Treasury Pool - $1.6 billion When building the portfolio, invest to - PowerPoint PPT Presentation

Jan 26, 2024 •175 likes •255 views

Treasury Pool - $1.6 billion When building the portfolio, invest to maintain a balance between : 1. Safety 2. Liquidity 54 3. Return 49 29 Investment process starts with cash flow study 23 Predict daily in and outflows Forecast

Treasury Pool - $1.6 billion When building the portfolio, invest to maintain a balance between : 1. Safety 2. Liquidity 54 3. Return 49 29 Investment process starts with cash flow study 23 • Predict daily in and outflows • Forecast daily liquidity Segment 1 Daily liquidity 1. Safety 2. Liquidity
Treasury Pool Should the cash flow projections be incorrect, we set aside an amount in Segment 2 54 49 First source of liquidity 29 23 Segment 1 Segment 2 1. Liquid 2. AA credit quality 3. Short duration
Treasury Pool The remainder of the Treasury Pool is Segment 3 Investments can be more volatile with higher earnings expectations 54 49 Diversify 29 23 1. Asset classes Segment 1 Mutual Funds Segment 3 Bonds $1.1 billion Alternatives (CUF LTIP) Segment 2 2. Styles Active and Passive Value and Growth Concentrated and Diversified
Treasury Pool Segment 3 (excludes CUF-LTIP) Value 8 Equity Funds Core Growth Large cap Domestic 54 49 Mid cap Mid cap 29 Small Cap 23 Non-US Global 2 Fixed Income BBB- Investment Grade BB+ All domestic
Manager Selection and Review Process Ten investment funds in Segment 3 Review Process • Investment Advisory Committee - 8 meetings each year • Annual face-to-face meetings with fund managers 54 Selection Process – Identify need to replace or add a fund 49 • Replace 29 1. Performance lags 23 2. Changes in staffing or organization 3. Change in investment style • Add 1. Competitive performance and fees 2. Complements other portfolio funds 3. Due diligence review A manager is usually, but not always, hired after considering the above.
Energy Sector Considerations • Approximate size of energy sector 1. 8% of domestic market 2. 7% of non-US market • Percent of funds eliminated if screening is applied – 85% to 90% 54 49 • Funds screened for fossil fuels are newer, smaller, have higher fees 29 1. Lower risk-adjusted returns are anticipated 23 2. Large firms are creating new funds and indices 3. 9 of 14 managers/sub-advisors are signatories to the UN’s PRI • Looking ahead, if screen funds perform well, they will be considered
Conclusion Consideration for structuring and managing the Treasury Pool 1. University’s financial obligations must be met – three Segments a. Safety b. Liquidity c. Investment return 54 49 2. Input from IAC and investment consultant 29 3. Manager selection considerations 23 a. Established need for new investments or manager replacement b. Investment committee assists with profile of manager c. Due diligence on potential managers d. New investments must complement existing strategy

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