The URL can be used to link to this page

Home My WebLink About2013 05 13 Informational 102 FY13 Second Quarter Investment Report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¶VDWWDFKHGUHSRUWSURYLGHVDGGLWLRQDOLQIRUPDWLRQUHJDUGLQJWKH&LW\¶V LQYHVWPHQWSRVLWLRQDW0DUFK ),6&$/,03$&7 7KHZHLJKWHGDYHUDJH\LHOGDW0DUFKLV7KHZHLJKWHGDYHUDJH\LHOGDW 'HFHPEHUZDV7KLVSRUWIROLRKDVDQDYHUDJHPDWXULW\RIGD\V &20081,&$7,21())2576 7KLV$JHQGD,WHPKDVEHHQHOHFWURQLFDOO\IRUZDUGHGWRWKH0D\RUDQG&LW\&RPPLVVLRQ &LW\0DQDJHU&LW\$WWRUQH\6WDIIDQGLVDYDLODEOHRQWKH&LW\¶V:HEVLWH/DVHU)LFKHDQG WKH&LW\¶V6HUYHU$GGLWLRQDOO\SRUWLRQVRIWKLV$JHQGD,WHPDUHW\SHGYHUEDWLPRQWKH UHVSHFWLYH0HHWLQJ$JHQGDZKLFKKDVDOVREHHQHOHFWURQLFDOO\IRUZDUGHGWRWKHLQGLYLGXDOV /ŶĨŽƌŵĂƚŝŽŶĂůϭϬϮW'ϭK&ϮͲDĂǇϭϯ͕ϮϬϭϯ QRWHGDERYHDQGZKLFKLVDOVRDYDLODEOHRQWKH&LW\¶V:HEVLWH/DVHU)LFKHDQGWKH&LW\¶V 6HUYHUKDVEHHQVHQWWRDSSOLFDEOH&LW\6WDII0HGLD3UHVV5HSUHVHQWDWLYHVZKRKDYH UHTXHVWHG$JHQGDV$JHQGD,WHPLQIRUPDWLRQ+RPHRZQHU¶V$VVRFLDWLRQV5HSUHVHQWDWLYHV RQILOHZLWKWKH&LW\DQGDOOLQGLYLGXDOVZKRKDYHUHTXHVWHGVXFKLQIRUPDWLRQ7KLV LQIRUPDWLRQKDVDOVREHHQSRVWHGRXWVLGH&LW\+DOOSRVWHGLQVLGH&LW\+DOOZLWKDGGLWLRQDO FRSLHVDYDLODEOHIRUWKH*HQHUDO3XEOLFDQGSRVWHGDWILYH GLIIHUHQWORFDWLRQVDURXQGWKH &LW\)XUWKHUPRUHWKLVLQIRUPDWLRQLVDOVRDYDLODEOHWRDQ\LQGLYLGXDOUHTXHVWRUV&LW\6WDII LVDOZD\VZLOOLQJWRGLVFXVVWKLV$JHQGD,WHPRUDQ\$JHQGD,WHPZLWKDQ\LQWHUHVWHG LQGLYLGXDOV $GGLWLRQDOO\WKHLQYHVWPHQWUHSRUWZLOOEHSODFHGRQWKH&LW\¶VZHEVLWHZLWKLQRQHZHHNRI DFFHSWDQFHLQWKHVHFWLRQWLWOHG[[858,861,1552,918][12][,I,][93yoiicjkctfzwa]]%XGJHWVDQG)LQDQFLDO'RFXPHQWV [[1553,861,1566,918][12][,,][75khjjhpvvifkah]] 5(&200(1'$7,21 