6225 Lusk Boulevard | San Diego, CA 92121-3039 | Phone 800.317.4747 | Fax 858.546.3741 | www.chandlerasset.com City of San Leandro
December 31, 2021
Quarter Ending
City Council Investment Report
City of San Leandro
The investment goals of the City of San Leandro are to preserve principal, to provide liquidity, and to attain a rate of return commensurate with the City's investment risk constraints and cash flow needs. Furthermore, the City is able to meet its cash obligations during the next six-month period.
In order to achieve these objectives, the City of San Leandro invests in US Treasury securities, federal agency securities, high quality money market instruments and high quality corporate medium term notes in accordance with the City's investment policy and California Government Code Section 53600 et seq.
Strategy
Investment Report Performance Objectives
The performance objective for the City of San Leandro’s portfolio managed by Chandler is to attain a rate of return greater than the benchmark 1-3 Year Treasury/Agency securities over a market cycle. 1 The City of San Leandro is able to meet its pool’s expenditure requirement for the next six months.
Category Standard Comment
Treasury Issues No limitations Complies
Agency Issues No limitations Complies
Supranationals "AA" rated or higher by a NRSRO; 30% maximum; 10% max per issuer; Unsubordinated obligations issued by by IBRD, IFC or IADB only Complies
Municipal Securities Issued by City of San Leandro and its Agencies Complies Banker’s Acceptances "A" or highest money market rating by a NRSRO, such as S&P or Moody's; 40% maximum; 30% per issuer; 180 days max maturity Complies
Commercial Paper
Highest rating by a NRSRO; Issuer must be a domestic corporation having assets in excess of $500 million and A-1 and P-1 rated or better by S&P and Moody's for its debt other than commercial paper; 25% maximum; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies
Negotiable Certificates of Deposit
(including CDARS) 30% maximum (including CDARS); FDIC Insured or Collateralized 110% Complies Time Deposits (TD)/ Certificates of
Deposit (CD) FDIC Insured or Collateralized 110% Complies Medium Term Corp Notes "A" rated or better by a NRSRO; 30% maximum; Issuers must be corporations organized and operating within the U.S. or depository institutions licensed by the U.S., or operating within the U.S. Complies Money Market Mutual Funds Highest rating by two NRSROs or SEC registered adviser with assets greater than $500 million; 20% maximum Complies Asset Backed Securities, Mortgage
Backed,Pass-Through Securities,
Collateralized Mortgage Obligations
"AA" rated or higher by a NRSRO; 20% maximum; 5% per single Asset-Backed or Commercial Mortgage issuer; There is no issuer limitation on any Mortgage security where the issuer is US Treasury or a Federal Agency/Government-sponsored Enterprise (GSE).
Complies
Repurchase Agreements 20% maximum; 360 days max maturity; 102% collateralized; Not used by IA Complies Reverse Repurchase Agreements 20% maximum; 92 days max maturity; Not used by IA Complies Local Agency Investment Fund (LAIF) Maximum program limit; Not used by IA Complies Social Responsibility The investment policy prohibits investing in an entity that received a significant portion of their revenues from the gun manufacturing, fossil fuel production, private prisons, and tobacco producers Complies Maximum Maturity 5 years Complies
City of San Leandro
Assets managed by Chandler Asset Management are in full compliance with state law and with the Client’s investment policy. 2 Portfolio Activity
Multiple securities were purchased in the Treasury, Commercial Paper, Asset Backed and Corporate sectors of the allocation. The purchased securities ranged in maturity from August 2022 to September 2026. Five securities matured during the reporting period to facilitate the new holdings in the portfolio.
