Heeding the advice of its investment consultant, the Marianas Public Land Trust board of trustees agreed to invest in the market the $1 million it recently received from the Department of Public Lands through its high yield fixed income manager.<\/p>\n
The board made the decision to invest the money with Seix after Daniel Roland, senior vice president for wealth management and senior institutional consultant for Morgan Stanley Smith Barney, made a presentation during Friday\u2019s meeting.<\/p>\n
Board member Pete Cruz argued that the money should be invested with Seix \u201cinstead of idling in the bank.\u201d<\/p>\n
In Roland\u2019s presentation, MPLT\u2019s general fund as of Nov. 30 is invested 6.5 percent in high yield fixed income, 11.9 percent in global fixed income, 9.7 percent in large cap core, 5.8 percent in emerging markets, 9.8 percent in convertibles, and 43.7 percent in core fixed income. <\/p>\n
MPLT\u2019s portfolio as of Nov. 30 is valued at $61.726 million<\/p>\n
Asked by chair Alvaro Santos as to what would be a safe percentage to transfer to its high yield fixed income investment \u201cthat would significantly yield,\u201d Roland said it would \u201cmake sense\u201d if the $1 million from DPL would be invested in Seix.<\/p>\n
DPL remitted last Nov. 23 $1 million, representing its land lease payment collection for fiscal year 2011.<\/p>\n
Roland noted in his presentation that income yield for MPLT is doing \u201cvery healthy\u201d at 3.5 percent.<\/p>\n
But Roland pointed out that the continuing Euro crisis, the federal government\u2019s large deficit, and next year\u2019s election will continue to contribute to the market\u2019s volatility.<\/p>\n
\u201cIt\u2019s certainly going to be a bumpy ride,\u201d Roland said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Heeding the advice of its investment consultant, the Marianas Public Land Trust board of trustees agreed to invest in the market the $1 million it recently received from the Department of Public Lands through its high yield fixed income manager.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-157293","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/157293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=157293"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/157293\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=157293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=157293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=157293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}