6WDIIUHTXHVWVWKH&LW\&RPPLVVLRQUHFHLYHDQGUHYLHZWKHLQIRUPDWLRQSURYLGHGLQWKLV $JHQGD,WHP $77$&+0(176 ,QYHVWPHQW5HSRUWIRUTXDUWHUHQGLQJ0DUFK /ŶĨŽƌŵĂƚŝŽŶĂůϭϬϮW'ϮK&ϮͲDĂǇϭϯ͕ϮϬϭϯ 300 S. Orange Avenue, Suite 1170 Ý·¬§ ±º É·²¬»® Í°®·²¹ô Ú´±®·¼¿ Orlando, FL 32801 (407) 648-1323 fax (407) 648-2208 PFM Asset Management LLC 717-232-2723 • 717-233-6073 fax ×²ª»¬³»²¬ Ð»®º±®³¿²½» Î»ª·»© Ï«¿®¬»® Û²¼»¼ Ó¿®½¸ íïô îðïí One Keystone Plaza, Suite 300 North Front & Market Streets Harrisburg, PA 17101-2044 enior Managing Consultant Senior Managing Consultant Steven Alexander, CTP, CGFO, Managing Director Gregg Manjerovic, CFA, Portfolio Manager Rebecca Geyer, CTP, Senior Analyst Richard Pengelly, CFA, S Investment Advisors D. Scott Stitcher, CFA, ØÏÉëØÍÎËÉnìÈÜËÉØËøÏÙØÙðÜËÚÕ »¨»³°¬¬¿¬«³·¹¸¬¾»½«®¬¿·´»¼ô³«²·½·°¿´¾±²¼®±¿®»¼¾¿½µ¬±´·º»·²¬¸»º·®¬¯«¿®¬»®±ºîðïíò Ì¸»³¿®µ»¬¸®«¹¹»¼±ºº¬¸»¬¿®¬±º¬¸»º»¼»®¿´¾«¼¹»¬ ¬»®³®¿¬»²»¿®¯«¿®¬»® Í«°°´§½¿®½·¬§¿²¼¸·¬±®·½¿´´§¬·¹¸¬°®»¿¼®»«´¬»¼·²ß¹»²½·» ®¬¿·²½±®°±®¿¬»»½¬±®ø«½¸¿ ³±²¬¸·²¿¼¼·¬·±²¬±·¬³±²¬¸´§°«®½¸¿»±ºüìð¾·´´·±²·²ß¹»²½§½®··´±©òÍ»½«®·¬§ »½±²±³§º»»´¹®±©·²¹¬®»º®±³¾«¼¹»¬½«¬·²¬¸»½±³·²¹ ¦±²»kÃ£ªÆYÃÆÂøÃ±±ÃøøÁÃª«ËkÃøÆZÃ£ªÆÆúÅkYÃªÐ£Ð«_£k±£ªÃªkø£Æ ¯«¿´·¬§½±®°±®¿¬»¾±²¼½±²¬·²«»¼¬±°»®º±®³©»´´º±®¬¸»ßº¬»®·²½«®®·²¹´±»·²¬¸»º±«®¬¸¯«¿®¬»®±ºîðïî¼«»¬±Ì¸»»»½«®·¬·»ô¿´±²¹©·¬¸½±®°±®¿¬»¾±²¼ô©»®»¬¸»¬±°«²¼»®°»®º±®³¿²½»ô¾±´¬»®»¼¾§¬¸»«°¬«®²·²¸±«·²¹ª¿´«» ¿²¼ ¦»®±òÌ¸»Ú»¼¿´±½±²¬·²«»¼¬±¾«§üìë¾·´´·±²·²Ì®»¿«®·»»¿½¸½±²¬®·¾«¬·²¹´·¬¬´»±®²±¿¼¼·¬·±²¿´°»®º±®³¿²½»©¸»²½±³°¿®»¼ Ì¸»Ú»¼»®¿´Î»»®ª»øÚ»¼÷®»³¿·²»¼½±³³·¬¬»¼¬±µ»»°·²¹¸±®¬ ¬»®³ [[2199,270,2248,599][10][,I,][Z@R18ED.tmp]]®»«¾¶»½¬¬±½¸¿²¹»ò Í»½¬·±² ßóï [[2249,272,2298,889][10][,I,][Z@R18ED.tmp]]³°´»¬»²»ô±®«·¬¿¾·´·¬§òÌ¸·³¿¬»®·¿´· [[2299,312,2348,945][10][,I,][Z@R18ED.tmp]]±¬¿²±ºº»®¬±°«®½¸¿»±®»´´¿²§»½«®·¬·»ò ×²¬»®»¬®¿¬»®±»³±¼»¬´§¼«®·²¹¬¸»¯«¿®¬»®¿½®±´±²¹»® ³¿¬«®·¬·»ô©¸·´»¬¸»º´·¹¸¬¬±¯«¿´·¬§¬»³³·²¹º®±³»«®± ³±²¬¸ô·²¬»®»¬®¿¬»³¿§¾»°«¸»¼¬±©¿®¼®»½»²¬´±©ò ÓÞÍ®»½±ª»®»¼±³»©¸¿¬¿º¬»®¬¸»·®º±«®¬¸ ´±©´»ª»´ô°»¹¹·²¹¸±®¬ [[2199,565,2248,2950][10][,I,][Z@R18ED.tmp]]Ì¸»ª·»©»¨°®»»¼©·¬¸·²¬¸·³¿¬»®·¿´½±²¬·¬«¬»¬¸»°»®°»½¬·ª»¿²¼¶«¼¹³»²¬±ºÐÚÓß»¬Ó¿²¿¹»³»²¬ÔÔÝøÐÚÓßÓ÷¿¬¬¸»¬·³»±º¼·¬®·¾«¬·±²¿²¼¿ ½®»¼·¬ ¯«¿®¬»®ô¿°®»¿¼²¿®®±©»¼¬±°±¬ Ú·²¿²½·¿´÷°»®º±®³»¼°¿®¬·½«´¿®´§©»´´ò º»¿®½±«²¬»®¿½¬»¼¬¸»³±ª»¸·¹¸»®ò »´»½¬·±²¸¿¾»»²·³°±®¬¿²¬ô¿½» ¾¿½µ»¼»½«®·¬·»øÓÞÍ÷ò [[2249,852,2298,1943][10][,I,][Z@R18ED.tmp]]¿ª¿·´¿¾´»¬±¬¸»°«¾´·½å¸±©»ª»®ôÐÚÓßÓ½¿²²±¬¹«¿®¿²¬»»·¬¿½½«®¿½§ô½± ³¿¬«®·¬§Ì®»¿«®·»ò [[2299,912,2348,1589][10][,I,][Z@R18ED.tmp]]²òÌ¸»·²º±®³¿¬·±²½±²¬¿·²»¼·²¬¸·®»°±®¬·² °»®º±®³»®º±®¬¸»¯«¿®¬»®ò ½±²½»®²¬¸¿¬¬¸»·®¬¿¨ ¬»®³®¿¬»¿¬®»½±®¼ º±®»»»¿¾´»º«¬«®» SectorPerformance ©·¬¸·³·´¿® Ý·¬§ ±º É·²¬»® Í°®·²¹ô Ú´±®·¼¿×²ª»¬³ InterestRates ³±®¬¹¿¹» Ø·¹¸ ••••••• [[2299,1552,2348,2262][10][,I,][Z@R18ED.tmp]]¬»²¼»¼¬±°®±ª·¼»°»½·º·½¿¼ª·½»±®®»½±³³»²¼¿¬·± Ì¸»¼±³»¬·½»½±²±³§¸¿½±²¬·²«»¼¬±»¨°»®·»²½»³±¼»®¿¬»¹®±©¬¸ô¦±²»»½±²±³·»¬®«¹¹´»¼©·¬¸®»½»·±²¿²¼°±´·¬·½¿´ ¾«¬±³»»½±²±³·¬¾»´·»ª»¬¸¿¬¬¸»º»¼»®¿´¾«¼¹»¬½«¬¬¸¿¬©»²¬Ø±«·²¹¬¿®¬¸¿ª»¿ª»®¿¹»¼³±®»¬¸¿²çððôððð¿§»¿®·²¬¸»º·®¬ ËòÍò¹®±¼±³»¬·½°®±¼«½¬øÙÜÐ÷¹®»©¾§ðòìû·²¬¸»º±«®¬¸¯«¿®¬»® ×²¬¸»º·®¬¯«¿®¬»®±ºîðïíô·²ª»¬±®º´±½µ»¼¬±®»´¿¬·ª»´§®·µ·»®¿»¬ »÷¿´±±»¹´±¾¿´³±²»¬¿®§°±´·½§¬¸»»«®±´±©»®¿¹¿·²¬¬¸»ËòÍò¼±´´¿®¿²¼«°°±®¬»¼ËòÍòÌ®»¿«®§ ß½½±®¼·²¹¬±¬¸»ËòÍòÝ±³³»®½»Ü»°¿®¬³»²¬ô½±²«³»®°»²¼·²¹®±»kªÃªYÈ¼Æª´ÃªÐÃÃÃªYkËñ±YÅÃøøÃk±ÃÃªÐ°®·½»òÑ²½»¿¹¿·²ô¸»·¹¸¬»²»¼½±²½»®²¿¾±«¬¬¸»»«®±¦±²»½¿«»¼¿ Ì¸»ËòÍò¸±«·²¹³¿®µ»¬½±²¬·²«»¼¬±¬®»²¹¬¸»²ô¿²¼¬¸»¯«¿®¬»®ô«°³±®»¬¸¿²îëû±ª»®îðïî¾«¬¬·´´³«½¸´±©»®¬¸¿²·²¬¸»¾±±³§»¿®òØ±³»¿´»¿²¼¸±«·²¹°®·½»¿®»¿´±·¹²·º·½¿²¬´§¿¾±ª»Ú»¾®«¿®§¿º¬»®¿¾·¹¼±©²¬«®²·²¬¸»°®·±®³ ±²¬¸òÞ±¬¸²«³¾»®©»®» ·²¬±»ºº»½¬Ó¿®½¸ïø¿´±µ²±©²¿¬¸»»¯«»¬®¿¬·±²÷³¿§´»¿¼¬±4È-çÃªúkYªø£kÆÃÐÆÃªÆ_kÃª£¸·¹¸»®¹¿°®·½»òÓ»¿²©¸·´»ô°»®±²¿´·²½±³»¹®»©¾§ïòïû·²²»©¹±ª»®²³»²¬ô¿²¼©»¿µ²»·²³¿²§Û«®±°» ¿²»½±²±³·»°«¸»¼ íû ¯«¿®¬»®¹®±©¬¸¿®»·²¬¸»îû [[2249,1921,2298,2950][10][,I,][Z@R18ED.tmp]]×²º±®³¿¬·±²·±¾¬¿·²»¼º®±³±«®½»¹»²»®¿´´§¾»´·»ª»¼¬±¾»®»´·¿¾´»¿²¼ ´±©»®¹®±©¬¸º±®¬¸»»½±²¼¸¿´º±º¬¸»§»¿®ò [[2299,2229,2348,2958][10][,I,][Z@R18ED.tmp]]º±®¹»²»®¿´·²º±®³¿¬·±²°«®°±»±²´§¿²¼·²±¬·² ø«½¸¿½±®°±®¿¬»¾±²¼¿²¼»¯«·¬· º«»´»¼¿»¿®½¸º±®¿¼¼·¬·±²¿´§·»´¼ò ±ºîðïîô©¸·´»º±®»½¿¬º±®º·®¬ º´·¹¸¬¬±¯«¿´·¬§´¿¬»·²¬¸»¯«¿®¬»®ò «²»³°´±§³»²¬®¿¬»º»´´¬±éòêûò ´·¹¸¬´§¿¾±ª»»¨°»½¬¿¬·±²ò ÐÚÓ ß»¬ Ó¿²¿¹»³»²¬ ÔÔÝ EconomicSnapshot ®»½»·±²´»ª»´ò ®¿²¹»ò Summary Û«®± ••••••• ØÏÉëØÍÎËÉnìÈÜËÉØËøÏÙØÙðÜËÚÕ Í»½¬·±² ßóî 12/31/096/30/1012/31/106/30/1112/31/116/30/1212/31/12 -100K-200K 600K500K400K300K200K100K CPI Core (YoY) 0 Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right) Change In Non-Farm Payrolls 2/28/108/31/102/28/118/31/112/29/128/31/12 3/31/109/30/103/31/119/30/113/31/129/30/12 Unemployment Rate [[2166,489,2220,803][11][,I,][Z@R18ED.tmp]]Í±«®½»æ Þ´±±³¾»®¹ Consumer Price Index CPI (YoY) Real GDP (QoQ) 11.0%10.0% 9.0%8.0%7.0%6.0% 5.0%4.0%3.0%2.0%1.0%0.0%5.0%4.0%3.0%2.0%1.0%0.0% Ý·¬§ ±º É·²¬»® Í°®·²¹ô Ú´±®·¼¿×²ª»¬³ îî Í²¿°¸±¬ ïï Û½±²±³·½ ÐÚÓ ß»¬ Ó¿²¿¹»³»²¬ ÔÔÝ ØÏÉëØÍÎËÉnìÈÜËÉØËøÏÙØÙðÜËÚÕ Industrial