Governor  Dannel P. Malloy

Cash Management

Fund Highlights

STIF Facts as of June 30, 2018
Inception date 1972
Total Investor deposits $6.7 billion
Reserve balance $61.3 million
S&P rating AAAm
Weighted average maturity 35 days
Quarterly yield 1.79%
One-year total return 1.39%
Five-year total return 0.51%
Ten-year total return 0.49%

Investment Strategy
The fund seeks to minimize risk and enhance return on short-term cash for State, municipalities and other political subdivisions. STIF employs a top-down approach to developing its investment strategy. Starting with the objectives of the fund, STIF considers constraints outlined in its investment policy, which include parameters on liquidity management, maturity targets and permissible investment types.

Fund Composition
STIF implements an investment strategy that assures the portfolio is well diversified.


As of June 30, 2018, the largest asset allocation categories were:

  • Bank Deposits (36.9%)
  • Non-Financial Credit Instruments (23.8%)
  • Government Agency Securities (20.5%)

Fund Management

  • Michael Terry, Principal Investment Officer
  • Paul Coudert, Investment Officer
  • Marc Gagnon, Securities Analyst
  • Leonora Gjonbalaj, Investment Technician II

Staff Communication Information

Performance vs. Benchmark
During the quarter ending June 30, 2018, the Fund earned an average annualized yield of 1.79 percent, which was 8 basis points above the iMoneyNet Rated Money Fund Report Average (MFR), Taxable institutional rate of 1.71 percent. Throughout the period we maintained a high level of liquidity and a short average portfolio maturity.