12/31/2021 9/30/2021
LAIF - City Pool $59,620,670 $57,082,186
LAIF - Successor Agency 28,244 28,227
Passbook/Checking Accounts 7,828,250 10,098,033
Total LAIF and Bank Accounts $67,477,164 $67,208,446
Investment Portfolio Market Value $110,809,887 $111,323,149 Total Market Value $178,287,051 $178,531,594
LAIF Quarterly Apportionment Rate 0.23% 0.24%
2 year US Treasury Yield to Maturity 0.73% 0.28%
5 year US Treasury Yield to Maturity 1.26% 0.98%
Investment Portfolio:
Average Maturity (yrs) 1.91 1.87
Modified Duration 1.83 1.80
Average Book Yield 1.19% 1.21%
Average Yield to Maturity at Market 7.10% 0.35%
Average Quality S&P/Moody AA/Aa1 AA+/Aa1
Portfolio Characteristics
3 Quarter Ending
Sector Distribution
September 30, 2021
December 31, 2021
4 City Fund Allocation
September 30, 2021
December 31, 2021
5 City of San Leandro
Investments by All Types
Active Investments
December 31, 2021
Book Purchase
Value Yield
LAIF
SYS113 LAIF - City Pool $59,620,670.24 100.00000 $59,620,670.24 $59,620,670.24 SYS114 LAIF - Successor Agency 28,243.75 100.00000 $28,243.75 $28,243.75 subtotal $59,648,913.99 $59,648,913.99 $59,648,913.99
Passbook/Checking Accounts
Public Funds Checking 7,828,250.24 100.00000 7,828,250.24 7,828,250.24 subtotal $ 7,828,250.24 $ 7,828,250.24 $ 7,828,250.24
Government Issues
00440EAR8 Note Chubb INA Holdings Inc 3.350 15-May-24 1,000,000.00 106.60078 1,066,007.83 0.54 1,058,578.56 037833AK6 Note Apple Inc 2.400 03-May-23 900,000.00 98.73855 888,646.91 3.43 925,017.00 037833DT4 Callable Note Cont 4/11/2025 Apple Inc 1.125 11-May-25 500,000.00 101.16470 505,823.50 0.77 499,426.25 06051GEU9 Note Bank of America Corp 3.300 11-Jan-23 1,325,000.00 99.89504 1,323,609.31 3.41 1,381,999.30 06406RAE7 Callable Note Cont 12/29/2022 Bank of NY Mellon 2.950 29-Jan-23 1,000,000.00 99.48707 994,870.68 3.47 1,034,583.55 084670BR8 Callable Note Cont 1/15/2023 Berkshire Hathaway 2.750 15-Mar-23 600,000.00 99.27710 595,662.61 3.40 617,519.53 24422EUR8 Note John Deere Capital Corp 3.450 10-Jan-24 300,000.00 100.39673 301,190.18 3.24 320,128.05 24422EVN6 Note John Deere Capital Corp 0.450 17-Jan-24 1,000,000.00 100.01424 1,000,142.37 0.44 992,541.00 3130A0F70 Note FHLB 3.375 08-Dec-23 1,700,000.00 101.15387 1,719,615.81 2.73 1,789,913.43 3130A1XJ2 Note FHLB 2.875 14-Jun-24 2,000,000.00 102.84871 2,056,974.26 1.66 2,100,047.28 3130A2UW4 Note FHLB 2.875 13-Sep-24 1,200,000.00 103.02396 1,236,287.48 1.70 1,271,611.20 3130A3GE8 Note FHLB 2.750 13-Dec-24 1,500,000.00 102.80008 1,542,001.23 1.75 1,579,626.00 313378CR0 Note FHLB 2.250 11-Mar-22 1,250,000.00 99.86228 1,248,278.47 3.02 1,263,662.50 313379Q69 Note FHLB 2.125 10-Jun-22 2,200,000.00 100.10537 2,202,318.15 1.88 2,220,905.68 313380GJ0 Note FHLB 2.000 09-Sep-22 1,000,000.00 99.58945 995,894.47 2.63 1,018,260.22 3133834G3 Note FHLB 2.125 09-Jun-23 1,000,000.00 100.13262 1,001,326.17 2.03 1,023,156.61 3133EMNG3 Note FFCB 0.230 19-Jan-24 2,000,000.00 100.05264 2,001,052.74 0.20 1,990,174.00 3135G05G4 Note FNMA 0.250 10-Jul-23 1,800,000.00 99.97633 1,799,573.89 0.27 1,792,489.50 3135G05X7 Note FNMA 0.375 25-Aug-25 1,000,000.00 99.65514 996,551.41 0.47 974,203.50 3135G0T78 Note FNMA 2.000 05-Oct-22 900,000.00 99.39645 894,568.05 2.84 915,736.30 3135G0V34 Note FNMA 