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| Portfolio performance, diversification and strategy
September portfolio yield is 3.05% The weighted average maturity is 976 days. The total market value of the portfolio is $15.8 billion; An increase of $1.9 billion compared to December 2022. Total portfolio included 66% U.S. Treasury; 8% U.S. government agencies; 17% in mortgage-backed securities, 8% in money market mutual funds, 0.3% in certificates of deposit; 0.6% for government bond issuance and foreign bonds; consists of the balance of invested funds. |
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Funds available for investment at market value include treasury investments. $12,348,659,042 and state agency balances invested in OK $3,528,661,428 in total $15,877,320,470. |
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market conditions
The government bond market has been volatile, with the 10-year bond through 2023 at 3.88%, very close to its level at the beginning of the year. The 10-year interest rate exceeded 5%, the highest level in 16 years, but receded by the end of the year. Meanwhile, the two-year bond’s closing price was 4.25%, compared with the January 1 closing price of 4.43%. The 30-year bond stood at 4.03%, just 0.06% higher than at the beginning of the year. Stock markets in 2023 reflected a more bullish environment than expected this year. Annual returns for the S&P 500, Dow Jones Industrial Average, and Nasdaq were 24%, 14%, and 43%, respectively. In December, the S&P returned 4%, the Dow 5%, and the Nasdaq 5%. According to Barron’s, the Dow Jones Industrial Average broke above 37,000 for the first time, breaking the closing price record seven times at the end of 2023. The enthusiasm for artificial intelligence and big tech stocks sent the Nasdaq soaring. |
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Economic development The unemployment rate in November was 3.7%, down from 3.9% in October and near historic lows. Non-agricultural employment was 199,000. The Wall Street Journal said, “The numbers were boosted by the end of the auto strike, which added about 30,000 jobs to the payroll.” Employment growth in November was below the 2023 average for the second month in a row. ” |
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Retail sales in November exceeded expectations, increasing by 0.3% and 4.1% compared to the same month last year. Excluding automobiles and gasoline, retail sales were 0.6%. Sales for the previous month were revised downward by 0.1%. The holiday season got off to a strong start, with food service and restaurants, non-store retail, health and personal care, and furniture stores posting the biggest increases. Retail Monitor announced that “December sales increased on an annual basis in six of nine retail categories, led by online sales, health and personal care stores, and clothing and accessory stores.” . |
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| The final forecast for real gross domestic product (GDP) in the third quarter was an annualized rate of 4.9%, compared with 2.1% in the previous quarter. The Bureau of Economic Analysis notes that “compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflects an improvement in exports and an acceleration in consumer spending and private inventory investment, while a slowdown in nonresidential capital investment “This was partially offset by Imports increased. ” | ||||||||||||
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Collateralization All funds requiring collateral managed by this office were secured at interest rates ranging from 100% to 110% depending on the type of investment. |
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The purchase and sale of securities was conducted using competitive bidding. Bank fees and operating expenses for money market mutual funds, as well as revenue sharing between the state treasury and the master custodian bank for securities lending income, are detailed on the attached page. |
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| thank you,
Todd Russ See the full report below. |
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