City of Manhattan Beach
Finance Department
Investment Portfolio
November 2023
As Finance Director for the City of Manhattan Beach, I hereby certify that these investments are in compliance with the City’s investment policy (unless otherwise noted). Sufficient liquidity has been maintained to meet budget expenditure requirements for the current six month period.
CITY OF MANHATTAN BEACH
Portfolio Management
November 1, 2023 through November 30, 2023
Portfolio Summary
% of
Portfolio
Book
ValueInvestments Market
Value
Par
Value
Days to
MaturityTerm
YTM
360 Equiv.
YTM
365 Equiv.
LAIF 23,653,799.67 1 20.48 3.790 123,653,799.6723,653,799.67 3.843 Medium Term Notes 20,052,607.29 1,659 17.36 3.530 1,14319,781,640.0021,000,000.00 3.579 Federal Agency Issues - Coupon 30,754,354.33 1,449 26.63 2.551 68329,134,256.0031,000,000.00 2.587 Treasury Securities - Coupon 41,021,273.86 1,589 35.52 2.002 87339,192,680.0042,000,000.00 2.030 115,482,035.15 100.00%Investments 111,762,375.67117,653,799.67 1,238 691 2.780 2.819 Cash
(not included in yield calculations)
Passbook/Checking 4,439,262.38 1 0.000 14,439,262.384,439,262.38 0.000 119,921,297.53Total Cash and Investments 116,201,638.05122,093,062.05 1,238 691 2.780 2.819 Current Year
November 30
224,989.84
Fiscal Year To Date
1,185,845.36
Total Earnings Month Ending
__________________________________________________ ____________________ STEVE S. CHARELIAN, FINANCE DIRECTOR
Portfolio CITY
CP
Reporting period 11/01/2023-11/30/2023
Run Date: 01/04/2024 - 17:54 PM (PRF_PM1) 7.3.11
Report Ver. 7.3.11
PORTFOLIO PROFILE Nov 30, 2023 Oct 31, 2023 Sep 30, 2023 Aug 31, 2023 Jul 31, 2023 Total Book Value (Excluding Trust Funds)$115,482,035$114,526,378 $122,202,752 $126,206,553 $129,212,774 Increase/(Decrease) from Prior Period 955,657 (7,676,374) (4,003,801) (3,006,221) (5,844,171) Percentage Change 0.8% (6.3%) (3.2%) (2.3%) (4.3%)
Average Yield to Maturity (365 Days) 2.819% 2.734% 2.755% 2.719% 2.671% Increase/(Decrease) from Prior Period 0.085% (0.021%) 0.035% 0.049% 0.064%
PORTFOLIO ALLOCATIONS
By Security Value (Par) Percent Par YTM Time Horizon Percent LAIF* $23,653,800 20.10% 3.843%Next 12 months 40%
Medium Term Notes 21,000,000 17.8% 3.579%Months 13-24 19% Federal Agencies 31,000,000 26.3% 2.587%Months 25-36 13% U.S. Treasuries 42,000,000 35.7% 2.030%Months 37-48 17% Total $117,653,800 100.0% 2.818% Months 49-60 12%
*LAIF YTM as of November 30, 2023 BAD Total 100.0%
RECENT ACTIVITY
Security Date of Activity Maturity Date Purchase (Par) Maturing/Call YTM FHLB - 4% Coupon 7/10/2023 6/9/2028 1,000,000 4.483%
CL - 4.6% Coupon 7/10/2023 3/1/2028 2,000,000 4.690%
KO - 1% Coupon 7/10/2023 3/15/2028 1,000,000 4.374%
PEP - 4.45% Coupon 7/11/2023 5/15/2028 1,000,000 5.030% FHLB - 4.75% Coupon 7/12/2023 9/8/2028 1,000,000 4.860% FFCB - 4.875% Coupon 7/13/2023 11/1/2028 1,000,000 4.861% T - 4.375% Coupon 4.770%
Total Purchases $7,000,00 0 4.713%
Matured: FNMA - 2.875% Coupon 9/12/2023 9/12/2023 1,000,000 0.499% Matured: TMC - 3.460964% Coupon 9/20/2023 9/20/2023 1,000,000 3.461% Matured: TMC - 2.25% Coupon 10/18/2023 10/18/2023 1,000,000 2.634% Total Maturing/Calls $3,000,00 0 2.198%
3 Month 6 Month 2 Year 5 Year 10 Year
September 2023 5.56% 5.51% 5.02% 4.49% 4.38%
October 2023 5.60% 5.57% 5.07% 4.77% 4.80%
November 2023 5.45% 5.38% 4.73% 4.31% 4.50%
Portfolio 2.819% 2.819% 2.819% 2.819% 2.819%
LAIF 3 843% 3 843% 3 843% 3 843% 3 843%
Portfolio, 2.819%
LAIF, 3.843%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
US Treasuries Yield Curve
www.treas.gov
Monthly yields are interpolated by the Treasury from the daily yield curve.
