CASH MANAGEMENT

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Scope of Cash Management Solutions:

  • FDIC-insured deposit accounts (IDA)
  • Margin lending
  • ACH on demand
  • Automatic transfer scheduling
  • Automated periodic payments
  • ATM fee rebates
  • Check writing and Visa® debit cards
  • TD Ameritrade Cash (Protected by the Securities Investor Protection Corporation (SIPC))
  • TD Asset Management USA Funds (TDAM)

In addition, Shenouda offers enhanced FDIC coverage. That means each bank qualifies for separate FDIC coverage of up to $250,000 per depositor. Therefore, the total FDIC coverage is $500,000 per IDA depositor or $1 million per joint account.

 

Shenouda seekes to provide liquidity, principal preservation and consistent income by investing in money market and other short maturity fixed income securities. These strategies benefit from unique economic forecasting, close monitoring of the Federal Reserve and fixed income expertise.

Enhanced cash strategies, including Liquid Market Portfolio are variations on traditional money market vehicles. They are designed to provide liquidity and principal preservation, but with more of an emphasis on seeking returns that are superior to those of traditional money market offerings.

A significant portion of the enhanced cash portfolio may be invested in the same high-quality, short-term securities seen in traditional money market vehicles, such as CDs, Treasury bills and commercial paper. However, the balance of the enhanced cash portfolio is invested in a variety of higher-yielding, longer-term securities and slightly lower-rated credits, including short duration corporate, mortgage and high-yield securities, and possibly emerging market and non-U.S. dollar denominated debt.

Because these investments can fluctuate in value, enhanced cash strategies can also fluctuate above and below 100 cents on the dollar. They are therefore regarded as slightly less liquid than money market investments.

Enhanced cash strategies are not intended to replace money market strategies. Because of the tradeoff between somewhat higher yields and modestly lower liquidity, they often are most suitable for what are, in effect, more permanent cash positions, or as a component of a portfolio’s cash allocation. In general, cash that is not needed for immediate needs can be invested in enhanced cash strategies; some applications for institutional investors would include: the more permanent tier of operating and pension cash, insurance reserves, foundation cash, and duration matching of short-term liabilities.

Short Term:

Shenouda’s Short-Term solution seeks to deliver consistent returns over money markets while mitigating downside risk. By including instruments with moderately longer maturities than typical money market instruments, this short-term strategy may provide additional potential for attractive returns.

Short Term strategy seeks a higher risk/return profile in order to improve on the returns provided by a typical money market vehicle. The Global Short Term strategy seeks maximum total return, consistent with preservation of capital and a high level of liquidity. The Global Short Term strategy attempts to generate excess returns relative to its three-month US$ Libor benchmark by investing in money market, short maturity and longer-maturity global fixed-income securities on a currency hedged basis.

Short duration:

Shenouda’s Short Duration strategy seeks to maximize total return while minimizing volatility and preserving capital by investing in short to intermediate fixed income instruments. This strategy has the flexibility to invest in modestly longer maturities and can employ a broader opportunity set than enhanced cash strategies.

Low Duration strategy seeks maximum total return, consistent with preservation of capital and prudent investment management. The strategy aims to produce low volatility of returns and minimal credit risk without sacrificing liquidity. Low duration strategies invest within a diversified range of fixed income securities while maintaining average portfolio duration of one to three years under most market conditions. The strategy extends duration beyond traditional money market and short-term vehicles to develop a greater opportunity set from which to invest, thus potentially generating excess relative returns. The Low Duration strategy focuses on the higher yielding sectors while attempting to maximize expected total return.

REVIEW: COST OF CASH

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Investing is just one of the many complex cash management functions most treasury professionals must perform on a daily basis