PowerPoint Presentation

Annual Portfolio Review 
Ash Mehta, Director, Investment Services
October 11th, 2022

Presentation 
Overview 
Arizona State Statute
01
Market Update 
02
2
Portfolio Review
03

Investment Policy
3
Investment of Public Monies is set by Arizona Revised Statute 35-323
-Sets a maximum maturity of 5 years
-Defines Eligible Investments*:
(*Other eligible investments include Repurchase Agreements, Pooled Investment Funds, Time Certificates 
of Deposit, Arizona Securities, Variable Rate Obligations, and Callable Securities)
US Treasury Obligations
Prime Commercial Paper
Federal Agency & Instrumentality 
Securities
Interest Bearing Savings Accounts
Corporate Bonds

City’s investment objectives per investment policy, 
presented in order of priority
– Safety
– Liquidity
– Diversification
– Yield
4
Investment Policy

Investment Strategy
– Liquidity Portfolio
• Focused on short term (allows for liquidity)
• Managed to meet cash flow needs
– Core Portfolio
• Focused on longer term (allows for diversity in investments)
• Managed by Public Trust Advisors to a benchmark following the city investment policy and 
with quarterly strategy updates
5
Investment Policy

6
Public Trust Advisors 2022 ©
Glendale Partnering with Public Trust 
Partnering with the City  
Working on policy and strategy together since 2015  
Expand Your Investment Team 
We have served as an extension of your finance 
team, collaborating with staff
Build Your Portfolio Professionally 
We worked with staff to create a Liquidity and 
Core strategy to better suit your needs 
Gain Peace of Mind 
We will continue to serve as a fiduciary and 
partner in prudently managing your funds

Market Update

Public Trust Advisors 2022 ©
Macroeconomic Themes 
8
Inflation Keeps Rising
The Fed Goes Big
Recession Ahead?

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Inflation
9
Source: Bloomberg 
CPI is a measure of prices paid by consumers for a basket of goods/services and only accounts for urban households. PCE, the Fed’s preferred measure of inflation, 
tracks overall price changes for goods and services for all U.S. households and nonprofits. Inflation above the Fed’s 2% target is believed to be conducive to tighter 
monetary policy. 
Percent 
8.3
4.6
0
1
2
3
4
5
6
7
8
9
10
Aug-16
Apr-17
Dec-17
Aug-18
Apr-19
Dec-19
Aug-20
Apr-21
Dec-21
Aug-22
US CPI YoY
US Personal Consumption Expenditure Core YoY
Fed Inflation Target

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Federal Reserve Economic Forecast (GDP Growth YoY)
10
Source: Bloomberg 
Gross Domestic Product (GDP) represents the total market value of all final goods and services produced by the U.S. 
during a given calendar year. Strong economic growth is conducive to tighter monetary policy. 
Percent 
2.3
2.9
2.3
-3.4
5.7
1.7
1.7
1.9
-4
-2
0
2
4
6
8

Public Trust Advisors 2022 ©
Contributions to Real Gross Domestic Product (%)
11
Source: Bloomberg 
The four major components of GDP are 1) consumer spending (personal consumption expenditures); 2) investment (private housing and business purchase of 
nonresidential structures, durable equipment, and computer software); 3) net exports (the value of exports minus the value of imports); and 4) government 
spending.
Percent 
3.2
2.8
1.9
-5.1
-31.2
33.8
4.5
6.3
6.7
2.3
6.9
-1.6
-0.6
-40
-30
-20
-10
0
10
20
30
40
50
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
Consumer Spending
Investment
Net Exports
Gov't Expenditures
U.S. Real GDP QoQ

Investments

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Public Trust Advisors 2022 ©
Transparency 
Compliance 
Yield 
Liquidity 
Safety

Public Trust Advisors 2022 ©
Aggregate Assets Under Management (Funds)      June 30, 2022
14
Source: Public Trust Advisors monthly statement.