Corporates, A Rated March 31, 2012 30-yr 30-yr Í»½¬·±² ßóì 25-yr ËòÍò Ì®»¿«®§ Ò±¬» Ç·»´¼ Ý«®ª» Ç·»´¼ Ý«®ª» ¿ ±º íñíïñîðïí December 31, 2012 Maturity Maturity Federal Agency 10-yr 10-yr March 29, 2013 7-yr 7-yr U.S. Treasury 5-yr 5-yr Ý·¬§ ±º É·²¬»® Í°®·²¹ô Ú´±®·¼¿×²ª»¬³ 3-yr 3-yr 2-yr 2-yr 1-yr 1-yr Ñª»®ª·»© 3-mo 3-mo 4%3%2%1%0% 5%4%3%2%1%0% YieldYield Î¿¬» 3/31/126/30/129/30/1212/31/123/31/13 ×²¬»®»¬ 10-Year ËòÍò Ì®»¿«®§ Ò±¬» Ç·»´¼ ËòÍò Ì®»¿«®§ Ç·»´¼ 5-Year ÐÚÓ ß»¬ Ó¿²¿¹»³»²¬ ÔÔÝ 2-Year [[2236,2737,2290,3051][11][,I,][Z@R18ED.tmp]]Í±«®½»æ Þ´±±³¾»®¹ 2.5%2.0%1.5%1.0%0.5%0.0% Yield ØÏÉëØÍÎËÉnìÈÜËÉØËøÏÙØÙðÜËÚÕ Í»½¬·±² ßóë Î»¬«®² Ý·¬§ ±º É·²¬»® Í°®·²¹ô Ú´±®·¼¿×²ª»¬³ ×²¼»¨ Ô§²½¸ Ó»®®·´´ ß ±º Þ [[2223,2463,2277,2776][11][,I,][Z@R18ED.tmp]]Í±«®½»æ Þ´±±³¾»®¹ ÐÚÓ ß»¬ Ó¿²¿¹»³»²¬ ÔÔÝ A-1+ (Short- A-1 (Short- term)term) 14% 9% Credit Quality Distribution² as of 03/31/13 AA+ 77% Obligations Federal Agency 29% Portfolio Composition as of 03/31/13 Commercial Paper 22% Treasuries U.S. 49% OvernightUnder 6 Months6 - 12 Months1 - 2 Years2 - 3 Years3 - 4 Years4 - 5 Years5 Years and Over 0%0%0%0% 0%0%0%0% December 31, 2012 March 31, 2013 Portfolio Maturity Distribution¹ 50% 44% 25% 33% 26% 22% 0% 0% 0% 100%90%80%70%60%50%40%30%20%10% Percentage of Total Portfolio ìíòééûÚ»¼»®¿´ ×²¬®«³»²¬¿´·¬·» îëòèíû Ý±³³»®½·¿´ Ð¿°»® îðòïçû ¿ ±º Ó¿®½¸ íïô îðïí ß»¬ ß´´±½¿¬·±² Ó±²»§ Ó¿®µ»¬ Ó«¬«¿´ Ú«²¼ ïòêèû Þ¿²µ ±º ß³»®·½¿ Ý¿¸ º±® Ë²·¬»¼ Í¬¿¬» Ì®»¿«®§ Ñ°»®¿¬·±² Í»½«®·¬·» èòëíû üý ø ÷ö ï ð ù ûúú ÿ þ ù ô óèò ý î ú ôóòî í þùýøûú ÿêæ æÿ ø æÿãþìøþèøìÿþ õõþÿøìçøìÿÿìêçìæãþþøìÿøìÿþõõþìøÿæøìÿþìÿêìæÿãÿþøþçøìÿþæ ã ý ÷ ó ãääì ü ù û