Office of the Treasurer & Tax Collector City and County of San Francisco José Cisneros, Treasurer Pauline Marx, Chief Assistant Treasurer Michelle Durgy, Chief Investment Officer Treasury Oversight Committee May 2, 2014 City Hall - Room 140 ● 1 Dr. Carlton B. Goodlett Place ● San Francisco, CA 94102-4638 Telephones: 415-554-4487 & 415-554-5210 ● Facsimile: 415-554-5660
Table of Contents Economic & Market Overview 3 Pooled Fund Review 4-6 March 2014 Monthly Report separate handout 2
Key Economic Data S&P/Case-Shiller Home Price Indices Non-Farm Payrolls and Unemployment Rate 200 500K 0.0% Non-Farm Payrolls 1.0% Unemployment Rate 2.0% 3.0% 250K 4.0% 150 5.0% 6.0% 0K 7.0% 20 Metro Composite 8.0% 9.0% San Francisco Area 100 -250K 10.0% 2/10 2/11 2/12 2/13 2/14 3/10 3/11 3/12 3/13 3/14 Consumer Price Index Gross Domestic Product 4.0% 4.0% 3.5% GDP Year-over-Year Change 3.0% 3.0% 2.5% 2.0% 2.0% 1.5% 1.0% CPI Year-over-Year Change 1.0% 0.5% Core CPI Year-over-Year Change 0.0% 0.0% -0.5% 3/10 3/11 3/12 3/13 3/14 3 Source: Bloomberg
Portfolio Comparison 6,750 $ Millions 1.9% 10.6% 6,000 4.3% 6.0% 5.3% 1.9% 5,250 1.8% 4.4% 5.5% 3.0% 1.9% 0.1% 0.7% Money Market Funds 4,500 7.6% 0.3% Medium Term Notes 3.4% 1.0% 7.3% 8.8% Commercial Paper 0.2% 3,750 1.1% Banker's Acceptances 18.9% 67.7% Negotiable CDs 64.3% Public Time Deposits 3,000 State/Local Agencies TLGP 2,250 65.4% 58.5% Federal Agencies U.S. Treasuries 1,500 750 14.2% 15.8% 10.2% 8.6% - 3/31/2011 3/31/2012 3/31/2013 3/31/2014 4
County Pooled Fund Statistics Name of Fund Portfolio Size* 1.80% February 2014 Earned Income Yield ($ mns) Fresno Los Angeles County $23,220 1.50% LAIF 20,700 1.20% San Diego County 7,324 Sonoma City and County of San Francisco 6,377 0.90% Los Angeles Riverside County 5,236 San Francisco 0.60% Orange County 3,199 Contra Costa San Diego Sacramento Sacramento County 2,932 Riverside 0.30% Fresno County 2,410 Orange LAIF 0.00% Contra Costa County 2,057 0 200 400 600 800 1,000 1,200 Sonoma County 1,489 Weighted Average Maturity (in days) * as of February 2014 GIP Index 30-Day Gross Yield February 2004 – February 2014 6% San Francisco Earned Income Yield 5% GIP Index 30-Day Gross Yield 4% 3% 2% 1% 0% Feb 04 Feb 06 Feb 08 Feb 10 Feb 12 Feb 14 5 Sources: Bloomberg, Sacramento County as of 11/30/2013
Investment Fund Participants As of April 29, 2014 Pool Participant Equity Balance Percent of Fund General Fund/Special City Funds/Internal Services Funds $ 1,484,144,710 20.8% San Francisco Public Utilities Commission 1,413,112,776 19.8% Facilities and Capital Projects Funds – General 871,157,825 12.2% San Francisco Unified School District 742,997,798 10.4% San Francisco Municipal Transportation Authority 735,139,085 10.3% San Francisco International Airport 684,634,727 9.6% San Francisco General Hospital and Laguna Honda Hospital 283,305,024 4.0% Successor Agency – Former SFRDA 217,539,039 3.0% Port of San Francisco 112,860,783 1.6% Pension and Retiree Health Care Trust Funds 110,810,061 1.6% San Francisco Community College District 94,834,293 1.3% San Francisco County Transportation Authority 92,003,496 1.3% Other agencies (incl. Transbay Joint Powers, Trial Courts) 301,483,694 4.2% Totals $ 7,144,023,312 100.0% 6 Source: Cognos Impromptu as of 4/29/2014
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