Huntington Beach’s portfolio has ‘weathered volatile market’

The world financial crisis may have hit investors hard, but not the city of Huntington Beach’s portfolio so far, the city treasurer told council members Monday.

In her report for the month of September, City Treasurer Shari Friedenrich told the City Council that her department foresaw trouble in the markets a year ago and started moving investments into extra-safe sectors like federal agencies. In fact, the city has still made 4% return on its investments, she added.

“I’m pleased to say we have always taken a very conservative approach to investing,” she said. “We have weathered the volatile market to date.”

As for companies like Lehman Bros. and AIG that failed or had to be bailed out, the city never held any stock in them, Friedenrich said.

— Michael Alexander