Mth Mat. YTM Inv Call Amt Mth Mat. YTM Inv Call Amt Mth Mat. YTM Inv Call Amt Mth Mat. YTM Inv Call Amt Mth Mat. YTM Inv Call Amt Dec 23 Dec 24 Dec 25 Dec 26 Dec 27
Jan 24 Jan 25 Jan 26 Jan 27 1/31/27 2.67% T nc $2.0MJan 28 1/29/28 4.41% BK nc $1.0M 1/31/28 3.80% T nc $2.0M
Feb 24 2/29/24 2.2% T nc $1.0MFeb 25 2/28/25 1.00% T nc $1.0MFeb 26 2/24/26 0.95% MRKMW: 10 $1.0MFeb 27 2/6/27 4.16% MSFTnc $1.0MFeb 28 2/14/28 3.85% FAMCAnc $1.0M Mar 24 3/31/24 2.2% T nc $1.0MMar 25 Mar 26 Mar 27 3/22/27 2.75% FFCBnc $2.0MMar 28 3/1/28 4.69% CL nc $2.0M 3/12/27 4.05% FHLBnc $1.0M 3/15/28 4.37% KO nc $1.0M
Apr 24 Apr 25 4/15/25 2.75% T nc $1.0MApr 26 Apr 27 Apr 28 May 245/16/24 2.6% FFCB nc $2.0MMay 255/15/25 1.76% TVA nc $1.0MMay 265/31/26 1.19% T nc $1.0MMay 275/15/27 3.28% T nc $1.0MMay 285/17/28 4.21% MRK nc $1.0M 5/31/25 1.06% T nc $1.0M 5/12/26 1.96% AMZN nc $1.0M 5/15/27 3.29% T nc $1.0M 5/10/28 4.17% AAPL nc $1.0M 5/15/28 5.03% PEP nc $1.0M
Jun 24 6/14/24 0.3% FHLB nc $1.0MJun 25 6/30/25 0.56% T nc $1.0MJun 26 6/30/26 1.18% T nc $1.0MJun 27 6/20/27 3.74% COSTnc $1.0MJun 28 6/9/28 4.48% FHLB nc $1.0M 6/28/24 3.2% FHLB nc $1.0M 6/30/25 0.59% T nc $1.0M 6/12/26 4.34% FHLB nc $1.0M 6/30/27 3.24% T nc $1.0M 6/30/27 3.30% T nc $1.0M
6/20/27 3.76% COSTnc $1.0M
Jul 24 7/2/24 1.5% FNMA nc $2.0MJul 25 7/31/25 0.58% T nc $2.0MJul 26 7/31/26 0.89% T nc $1.0MJul 27 7/31/27 3.31% T nc $1.0MJul 28 7/2/24 0.3% FNMA nc $1.0M 7/31/25 0.60% T nc $1.0M 7/31/26 3.19% T nc $1.0M 7/31/27 3.79% T nc $1.0M 7/31/25 0.68% T nc $1.0M 7/27/26 4.55% FFCB nc $1.0M
Aug 248/15/24 1.5% FHLB nc $1.0MAug 258/31/25 0.62% T nc $1.0MAug 268/31/26 0.91% T nc $1.0MAug 278/15/27 3.75% T nc $1.0MAug 288/31/28 4.77% T nc $1.0M 8/30/24 2.0% DIS 7/30/24 $2.0M 8/31/25 0.59% T nc $1.0M 8/15/26 3.29% T nc $1.0M 8/22/27 4.28% AMZN nc $1.0M 8/31/24 1.5% T nc $2.0M 8/22/25 1.87% FFCB nc $1.0M
Sep 24 9/6/24 1.9% KO 9/6/24 $1.0MSep 25 9/12/25 1.87% FHLBnc $1.0MSep 26 9/30/26 1.21% T nc $1.0MSep 279/12/27 4.91% AAPLnc $1.0MSep 28 9/8/28 4.86% FHLB nc $1.0M 9/13/24 1.8% FHLB nc $2.0M 9/23/25 2.72% FHLM C nc $2.0M 9/30/26 3.30% T nc $1.0M 9/1/27 4.59% JNJ nc $1.0M 9/30/25 1.68% T nc $2.0M 9/17/26 4.18% WMT nc $1.0M 9/1/27 3.88% JNJ nc $1.0M Oct 2410/15/24 1.7% FNMA nc $2.0M Oct 2510/31/25 0.71% T nc $2.0MOct 2610/31/26 2.58% T nc $1.0MOct 27 10/8/27 3.60% FNMAnc $1.0MOct 28 10/15/24 1.5% FNMA nc $2.0M 10/31/26 4.18% T nc $1.0M
10/24/24 1.9% BK 9/6/24 $1.0M
Nov 2411/18/24 3.3% FFCB nc $1.0M Nov 2511/30/25 0.66% T nc $1.0MNov 26 Nov 27 Nov 28 11/1/28 4.86% FFCBnc $1.0M 11/1/25 2.89% TVA nc $1.0M
Total By Year (excl LAIF) $23.0m $22.0m $15.0m $20.0m $14.0m % of Total Securities (excl LAIF) 24% 23% 16% 21% 15%
% of Total Investments (incl LAIF) 40% 19% 13% 17% 12%
Total Securities 80% $94.0M
LAIF 20% $23.7M
Total Investments 100% $117.7M
Shaded rows indicate months with significant cash inflows.
