Overview:
The SBA currently operates two investment pool funds.
The first is the Commingled Asset Management Program (CAMP) Money Market Fund. The SBA created this pool to better serve local and state governmental entities charged with investing non-qualified (i.e., non-pension) assets.
The second is the Local Government Investment Pool (LGIP), this pool is open to all units of local government in Florida.
Local Government Investment Pool
The Local Government Investment Pool, more formally called the Local Government Surplus Funds Trust Fund, was established to provide local governments a low cost, low risk, fully transparent investment option for their surplus funds. The SBA has operated the LGIP since January. 1982
The LGIP is managed to be competitive with the S&P Rated LGIP 30-Day Yield Index. As a money market fund, the LGIP invests in short-term, high quality money market instruments issued by financial institutions, non-financial corporations, the U.S. government and federal agencies. Liquidity is available on a daily basis through online account access. More information on the LGIP can be obtained at: Local Government Investment Pool
CAMP Money Market:
CAMP Money Market (CAMPMM) was introduced in July 1999 to serve entities that are not eligible to participate in the Local Government Investment Pool, yet seek liquidity and preservation of capital. This includes state agencies (as defined in Section 216.011, F.S.) and other governmental entities, trusts or endowments on whose behalf the SBA can make investments as provided by law or by the the Florida Constitution, provided that the funds are not pension plan monies.
The CAMPMM is managed to be competitive with the average 30-day annualized yield achieved by the First Tier Institutional Money Market Funds published in the weekly MoneyNet Fund Report. As a money market fund, CAMPMM invests in short-term, high quality money market instruments issued by financial institutions, non-financial corporations, the U.S. government and federal agencies. Contribution and redemption transactions can be executed on a daily basis.
Commingled Asset Management Program-Fixed Income (CAMPFI):
CAMP Fixed Income (CAMPFI) was introduced in February 2000 to offer non-qualified (non-pension)clients low-cost exposure to the intermediate and long-term fixed income market. Like CAMPMM, the money market fund, each client participating in CAMPFI holds units, similar to investing in a mutual fund.
CAMPFI is managed as an index fund to attain the total return achieved by the Lehman Brothers Aggregate Bond Index over market cycles. CAMPFI invests in a broad array of investment grade fixed income securities with maturities in excess of 1 year - including, U.S. government bonds, corporate bonds, mortgage-backed securities, international dollar denominated bonds, and asset-backed securities. Contribution and redemption transactions can be executed on a month-end basis.
Commingled Asset Management Program-International Equities (CAMPDE):
CAMP Domestic Equities (CAMPDE) was introduced in February 2000 to offer non-qualified (non-pension) clients low-cost exposure to the broad U.S. stock market. Like CAMPMM, the money market fund, each client participating in CAMPDE holds units, similar to investing in a mutual fund.
CAMPDE is managed as an index fund to attain the total return achieved by the Russell 3000 Index, excluding tobacco-related stocks over market cycles. CAMPDE invests in a broad array of stocks that represent different capitalization sizes (i.e., large-cap, mid-cap and small-cap) and styles (i.e., growth and value). Contribution and redemption transactions can be executed on a month-end basis.
Other Asset Classes:
The SBA currently manages non-pension portfolios of internationalequities, Treasury Inflation-Protected Securities (TIPS) and Real Estate Investment Trusts (REITS) that could be unitized and offered as additional pool products, should there be client interest.
International stocks, TIPS and REITS are products suitable for sophisticated investors with a longer term time horizon. Each of these asset classes has its own unique set of return and risk characteristics.