Description of Advisory Firm
Government Portfolio Advisors LLC ("GPA," "we," "our," or "us") was organized as an
Oregon limited liability company in 2013. We have been registered as an investment adviser with
the SEC since 2014. We have focused primarily on providing investment advisory services to
public funds, including states, counties, cities, water districts, power districts, school districts,
transit districts and universities.
Our principal owners are Deanne Woodring CFA, President and Chief Compliance Officer,
David Westcott CFA, Chief Executive Officer and Chief Investment Officer, Mike Clark, Director
of Portfolio Management and Operations, and Mitch Henke, Chief Operating and Strategy Officer.
Advisory Services Offered
GPA provides primarily fixed income investment advisory services on a discretionary and
non-discretionary through separately managed accounts. GPA also provides consulting services
for organizations that internally invest in fixed income securities. GPA offers investment advisory
services, transactions, investment research, portfolio analysis, portfolio reporting and portfolio
recommendations based upon the specific investment policy and investment objectives of each
client. Many of our public fund clients are required to maintain full approval authority over
securities transactions, and therefore, clients must approve any such recommendations made by
GPA before the securities are purchased or sold in their accounts, which is defined as non-
discretionary.
We generally invest or make recommendations to invest clients' assets in the following
investment types:
• Government debt
• Government agency debt
• Corporate notes and bonds
• Municipal notes and bonds
• Other fixed income securities, such as bankers’ acceptances, commercial paper,
and certificates of deposit
• Money market mutual funds and cash
• Mortgage-backed and asset-backed securities
• Fixed income mutual funds, ETFs and closed end funds
• Equity ETF’s and closed end funds
• Bank Deposits
• Local Government Investment Pools
GPA also offers consulting services to clients. These services may include portfolio
review, performance analysis, asset allocation recommendations, re-balancing
recommendations, review and updating of investment policies and guidelines, liquidity
projections, and risk tolerance analysis.
In addition to managing separate core investment portfolios, GPA may include portfolio
reports for assets that we may not control but are part of our client’s total investment holdings and
our oversight responsibility. These assets primarily include Bank CD’s, Local Government
Investment Pools, and other Bank Depositories. Information on the balances of these funds will
be provided by the client, and GPA relies on that information for accuracy of the liquidity reporting
component. Any assets that we specifically advise either into or out of various liquidity and core
investments are included as part of our assets under management for regulatory reporting
purposes.
Tailored Services and Client Imposed Restrictions
Institutional clients provide us with an investment policy to follow, which is regularly
reviewed. GPA manages client accounts based on the client’s investment policy and any
statutory guidelines. Within those parameters, GPA develops a guideline portfolio strategy plan,
as discussed below under Item 8 - Methods of Analysis, Investment Strategies, and Risk of
Loss, based on the client’s investment objectives circumstances, cash flow analysis and risk
tolerance. A client’s strategic plan is based on information the client supplies about their financial
situation, goals, and sensitivity to price change given market changes. Our recommendations and
investment selections may not be suitable if the client does not provide us with accurate and
complete information. It is the client’s responsibility to keep GPA informed of any changes to their
investment objectives or restrictions.
All our clients may impose restrictions on investing in certain securities, industries,
domiciles, or sectors. Clients must advise us of any such restrictions in writing.
Assets Under Management
GPA manages its public fund institutional accounts primarily on a non-discretionary basis,
but clients can request discretionary contracts on a continuous and regular basis. As of
December 31, 2023, our total assets under management were:
Regulatory Assets Under Management
Discretionary Assets $ 1,755,997,381
Non-Discretionary Assets $ 18,724,076,911
Total Assets $ 20,480,074,292
Consulting Assets Under Advisement
Public Funds $ 20,056,228,138
Total Regulatory Assets Under Management and Consulting Assets Under Advisement
$ 40,536,302,430