Instrument % of Total Limit Compliant? Limit Compliant? Limit Compliant? Local Agency Investment Fund (LAIF) $23,653,800 20.1% $75,000,000 Yes Treasury Securities
US Treasury $42,000,000 35.7% 5 Years Yes
Total U.S. Treasuries (36)TRUE $42,000,000 35.7%
Medium Term (Corporate) Notes
Coca-Cola 2,000,000 1.7% 5.0% Yes 5 Years Yes
Amazon 2,000,000 1.7% 5.0% Yes 5 Years Yes
Costco 2,000,000 1.7% 5.0% Yes 5 Years Yes
Walmart 1,000,000 0.8% 5.0% Yes 5 Years Yes
Colgate-Palmolive 2,000,000 1.7% 5.0% Yes 5 Years Yes
Pepsi Cola 1,000,000 0.8% 5.0% Yes 5 Years Yes
Total Consumer Goods Sector $10,000,000 8.5% 10.0% Yes
Bank of NY 2,000,000 1.7% 5.0% Yes 5 Years Yes
Total Financial Sector $2,000,000 1.7% 10.0% Yes
Johnson & Johnson 2,000,000 1.7% 5.0% Yes 5 Years Yes
Merck 2,000,000 1.7% 5.0% Yes 5 Years Yes
Total Pharmaceuticals Sector $4,000,000 3.4% 10.0% Yes
Apple Inc 2,000,000 1.7% 5.0% Yes 5 Years Yes
Microsoft Corp 1,000,000 0.8% 5.0% Yes 5 Years Yes
Total Technology Sector $3,000,000 2.5% 10.0% Yes
Walt Disney Co 2,000,000 1.7% 5.0% Yes 5 Years Yes
Total Communication Services Sector $2,000,000
Total Medium Term Notes (19)TRUE $21,000,000 17.8% 20.0% Yes Federal Agencies
Federal Home Loan Bank (FHLB) $10,000,000 8.5% 33.3% Yes 5 Years Yes Federal Farm Credit (FFCB) 8,000,000 6.8% 33.3% Yes 5 Years Yes Fannie Mae (FNMA) 8,000,000 6.8% 33.3% Yes 5 Years Yes
Freddie Mac (FHLMC) 2,000,000 1.7% 33.3% Yes 5 Years Yes Frarmer Mac (FAMCA) 1,000,000 0.8% 33.3% Yes 5 Years Yes Tennessee Valley Authority (TVA) 2,000,000 1.7% 33.3% Yes 5 Years Yes Total Federal Agencies (24)TRUE $31,000,000 26.3% 60.0% Yes Total Portfolio $117,653,800 100.0%
Dollar Compliance Percentage Compliance Term Compliance Temporary Suspension
Investments Book Value
LAIF $23,653,799.67
Treasury Securities 41,021,273.86
Federal Agency Issues-Coupon 30,754,354.33
Medium Term Notes 20,052,607.29
Subtotal Investments $115,482,035.15
Demand Deposit/Petty Cash
Cash in Bank $4,439,262.38
Petty Cash 2,280.41
$4,441,542.79
Subtotal City Cash & Investments $119,923,577.94
Bond Funds Held in Trust
Police Fire Refunding $59.79
Fire Station 2 COPs 75.81
Marine Ave Park Refunding 0.05
Metlox & Water/Wastewater Refunding 202.96
Utility Assessment Districts 1,164,406.85
Pension Obligation Bonds 2,757.99
Subtotal Bonds Held in Trust $1,167,503.45
Investment Trust Funds
PARS Pension Rate Stabilization Trust 3,370,735.17
Treasurer's Balance $124,461,816.56
Subtotal Demand Deposit
November 3.843
October 3.670
September 3.534
August 3.434
July 3.305**
June 3.167
LAIF Apportionment Rate(2): 3.59
LAIF Earnings Ratio(2): 0.00009812538629360
LAIF Administrative Cost(1)*: 0.29
PMIA Average Life(1): 256
LAIF Fair Value Factor(1): 0.986307739
PMIA Daily(1): 3.48
PMIA Quarter to Date(1): 3.42
Treasuries
60.58%Agencies
22.04%
Certificates of
Deposit/Bank Notes
8.09%
Time
Deposits
3.28%
Commercial
Paper
5.47%
Corporate
Bonds
0.34%
Loans
0.20%
Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a). *The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year. ** Revised
Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
PMIA Average Monthly
Effective Yields(1)
PMIA/LAIF Performance Report
as of 12/20/23
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 09/30/23
Chart does not include $2,218,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
11/30/23
$159.4 billion