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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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6/24/2024 4:07:07 PM
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11/9/2007 2:19:12 PM
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06-20-07 Minutes
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6/20/2007
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Weighting Constraints <br /> U.S. Treasury Up to 100% <br /> Securities <br /> Agency Securities Up to 100% No more than 20%in a single issue <br /> Structured Agency Up to 80% No more than 20%in a single issue <br /> Notes <br /> Agency Pass Up to 40% No more than 10%in a single issue <br /> Throughs <br /> Agency CMOs Up to 20% No more than 5% in a single issue <br /> Municipal Securities Up to 25% No more than 5%in a single issue <br /> Certificates of Up to $10 MM* Collateralized at <br /> Deposit 110%;three year maximum term <br /> *The maximum holding of CDs in the total portfolio, including the daily and <br /> intermediate, shall not exceed $10 million. <br /> 9. Diversification: Subject to the guidelines in C 8 (above), the Intermediate Term <br /> Portfolio should be diversified to eliminate the risk of loss resulting from over- <br /> concentration of assets in a specific issuer,maturity or class of securities. <br /> IX. SELECTION OF EXTERNAL INVESTMENT MANAGERS FOR INTERMEDIATE TERM <br /> PORTFOLIO <br /> Criteria for selection of Investment Managers and Mutual Funds are: <br /> A. Adherence to a clearly-articulated investment strategy and discipline. <br /> B. A minimum five-year performance track record: A Manager's performance will be <br /> compared to the appropriate benchmark designated in this IPS. Performance will be <br /> evaluated on a risk-adjusted basis considering annual returns, cumulative annualized <br /> returns, standard deviation of returns and a measure of performance in down-market <br /> cycles. <br /> C. History of the firm: Organizational structure, assets under management,clientele in <br /> the municipal and government sector and the tenure of key portfolio manager(s) <br /> responsible for the performance track . <br /> 16 <br />
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