Investing for Florida Governmental Entities July 12, 2019
Purpose Structure The purpose of FLCLASS is to provide FLCLASS is an intergovernmental Florida governmental entities with a investment pool authorized under convenient, short-term investment Section 218.415, Florida Statutes opportunity carefully selected to and was created via an interlocal optimize interest earnings while agreement by and among state maximizing safety and liquidity. public agencies as described in Section 163.01, Florida Statutes. Liquidity FLCLASS was created by Yield Safety and for Florida governmental entities!
Directed by Your Peers Ken Burke, Chairman FLCLASS is supervised by a Board of Clerk of Court & Comptroller Pinellas County Trustees comprised of eligible Participants of the program. The Board acts as the liaison between the Participants, the Custodian, and Sharon Bock Clerk of Court & Comptroller the Program Administrator. The Board Palm Beach County administers the affairs of FLCLASS entering into contracts and agreements on behalf of the program. Jim Cooke City Treasurer/Clerk FLCLASS Participant Breakdown by Type* City of Tallahassee Counties 13.33% Cindy Valentine 27.78% Chief Financial Officer Municipalities 8.89% Orange County Tax Collector 7.78 School Districts % Special Districts Phong “Tony” Vu Treasurer Other 42.22% Miami-Dade School District Source: Public Trust Advisors. *Participant breakdown by entity type as of March 31, 2019.
Sample Portfolio Composition Investments are made in accordance with Florida Statutes and the FLCLASS Investment Commercial Paper A-1+/P-1 & A-1/P-1 Policy. Repurchase Agreements Money Market The FLCLASS portfolio is Funds marked-to-market daily and Cash seeks to maintain a stable NAV U.S. Treasuries of $1.00 per share. U.S. Agencies Government Sponsored Corporate Notes Total Assets $2.88 billion* Past performance is no guarantee of future results. Any financial and/or investment decision may incur losses. Source: Public Trust Advisors. *As of May 3, 2019.
Performance 2018-2019 FLCLASS Average Monthly Yields Our primary goal is to safeguard Jun. 2019 2.55% Dec. 2018 2.51% the public’s funds through rigorous May 2019 2.59% Nov. 2018 2.41% credit analysis and exposure Apr. 2019 2.60% Oct. 2018 2.29% management processes while Mar. 2019 2.62% Sept. 2018 2.22% optimizing interest earnings within Feb. 2019 2.64% Aug. 2018 2.20% the given investment parameters. Jan. 2019 2.63% July 2018 2.18% S&P LGIP30D Benchmark Preservation of Principal 2.55% ‘ AAAm ’ Rated 2.36% * * FLCLASS Average S&P AAA/AA GIP By S&P Global Ratings Monthly Yield Index Source: Public Trust Advisors. *The benchmark, the S&P US AAA & AA Rated GIP All 30 Day Net Yield (LGIP30D) is a performance indicator of rated GIPs that maintain a stable net asset value of $1.00 per share and is an unmanaged market index representative of the LGIP universe. Calculation methodology for the LGIP30D is the monthly average of the each week’s seven day average rate as provided by Bloomberg. The S&P benchmark utilized in this comparison is a composite of all rated stable net asset value pools. GIPs in the index include only those rated based on S&P’s money market criteria. Pools rated ‘ AAAm ’ provide excellent safety and a superior capacity to maintain principal value while those rated ‘ AAm ’ offer very good safety and a strong capacity to maintain principal value (Source: S&P Global Ratings). A 'AAAm' rating by S&P Global Ratings is obtained after S&P evaluates a number of factors including credit quality, market price exposure, and management. Ratings are subject to change and do not remove credit risk. The comparison between this index and the portfolio may differ in holdings, duration, fees, and percentage composition of each holding. Such differences may account for variances in yield. Performance results 5 for FLCLASS are shown net of all fees and expenses and reflect the reinvestment of dividends and other earnings. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments. Investment involves risk including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. Past performance is no guarantee of future results. Any financial and/or investment decision may incur losses. As of June 30. 2019. Data unaudited.
Competitive Return FLCLASS Daily Yield 3.20% 6/30/2019, 2.52% 2.40% Return 1.60% 0.80% Jul-18 Nov-18 Mar-19 Jul-19 FLCLASS Growth 40% * $4 Growth $3 ** ** Billions $2.97b $2 $2.12b $1.66b $1 $190m $0 2015 2016 2017 2018 Source: Public Trust Advisors . Data unaudited. Month-end assets are as of December 31. Performance results are shown net of all fees and expenses and reflect the reinvestment of dividends and other earnings. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial 6 developments. Investment involves risk including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. Past performance is no guarantee of future results. Any financial and/or investment decision may incur losses. Growth percentage is calculated by subtracting 2017 assets from 2018 assets, dividing the difference by 2017 assets, and then multiplying by 100.
Benefits of Becoming a Participant FLCLASS has no affiliations or revenue sharing arrangements to outside organizations; therefore, more investment income is returned back to our Participants. Additional Features • Competitive daily yields Return • Interest compounds daily Deposits by wire or ACH Secure online access for transactions and account • Same-day liquidity (3:00 p.m. ET cut-off) statements Liquidity • Professionally managed portfolio Audited annually by an independent audit firm* • Convenience of a checking account Convenience Dedicated Client Service • Direct deposit of state payments representatives *External audits may not catch all instances of accounting errors and do not provide an absolute guarantee of accuracy.
Participant Sampling Participant sampling as of March 31, 2019.
Visit Our Website Wondering how much money you could have earned on your investment? Take a look at our investment calculator and see the potential revenue your investments could have earned. www.flclass.com Data unaudited. Performance results are shown net of all fees and expenses and reflect the reinvestment of dividends and other earnings. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments. Investment involves risk including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. Past performance is no guarantee of future results. Any financial and/or investment decision may incur losses.
Investment Income 2018 2017 $42.36m $15.55m Investment Investment Income Earned Income Earned If you had invested any of the following amounts in FLCLASS here is what you could have earned on your investment: 2018 2019 To Date $1,000,000 = $20,768.28 $1,000,000 = $13,620.73 $5,000,000 = $103,841.39 $5,000,000 = $68,103.63 $10,000,000 = $207,682.79 $10,000,000 = $136,207.26 $15,000,000 = $311,524.18 $15,000,000 = $204,310.89 Data unaudited. Performance results are shown net of all fees and expenses and reflect the reinvestment of dividends and other earnings. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments. Investment involves risk including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The income earned is by the entire FLCLASS portfolio. Past performance is no guarantee of future results. Any financial and/or investment decision may incur losses.
Contact Us Vice President, Investment Advisory Services Office: (407) 588-9667 Mobile: (407) 408-5572 matt.tight@flclass.com Matt Tight Regional Director, Marketing Office: (407) 588-9667 Mobile: (203) 448-8532 tommy.jordan@flclass.com Tommy Jordan 201 E. Pine Street, Suite 750 Orlando, FL 32801
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