MEMORANDUM
TO:
Finance and Administration Committee Clayton Viehweg, Investment Administrator Allen W. Garman, Deputy Director Finance
FROM:
SUBJECT:
Quarterly Investment Report
DATE:
May 8, 2025
PURPOSE OF MEMORANDUM Complete required quarterly review of investment report for the three-month period ended March 31, 2025. Request recommendation of the Finance and Administration Committee to present to the full Board for approval for the continuation of investment strategy and associated benchmarks. SUMMARY On a quarterly basis, MDTA’s Investment Committee reports to the Finance and Administration Committee on investment related activities. The Investment Committee will review market conditions, policy compliance, portfolio strategies, and total return performance. The Committee will also discuss certain market drivers that may influence portfolio performance in coming months, including the economy, fiscal policy, and Federal Reserve monetary policy. Key Points Diversified investment portfolio remains in compliance with the Investment Policy and Trust Agreement. Matched Funded accounts are benefitting from higher prevailing rates for short-term instruments. Total Return (Duration Targeted) Investment Strategies o Long-term reserve account strategies should remain consistent despite periods of short-term return volatility associated with rising interest rate environments. o Multi-year returns for longer term reserves align with the financial forecast and approximate the starting rolling yields.
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