Local Government Investment Strategies

Product Summary

Product Description

Sawgrass Asset Management’s active short-term strategies utilize a disciplined and systematic approach. Our broadly diversified fixed income investing places a premium on high-quality investment grade securities, while simultaneously balancing risk, returns and liquidity for our clients.

Investment Philosophy & Process

We believe that inefficiencies in fixed income markets create opportunities that compensate for active risk. Identifying these opportunities requires a thorough analysis of capital markets, asset fundamentals and technical factors overlaid with a qualitative assessment formed by Sawgrass Asset Management’s extensive experience and judgment. Our approach to portfolio construction takes measured risks and optimizes allocations to investment ideas across alpha sources designed to create strong risk-adjusted returns.

Every element of our fixed income process is tested and designed to add value to our client portfolios. Importantly, we believe that value is not only added by the contribution to enhanced returns but also by controlling risk. Some of the key strategies we employ to achieve these goals are:

  • Managing Portfolio Duration to Reflect our Interest Rate Expectations
  • Utilization of Corporate Debt
  • Sophisticated Horizon Analysis
  • Seeking Best Execution through Technology and Trading Tools
Benefits and Experience
  • Enhanced Liability Matching of Cash Flows
  • Low-Fee Solution
  • Enhanced Yield Opportunities
  • Direct Access to Portfolio Managers
  • Diligent Service Delivery
  • GASB Documentation Provided
  • Familiarity with Florida Statutes
  • Use of Technology to Enhance Resource Effectiveness
Goals and Objectives
  • Preservation of Capital
  • Liquidity
  • Anticipate Cash Flow Needs
  • Competitive Yields
Sample Yield Curve
Client Communication Approach
  • Discuss: We identify client investment objectives, such as liquidity, cash flow and risk tolerance, and establish a long-term communication plan
  • Customize: We implement a customized investment solution for each client based on their unique, individual needs
  • Monitor: We monitor each portfolio for adherance to our clients’ Investment Policy Statement and requirements such as GASB 40, FASB 115 and SSAE 16 Type II
  • Report: We review individual portfolios on an ongoing basis and provide reports at a frequency desired by each client

Lead Portfolio Manager

David Furfine, CFA

Mr. Furfine is a Partner at Sawgrass, directs the firm’s fixed income management and research efforts, and is the lead portfolio manager for all of the firm’s fixed income products. He is responsible for interest rate analysis and portfolio construction. He serves on several of the firm’s committees, including strategic planning and management committees, as well as chair of the firm’s fixed income investment committee.

Contact us today to learn more about our investment strategies.

Risk management and a repeatable process

The premium we place in investment securities is a good thing for our clients. The return pattern in Fixed Income is asymmetrical, meaning there are more downside than upside risks, so that’s why focusing on risk management is so vital for us.

The Sawgrass Advantage

  • Fully aligned interests between our team and our clients
  • Continuity of leadership and low team turnover
  • Enhanced investment expertise through long-term experience
  • Goal is to provide a high-quality portfolio, without taking unnecessary risks
  • Demonstrated success in fulfilling investor needs
  • Consistent, repeatable process over time based on sound judgment and mature perspective

Please refer to this product’s Performance Disclosure Statement.

  • Dependable, knowledgeable and consistent service
  • High confidence in understanding of institutional client challenges and successful outcomes with a commitment to educate and serve
  • Responsive to client needs