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Investment Oversight Committee

SYNOPSIS: 

The Investment Oversight Committee met Friday, May 5, 2000 and discussed various issues detailed in the Committee report. The next Investment Oversight Committee meeting is a special meeting of the Committee and Governing Board scheduled for Friday, May 19, 2000 at 12:00 noon in Conference Room CC8

RECOMMENDED ACTION:

Receive and file.

Norma Glover
Investment Oversight Committee

Attendance: Present were Committee members Michael Antonovich, Norma Glover and David Ertel. Absent were Committee members William Burke, Gary Burton and Jerry Rogers.

Investment Committee Action Items:

Quarterly Report of Investments: Reviewed the quarterly investment report to the Governing Board. As of February 29, 2000 the AQMD’s weighted average yield on total investments of $110,450,788 from all sources was 6.03%. Approximately 60% was invested in the Los Angeles County Pooled Surplus Investment Fund; 22.2% in the State Local Agency Investment Fund; and 17.8% in securities of U.S. Government Sponsored Enterprises. The committee approved this report.

Investment Committee Discussion Items:

Report on Investment Manager Review: Ms. Adele Berwanger of Canterbury Consulting, retained by the AQMD to review its investment program, presented the results of their study. Canterbury evaluated AQMD’s current program, cash flows, investment allocation and yields and compared our past performance to the performance of several indexes and a sample of outside investment managers. She concluded that the AQMD could improve its total return on investments by allocating a greater portion of its portfolio to longer-term investments as well as looking to outside management to actively invest AQMD monies. The Committee asked staff to evaluate several options, weighing the costs, benefits and risk of both longer-term investments and outside management to the AQMD’s current program. A special meeting of the Investment Oversight Committee and the Board has been scheduled for May 19, 2000 at 12:00 noon.

Other Business: None

Public Comment: None

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