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Investment Management Approach


The Order of Priority:

1. Preservation of Principal

2. Adequate Liquidity

3. Consistent Returns

UACC believes that continuous investment in the bond market is vital toward achieving greater returns over time.  In other words, public entities that have consistently maintained excessive cash equivalent investments will experience lower returns over time compared to public entities that maintain investments in the bond market and who have had their portfolios professionally managed.

Protecting principal, maintaining sufficient liquidity, and generating consistent returns is the foundation of UACC’s investment management program.  We constantly evaluate the interest rate environment, including an assessment of economic factors, in order to formulate and implement an appropriate investment strategy.  Identifying value along the yield curve and focusing on yield spreads between asset classes are important factors in the  decision making process.

Active Portfolio Management

UACC employs active management strategies.  We regularly analyze whether changes in the asset composition of a given portfolio will benefit earnings without added risk to the investment program, and whether changes in portfolio assets are consistent with the current investment strategy.  Specific areas of analysis include the shape of the yield curve, differences in yield spreads between asset classes and asset types, and the interest rate environment.

Selecting Securities for the Portfolio

Identifying the appropriate securities for the portfolio is an important factor in the portfolio management process.  UACC regularly identifies various eligible securities by accessing dealer inventories and comparing such secondary issues to new issues.  Securities are selected for the portfolio based upon price and our analysis of yield spreads.  Our ability to execute large transactions on a regular basis is a contributing factor to obtaining securities at competitive prices.  Efficient executions minimize transaction costs.

Managing Bond Proceeds

UACC also specializes in the management of bond proceeds.  The firm utilizes an active portfolio strategy with a goal of maximizing earnings while maintaining the flexibility to adapt to a changing draw schedule.  As the bond proceeds are spent, UACC provides regular portfolio and asset-liability reports, customized for the issuer.

Our approach to managing bond proceeds focuses on matching assets with liabilities.  The firm implements various strategies designed to maximize the yield (return) of the portfolio and to minimize any negative arbitrage.  Although liquidity to meet scheduled draws is the primary objective, specific strategies are implemented to include the management of longer maturities in order to generate additional income.  Portfolio maturities never extend beyond the final draw date.

 

 

About Us


Specialists in Public Funds Management

UACC specializes in providing investment management services to public entities in Ohio and California.  Our clients include counties, municipalities, school districts, various other public entities and non-profit organizations.

The firm’s professional staff has over sixty years of collective, fixed-income portfolio management experience.

UACC discovered the widespread use of derivative securities by various public entities before such problems were publicized in 1994.  In one example, UACC was retained by a public entity after realizing that their portfolio contained collateralized mortgage obligations with significant unrealized losses.  The firm restructured the portfolio with various US Government securities and implemented a comprehensive investment program emphasizing the protection of principal and current income.

During the nineties, UACC was retained by various public funds associations to study the impact of losses to public funds throughout the state, including the types of securities used and the investment management practices attributable to such losses.  The firm proposed investment alternatives, participated in drafting language for the initial legislation (Senate Bill 81), and provided recommendations to subsequent statutory revisions.

UACC’s Principal is a board member and instructor for the Center for Public Investment Management, a continuing education program administered by the State Treasurer’s Office.

Investing Public Funds Since 1991


 

Click here to read about UACC in Forbes

United American Capital Corporation (UACC), a registered investment adviser, is in its 26th year of providing institutional fixed-income investment management services to public entities.    Assets under management by UACC have increased significantly since the firm was founded in 1991. Today we have over $4.9 billion in assets under discretionary management, and also serve as investment adviser to a local government investment pool with total assets over $2.8 billion.  UACC is one of the largest firms in Ohio to exclusively manage the investments of public entities.  We provide portfolio management services to various public entities including, but not limited to, counties, municipalities, school districts, colleges, libraries, and port authorities.

UACC Highlights and Services

  • Independent Registered Investment Adviser, not a broker/dealer
  • Over 70 years of combined fixed-income investment management experience
  • Approximately $4.9 Billion in total discretionary assets under management*
  • Provides a comprehensive accounting and reporting system to our clients
  • Monitors legal and investment policy compliance
  • Provides timely and competitive trade executions, minimizing costs to the client
  • Investments are delivered vs. payment and held by client’s third party custody bank
  • UACC clients receive many other investment related services

The selection of a qualified investment adviser for your portfolio is a very important decision. The selected firm must have substantial experience in the management of state and local government funds and must also understand that a high degree of accountability is expected when managing public funds.  Performance is important, but preservation of principal is the ultimate priority.

An investment adviser must also be capable of devoting a substantial amount of time in managing the portfolio and communicating with the client on a regular basis.  Such individual attention allows UACC to meet with clients as frequently as requested and to deliver a more customized and comprehensive investment program, including various compliance reports, monthly reconciliation, and specialized portfolio management projects.

*As of 12/31/2016

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