Public Trust Advisors 2022 ©
Aggregate Funds by Portfolio and Maturity       June 30, 2022
15
Source: Public Trust Advisors monthly statement, 
Market Value + Accrued Total:  $279,533,355.23
Core, $177,622,907.95
64%
Liquidity, $101,910,447.27
36%

Public Trust Advisors 2022 ©
Liquidity Portfolio                                               June 30, 2022
16
Source: Public Trust Advisors monthly statement

Public Trust Advisors 2022 ©
Liquidity Portfolio by Maturity                              June 30, 2022
17
Source: Public Trust Advisors monthly statement
Liquidity
Total Market Value + 
Accrued
$101,9910,447.27

Public Trust Advisors 2022 ©
Core Portfolio                                                    June 30, 2022
18
Source: Public Trust Advisors monthly statement

Public Trust Advisors 2022 ©
Core Portfolio by Maturity                                 June 30, 2022
19
Source: Public Trust Advisors monthly statement
Core
Total Market 
Value + Accrued
$177,622,907.95

20
Public Trust Advisors 2022 ©
Credit Research Process 
Industry & Sector 
Dynamics
Security 
Structure 
Diversification by 
Industry & Issuer
Issuer Business & 
Financial Risk 
Public Trust 
Approved List 
Rigorous & Dynamic
Forward-Looking 
Systematic 
Proactive

Public Trust Advisors 2022 ©
Strategy Looking Forward
21
Continue to coordinate with staff to:
• Provide regular updates regarding outlook for economy
• Review benchmark-based strategy for Core portfolio
• Continue to manage liquidity portfolio to City’s cash needs
• Review portfolio balances every six months (May and December)

Let’s Connect 
Ash Mehta 
Vice President, Investment Advisory 
(480) 573-8980
ash.mehta@publictrustadvisors.com
Headquarters 
717 17th Street, Suite 1850 
Denver, CO 80202
(855) 353-3954
info@publictrustadvisors.com
www.publictrustadvisors.com
22
Chris DeBow 
Managing Partner 
(513) 252-3830
chris.debow@publictrustadvisors.com

Public Trust Advisors 2022 ©
Disclosures
23
This presentation is for informational purposes only. The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not
guaranteed. The materials in the attached are opinions of Public Trust Advisors, LLC and should not be construed as investment advice. Many factors affect performance including changes in
market conditions and interest rates and in response to other economic, political, or financial developments. Performance comparisons will be affected by changes in interest rates. Investing
involves risk including the possible loss of principal. The presentation is not a recommendation to buy, sell, implement, or change any securities or investment strategy, function, or process. Any
financial and/or investment decision should be made only after considerable research, consideration, and involvement with an experienced professional engaged for the specific purpose. All
comments and discussion presented are purely based on opinion and assumptions, not fact. These assumptions may or may not be correct based on foreseen and unforeseen events. All
calculations and results presented and are for discussion purposes only and should not be used for making and calculations and/or decisions. Past performance is not an indication of future
performance.Any financial and/or investment decision may incur losses.
The investment advisor providing these services is Public Trust Advisors, LLC, an investment adviser registered with the U.S. Securities and Exchange Commission (SEC) under the Investment
Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training. Public Trust is required to maintain a written disclosure brochure of our background
and business experience. If you would like to receive a copy of our current disclosure brochure, privacy policy, or code of ethics please contact us.
There is no guarantee that investment strategies will achieve the desired results under all market conditions, and each investor should evaluate its ability to invest long-term, especially during
periods of a market downturn. This information may contain statements, estimates, or projections that constitute “forward-looking statements” as defined under U.S. federal and other
jurisdictions’ securities laws. Any such forward looking statements are inherently speculative and are based on currently available information, operating plans, and projections about future events
and trends.As such, they are subject to numerous risks and uncertainties.
Public Trust Advisors
717 17th Street, Suite 1850
Denver, Colorado 80202