Marty Margolis
on
February 6, 2024
January was not a kind month for bonds. On the surface, all was well. LGIP rates were largely static in the month and the yield on the two-year Treasury—a good bell weather for separately managed public funds portfolios—ended the month not much above where it started. But beneath the surface heightened volatility prevailed. There is […]
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Invest at Home: New Hampshire Bill Seeks to Rein in the state’s LGIP
By
Marty Margolis
on
January 30, 2024
Maybe it’s the current high level of interest rates that have disadvantaged banks; maybe it’s the growth of the New Hampshire local government investment pool, which more than doubled in size to $530 million in the year ending June 30, 2023. New Hampshire banks are pushing legislation that would rein in the New Hampshire Public […]
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Recent Market Moves, LGIP Legislation in Nebraska and More. . .
By
Marty Margolis
on
January 23, 2024
This week's Beyond the News has commentary on recent market moves, proposed local government investment pool legislation in Nebraska and a capital raise by Public Trust Advisors. Check out the updated Dashboard here. Recent Market Moves Have Had Almost No Effect on LGIP Yields The bond market has had a bumpy couple of months. Two […]
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2024 Investment Environment: Treasuries on Top
By
Marty Margolis
on
January 16, 2024
The year begins with a fresh look at the public funds investment universe. Since most public sector investment policies limit investments by maturity and quality we focus on the universe of high-quality investment grade securities with maturities of three years or less. Excluded are foreign-issued securities and corporate bonds rated less than A. The big […]
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And the Winner Is?
By
Marty Margolis
on
January 3, 2024
A Recap of 2023 Investment Results The PFII Dashboard has been updated. See it here. The sharp rise in rates over the year just ended resulted in strong returns for LGIPs and money funds. We estimate that the full year returns for LGIPS were in the range of 5.10% to 5.30%. (The lack of consistent […]
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