2.500 05-Feb-24 2,000,000.00 103.62548 2,072,509.64 0.74 2,091,437.78 3135G0V59 Note FNMA 2.250 12-Apr-22 2,570,000.00 99.96127 2,569,004.58 2.40 2,597,703.32 3135G0W33 Note FNMA 1.375 06-Sep-22 2,000,000.00 99.87464 1,997,492.75 1.56 2,023,876.72 3135G0W66 Note FNMA 1.625 15-Oct-24 2,000,000.00 99.94801 1,998,960.20 1.64 2,044,509.11 3135G0X24 Note FNMA 1.625 07-Jan-25 2,100,000.00 100.34928 2,107,334.83 1.50 2,154,869.15 3137EADB2 Note FHLMC 2.375 13-Jan-22 2,000,000.00 100.06462 2,001,292.42 0.40 2,023,464.67 3137EAEP0 Note FHLMC 1.500 12-Feb-25 2,000,000.00 101.65568 2,033,113.57 0.95 2,040,867.33 3137EAEQ8 Note FHLMC 0.375 20-Apr-23 2,000,000.00 100.09302 2,001,860.39 0.30 1,997,009.17 3137EAER6 Note FHLMC 0.375 05-May-23 2,000,000.00 100.06157 2,001,231.49 0.33 1,996,842.67 3137EAEV7 Note FHLMC 0.250 24-Aug-23 2,000,000.00 99.94099 1,998,819.85 0.29 1,988,971.89 3137EAEX3 Note FHLMC 0.375 23-Sep-25 2,200,000.00 99.84745 2,196,643.86 0.42 2,143,175.83 3137EAFA2 Note FHLMC 0.250 04-Dec-23 2,000,000.00 100.07105 2,001,420.95 0.21 1,981,685.00 362554AC1 2021-4 A3 GM Financial Securitized Term 0.680 16-Sep-26 275,000.00 99.99760 274,993.40 0.68 273,012.39 43815GAC3 2021-4 A3 Honda Auto Receivables Trust 0.880 21-Jan-26 365,000.00 99.97960 364,925.53 0.89 364,208.48 43815NAC8 2019-3 A3 Honda Auto Receivables Trust 1.780 15-Aug-23 272,625.99 99.99981 272,625.47 1.79 274,397.55 44935FAD6 2021-C A3 Hyundai Auto Receivables Trust 0.740 15-May-26 260,000.00 99.97855 259,944.23 0.75 258,302.95 4581X0CW6 Note Inter-American Dev Bank 2.125 18-Jan-22 800,000.00 99.99679 799,974.35 2.20 808,289.22 4581X0DM7 Note Inter-American Dev Bank 0.500 24-May-23 2,000,000.00 100.02762 2,000,552.37 0.48 1,998,763.78 459200JX0 Note IBM Corp 2.850 13-May-22 500,000.00 100.13126 500,656.28 2.47 506,475.00 46625HJE1 Note JP Morgan Chase 3.250 23-Sep-22 400,000.00 99.78987 399,159.47 3.56 411,561.69 46647PBH8 Callable Note Mthly 3/13/2025 JP Morgan Chase & 2.005 13-Mar-26 950,000.00 102.55373 974,260.42 1.18 967,308.05 477870AC3 2019-B A3 John Deere Owner Trust 2.210 15-Dec-23 173,476.00 99.99056 173,459.63 2.23 174,789.08 47788UAC6 2021-A A3 John Deere Owner Trust 0.360 15-Sep-25 280,000.00 99.98512 279,958.34 0.37 277,779.60 532457BQ0 Note Eli Lilly & Co 2.350 15-May-22 500,000.00 99.78237 498,911.87 2.98 505,311.89 594918BW3 Callable Note Cont 1/6/2022 Microsoft 2.400 06-Feb-22 500,000.00 99.98766 499,938.29 2.53 504,893.83 60934N104 Government Obligations Fund Federated Investors 0.030 31-Dec-21 324,366.76 100.00000 324,366.76 0.03 324,366.76 62479MHS5 Discount CP MUFG Bank Ltd/NY 0.340 26-Aug-22 2,000,000.00 99.77615 1,995,522.99 0.35 1,995,522.99 69353RFB9 Callable Note Cont 1/18/2022 PNC Bank 2.625 17-Feb-22 1,200,000.00 99.95238 1,199,428.59 2.94 1,213,852.60 78015K7H1 Note Royal Bank of Canada 1.150 10-Jun-25 1,300,000.00 100.75701 1,309,841.08 0.93 1,290,205.58 808513BN4 Callable Note Cont 2/18/2024 Charles Schwab Corp 0.750 18-Mar-24 1,000,000.00 100.24615 1,002,461.47 0.63 997,854.83 808513BR5 Callable Note Cont 4/13/2026 Charles Schwab Corp 1.150 13-May-26 500,000.00 99.91510 499,575.49 1.17 494,303.17 89114QCB2 Note Toronto Dominion Bank 3.250 11-Mar-24 1,300,000.00 100.51220 1,306,658.54 3.00 1,371,641.12 