PowerPoint Presentation

Annual Portfolio Review 
September 24, 2024
Ash Mehta, Director, Investment Services
Megan Ellgen, Controller Glendale, Arizona

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 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 2024 ©
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 2024 ©
Macroeconomic Themes 
8
Please refer to the disclosure slide for additional information. 
Inflation Trending Lower
Labor Market Softening
Fed is Getting Comfortable With Rate Cuts

Public Trust Advisors 2024 ©
Inflation
9
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 
Source: Bloomberg, data as of June 30, 2024
Please refer to the disclosure slide for additional information.  
3.0
2.6
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 Apr-23
Dec-23
US CPI YoY
US Personal Consumption Expenditure Core YoY
Fed Inflation Target

Public Trust Advisors 2024 ©
Unemployment 
10
The unemployment rate tracks the number of unemployed persons as a percentage of the labor force (total number of employed plus unemployed). The labor 
force participation rate is an estimate of the economy’s active workforce. Full employment along with stable prices is one of the Fed’s dual mandates with respect 
to monetary policy. 
Percent 
Percent 
Source: Bloomberg, data as of July 31, 2024
Please refer to the disclosure slide for additional information.  
62.7
4.3
0
2
4
6
8
10
12
14
16
58
59
60
61
62
63
64
Aug-16
Apr-17
Dec-17
Aug-18
Apr-19
Dec-19
Aug-20
Apr-21
Dec-21
Aug-22
Apr-23
Dec-23
Aug-24
Labor Force Participation Rate
Unemployment Rate

Public Trust Advisors 2024 ©
U.S. Treasury Yields 
11
The green line represents the U.S. Treasury Actives curve at the historical date in the above chart legend. The blue line represents the current U.S. Treasury 
Actives curve on the date in the above chart legend. The light grey bars represents the change in yield between the current and historical curves as measured in 
basis points. 
Percent 
Basis Points 
Source: Bloomberg, data as of August 6, 2024 
Please refer to the disclosure slide for additional information.  
0.00
1.00
2.00
3.00
4.00
5.00
6.00
6M
1Y
2Y
3Y
5Y
7Y
10Y
8/6/2024
7/6/2024

Public Trust Advisors 2024 ©
Conclusion
12
Inflation continues to trend lower, providing the “further 
confirmation” needed for the Fed to consider cutting 
rates.
The labor market is showing early signs of weakening, 
emphasizing the risk of keeping rates too high for too 
long. 
If current trends continue, the Fed is likely to cut the 
federal funds target rate before the end of the year.

Investments

14
Public Trust Advisors 2024 ©
Transparency 
Compliance 
Yield 
Liquidity 
Safety

Public Trust Advisors 2024 ©
Aggregate Assets Under Management (Funds)      June 30, 2024
15
Source: Public Trust Advisors monthly statement.

Public Trust Advisors 2024 ©
Aggregate Funds by Maturity            June 30, 2024
16
Source: Public Trust Advisors monthly statement,

Public Trust Advisors 2024 ©
Liquidity Portfolio                                               June 30, 2024
17
Source: Public Trust Advisors monthly statement

Public Trust Advisors 2024 ©
Liquidity Portfolio by Maturity                              June 30, 2024
18
Source: Public Trust Advisors monthly statement

Public Trust Advisors 2024 ©
Core Portfolio                                                    June 30, 2024
19
Source: Public Trust Advisors monthly statement

Public Trust Advisors 2024 ©
Core Portfolio by Maturity                                 June 30, 2024
20
Source: Public Trust Advisors monthly statement

21
Public Trust Advisors 2024 ©
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 2024 ©
Strategy Looking Forward
22
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)

Public Trust Advisors 2024 ©
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