89236TDP7 Note Toyota Motor Credit Corp 2.600 11-Jan-22 450,000.00 99.97903 449,905.63 3.42 455,714.90 90331HNV1 Callable Note Cont 6/23/2023 US Bank NA 3.400 24-Jul-23 500,000.00 100.77531 503,876.56 2.84 527,343.89 9128284Z0 Note US Treasury 2.750 31-Aug-25 2,000,000.00 107.27827 2,145,565.40 0.73 2,135,327.85 9128285D8 Note US Treasury 2.875 30-Sep-23 1,000,000.00 101.84625 1,018,462.47 1.77 1,045,548.47 9128285K2 Note US Treasury 2.875 31-Oct-23 1,200,000.00 104.96152 1,259,538.25 0.16 1,253,346.04 9128287C8 Note US Treasury 1.750 15-Jul-22 2,000,000.00 100.79672 2,015,934.38 0.25 2,032,184.48 912828L24 Note US Treasury 1.875 31-Aug-22 1,100,000.00 99.47141 1,094,185.49 2.72 1,118,523.84 912828P79 Note US Treasury 1.500 28-Feb-23 1,950,000.00 101.54667 1,980,160.08 0.16 1,983,018.74 912828T26 Note US Treasury 1.375 30-Sep-23 1,000,000.00 102.05276 1,020,527.60 0.19 1,015,701.05 912828W89 Note US Treasury 1.875 31-Mar-22 1,100,000.00 99.79655 1,097,762.05 2.75 1,109,957.77 912828WE6 Note US Treasury 2.750 15-Nov-23 1,000,000.00 101.58520 1,015,851.95 1.86 1,041,461.44 912828X47 Note US Treasury 1.875 30-Apr-22 1,800,000.00 99.79181 1,796,252.56 2.54 1,816,002.59 912828XT2 Note US Treasury 2.000 31-May-24 2,000,000.00 103.96750 2,079,350.00 0.34 2,058,828.48 912828YV6 Note US Treasury 1.500 30-Nov-24 2,000,000.00 102.92003 2,058,400.64 0.49 2,034,591.36 912828Z29 Note US Treasury 1.500 15-Jan-23 1,400,000.00 101.39770 1,419,567.73 0.15 1,424,958.29 912828Z86 Note US Treasury 1.375 15-Feb-23 1,850,000.00 101.33646 1,874,724.51 0.18 1,878,903.68 912828ZD5 Note US Treasury 0.500 15-Mar-23 2,000,000.00 100.34390 2,006,877.97 0.21 2,003,765.43 912828ZF0 Note US Treasury 0.500 31-Mar-25 2,500,000.00 98.37623 2,459,405.68 1.01 2,462,471.18 912828ZT0 Note US Treasury 0.250 31-May-25 1,100,000.00 98.51450 1,083,659.47 0.69 1,070,593.46 91282CAF8 Note US Treasury 0.125 15-Aug-23 1,750,000.00 99.74971 1,745,619.85 0.28 1,736,675.76 91282CAW1 Note US Treasury 0.250 15-Nov-23 1,500,000.00 100.16391 1,502,458.66 0.16 1,488,299.38 91282CAZ4 Note US Treasury 0.375 30-Nov-25 2,000,000.00 98.67995 1,973,599.00 0.72 1,941,127.34 91282CBE0 Note US Treasury 0.125 15-Jan-24 1,100,000.00 99.89196 1,098,811.57 0.18 1,086,928.09 91282CBT7 Note US Treasury 0.750 31-Mar-26 1,700,000.00 99.02932 1,683,498.37 0.98 1,671,846.65 91282CBV2 Note US Treasury 0.375 15-Apr-24 1,800,000.00 99.90454 1,798,281.64 0.42 1,783,727.23 91282CCL3 Note US Treasury 0.375 15-Jul-24 1,250,000.00 99.84474 1,248,059.27 0.44 1,236,980.42 91282CCT6 Note US Treasury 0.375 15-Aug-24 1,000,000.00 99.81565 998,156.47 0.45 988,447.44 91282CDH1 Note US Treasury 0.750 15-Nov-24 2,500,000.00 99.50075 2,487,518.86 0.93 2,488,956.89 91324PEC2 Callable Note Cont 4/15/2026 United Health Group 1.150 15-May-26 1,000,000.00 98.70085 987,008.47 1.46 991,204.44 92826CAC6 Callable Note Cont 10/14/2022 Visa Inc 2.800 14-Dec-22 1,000,000.00 99.63762 996,376.20 3.21 1,019,809.22 931142EK5 Callable Note Cont 5/26/2023 Wal-Mart Stores 3.400 26-Jun-23 1,000,000.00 100.20312 1,002,031.17 3.24 1,040,808.22 subtotal $ 109,495,468.75 $ 110,188,722.57 $ 110,809,886.68 Total $ 176,972,632.98 $ 177,665,886.80 $ 178,287,050.91 CUSIP Issuer Coupon Purchase Price MVACC Maturity
Date Par